c. Allocations of 2014 Schedule K-1 Income, Deductions, Credits, etc. ( Schedule K-1 Items )

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1 Restaurant Brands International Limited Partnership For Year Ended 12/31/14 United States Resident Tax Package Information 1. Contact Information a. Mail: Restaurant Brands International Limited Partnership c/o KPMG LLP PO Box Philadelphia, PA b. c. Phone: d. Fax: Tax Information a. Merger/Formation Transaction i. On December 15, 2014 Restaurant Brands International, Inc. ( RBI ) announced the completion of the merger effective December 12, 2014 between Tim Hortons Inc. and Burger King Worldwide, Inc. ( Merger Transaction ). The two brands will continue to operate independently under the new global quick service restaurant - Restaurant Brands International. ii. The shares of RBI commenced trading under the symbol QSR on the Toronto Stock Exchange on December 15, 2014 and on the New York Stock Exchange on Dec 19, Further, partnership units of Restaurant Brands International Limited Partnership ( RBILP ) - a subsidiary of RBI - commenced trading under the symbol QSP on the Toronto Stock Exchange on December 15, 2014 and on the New York Stock Exchange on Dec 19, b Form 1065 Schedule K-1 ( 2014 K-1 ) i. If you were an owner of RBILP units at any time during 2014 you will receive a 2014 K-1. Your 2014 K-1 will be mailed to you on or before May 31, c. Allocations of 2014 Schedule K-1 Income, Deductions, Credits, etc. ( Schedule K-1 Items ) i. If you participated in the Merger Transaction, you will receive an allocation of Schedule K-1 Items based on the RBILP units you acquired as a result of the Merger Transaction. All 2014 Schedule K-1 Items are allocated based on a per unit ownership as of December 12, ii. If you acquired RBILP units on either the Toronto Exchange or NY Stock Exchange during 2014 as opposed to the Merger Transaction, you will receive a 2014 K-1 with no allocation of Schedule K- 1 Items. d. A 2014 Pro Forma K-1 Package has been calculated and included on the website. The 2014 Pro Forma K-1 Package is based on the acquisition of 1,000 RBILP Units in the Merger Transaction. Please adjust the Pro Forma K-1 Package by the number of units you acquired as a result of the Merger Transaction to determine your 2014 K-1 and Schedule K-1 Items.

2 Frequently Asked Questions for U.S. Resident Unit Holders Q. How is the Partnership taxed? A. The Partnership is not subject to federal income tax. The partners of the Partnership, however, must include their share of the Partnership's items of income, gain, loss, deduction or credit in the computation of their federal income tax liabilities. The Partnership will report to each partner their separate share of the Partnership's items on Schedule K-1. Q. Are cash distributions received from the Partnership taxable? A. Cash distributions by the Partnership to a partner generally are not taxable to the partner, except to the extent that such distributions exceed the partner's adjusted basis in the partnership interest immediately before the distribution. Q. Why is the amount of cash I received from the Partnership different from what I report on my individual income tax return? A. A partner generally is required to report on its tax return its distributive share of partnership income as provided on such partner's Schedule K-1. This amount may be different than the amount of cash distributed to such partner. This is because the calculation of cash available for distribution generally will not be the same as the calculation of a partner's distributive share of partnership income. For example, the partner's distributive share of partnership income will be reduced by the partner's share of noncash items, such as depreciation and depletion. The Partnership has determined your distributive share of partnership income based on the transactions reflected on the attached Transaction Schedule. Q. Why am I receiving a Schedule K-1 rather than an IRS Form 1099? A. An IRS Form 1099 is not used to report partnership items. A partnership is required to report tax information to its partners on a Schedule K-1. Q. Why don't I receive my Schedule K-1 by January 31, the date an IRS Form 1099 must be distributed? A. The required distribution dates for Schedule K-1 and Form 1099 are different. While the partnership attempts to provide Schedule K-1s to partners as soon as possible, the Partnership must compile the information necessary to complete the Schedule K-1s and most of this information is not provided to the Partnership until late January. Based on the steps necessary to provide a Schedule K-1, the Partnership anticipates printing and mailing Schedule K-1s by May 31, Q. If I sell my Partnership units, how is my tax basis determined to compute gain or loss? A. Generally, gain or loss from the sale of Partnership units equals the difference between the amount realized and the adjusted basis in the partnership interest sold. The amount realized from the sale of Partnership units equals the sum of any money received plus the fair market value of the property (other than money) received and your share of partnership liabilities. Your adjusted basis in your Partnership units is your original purchase price for the units, adjusted for Partnership distributions to you, allocations of Partnership income, gain, loss and deduction to you and other relevant items, including your share of partnership liabilities. You should consult your tax advisor on the proper calculation of your basis in the Partnership units sold (including the allocation of your tax basis among your units if you sell less than all of your units), and the amount of your ordinary income or loss, short term capital gain or loss and/or long term capital gain or loss on the sale. Q. What is Unrelated Business Taxable Income (UBTI)? A. Information regarding UBTI is presented on box 20V of the Schedule K-1. These amounts are relevant to taxexempt entities (including IRA's, Keogh and other qualified retirement plans). We recommend that any tax-exempt partners consult with their tax advisor regarding the proper reporting of UBTI.

3 Q. What is Form 8865 and do I need to prepare and include this form in my tax return? A. Form 8865 is the Return of U.S. Persons with Respect to Certain Foreign Partnerships. If you acquired units as part of the Merger Transaction you may be required to file this form, if the value of your acquisition was greater than $100,000. If you acquired Partnership units on either the Toronto or New York Stock Exchanges during 2014, as opposed to the Merger Transaction, you should not be required to file Form 8865 with your tax returns. Please see your 2014 K-1 or the Pro Forma 2014 K-1 for information needed to complete this form. We recommend that you consult with your tax advisor regarding the requirements to file Form 8865 with your tax return. Q. What should I do if my information package is incorrect or I need additional information? A. If you have any changes or need additional information, you may request an updated K-1 or additional information as follows: Mail: Restaurant Brands International Limited Partnership c/o KPMG LLP PO Box Philadelphia, PA Phone: Fax: Failure to submit corrections by June 30, 2015 may require you to file IRS Form "Notice of Inconsistent Treatment or Administrative Adjustment" with your federal income tax return. Q. Do I have to file tax returns in any state in which I do not live? A. The Partnership does not generate any U.S. State sourced income. All income, loss, and deductions are portfolio items and sourced to each Unitholder s state of residency. We recommend that you consult with your tax advisor regarding the proper state filing requirements. Restaurant Brands International Limited Partnership ( RBILP ) is organized as a Canadian limited partnership. As a U.S. unitholder of RBILP you are considered to be a limited partner of a foreign partnership. This information has been prepared by the Partnership using conventions and assumptions made by the Partnership. The information in this package is being provided to you for informational purposes and is not intended to, and does not, constitute tax advice. Any questions regarding your federal or state income tax, based on your ownership of Partnership units or otherwise, should be directed to your tax advisor.

