Our business has never been stronger, our future never brighter. And the best is yet to come as the Burger King® adventure continues.

By any major financial or operational metric, Burger King Holdings, Inc., delivered record results and significant achievements in fiscal 2008. Profits grew by 24 percent amid sharply rising commodity prices and a challenging consumer environment. We accomplished this through our people—employees, franchisees, and suppliers—all working together to drive our brand forward each and every day, and their unwavering dedication to deliver on our Have It Your Way® brand promise globally.

Our laser focus and commitment to progressive improvements enabled us to continue our grand adventure—serving great tasting food at affordable prices in 71 countries and U.S. territories. Our adventure is defined by our True North Plan and its four strategic growth pillars—products, marketing, operations, and development. This year we continued our winning streak, posting significant improvements and setting new records.

In our second full year as a public company, Burger King holdings, inc. posted:

• Record worldwide revenues of $2.46 billion, up 10 percent from fiscal 2007
• The 18th consecutive quarter of worldwide positive comparable sales
• Exceeded last year’s best in a decade traffic performance
• Record worldwide average restaurant sales (ARS) of $1.3 million, up 9 percent from fiscal 2007
• A net restaurant gain of 282—the highest net restaurant growth in eight years
• Record earnings per share of $1.38, up 24 percent from our adjusted earnings per share in fiscal 2007, again exceeding our long-term growth target

We expect this exciting global adventure to continue for the next several years. For fiscal 2009, we will open even more restaurants; step up our company-owned restaurant reimaging initiative; roll out the first Whopper Bar™; continue to innovate and launch high-demand products; excite consumers with new promotional tie-ins and creative advertising; effectively execute on our operational platforms; and, of course, give back to the communities we serve. We are uniquely positioned to deliver best-in-class results based on our multiple growth drivers and our steadfast desire to be the best in the industry.

In fiscal 2009, we expect to open 350-to-400 net new restaurants worldwide by expanding in key markets including China, Brazil, Eastern Europe, the Middle East, and North America. Our plans call for us to reimage even more company-owned restaurants with contemporary designs and décor with many of our franchisees making similar investments. We’re also accelerating efforts to reduce our environmental footprint, reducing the size of the restaurants and introducing more energy-efficient equipment. We expect all of these development opportunities to significantly grow our top-line and increase profits.

Our innovation process—refined over five years of successful menu strategies, product R&D, and new kitchen equipment—continues to satisfy the demand of both indulgence-seeking and value-minded guests. Our product offerings are intended to increase our broad-based appeal and to fill in existing product gaps in breakfast, snacking, and desserts. We are very excited about upcoming launches, including BK Breakfast Shots™, BK Burger Shots™, mega Angus burger, soft-serve ice cream treats, and BK® Smoothies. All these great tasting products are aimed at driving traffic and increasing ARS.

Our robust marketing calendar is filled with innovative and cutting-edge promotions and tie-ins aimed at attracting even more SuperFans and SuperFamilies across the globe. Our marketing leadership continues as we align ourselves with properties such as the NFL, The Pink Panther™, Star Trek™, and a soon-to-be-announced new gaming partner! Our brand strategies are designed to drive increased brand awareness and social relevance leading to incremental guest visits.

We continue to improve the guest experience by executing on our operational platforms and the roll out of new technologies. Guest satisfaction scores are at all-time highs, but we are committed to exceeding these results. Restaurants with higher scores correlate strongly with higher sales and profits. Worldwide, notable technological improvements in fiscal 2009 will include the continued implementation of new point-of-sale systems and the versatile flexible broiler. Additionally, in the U.S., we will continue the roll out of our new pricing tool designed to make market-driven pricing decisions and Bluetooth® headsets to enable faster and more accurate customer service. We are dedicated to running cost-effective, highly efficient operations aimed at improving guest satisfaction, and as a result, greater profits.

We are also increasingly proud of the efforts and commitments to give back to the communities we serve. Through our Have It Your Way® Foundation, we have granted thousands of scholarships, helped children with life-threatening illnesses, and supported youth programs. And our franchisees also continue to positively impact their communities through active participation in many local philanthropic efforts.

With our focus on our True North Plan and its strategic global growth pillars, we are well-positioned to continue our positive momentum into fiscal 2009. We recognize consumer pressures will likely continue, but we have taken appropriate steps to position the brand profitably. We are ready to serve consumers’ increasing demand for quality and convenience as they look to us to provide great value while creating significant value for you, our shareholders.

I’m sure you agree that’s an adventure worth pursuing.

John W. Chidsey

Chairman and
Chief Executive Officer

October 8, 2008