Mr. Yongchen Lu reports

TIMS CHINA OPENS ITS 700TH STORE AND EXPANDS IN CHINA'S NORTHWEST

Restaurant Brands International Inc. affiliate TH International Ltd., the exclusive operator of Tim Hortons coffee shops and Popeyes restaurants in China, has opened its 700th coffee shop and expanded into China's northwest as part of its broader growth plans.

The 700th store is the first in the northwest city of Yinchuan and spearheads Tims' continuing geographic expansion across China. A city of nearly three million people, Yinchuan is a fabled stop along the Silk Road, where Chinese and Arab merchants have met and traded for centuries. Tims celebrated the milestone opening with a festive celebration and traditional lion dance, welcoming guests to witness the ribbon cutting and taste Tims' signature warmth.

Tims' 700th store opening in Yinchuan

Accelerating growth through franchising

The Yinchuan store is one of dozens of franchised stores that Tims China is opening in June and July, a key part of the company's disciplined growth strategy to expand its geographic reach to over 1,000 locations by the end of 2023. Franchising allows Tims to develop stores at attractive locations, with great local partners, and with greater capital efficiency. Tims plans to open more stores in other underpenetrated cities in the coming months to support its growth, demonstrated by its 16-per-cent-plus monthly same-store sales growth from February through May of this year.

Yongchen Lu, chief executive officer of Tims China, said: "Our development team did an amazing job with our 700th store in Yinchuan. We designed this location to capture the unique culture and contrasts of this special part of China, and we hope both local guests and tourists feel that when they visit us. We look forward to opening more stores in the region as we continue to expand."

As another key 2023 milestone, Tims China welcomed its addition to the MSCI China All Shares Small Cap Index on May 31, 2023.