4 1000 PARTNERSHIP EXCHANGEABLE UNITS UNITED STATES INVESTOR Dear Unitholder:. Enclosed is your Restaurant Brands International Limited Partnership ("RBILP") tax package for The information contained in this package is being provided to you because the Partnership has been notified either by your broker or by the Partnership s transfer agent, that you were a U.S. resident owner of Partnership units during the 2014 tax year. Accordingly, if the information provided by your broker or transfer agent is incorrect, the information being reported to you and the Internal Revenue Service (IRS) will be incorrect. To that end, it is important that you carefully review the information included in this package. In particular, the Transaction Schedule (explained below) should be compared to ownership statements sent to you by your broker or transfer agent to ensure it is consistent with the information received during The information contained in this package is more voluminous than what you may be used to receiving from your traditional equity investments in corporations. RBILP is a publicly traded partnership (PTP) that is classified as a partnership for U. S. federal tax purposes. In general, the Partnership is not subject to federal or state income taxes like a corporation, thereby allowing for more cash to be distributed to its unitholders in the form of distributions. Partnerships are required to separately report each item of income, gain, loss, deduction and credit on Schedule K1 instead of Form 1099 issued by corporations who typically report interest and dividends. Careful attention to the information contained herein and, if needed, the assistance of a tax advisor, should allow you to accurately report this information on your tax return. The Partnership has also provided you with the following schedules to assist you with your income tax return: 1. Schedule K-1 and Schedule K-1 supporting statements: The Schedule K-1 provides your share of the Partnership s 2014 income, deductions, and related items. The K-1 information is to be included in your tax return to be filed for the 2014 tax year. The supporting statements provide additional information and disclosure that may be necessary for your individual income tax filing obligations. 2. State Information Schedule: The State Information Schedule is being provided to reflect your share of the Partnership s items related to each state in which the Partnership operates. PROFORMA 3. Transactions Schedule: The Transaction Schedule contains your history of RBILP units bought or sold by date and number of units as reported to the Partnership by your broker or the Partnership s transfer agent. Additional information is also provided on the following website, This includes frequently asked questions and the Internal Revenue Service 2014 Partners Instructions for Schedule K-1 (Form 1065).

5 Any corrections to this information or any other information reflected in this package must be submitted to the Partnership before June 30, 2015 in any one of the following methods: Mail: Restaurant Brands International Limited Partnership C/O KPMG LLP P.O. Box Philadelphia, PA Phone: Fax: Failure to submit corrections by June 30, 2015 may require you to file IRS Form "Notice of Inconsistent Treatment or Administrative Adjustment" with your federal income tax return. Thank you for your investment in RBILP, Restaurant Brands International Limited Partnership PROFORMA Restaurant Brands International Limited Partnership is a Canadian limited partnership. As a U.S. investor of RBILP you are considered to be a limited partner of a foreign partnership. This information has been prepared by the Partnership using conventions and assumptions made by the Partnership. The information in this package is being provided to you for your informational purposes and is not intended to, and does not, constitute tax advice. Any questions regarding your federal or state income tax, based on your ownership of Partnership units or otherwise, should be directed to your tax advisor. Disclaimer

6 Schedule K-1 (Form 1065) 2014 Department of the Treasury Internal Revenue Service For calendar year 2014, or tax year beginning, 2014 ending, 20 Partner s Share of Income, Deductions, Credits, etc. See back of form and separate instructions. A B C D E F G Part I Information About the Partnership Partnership s employer identification number Partnership s name, address, city, state, and ZIP code IRS Center where partnership filed return Part II Check if this is a publicly traded partnership (PTP) Information About the Partner Partner s identifying number Partner s name, address, city, state, and ZIP code General partner or LLC member-manager Limited partner or other LLC member H Domestic partner Foreign partner I1 I2 J K L What type of entity is this partner? If this partner is a retirement plan (IRA/SEP/Keogh/etc.), check here Partner s share of profit, loss, and capital (see instructions): Beginning Ending Profit % % Loss % % Capital % % Partner s share of liabilities at year end: Nonrecourse $ Qualified nonrecourse financing. $ Recourse $ Partner s capital account analysis: Beginning capital account... $ Capital contributed during the year $ Current year increase (decrease). $ Withdrawals & distributions.. $ ( ) Ending capital account.... $ Tax basis GAAP Section 704(b) book Other (explain) Part III Final K-1 Amended K OMB No Partner s Share of Current Year Income, Deductions, Credits, and Other Items 1 Ordinary business income (loss) 2 Net rental real estate income (loss) 3 Other net rental income (loss) 4 Guaranteed payments 5 Interest income 6a 6b Ordinary dividends Qualified dividends 7 Royalties 8 Net short-term capital gain (loss) 9a 9b 9c Net long-term capital gain (loss) Collectibles (28%) gain (loss) Unrecaptured section 1250 gain 10 Net section 1231 gain (loss) 11 Other income (loss) 12 Section 179 deduction 13 Other deductions 14 Self-employment earnings (loss) 15 Credits 16 Foreign transactions 17 Alternative minimum tax (AMT) items 18 Tax-exempt income and nondeductible expenses 19 Distributions 20 Other information PROFORMA *See attached statement for additional information. For IRS Use Only M Did the partner contribute property with a built-in gain or loss? Yes No If Yes, attach statement (see instructions) For Paperwork Reduction Act Notice, see Instructions for Form IRS.gov/form1065 Cat. No R Schedule K-1 (Form 1065) 2014

