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Restaurant Brands International Inc. Announcing Renewal of Course Issuer’s Normal Offer

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TORONTO, August 12, 2022 /PRNewswire/ – Restaurant Brands International Inc. (TSX: QSR ) (NYSE: QSR) (“RBI”) announced today that it has filed, and the Toronto Stock Exchange (“TSX”) has accepted, notice of RBI’s intention to renew its normal issuer bid (“NCIB”) for its common shares ( “Common Shares”). The NCIB is being conducted in support of the share buyback authorization approved by the RBI board which allows the RBI to buy up to 1.0 billion US dollars of its common shares until August 10, 2023 (“Repurchase Authorization”).

The TSX notice provides that the RBI may, during the 12-month period commencing August 17, 2022 and ending on August 16, 2023purchase up to 30,254,374 common shares, representing 10% of its outstanding public shares of 302,543,742 common shares as of July 30, 2022 (a total of 306,106,637 common shares have been issued and outstanding as of that date). Purchases under NCIB will be made through the facilities of the TSX, the New York Stock Exchange (“NYSE”) and/or alternative trading systems in Canada and the US, if qualified, or by other means as may be permitted by applicable securities laws, including private agreements. Any purchase made by private agreement pursuant to an issuer bid exclusion order issued by a securities regulatory authority in Canada will generally be at a discount to the prevailing market price as provided in any such exemption order. In addition, the RBI may also enter into derivative-based programs in support of its repurchase activities, including the writing of put options and forward purchase agreements, accelerated share repurchase transactions, other equity contracts or use other methods of acquiring shares, in each case as may be permitted by applicable securities laws or subject to regulatory approval.

Purchases under the NCIB made on the TSX will be made in accordance with TSX rules at a price equal to the market price at the time of purchase or such other price as may be permitted by the TSX. In accordance with TSX rules, any daily repurchases (other than pursuant to a block purchase exception) on the TSX under the NCIB are limited to a maximum of 197,482 Common Shares, representing 25% of the average daily trading volume on the TSX of 789,930 for the six months ended July 31, 2022. Purchases under the NCIB made on the NYSE will be made in accordance with Securities and Exchange Commission Rule 10b-18 and US federal securities laws.

According to his current NCIB that started on August 10, 2021 and has expired August 9, 2022 (“NCIB 2021”), RBI previously sought and received approval from the TSX to repurchase up to 30,382,519 common shares. Regarding July 30, 2022RBI has repurchased a total of 15,042,882 ordinary shares for cancellation under an NCIB in the last 12 months at a weighted average price of approx. 72.58 Canadian dollars for common division and approx 123 million dollars remains available to RBI under Redemption Authorization. All repurchases under an NCIB within the last 12 months were made through the facilities of the NYSE, TSX or an alternative stock exchange in the US or Canada. Additionally, the plan agent under the RBI employee stock purchase plan purchased a total of 5,870 common shares in the last 12 months for the benefit of plan participants at a weighted average price of approx. 72.76 Canadian dollars for joint action.

The RBI believes that the market price of ordinary shares may be such that their purchase may be an attractive and appropriate use of corporate funds. Decisions regarding the amount and timing of future purchases of common stock will be based on market conditions, the stock price and other factors. RBI may choose to modify, suspend or terminate its Redemption Authorization and NCIB at any time. Repurchases under the Repurchase Authorization will be funded using RBI’s cash resources and all shares repurchased will be cancelled. RBI intends to enter into an automatic purchase plan to be effective August 17, 2022 with an intermediary which will enable the RBI to provide future benchmarks and then buy common stock in the open market during periods of self-imposed blackouts. Outside of these blackout periods, common stock may be redeemed in accordance with management’s discretion.

About Restaurant Brands International

Restaurant Brands International Inc. is one of the world’s largest quick service restaurant companies with over 35 billion dollars in annual systemwide sales and over 29,000 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 served their respective friends, franchisees and communities for decades. Through its restaurant brands for the Goodframework, RBI is improving sustainable outcomes related to its food, planet, people and communities.

Forward-looking statements

This press release contains forward-looking statements and information, which are often identified by the words “may,” “could,” “believe,” “think,” “anticipate,” “plan,” “expect,” “intend” or expressions of similar and reflect management’s expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements include statements about RBI’s expectations and beliefs regarding normal purchases of the issuer’s offerings. Factors that could cause actual results to differ materially from RBI’s expectations are detailed in filings with the U.S. Securities and Exchange Commission and on SEDAR at Canadasuch as its annual and quarterly reports and current reports on Form 8-K, and include the following: risks related to RBI’s substantial indebtedness, risks related to adverse economic and industry conditions, and risks related to unforeseen events, such as adverse weather conditions, natural disasters, terrorist attacks or threats, pandemics, including coronavirus (COVID-19), war in Ukraine or other catastrophic events, all of which could adversely affect its financial condition and prevent it from meeting its obligations. Except as required by US federal securities laws or Canadian securities laws, RBI undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

SOURCE Restaurant Brands International Inc.

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