Popeyes® and Cartesian Announce Entry into Non-Binding Term Sheet for Exclusive Development Rights in China

MIAMI and NEW YORK,Aug. 10,2022 --Today,Popeyes® brand and Cartesian Capital Group,LLC ("Cartesian") are excited to announce they have entered into a non-binding term sheet for the exclusive development of the Popeyes brand across the People's Republic of China in the coming years. The consummation of the transaction is subject to execution of definitive documents,customary due diligence and approvals of the parties.

"We are proud to grow the Popeyes brand in China and to bring its famous Chicken Sandwich and iconic products to guests in this exceptionally dynamic market," said Peter Yu,Managing Partner of Cartesian. "We are excited to build on our long-standing and successful relationship with RBI,spanning over a decade and most recently including our rapid development of more than 450 Tim Hortons cafes across China." Cartesian is committed to offering a seamless in-store experience to serve guests in the iconic hospitable way that is characteristic of the Popeyes brand.

Founded in New Orleans in 1972,Popeyeshas more than 50 years of history and culinary tradition.Popeyesdistinguishes itself with a unique New Orleans style menu featuring the iconic chicken sandwich,spicy chicken,chicken tenders,fried shrimp,and other regional items.Popeyesuses proprietary seasonings and techniques developed by an in-house culinary team of chefs that makes its fried chicken a point of reference for Michelin Chefs and celebrities.

The brand's passion for its Louisiana heritage and flavorful authentic food has allowedPopeyesto become one of the world's largest chicken quick-service restaurants with over 3,850 restaurants in over 30 countries around the world.

Today's announcement contributes to the brand's growth strategy to increase its presence in key markets across the world. Since 2021,Popeyes has announced agreements to enter South Korea,France,Romania,the United Kingdom and India,and to expand in Mexico and Saudi Arabia. Other international expansions over the past years include Spain,Philippines,Brazil,Switzerland,and Sri Lanka.

About Restaurant Brands International Inc.

Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with more than $35 billion in annual system-wide sales andover 29,000 restaurants in more than 100 countries.RBI ownsfourof 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,franchiseesand communitiesfor decades.Through its Restaurant Brands for Good framework,RBI is improving sustainable outcomes related to its food,the planet,and people and communities.

AboutPOPEYES®

Founded in New Orleans in 1972,POPEYES® has more than 50 years of history and culinary tradition. Popeyes distinguishes itself with a unique New Orleans style menu featuring spicy chicken,and other regional items. The chain's passion for its Louisiana heritage and flavorful authentic food has allowed Popeyes to become one of the world's largest chicken quick service restaurants with over 3,600 restaurants in the U.S. and around the world.

About Cartesian Capital Group,LLC

Cartesian Capital Group,LLC is a leading global private equity firm with a demonstrated ability to grow companies internationally. With funds comprising more than$3 billionin capital commitments,Cartesian's team has helped to build 60 companies operating across 40 different countries. Cartesian has a distinctive practice in supporting the growth of iconic brands across the world,including in China,where it is the founder and majority shareholder of TH International Limited,the exclusive master franchisee for RBI's Tim Hortons brand throughout China. For more information,please seewww.cartesiangroup.com.

Forward-Looking Statements

This press release contains certain forward-looking statements and information,which reflect RBI's management and Cartesian's management current beliefs and expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. These forward-looking statements include statements about expectations that RBI and Cartesian will be able to execute a definitive master franchise and development agreement governing exclusive development of the Popeyes brand across the People's Republic of China. RBI wishes to caution readers that these forward-looking statements may be affected by the risks and uncertainties in the Popeyes' business as well as other important factors that may have affected and could in the future affect the ability or willingness of either RBI or Cartesian to consummate the transaction and expand development of the Popeyes brand across the People's Republic of China. With respect to these expectations,these factors include RBI satisfactorily completing due diligence,the ability of RBI and Cartesian to successfully negotiate definitive documents,the ability to receive required regulatory and other approvals for the exclusive development arrangement,political and macroeconomic terms that could affect the willingness or ability of either party to consummate the exclusive development arrangement,the ability and willingness of each party to fulfill their respective closing conditions and their contractual obligations and Cartesian having sufficient liquidity to fund the development milestones set forth in any definitive agreements.

For more information,please contact:

Investors: investor@rbi.com

Media:media@rbi.com

Cartesian:

Public Relations

ICR,LLC

Brad.Burgess@icrinc.com

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