7 Schedule K-1 (Form 1065) 2014 Page 2 This list identifies the codes used on Schedule K-1 for all partners and provides summarized reporting information for partners who file Form For detailed reporting and filing information, see the separate Partner s Instructions for Schedule K-1 and the instructions for your income tax return. 1. Ordinary business income (loss). Determine whether the income (loss) is Code } Report on passive or nonpassive and enter on your return as follows. L Empowerment zone Report on employment credit Passive loss See the Partner s Instructions M Credit for increasing research Passive income Schedule E, line 28, column (g) activities Nonpassive loss Schedule E, line 28, column (h) N See the Partner s Instructions Credit for employer social Nonpassive income Schedule E, line 28, column (j) security and Medicare taxes 2. Net rental real estate income (loss) See the Partner s Instructions O Backup withholding 3. Other net rental income (loss) P Other credits Net income Schedule E, line 28, column (g) 16. Foreign transactions Net loss See the Partner s Instructions A Name of country or U.S. 4. Guaranteed payments Schedule E, line 28, column (j) possession 5. Interest income Form 1040, line 8a B Gross income from all sources 6a. Ordinary dividends Form 1040, line 9a C Gross income sourced at }Form 1116, Part I 6b. Qualified dividends Form 1040, line 9b partner level at partnership level 8. Net short-term capital gain (loss) Schedule D, line 5 D Passive category 9a. Net long-term capital gain (loss) Schedule D, line 12 E General category Form 1116, Part I 9b. Collectibles (28%) gain (loss) 28% Rate Gain Worksheet, line 4 F Other } 7. Royalties Schedule E, line 4 Foreign gross income sourced (Schedule D instructions) Deductions allocated and apportioned at partner level 9c. Unrecaptured section 1250 gain See the Partner s Instructions G Interest expense Form 1116, Part I 10. Net section 1231 gain (loss) See the Partner s Instructions H Other Form 1116, Part I 11. Other income (loss) Deductions allocated and apportioned at partnership level to foreign source Code income A Other portfolio income (loss) See the Partner s Instructions I Passive category B Involuntary conversions See the Partner s Instructions J General category C Sec contracts & straddles Form 6781, line 1 K Other Form 1116, Part I } D Mining exploration costs recapture See Pub. 535 Other information E Cancellation of debt Form 1040, line 21 or Form 982 L Total foreign taxes paid Form 1116, Part II F Other income (loss) See the Partner s Instructions M Total foreign taxes accrued Form 1116, Part II 12. Section 179 deduction See the Partner s Instructions N Reduction in taxes available for credit Form 1116, line Other deductions O Foreign trading gross receipts Form 8873 A Cash contributions (50%) P Extraterritorial income exclusion Form 8873 B Cash contributions (30%) Q Other foreign transactions See the Partner s Instructions C Noncash contributions (50%) 17. Alternative minimum tax (AMT) items D Noncash contributions (30%) } }See the Partner s A Post-1986 depreciation adjustment E Capital gain property to a 50% Instructions B Adjusted gain or loss See the Partner s organization (30%) C Depletion (other than oil & gas) Instructions and F Capital gain property (20%) D Oil, gas, & geothermal gross income the Instructions for G Contributions (100%) E Oil, gas, & geothermal deductions Form 6251 H Investment interest expense Form 4952, line 1 F Other AMT items I Deductions royalty income Schedule E, line Tax-exempt income and nondeductible expenses J Section 59(e)(2) expenditures See the Partner s Instructions A Tax-exempt interest income Form 1040, line 8b K Deductions portfolio (2% floor) Schedule A, line 23 B Other tax-exempt income See the Partner s Instructions L Deductions portfolio (other) Schedule A, line 28 C Nondeductible expenses See the Partner s Instructions M Amounts paid for medical insurance Schedule A, line 1 or Form 1040, line Distributions N Educational assistance benefits See the Partner s Instructions A Cash and marketable securities O Dependent care benefits Form 2441, line 12 B Distribution subject to section 737 P Preproductive period expenses See the Partner s Instructions C Other property } See the Partner s Instructions Q Commercial revitalization deduction 20. Other information from rental real estate activities See Form 8582 instructions A Investment income Form 4952, line 4a R Pensions and IRAs See the Partner s Instructions B Investment expenses Form 4952, line 5 S Reforestation expense deduction See the Partner s Instructions C Fuel tax credit information Form 4136 T Domestic production activities information See Form 8903 instructions D Qualified rehabilitation expenditures (other than rental real estate) See the Partner s Instructions U Qualified production activities income Form 8903, line 7b E Basis of energy property See the Partner s Instructions V Employer s Form W-2 wages Form 8903, line 17 F Recapture of low-income housing W Other deductions See the Partner s Instructions credit (section 42(j)(5)) Form 8611, line Self-employment earnings (loss) G Recapture of low-income housing Note. If you have a section 179 deduction or any partner-level deductions, see the credit (other) Form 8611, line 8 Partner s Instructions before completing Schedule SE. H Recapture of investment credit See Form 4255 A Net earnings (loss) from I Recapture of other credits See the Partner s Instructions self-employment Schedule SE, Section A or B J Look-back interest completed B Gross farming or fishing income See the Partner s Instructions long-term contracts See Form 8697 C Gross non-farm income See the Partner s Instructions K Look-back interest income forecast 15. Credits method See Form 8866 A Low-income housing credit L Dispositions of property with (section 42(j)(5)) from pre-2008 buildings section 179 deductions M Recapture of section 179 deduction B Low-income housing credit N Interest expense for corporate (other) from pre-2008 buildings partners C Low-income housing credit O Section 453(l)(3) information (section 42(j)(5)) from P Section 453A(c) information } post-2007 buildings See the Partner s Instructions D Low-income housing credit (other) from post-2007 buildings E Qualified rehabilitation expenditures (rental real estate) F Other rental real estate credits G Other rental credits H Undistributed capital gains credit Form 1040, line 73; check box a I Biofuel producer credit J Work opportunity credit See the Partner's Instructions K Disabled access credit PROFORMA } Q Section 1260(b) information R Interest allocable to production expenditures S CCF nonqualified withdrawals T Depletion information oil and gas U Reserved V Unrelated business taxable income W Precontribution gain (loss) X Section 108(i) information Y Net investment income Z Other information }See the Partner s Instructions

