Exhibit 99.(c)(ii)

Di s cuss ion Materia l s Janu a ry 11, 2024

P r e limina r y Dr a f t – Con f i d e n t ial Im p or tant D i sclosur e s The following pages contain material provided to the Special Committee (the “SC”) of the Board of Directors of Carrols (the “Company” or “Carrols”) by Jefferies LLC (“Jefferies”) in connection with Project FLAME. The information contained in this document was based solely on publicly available information and information made available to Jefferies LLC (“Jefferies”) by the Company. Jefferies has relied, without independent investigation or verification, on the accuracy, completeness and fair presentation of all such information. None of Jefferies, its affiliates or its or their respective employees, directors, officers, contractors, advisors, members, successors, representatives or agents makes any representation or warranty in respect of the accuracy, completeness or fair presentation of any information or any conclusion contained herein. Jefferies, affiliates and its and their respective employees, directors, officers, contractors, advisors, members, successors and agents shall have no liability with respect to any information or matter contained herein. Neither Jefferies nor any of its affiliates is an advisor as to legal, tax, accounting or regulatory matters in any jurisdiction. Any recipient of the information contained herein should seek advice from its own independent tax advisor, legal counsel and/or other advisor with respect to such matters. This presentation is confidential and may not be distributed to any other person or replicated in any form without the prior written consent of Jefferies. This document is not an offer, nor a solicitation of an offer, of the sale or purchase of securities, nor shall any securities of the Company be offered or sold, in any jurisdiction in which such an offer, solicitation or sale would be unlawful. M em b er S I P C • © 2 0 24 Jef f e r i e s LL C. 2 Disclaimer

P r e limina r y Dr a f t – Con f i d e n t ial Sit u at i o n Ov e r view 4 FLAME Publ ic Company O v erview 6 Pre l i m i n a r y F i n a n c i al A n alys i s 14 S elec t e d R BI C o n s i d e ra ti o ns 26 Ap p e n dix 30 Ag e nda 3

Situation Ove r v iew 4

P r e limina r y Dr a f t – Con f i d e n t ial A c qu i s i t i o n Of f er S u mm a ry Restaurant Brands International, Inc. (NYSE: QSR) Acquiror: Carrols Restaurant Group, Inc. (NASDAQ: TAST) Target: Janu ar y 1 1 , 2 0 24 Prop os a l Re c e i ved : 1 0 0% cash Form o f Co ns i de r a tio n : Cash on hand (no financing contingency) Prop ose d F i n a nc i ng: $ 8 .75 p e r s h a re Prop ose d Purch a s e Pr i c e : 6% premium to share price as of January 10, 2024; 13% premium to the 30 - Day VWAP ($7.77); 18% premium to the 90 - Day VWAP ($7.39) Imp li e d Premium: $575M Imp li e d E q uity V a l u e : ( 1 ) $965M Imp li e d En te rpr i s e V a l u e : ( 1 )( 2 ) 6 . 6 x (2 0 23 E Ad j u st e d E B I TDA o f $145 . 4 M ) 2023 P A d j . EB I T DA Mu ltiple ( 2 )( 3 ) 6.1x (20 2 4P Ad ju s t e d EB I T D A of $ 1 5 7.4 M ) 2 0 2 4 P Ad j . EBI T DA M u l tip l e ( 2 )( 3 ) RBI is not interested in “alternative transactions such as block trades, partial acquisitions or rolling our equity stake into another transaction” A l t e rn a ti v e T r a n sa ctio n s RBI has “substantially completed due diligence” Prop ose d Di li g e nce R BI has d i s cuss e d the t r an s action with its Boa r d of D i re cto r s The complete transaction terms remain subject to final Board approval and are subject to the negotiation of acceptable transaction documentation In arriving at its proposal, RBI considered the “hundreds of millions of dollars of capital expenditures that will be required to accelerate the po r tfo l i o ’s r e m od e l pac e ” Transaction is conditioned on both: (i) Approval of a Special Committee of independent directors of FLAME and (ii) the affirmative vote of the holders of FLAME’s common stock not affiliated with RBI (i.e., a “majority - of - the - minority” vote) N e c ess a ry Appro v a l s / O t he r Envision negotiating definitive documentation over the coming weekend and announcing a transaction by 5am ET on Tuesday, January 16 th Offer will expire if no definitive agreement is reached by that time Timing RBI Proposal Overvie w Source: RBI offer letter of January 11, 2024. (1) Fully diluted shares outstanding includes basic shares outstanding (51.602 million), convertible preferred stock (9.415 million), non - vested common shares (2.885 million), 2023 PSUs (0.798 million), 2024 executive grants (0.488 million), 2024 employee awards (0.326 million), 2024 director awards (0.085 million) and stock options (0.925 million @ $7.12 strike price). (2) Enterprise value calculation includes $45M cash and $434M debt as of year end 2023E. (3) E B I T D A i s bu rde n e d by s t o c k - b ase d c o mpe n s a t i o n a n d p r e - o p e n i n g e x p e n ses . 5

