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Investor Presentaiton

QSR Share Price Performance Since Inception QSR's share price including dividends increased 26% in 2019 and decreased 3% year-to-date in 20201 $80 $70 QSR share price performance from 6/19/2012 to 2/4/2020 1/23/19: QSR announces leadership transition, elevating Daniel Schwartz to Executive Chairman and Jose Cil to CEO Share price $60 $50 $40 $30 $20 T $10 Jun-2012 8/24/14: QSR announces acquisition of Tim Hortons Jul-2013 Aug-2014 2/1/17: QSR announces acquisition of Popeyes Sep-2015 Oct-2016 Nov-2017 $62 10/23/19 1/2/20: Pershing Square purchases additional ~1 mm equity forwards Jan-2019 Note: The performance of QSR's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. *Average cost since it merged with Justice Holdings. Please see the additional disclaimers and notes to performance results at the end of the presentation. (1) As of 2/4/2020 43 $16* Feb-2020
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