8 RESTAURANT BRANDS INTERNATIONAL L.P PARTNERSHIP EXCHANGEABLE UNITS SCHEDULE K-1 SUPPORTING STATEMENTS BOX L - PARTNER'S CAPITAL ACCOUNT ANALYSIS BEGINNING BALANCE - CONTRIBUTIONS 38,080 TAXABLE INCOME (LOSS) (39) SYNDICATION COSTS UNDER IRC SECTION 709(a) (1) ENDING BALANCE 38,040 BOX M - CONTRIBUTED PROPERTY DETAIL DESCRIPTION OF PROPERTY BURGER KING WORLDWIDE, INC. STOCK (CUSIP # ) FAIR MARKET VALUE 38,080 TAX BASIS TBD BUILT-IN GAIN (LOSS) BOX 20 - INVESTMENT INCOME (CODE A) INVESTMENT INCOME 47 BOX 20 - INVESTMENT EXPENSES (CODE B) INVESTMENT EXPENSES 2 BOX 20 - INTEREST EXPENSE FOR CORPORATE PARTNERS (CODE N) INTEREST EXPENSE FOR CORPORATE PARTNERS 84 BOX 20 UNRELATED BUSINESS TAXABLE INCOME (CODE V) THE FOLLOWING PERCENTAGE OF EACH BOX ON YOUR SCHEDULE K-1 IS UNRELATED BUSINESS TAXABLE INCOME. QUALIFIED ORGANIZATIONS ORGANIZATIONS NOT QUALIFIED BOX ITEM UNDER IRC SEC. 514(c)(9)(C) UNDER IRC SEC. 514(c)(9)(C) % 30.22% 13H 30.22% 30.22% 13K 30.22% 30.22% PROFORMA TBD Partner # 152

9 RESTAURANT BRANDS INTERNATIONAL L.P PARTNERSHIP EXCHANGEABLE UNITS SCHEDULE K-1 SUPPORTING STATEMENTS BOX 20 - NET INVESTMENT INCOME (CODE Y) ALL INFORMATION NEEDED TO DETERMINE YOUR SHARE OF INCOME, LOSS, AND DEDUCTIONS SUBJECT TO THE NET INVESTMENT INCOME TAX UNDER IRC SECTION 1411 IS PROVIDED ON BOXES 1 THROUGH 18 OF YOUR SCHEDULE K-1 AND THE SCHEDULE K-1 SUPPORTING STATEMENTS. IF YOU DO NOT MATERIALLY PARTICIPATE UNDER IRC SECTION 469(h) AND THE REGULATIONS THEREUNDER, ALL ITEMS OF YOUR DISTRIBUTIVE SHARE OF INCOME, LOSS, AND DEDUCTIONS REPORTED ON BOXES 1 THROUGH 18 ARE SUBJECT TO THE NET INVESTMENT INCOME TAX. IF YOU MATERIALLY PARTICIPATE UNDER IRC SECTION 469(h) AND THE REGULATIONS THEREUNDER, ALL ITEMS OF YOUR DISTRIBUTIVE SHARE OF PORTFOLIO INCOME, LOSS, AND DEDUCTIONS REPORTED ON BOXES 1 THORUGH 18 AND THE SCHEDULE K-1 SUPPORTING STATEMENTS MAY BE SUBJECT TO THE NET INVESTMENT INCOME TAX. THE RULES RELATED TO IRC SECTION 1411 ARE COMPLEX. PLEASE CONSULT YOUR TAX ADVISOR. STATE INFORMATION SCHEDULE THE PARTNERSHIP DOES NOT GENERATE ANY U.S. STATE SOURCED INCOME. ALL INCOME, LOSS, AND DEDUCTIONS ARE PORTFOLIO ITEMS AND SOURCED TO EACH UNITHOLDER'S STATE OF RESIDENCY. TRANSACTION SCHEDULE DESCRIPTION CONTRIBUTION/MERGER DATE BROKER OR CERTIFICATE # DECEMBER 12, 2014 BROKER/CERTIFICATE UNITS 1,000 FORM 8938 (STATEMENT OF SPECIFIED FOREIGN FINANCIAL ASSETS) YOU MAY BE REQUIRED TO REPORT THE VALUE OF YOUR INVESTMENT IN THIS FOREIGN PARTNERSHIP. PLEASE CONSULT YOUR TAX ADVISOR REGARDING THE INFORMATION REQUIRED TO COMPLETE THIS FORM. PROFORMA Partner # 152

