Mr. Rafael Odorizzi reports

RESTAURANT BRANDS INTERNATIONAL ANNOUNCES INVESTMENTS TO DRIVE GROWTH IN CHINA

Restaurant Brands International Inc. will make two transactions in China: the acquisition of Popeyes China and the co-investment with Cartesian Capital into the business of TH International Ltd. (Tims China). The two transactions reflect Restaurant Brands' confidence in China, one of the largest quick-service restaurant markets globally, and its commitment to drive growth in the market. Restaurant Brands' total amount of capital outlay will be up to $45-million for the two transactions.

Restaurant Brands has agreed to acquire the Popeyes China business from Tims China on a cash-free debt-free basis based on an enterprise value of $15-million. Following the transaction, Restaurant Brands will own and operate Popeyes China, which opened its first restaurant in August, 2023, and has 14 restaurants in Shanghai today. The pace of restaurant growth is expected to ramp up through investments in local teams and restaurant development. Longer term, Restaurant Brands expects to bring on local partners to form a more traditional master franchisee, similar to other Popeyes international markets.

To help fuel the growth of Tims China, Cartesian Capital and Restaurant Brands agreed to invest up to $50-million of capital into the Tims China business through three-year convertible notes, of which $40-million will be issued at closing with the balance financed over the coming seven months, subject to certain operational and financial conditions. Of the total, $20-million was issued to Cartesian, and up to $30-million will be issued to Restaurant Brands, including $20-million at close. Following the transaction, Restaurant Brands will effectively have the right to appoint two directors to the Tims China board and will see its equity ownership in the business increase to up to 18 per cent, on an as converted basis. The Restaurant Brands team will continue to work closely with the Tims China management team and board to drive growth in one of the fastest-growing coffee markets in the world.

"China is one of the most compelling long-term market opportunities for both our Popeyes and Tim Hortons brands. Popeyes China is off to a strong start, and we are excited to unlock its development potential in one of the largest chicken QSR markets globally. Today's announcement allows Tims China to redouble its focus on quality restaurant development and providing Chinese consumers with our high-quality Tims coffee and food offerings," said Rafael Odorizzi, president of Asia Pacific.

These transactions follow the recent appointment of Patrick Siewert as senior adviser for Asia Pacific and showcase Restaurant Brands' commitment to growth in the region.

About Restaurant Brands International Inc.

Restaurant Brands is one of the world's largest quick-service restaurant companies with over $40-billion in annual system-wide sales and over 30,000 restaurants in more than 120 countries and territories. Restaurant Brands owns four of the world's most prominent and iconic quick-service restaurant brands: Tim Hortons, Burger King, Popeyes and Firehouse Subs. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for good framework, Restaurant Brands is improving sustainable outcomes related to its food, the planet, and people and communities.

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