Mr. Joshua Kobza reports

RBI AND CPE ANNOUNCE JOINT VENTURE TO REIGNITE GROWTH AT BURGER KING(TM) IN CHINA

Restaurant Brands International Inc. has entered into a joint venture with CPE to unlock the next phase of growth for Burger King in China. The joint venture aims to expand the brand's footprint in the market from roughly 1,250 restaurants today to over 4,000 by 2035.

Upon close of the transaction, CPE will invest $350-million of new primary capital into the joint venture to support restaurant expansion, marketing, menu innovation and operations in one of the world's fastest-growing consumer markets.

CPE is a leading Chinese alternative asset manager with a global perspective and a proven record of scaling consumer brands in China. It brings deep local market insights, operational excellence and significant capital to accelerate Burger King China's growth.

This new chapter builds on the strong momentum the Burger King China team has driven in recent months, with a sharper focus on operations, elevated marketing, improving sales and renewed guest engagement, creating a strong foundation for the brand's next stage of growth.

CPE's investment sets the stage for Burger King China to ramp up development over time, doubling its restaurant count within five years and expanding to more than 4,000 locations by 2035. This accelerated development gives RBI greater visibility to achieve its previously disclosed 5-per-cent-plus net restaurant growth target toward the end of its 2024 to 2028 outlook period. In addition, the transaction marks an important step in RBI's plan to return to a more simplified, highly franchised business.

"China remains one of the most exciting long-term opportunities for Burger King globally. Our recent investments and this joint venture underscore our confidence in the Chinese market," said Joshua Kobza, chief executive officer of Restaurant Brands. "CPE is a well-capitalized, proven operator with exceptional leadership and extensive consumer and restaurant experience, making them an ideal partner to fuel the next chapter of Burger King China's growth. Together, we can unlock the business's full potential by combining our iconic brand and global scale with CPE's local market and operational expertise."

"Burger King is a world-renowned brand with enduring appeal among Chinese consumers," said Mark Mao, managing director of CPE. "Our investment reflects our confidence in Burger King's long-term potential in China. Leveraging our commitment and deep understanding of the Chinese consumer, we aim to bring Burger King's flame-grilled burgers to even more guests across the country."

Following completion of the transaction, CPE will own approximately 83 per cent of the business and Restaurant Brands will hold a minority ownership position of approximately 17 per cent along with a seat on the board of directors. This aligns with Restaurant Brands' strategy of working with experienced local operators and investors to drive profitable growth while maintaining a primarily franchised business model globally.

Under the terms of the transaction, a wholly owned affiliate of Burger King China will sign a 20-year master development agreement, granting it exclusive rights to develop the Burger King brand in China.

Following the transaction, RBI will begin recognizing royalties from the Burger King China business in its international segment, with a step up to the business's full historical royalty rate over time.

The transaction is expected to close in the first quarter of 2026, subject to customary regulatory approvals.

Advisers

Morgan Stanley & Co. LLC is acting as exclusive financial adviser to RBI and Kirkland & Ellis LLP and Haiwen & Partners are serving as legal advisers to RBI. Morrison & Foerster LLP and JunHe LLP are serving as legal adviser to CPE.

About Restaurant Brands International Inc.

Restaurant Brands International is one of the world's largest quick service restaurant companies with over $45-billion in annual system-wide sales and over 32,000 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, the company is improving sustainable outcomes related to its food, the planet, and people and communities.

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