10 RESTAURANT BRANDS INTERNATIONAL L.P PARTNERSHIP EXCHANGEABLE UNITS SCHEDULE K-1 SUPPORTING STATEMENTS FORM 8865 (RETURN OF U.S. PERSONS WITH RESPECT TO CERTAIN FOREIGN PARTNERSHIPS) RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP IS ORGANIZED IN CANADA AND IS CONSIDERED A FOREIGN PARTNERSHIP FOR U.S. FEDERAL INCOME TAX PURPOSES. AS A RESULT, U.S. UNITHOLDERS MAY BE SUBJECT TO SPECIAL REPORTING REQUIREMENTS. FORM 8865 (RETURN OF U.S. PERSONS WITH RESPECT TO CERTAIN FOREIGN PARTNERSHIPS) SHOULD BE FILED BY ALL U. S. UNITHOLDERS WHO CONTRIBUTE CASH OR PROPERTY GREATER THAN $100,000 WITHIN A 12-MONTH PERIOD TO A FOREIGN PARTNERSHIP OR OWN A 10% OR GREATER INTEREST IN THE FOREIGN PARTNERSHIP. IN DETERMINING WHETHER YOU CONTRIBUTED $100,000 OR GREATER, PLEASE REFER TO YOUR 2014 PARTNER CAPITAL ACCOUNT ANALYSIS FOR YOUR CURRENT YEAR CONTRIBUTIONS TO THE PARTNERSHIP. PLEASE REFER TO SCHEDULE K-1, ITEM J, TO DETERMINE IF YOU HAVE ACQUIRED A 10% OR GREATER INTEREST IN THE PARTNERSHIP. PLEASE CONSULT WITH YOUR TAX ADVISOR REGARDING THE TAX RULES RELATED TO FOREIGN PARTNERSHIPS. THE FOLLOWING INFORMATION IS PROVIDED TO ASSIST YOU IN PREPARING FORM 8865 IF YOU MEET THE ABOVE REQUIREMENTS AND NEED TO PREPARE AND FILE THIS FORM: IMPORTANT NOTICE 1. COUNTRY UNDER WHOSE LAWS ORGANIZED CANADA 2. DATE OF ORGANIZATION AUGUST 25, PRINCIPAL BUSINESS ACTIVITY CODE PRINCIPAL BUSINESS ACTIVITY INVESTMENTS 5. FUNCTIONAL CURRENCY U.S. DOLLAR 6. RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP FILES A FORM 1065 BY E-FILE 7. QUESTION 5 NO 8. QUESTION QUESTION 7 PARTNERSHIP 10. QUESTION 8 NO 11. QUESTION 9 NO 12. SCHEDULE A CHECK BOX A 13. SCHEDULE A-1 CERTAIN PARTNERS OF FOREIGN PARTNERSHIPS N/A 14. SCHEDULE A-2 AFFILIATION SCHEDULE NONE 15. SCHEDULE O, PART I INCLUDE VALUE OF STOCK (BURGER KING WORDWIDE, INC.) EXCHANGED FOR UNITS OF THE PARTNERSHIP ON DECEMBER 12, THE PARTNERSHIP HAS PREPARED THIS INFORMATIONAL PACKAGE TO HELP YOU WITH YOUR PREPARATION OF YOUR TAX RETURN. THIS INFORMATION HAS BEEN PREPARED BY THE PARTNERSHIP USING CONVENTIONS AND ASSUMPTIONS MADE BY THE PARTNERSHIP. THIS INFORMATION IS PROVIDED TO HELP YOU PREPARE YOUR TAX RETURN AND IS NOT TAX ADVICE PROVIDED BY THE PARTNERSHIP. WE SUGGEST THAT YOU CONSULT YOUR TAX ADVISOR AS TO THE CONSEQUENCES THIS INFORMATION HAS ON YOU AND TO DETERMINE YOUR PROPER REPORTING REQUIREMENTS TO FEDERAL AND STATE TAXING AUTHORITIES. PROFORMA Partner # 152

11 2014 Partner's Instructions for Schedule K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. (For Partner's Use Only) Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue Code unless otherwise noted. Future Developments For the latest information about developments related to Schedule K-1 (Form 1065) and the Partner's Instructions for Schedule K-1 (Form 1065), such as legislation enacted after they were published, go to General Instructions Purpose of Schedule K-1 The partnership uses Schedule K-1 to report your share of the partnership's income, deductions, credits, etc. Keep it for your records. Do not file it with your tax return unless you are specifically required to do so. (See the instructions for Code O. Backup withholding, later.) The partnership files a copy of Schedule K-1 (Form 1065) with the IRS. For your protection, Schedule K-1 may show only the last four digits of your identifying number (social security number (SSN), etc.). However, the partnership has reported your complete identifying number to the IRS. Although the partnership generally is not subject to income tax, you may be liable for tax on your share of the partnership income, whether or not distributed. Include your share on your tax return if a return is required. Use these instructions to help you report the items shown on Schedule K-1 on your tax return. The amount of loss and deduction you may claim on your tax return may be less than the amount reported on Schedule K-1. It is the partner's responsibility to consider and apply any applicable limitations. See Limitations on Losses, Deductions, and Credits, later, for more information. Inconsistent Treatment of Items Generally, you must report partnership items shown on your Schedule K-1 (and any attached statements) the same way that the partnership treated the items on its return. This rule does not apply if your partnership is within the small partnership exception and does not elect to have the tax treatment of partnership items determined at the partnership level. If the treatment on your original or amended return is inconsistent with the partnership's treatment, or if the partnership was required to but has not filed a return, you must file Form 8082, Notice of Inconsistent Treatment or Administrative Adjustment Request (AAR), with your original or amended return to identify and explain any inconsistency (or to note that a partnership return has not been filed). If you are required to file Form 8082 but do not do so, you may be subject to the accuracy-related penalty. This penalty is in addition to any tax that results from making your amount or treatment of the item consistent with that shown on the partnership's return. Any deficiency that results from making the amounts consistent may be assessed immediately. Errors If you believe the partnership has made an error on your Schedule K-1, notify the partnership and ask for a corrected Schedule K-1. Do not change any items on your copy of Schedule K-1. Be sure that the partnership sends a copy of the corrected Schedule K-1 to the IRS. If you are a partner in a partnership that does not meet the small partnership exception and you report any partnership item on your return in a manner different from the way the partnership reported it, you must file Form Sale or Exchange of Partnership Interest Generally, a partner who sells or exchanges a partnership interest in a section 751(a) exchange must notify the partnership, in writing, within 30 days of the exchange (or, if earlier, by January 15 of the calendar year following the calendar year in which the exchange occurred). A section 751(a) exchange is any sale or exchange of a partnership interest in which any money or other property received by the partner in exchange for that partner's interest is attributable to unrealized receivables (as defined in section 751(c)) or inventory items (as defined in section 751(d)). The written notice to the partnership must include the names and addresses of both parties to the exchange, the identifying numbers of the transferor and (if known) of the transferee, and the exchange date. An exception to this rule is made for sales or exchanges of publicly traded partnership interests for which a broker is required to file Form 1099-B, Proceeds From Broker and Barter Exchange Transactions. If a partner is required to notify the partnership of a section 751(a) exchange but fails to do so, the penalty is $100 for each such failure. However, no penalty will be imposed if the partner can show that the failure was due to reasonable cause and not willful neglect. Note. Gain or loss from the disposition of your partnership interest is generally net investment income under section 1411 and may be subject to the net investment income tax. See Form 8960, Net Investment Income Tax Individuals, Estates, and Trusts, and its instructions for information about how to report and figure the tax due. Nominee Reporting Any person who holds, directly or indirectly, an interest in a partnership as a nominee for another person must furnish a written statement to the partnership by the last day of the month following the end of the partnership's tax year. This statement must include the name, address, and identifying number of the nominee and such other person, description of the partnership interest held as nominee for that person, and other information required by Temporary Regulations section (c)-1T. A nominee that fails to furnish this statement must furnish to the person for whom the nominee holds the partnership interest a copy of Schedule K-1 and related information within 30 days of receiving it from the partnership. A nominee who fails to furnish all the information required by Temporary Regulations section (c)-1T when due, or who furnishes incorrect information, is subject to a $100 penalty for each failure. The maximum penalty is $1,500,000 for all such failures during a calendar year. If the nominee intentionally disregards the requirement to report correct information, each $100 penalty increases to $250 or, if greater, 10% of the aggregate amount of items required to be reported, and the $1,500,000 maximum does not apply. International Boycotts Every partnership that had operations in, or related to, a boycotting country, company, or a national of a boycotting country must file Form 5713, International Boycott Report. If the partnership cooperated with an international boycott, it must give you a copy Nov 18, 2014 Cat. No N

