Pershing Square Investor Presentation Deck

Restaurant Brands International ("QSR") rbi restaurant brands international QSR's high-quality franchised business model enabled it to navigate extraordinary market conditions while maintaining its long-term growth potential Management undertook decisive actions to strengthen the business Supported franchisees with deferrals and liquidity programs Accelerated digital investments by expanding delivery footprint, modernizing drive- thru experience, driving mobile app adoption, and improving loyalty programs Comparable sales have already recovered or are well on their way to recovery Burger King U.S. returned to positive growth in January Tim Hortons Canada improved to a high-single-digit decline in December Popeyes U.S. returned to pre-COVID levels within weeks and increased +16% in 2020 We believe QSR will emerge even stronger in a post-COVID world Competitively advantaged in a more budget-conscious and socially-distant environment with robust drive-thru, digital and delivery options Return to historical mid-single-digit unit growth in 2021 and beyond As underlying sales trends continue to improve, QSR's share price should more accurately reflect our view of its business fundamentals Source: Company filings 46

View entire presentation