An anonymous director reports

RESTAURANT BRANDS INTERNATIONAL INC. ANNOUNCES RECEIPT OF EXCHANGE NOTICE, INTENT TO USE COMMON SHARES TO SATISFY EXCHANGE AND COMMENCEMENT OF SECONDARY OFFERING OF COMMON SHARES

Restaurant Brands International Inc. (RBI)'s Restaurant Brands International LP (RBI LP) had received an exchange notice from HL1 17 LP (the selling shareholder), an affiliate of 3G Capital Partners Ltd. (3G Capital), to exchange 7,136,149 Class B exchangeable limited partnership units of RBI LP. RBI LP intends to satisfy this notice with the delivery of an equal number of common shares of RBI.

As previously disclosed, in connection with the merger of Burger King and Tim Hortons to create RBI, all Burger King stockholders had the option to convert their shares into RBI common shares or exchangeable units, which receive the same dividends and vote together with RBI common shares. Beginning in December, 2015, holders of exchangeable units have had the right to exchange their units one-for-one into an equal number of RBI common shares or cash (at RBI's election). If RBI LP elects to issue RBI common shares in exchange for the exchangeable units, the units are canceled and an equal number of RBI common shares are issued. Consequently, the aggregate number of exchangeable units and RBI common shares will not change as a result of the transactions.

RBI also announced that the selling shareholder has commenced an underwritten registered public offering of up to 7,136,149 common shares. The selling shareholder expects to enter into a forward sale agreement with BofA Securities (the forward counterparty) with respect to up to 7,136,149 common shares. In connection with the forward sale agreement, the forward counterparty or its affiliates are expected to borrow and sell through the underwriter 4,136,156 common shares in the offering, and in addition to sell through the underwriter up to 2,999,993 common shares in the offering to the extent a current investor that has indicated an interest in purchasing such shares completes such purchase. The selling shareholder is expected to physically settle the forward sale agreement by delivering to the forward counterparty the number of common shares sold in the registered public offering. Upon settlement of the forward sale agreement, the selling shareholder will receive, in cash, the public offering price of the aggregate number of RBI common shares sold in the offering, less underwriting discounts and commissions, subject to certain adjustments as provided in the forward sale agreement. The settlement of the forward sale agreement and the exchange is expected to occur on or before Sept. 5, 2023.

RBI will not sell any common shares in the offering and will not receive any proceeds from the sale of the common shares.

BofA Securities will serve as sole book-running manager in the offering.

The offering is being made pursuant to an effective shelf registration statement (containing a prospectus) filed with the U.S. Securities and Exchange Commission (the SEC). A preliminary prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC's website. A copy of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may be obtained by contacting BofA Securities, NC1-022-02-25, 201 North Tryon St., Charlotte, N.C., 28255-001, attention: prospectus department, or by e-mail at dg.prospectus_requests@bofa.com.

About Restaurant Brands International Inc.

Restaurant Brands International is one of the world's largest quick-service restaurant companies with over $40-billion in annual systemwide sales and over 30,000 restaurants in more than 100 countries. 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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