12 of its Form You must file your own Form 5713 to report the partnership's activities and any other boycott operations that you may have. You may lose certain tax benefits if the partnership participated in, or cooperated with, an international boycott. See Form 5713 and its instructions for more information. Definitions General Partner A general partner is a partner who is personally liable for partnership debts. Limited Partner A limited partner is a partner in a partnership formed under a state limited partnership law, whose personal liability for partnership debts is limited to the amount of money or other property that the partner contributed or is required to contribute to the partnership. Some members of other entities, such as domestic or foreign business trusts or limited liability companies that are classified as partnerships, may be treated as limited partners for certain purposes. Nonrecourse Loans Nonrecourse loans are those liabilities of the partnership for which no partner or related person bears the economic risk of loss. Elections Generally, the partnership decides how to figure taxable income from its operations. However, certain elections are made by you separately on your income tax return and not by the partnership. These elections are made under the following code sections. Section 59(e) (deduction of certain qualified expenditures ratably over the period of time specified in that section). For details, see the instructions for code J in box 13. Section 108(b)(5) (election related to reduction of tax attributes due to exclusion from gross income of discharge of indebtedness). Section 263A(d) (preproductive expenses). See the instructions for code P in box 13. Section 617 (deduction and recapture of certain mining exploration expenditures). Section 901 (foreign tax credit). Additional Information For more information on the treatment of partnership income, deductions, credits, etc., see Pub. 535, Business Expenses. To get forms and publications, see the instructions for your tax return or visit the IRS website at IRS.gov. Limitations on Losses, Deductions, and Credits There are potential limitations on partnership losses that you can deduct on your return. These limitations and the order in which you must apply them are as follows: the basis rules, the at-risk limitations, and the passive Worksheet for Adjusting the Basis of a Partner's Interest in the Partnership activity limitations. These limitations are discussed below. Other limitations may apply to specific deductions (for example, the section 179 expense deduction). Generally, specific limitations apply before the basis, at-risk, and passive loss limitations. Basis Rules Generally, you may not claim your share of a partnership loss (including a capital loss) to the extent that it is greater than the adjusted basis of your partnership interest at the end of the partnership's tax year. Any losses and deductions not allowed this year because of the basis limit can be carried forward indefinitely and deducted in a later year subject to the basis limit for that year. The partnership is not responsible for keeping the information needed to figure the basis of your partnership interest. Although the partnership does provide an analysis of the changes to your capital account in item L of Schedule K-1, that information is based on the partnership's books and records and cannot be used to figure your basis. You can figure the adjusted basis of your partnership interest by adding items that Keep for Your Records 1. Your adjusted basis at the end of the prior year. Do not enter less than zero. Enter -0- if this is your first tax year Increases: 2. Money and your adjusted basis in property contributed to the partnership less the associated liabilities (but not less than zero) Your increased share of or assumption of partnership liabilities. (Subtract your share of liabilities shown in item K of your 2013 Schedule K-1 from your share of liabilities shown in item K of your 2014 Schedule K-1 and add the amount of any partnership liabilities you assumed during the tax year (but not less than zero)) Your share of the partnership's income or gain (including tax-exempt income) reduced by any amount included in interest income with respect to the credit to holders of clean renewable energy bonds Any gain recognized this year on contributions of property. Do not include gain from transfer of liabilities Your share of the excess of the deductions for depletion (other than oil and gas depletion) over the basis of the property subject to depletion Decreases: 7. Withdrawals and distributions of money and the adjusted basis of property distributed to you from the partnership. Do not include the amount of property distributions included in the partner's income (taxable income) Caution: A distribution may be taxable if the amount exceeds your adjusted basis of your partnership interest immediately before the distribution. 8. Your decreased share of partnership liabilities and any decrease in your individual liabilities because they were assumed by the partnership. (Subtract your share of liabilities shown in item K of your 2014 Schedule K-1 from your share of liabilities shown in item K of your 2013 Schedule K-1 and add the amount of your individual liabilities that the partnership assumed during the tax year (but not less than zero)) Your share of the partnership's nondeductible expenses that are not capital expenditures Your share of the partnership's losses and deductions (including capital losses). However, include your share of the partnership's section 179 expense deduction for this year even if you cannot deduct all of it because of limitations The amount of your deduction for depletion of any partnership oil and gas property, not to exceed your allocable share of the adjusted basis of that property Your adjusted basis in the partnership at the end of this tax year. (Add lines 1 through 6 and subtract lines 7 through 11 from the total. If zero or less, enter -0-.) Caution: The deduction for your share of the partnership's losses and deductions is limited to your adjusted basis in your partnership interest. If you entered zero on line 12 and the amount figured for line 12 was less than zero, a portion of your share of the partnership losses and deductions may not be deductible. (See Basis Rules, earlier, for more information.) increase your basis and then subtracting items that decrease your basis. Use the worksheet above to figure the basis of your interest in the partnership. For more details on the basis rules, see Pub. 541, Partnerships. At-Risk Limitations Generally, if you have (a) a loss or other deduction from any activity carried on as a trade or business or for the production of income by the partnership and (b) amounts in the activity for which you are not at risk, you will have to complete Form 6198, At-Risk Limitations, to figure your allowable loss. The at-risk rules generally limit the amount of loss and other deductions that you can claim to the amount you could actually lose in the activity. These losses and deductions include a loss on the disposition of assets and the section 179 expense deduction. However, if you acquired your partnership interest before 1987, the at-risk rules do not apply to losses from an activity of holding real property placed in service before 1987 by the partnership. The activity -2- Partner's Instructions for Schedule K-1 (Form 1065)

