An anonymous director reports

RESTAURANT BRANDS INTERNATIONAL INC. ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

Restaurant Brands International Inc. (RBI) has filed, and the Toronto Stock Exchange has accepted, notice of RBI's intention to renew its normal course issuer bid (NCIB) for its common shares. The NCIB is being conducted in furtherance of RBI's board-approved share repurchase authorization that allows RBI to purchase up to $1-billion (U.S.) of its common shares through Sept. 30, 2027. The repurchase authorization replaces RBI's prior two-year authorization to repurchase up to the same $1-billion (U.S.) of its common shares until Sept. 30, 2025. While this authorization preserves its capital allocation flexibility, the company remains committed to prioritizing debt reduction in the near term.

Pursuant to the NCIB, RBI may, during the 12-month period commencing Sept. 16, 2025, and ending on Sept. 15, 2026, purchase up to 32,326,078 common shares, representing 10 per cent of its public float of 323,260,786 common shares as of Sept. 2, 2025 (a total of 327,807,087 common shares were issued and outstanding as of such date). Purchases under the NCIB will be made through the facilities of the TSX, the New York Stock Exchange, and/or alternative trading systems in Canada and the United States, if eligible, or by such other means as may be permitted by applicable securities laws, including private agreements. Any purchases made by private agreement under an issuer bid exemption order issued by a securities regulatory authority in Canada will generally be at a discount to the prevailing market price as provided in any such exemption order. In addition, RBI may also enter into derivative-based programs in support of its repurchase activities (including the writing of put options and forward purchase agreements, accelerated share repurchase transactions, and other equity contracts) or use other methods of acquiring shares, in each case, as may be permitted by applicable securities laws or subject to regulatory approval.

Purchases under the NCIB made on the TSX will be made in compliance with the rules of the TSX at a price equal to the market price at the time of purchase or such other price as may be permitted by the TSX. In accordance with TSX rules, any daily repurchases (other than pursuant to a block purchase exception) on the TSX under the NCIB are limited to a maximum of 237,040 common shares, which represents 25 per cent of the average daily trading volume on the TSX of 948,163 for the six months ended Aug. 31, 2025. Purchases under the NCIB made on the NYSE will be made in compliance with U.S. Securities and Exchange Commission Rule 10b-18 and U.S. federal securities laws.

Under its last NCIB, which commenced on Sept. 16, 2024, and expires on Sept. 15, 2025, RBI previously sought and received approval from the TSX to repurchase up to 31,981,466 common shares. RBI has not repurchased any common shares for cancellation under the 2024 NCIB.

RBI believes that the market price of common shares could be such that their purchase may be an attractive and appropriate use of corporate funds. Decisions regarding the amount and timing of future purchases of common shares will be based on market conditions, share price and other factors. RBI may elect to modify, suspend or discontinue the repurchase authorization and its NCIB at any time. Repurchases under the repurchase authorization will be financed using RBI's cash resources and all shares repurchased will be cancelled. RBI has also entered into an automatic purchase plan with a broker, which will enable RBI to provide standard instructions in the future and then purchase common shares on the open market during self-imposed blackout periods. Outside of these blackout periods, common shares may be purchased in accordance with management's discretion.

About Restaurant Brands International Inc.

RBI is one of the world's largest quick-service restaurant companies, with nearly $45-billion in annual system-wide sales and over 32,000 restaurants in more than 120 countries and territories. RBI 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, RBI is improving sustainable outcomes related to its food, the planet, and people and communities.

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