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 highly discounted valuation Comparable sales have recovered or are well on their way to recovery Tim Hortons Canada improved to a mid-single-digit decline during Q3 relative to 2019 Burger King U.S. under new leadership and poised to make a recovery Burger King International and the Popeyes brand continue to grow well with strong same-store sales growth relative to 2019 levels Management continuing to make investments for future growth Digital: G&A investment to modernize digital platforms and loyalty programs New Units: Return to historical mid-single-digit unit growth in 2021 and beyond Brand Acquisitions: Purchased Firehouse Subs for $1bn in December Remains cheap relative to intrinsic value and peers Trades at less than 18x our estimate of 2022 free cash flow per share The company began repurchasing shares in August As underlying sales trends recover, QSR's share price should more accurately reflect our view of its business fundamentals Source: Company filings, PSCM estimates. 54

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