13 of holding mineral property does not qualify for this exception. The partnership should identify on a statement attached to Schedule K-1 any losses that are not subject to the at-risk limitations. Generally, you are not at risk for amounts such as the following. Nonrecourse loans used to finance the activity, to acquire property used in the activity, or to acquire your interest in the activity, that are not secured by your own property (other than the property used in the activity). See the instructions for item K, later, for the exception for qualified nonrecourse financing secured by real property. Cash, property, or borrowed amounts used in the activity (or contributed to the activity, or used to acquire your interest in the activity) that are protected against loss by a guarantee, stop-loss agreement, or other similar arrangement (excluding casualty insurance and insurance against tort liability). Amounts borrowed for use in the activity from a person who has an interest in the activity, other than as a creditor, or who is related, under section 465(b)(3), to a person (other than you) having such an interest. You should get a separate statement of income, expenses, etc., for each activity from the partnership. Passive Activity Limitations Section 469 provides rules that limit the deduction of certain losses and credits. These rules apply to partners who: Are individuals, estates, trusts, closely held C corporations, or personal service corporations and Have a passive activity loss or credit for the tax year. Generally, passive activities include the following. 1. Trade or business activities in which you did not materially participate and 2. Activities that meet the definition of rental activities under Temporary Regulations section T(e)(3) and Regulations section (e)(3). Passive activities do not include: 1. Trade or business activities in which you materially participated. 2. Rental real estate activities in which you materially participated if you were a real estate professional for the tax year. You were a real estate professional only if you met both of the following conditions. a. More than half of the personal services you performed in trades or businesses were performed in real property trades or businesses in which you materially participated and b. You performed more than 750 hours of services in real property trades or businesses in which you materially participated. Note. For a closely held C corporation (defined in section 465(a)(1)(B)), the above conditions are treated as met if more than 50% of the corporation's gross receipts were from real property trades or businesses in which the corporation materially participated. For purposes of this rule, each interest in rental real estate is a separate activity, unless you elect to treat all interests in rental real estate as one activity. For details on making this election, see the Instructions for Schedule E (Form 1040) Supplemental Income and Loss. If you are married filing jointly, either you or your spouse must separately meet both (a and b) of the above conditions, without taking into account services performed by the other spouse. A real property trade or business is any real property development, redevelopment, construction, reconstruction, acquisition, conversion, rental, operation, management, leasing, or brokerage trade or business. Services you performed as an employee are not treated as performed in a real property trade or business unless you owned more than 5% of the stock (or more than 5% of the capital or profits interest) in the employer. 3. Working interests in oil or gas wells if you were a general partner. 4. The rental of a dwelling unit any partner used for personal purposes during the year for more than the greater of 14 days or 10% of the number of days that the residence was rented at fair rental value. 5. Activities of trading personal property for the account of owners of interests in the activities. If you are an individual, an estate, or a trust, and you have a passive activity loss or credit, use Form 8582, Passive Activity Loss Limitations, to figure your allowable passive losses and Form 8582-CR, Passive Activity Credit Limitations, to figure your allowable passive credits. For a corporation, use Form 8810, Corporate Passive Activity Loss and Credit Limitations. See the instructions for these forms for details. If the partnership had more than one activity, it will attach a statement to your Schedule K-1 that identifies each activity (trade or business activity, rental real estate activity, rental activity other than rental real estate, etc.) and specifies the income (loss), deductions, and credits from each activity. Material participation. You must determine if you materially participated (a) in each trade or business activity held through the partnership and (b) if you were a real estate professional (defined earlier), in each rental real estate activity held through the partnership. All determinations of material participation are based on your participation during the partnership's tax year. Material participation standards for partners who are individuals are listed below. Special rules apply to certain retired or disabled farmers and to the surviving spouses of farmers. See the Instructions for Form 8582 for details. Corporations should refer to the Instructions for Form 8810 for the material participation standards that apply to them. Individuals (other than limited partners). If you are an individual (either a general partner or a limited partner who owned a general partnership interest at all times during the tax year), you materially participated in an activity only if one or more of the following apply. 1. You participated in the activity for more than 500 hours during the tax year. 2. Your participation in the activity for the tax year constituted substantially all the participation in the activity of all individuals (including individuals who are not owners of interests in the activity). 3. You participated in the activity for more than 100 hours during the tax year, and your participation in the activity for the tax year was not less than the participation in the activity of any other individual (including individuals who were not owners of interests in the activity) for the tax year. 4. The activity was a significant participation activity for the tax year, and you participated in all significant participation activities (including activities outside the partnership) during the year for more than 500 hours. A significant participation activity is any trade or business activity in which you participated for more than 100 hours during the year and in which you did not materially participate under any of the material participation tests (other than this test). 5. You materially participated in the activity for any 5 tax years (whether or not consecutive) during the 10 tax years that immediately precede the tax year. 6. The activity was a personal service activity and you materially participated in the activity for any 3 tax years (whether or not consecutive) preceding the tax year. A personal service activity involves the performance of personal services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, consulting, or any other trade or business in which capital is not a material income-producing factor. 7. Based on all the facts and circumstances, you participated in the activity on a regular, continuous, and substantial basis during the tax year. Limited partners. If you are a limited partner, you do not materially participate in an activity unless you meet one of the tests in paragraphs 1, 5, or 6, above. Work counted toward material participation. Generally, any work that you or your spouse does in connection with an activity held through a partnership (where you own your partnership interest at the time the work is done) is counted toward material participation. However, work in connection with the activity is not counted toward material participation if either of the following applies. Partner's Instructions for Schedule K-1 (Form 1065) -3-

