Rule 49C – Notice of unconditional offer

27 March 2019 Restaurant Brands New Zealand Limited Level 3, Building 7 Central Park 666 Great South Road Penrose, Auckland 105 New Zealand cc: The Takeovers Panel Level 3, Solnet House 70 The Terrace Wellington 6011 By email: takeovers.panel@takeovers.govt.nz cc NZX Limited Level 1, NZX Centre 11 Cable Street Wellington 6011 PO Box 2959 By email: announce@nzx.com cc ASX Limited 20 Bridge Street NSW 2000 Sydney Australia By fax Rule 49C - Notice of unconditional offer We refer to the partial offer, dated 6 December 2018, by Global Valar S.L. (Global Valar) for 75% of the fully paid ordinary shares (Shares) in Restaurant Brands New Zealand Limited (the Offer). Pursuant to rule 49C of the Takeovers Code, Global Valar gives notice, as at 27 March 2019, that all conditions relating to the Offer, set out at clause 5 of the Offer document, have been satisfied and the Offer is now unconditional. Following the scaling of acceptances, pursuant to clause 4 of the Offer document, Global Valar will become the registered holder of 75% of the Shares (93,568,892 Shares) in Restaurant Brands New Zealand Limited (Restaurant Brands). Restaurant Brands shareholders who have accepted the Offer will be paid within five business days of this notice. Pursuant to clause 7.1 of the Offer, payment will be made to the nominated bank account or by cheque as set out by the acceptor in their acceptance form. Yours faithfully Global Valar, S.L. [Signature page follows] End CA:00332555 For:RBD Type:TRANSACT Time:2019-03-27 12:36:10