Pershing Square Activist Presentation Deck

Restaurant Brands International ("QSR") rbi restaurant brands international QSR is a high-quality business with significant long-term growth potential trading at a discounted valuation Continued strong business performance in 20191 Net unit growth of +5%, including +6% at Burger King ► Healthy same-store sales growth at Burger King (+4%) and Popeyes (+5%) more than offset weak results at Tim Hortons (-1%) ▪ Same-store sales driven by successful product launches including Impossible Whopper at Burger King and Chicken Sandwich at Popeyes ■ Tim Hortons sales negatively impacted by recent loyalty program launch Organic EBITDA growth of +7% Remains cheap relative to intrinsic value and peers Trades at less than 20x our estimate of 2020 free cash flow per share, a nearly 25% discount to peers² Free option on future capital allocation As results at Tim Hortons improve, investor focus will likely turn towards the company's long-term growth opportunity and lead to share price appreciation (1) Financial results for 2019 represent YTD results for the nine months ended 9/30/19 (2) Peers include McDonald's, Yum! Brands, Domino's Pizza and Dunkin' Brands 42

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