14 1. The work is not the type of work that owners of the activity would usually do and one of the principal purposes of the work that you or your spouse does is to avoid the passive loss or credit limitations. 2. You do the work in your capacity as an investor and you are not directly involved in the day-to-day operations of the activity. Examples of work done as an investor that would not count toward material participation include: a. Studying and reviewing financial statements or reports on operations of the activity, b. Preparing or compiling summaries or analyses of the finances or operations of the activity for your own use, and c. Monitoring the finances or operations of the activity in a non-managerial capacity. Effect of determination. Income (loss), deductions, and credits from an activity are nonpassive if you determine that: You materially participated in a trade or business activity of the partnership or You were a real estate professional (defined earlier) in a rental real estate activity of the partnership. If you determine that you did not materially participate in a trade or business activity of the partnership or if you have income (loss), deductions, or credits from a rental activity of the partnership (other than a rental real estate activity in which you materially participated as a real estate professional), the amounts from that activity are passive. Report passive income (losses), deductions, and credits as follows. 1. If you have an overall gain (the excess of income over deductions and losses, including any prior year unallowed loss) from a passive activity, report the income, deductions, and losses from the activity as indicated in these instructions. 2. If you have an overall loss (the excess of deductions and losses, including any prior year unallowed loss, over income) or credits from a passive activity, report the income, deductions, losses, and credits from all passive activities using the Instructions for Form 8582 or Form 8582-CR (or Form 8810), to see if your deductions, losses, and credits are limited under the passive activity rules. Publicly traded partnerships. The passive activity limitations are applied separately for items (other than the low-income housing credit and the rehabilitation credit) from each publicly traded partnership (PTP). Thus, a net passive loss from a PTP may not be deducted from other passive income. Instead, a passive loss from a PTP is suspended and carried forward to be applied against passive income from the same PTP in later years. If the partner's entire interest in the PTP is completely disposed of, any unused losses are allowed in full in the year of disposition. If you have an overall gain from a PTP, the net gain is nonpassive income. In addition, the nonpassive income is included in investment income to figure your investment interest expense deduction. Do not report passive income, gains, or losses from a PTP on Form Instead, use the following rules to figure and report on the proper form or schedule your income, gains, and losses from passive activities that you held through each PTP you owned during the tax year. 1. Combine any current year income, gains and losses, and any prior year unallowed losses to see if you have an overall gain or loss from the PTP. Include only the same types of income and losses you would include in your net income or loss from a non-ptp passive activity. See Pub. 925, Passive Activity and At-Risk Rules, for more details. 2. If you have an overall gain, the net gain portion (total gain minus total losses) is nonpassive income. On the form or schedule you normally use, report the net gain portion as nonpassive income and the remaining income and the total losses as passive income and loss. To the left of the entry space, enter From PTP. It is important to identify the nonpassive income because the nonpassive portion is included in modified adjusted gross income for purposes of figuring on Form 8582 the special allowance for active participation in a non-ptp rental real estate activity. In addition, the nonpassive income is included in investment income when figuring your investment interest expense deduction on Form 4952, Investment Interest Expense Deduction. Example. If you have Schedule E (Form 1040) income of $8,000, and a Form 4797, Sales of Business Property, prior year unallowed loss of $3,500 from the passive activities of a particular PTP, you have a $4,500 overall gain ($8,000 $3,500). On Schedule E (Form 1040), line 28, report the $4,500 net gain as nonpassive income in column (j). In column (g), report the remaining Schedule E (Form 1040) gain of $3,500 ($8,000 $4,500). On the appropriate line of Form 4797, report the prior year unallowed loss of $3,500. Be sure to enter From PTP to the left of each entry space. 3. If you have an overall loss (but did not dispose of your entire interest in the PTP to an unrelated person in a fully taxable transaction during the year), the losses are allowed to the extent of the income, and the excess loss is carried forward to use in a future year when you have income to offset it. Report as a passive loss on the schedule or form you normally use the portion of the loss equal to the income. Report the income as passive income on the form or schedule you normally use. Example. You have a Schedule E (Form 1040) loss of $12,000 (current year losses plus prior year unallowed losses) and a Form 4797 gain of $7,200. Report the $7,200 gain on the appropriate line of Form On Schedule E (Form 1040), line 28, report $7,200 of the losses as a passive loss in column (f). Carry forward to 2015 the unallowed loss of $4,800 ($12,000 $7,200). If you have unallowed losses from more than one activity of the PTP or from the same activity of the PTP that must be reported on different forms, you must allocate the unallowed losses on a pro rata basis to figure the amount allowed from each activity or on each form. To allocate and keep a record of the TIP unallowed losses, use Worksheets 5, 6, and 7 of Form List each activity of the PTP in Worksheet 5. Enter the overall loss from each activity in column (a). Complete column (b) of Worksheet 5 according to its instructions. Multiply the total unallowed loss from the PTP by each ratio in column (b) and enter the result in column (c) of Worksheet 5. Then, complete Worksheet 6 if all the loss from the same activity is to be reported on one form or schedule. Use Worksheet 7 instead of Worksheet 6 if you have more than one loss to be reported on different forms or schedules for the same activity. Enter the net loss plus any prior year unallowed losses in column (a) of Worksheet 6 (or Worksheet 7 if applicable). The losses in column (c) of Worksheet 6 (column (e) of Worksheet 7) are the allowed losses to report on the forms or schedules. Report both these losses and any income from the PTP on the forms and schedules you normally use. 4. If you have an overall loss and you disposed of your entire interest in the PTP to an unrelated person in a fully taxable transaction during the year, your losses (including prior year unallowed losses) allocable to the activity for the year are not limited by the passive loss rules. A fully taxable transaction is one in which you recognize all your realized gain or loss. Report the income and losses on the forms and schedules you normally use. Note. For rules on the disposition of an entire interest reported using the installment method, see the Instructions for Form Special allowance for a rental real estate activity. If you actively participated in a rental real estate activity, you may be able to deduct up to $25,000 of the loss from the activity from nonpassive income. This special allowance is an exception to the general rule disallowing losses in excess of income from passive activities. The special allowance is not available if you were married, file a separate return for the year, and did not live apart from your spouse at all times during the year. Only individuals, qualifying estates, and qualifying revocable trusts that made a section 645 election can actively participate in a rental real estate activity. Estates (other than qualifying estates), trusts (other than -4- Partner's Instructions for Schedule K-1 (Form 1065)

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