FL A ME Public Co m pa ny Ove r v iew 6

P r e limina r y Dr a f t – Con f i d e n t ial 0 1, 0 00 2, 0 00 3, 0 00 4, 0 00 5, 0 00 6, 0 00 $ 0 . 00 $ 2 . 00 $ 4 . 00 $ 6 . 00 $ 8 . 00 J a n - 2 0 J a n - 2 1 J a n - 2 4 V o l u m e Pric e Volume (Th ou s a n ds ) 8 ($M i l l i o n s, exc e pt per s h are d ata) Price 7 Sources: Company filings, S&P Capital IQ as of January 10, 2024. 1) Rent expense capitalized at 6.0x and estimated based on LTM Q3’23 figures. Strong YTD Trading Momentum Driven by Operational and Margin Improvements Stock Price Performance (Last Five Years) Capitalization Table (As of December 31, 2023) (3) Jan - 22 FY 2020 Re s u l ts R e v e nu e: (1% ) v s. c o nse n s us E B I T D A : +2 % v s. c o nse n s us M a y 2019 A c qu ir e s 165 B u r g er K i n g and 55 Pop e y es l o c atio n s F Y 2019 Re s u l ts R e v e nu e: +1 % v s. c o nse n s us E B I T D A : (1% ) v s. c o nse n s us T r a ding S um m a ry 4 5 6 F Y 2021 Re s u l ts R e v e nu e: +1 % v s. c o nse n s us E B I T D A : +1 % v s. c o nse n s us J a n - 2 3 7 J a n - 1 9 1 FY 2018 Re s u l ts R e v e nu e: (3% ) v s. c o nse n s us E B I T D A : (7% ) v s. c o nse n s us F e b r u a r y 2019 Carro l s expan ds i n to Pop e y es B ra n d , ac q u ir i n g 221 resta u ra n ts 2 3 FY 2022 Re s u l ts R e v e nu e: +1 % v s. c o nse n s us E B I T D A : +1 8% v s. c o nse n s us A pr i l 2023 A pp o i nts D e b orah D er b y as n ew CE O 8 5 7 $12.00 1 2 $10.00 3 4 6 3) Pro Forma for reduction of Term Loan B by $30M and Senior Notes by $9.9M with cash from the balance sheet. 4) Reflects management estimates. Burdened by stock - based compensation ($5.6 million in ’23, $5.0 million in ’24) and pre - opening costs ($0.03 million in ’23, $0.075 million in ’24). 2) Fully diluted shares outstanding include basic shares outstanding (54.496 million), convertible preferred stock (9.415 million), non - vested common 5) Reflects consensus estimates. Burdened by stock - based compensation ($5.6 million in ’23, $5.0 million in ’24) and pre - opening costs ($0.03 million in ’23, $0.075 million in ’24). shares (2.744 million), performance - based restricted shares (0.600 million), performance based RSUs (0.798), time - based RSUs (0.017 million) and stock 6) Reflects management estimates. Private Company EBITDA that adds back stock - based compensation ($5.6 million in ’23, $5.0 million in ’24) and pre - opening costs ($0.03 million in options (0.976 million @ $7.12 strike price). ’23, $0.075 million in ’24) & public to private cost savings estimated at $5.0mm annually. (4) (4) (5) $143 $153 (5) (6) $156 (6) $168 52 - wee k h i g h (1/5 /2 02 4): $8 .58 Maturity Interest Rate Cu m . Rent Ad j . Leverage (1) Cum. Leverage $ S + 325 S + 325 5.875% Jan - 26 A p r - 26 Jul - 29 Ca s h and Ca s h Equ i va le n t s R e v ol v ing S e nior C red it F aci l it y ( $215 M ) T e rm L oan B S e nior No t e s F inance L e a s e $45 $0 $133 $290 $11 0.0x 0.9x 3.0x 3.1x 2.9x 3.4x 4.4x 4.5x Gr o s s D ebt N e t D e bt $434 $389 3.1x 2.7x 4.5x 4.3x Current As of 1/10/24 10/6/23 $8.24 $6.05 S h a r e P r i ce $8.58 $7.75 52 - W ee k Hi g h $1.52 $1.31 52 - W ee k Low 68.20 (2) 67.51 Dilut e d S h a r e s Outst a nding $562 $408 I mpli e d Equity V a lue $142 Ba s e d on L T M Q3'23 A dj. EB I T D A of : Ba s e d on L T M Q3'23 EB I T D A R of : $273 434 (3) (45) (+) T o t a l D e bt ( - ) C a s h & Equ i v a l e n t s I mp li e d En t e rp ris e V a l ue 477 (41) $844 $951 2023E Management Adj. EBITDA 2024P Management Adj. EBITDA $141 $155 $145 $157 2023E C o n se n s u s Adj . E B I T D A 2024P Consensus Adj. EBITDA $133 $135 2023E P ri v a t e C o mp a n y E B I T D A 2024P P ri v a t e C o mp a n y E B I T D A $151 $165 EV / 2023E Management Adj. EBITDA EV / 2024P Management Adj. EBITDA 6 . 0 x 5 . 5 x 6 . 5 x 6 . 0 x EV / 2023E Consensus Adj. EBITDA EV / 2024P Consensus Adj. EBITDA 6 . 4 x 6 . 2 x 6 . 6 x 6.2x EV / 2023E P ri v a t e C o mp a n y E B I T D A EV / 2024P P ri v a t e C o mp a n y E B I T D A 5 . 6 x 5 . 1 x 6 . 1 x 5 . 7 x

P r e limina r y Dr a f t – Con f i d e n t ial 8 Sources: Company filings, S&P Capital IQ and Wall Street research as of January 10, 2024. 1) Sma ll - C a p F S R I n d e x i nc l u d e s B J R I , CHU Y , RR G B , S T KS . 2) Sma ll - C a p L S R I n d e x i nc l u d e s L O C O, N D L S , P B P B . FLAME has Outperformed Peer Indices Over the Last Two Years (5 0 % ) (7 5 %) (2 5 % ) 1 0 0% 75% 50% 25% 0% 1 2 5% 1 5 0% 1 7 5% 2 0 0% Ja n - 22 A p r - 2 2 Ju l - 22 O c t - 2 2 Ja n - 23 A p r - 2 3 Ju l - 23 O c t - 2 3 Ja n - 24 S m a ll - C a p F S R ( 1 ) : (12%) S m a l l - Ca p LSR ( 2 ) : (26%) Ar c os D o r ad o s : 123% Indexed Share Price Performance (Last Two Years) F LAME : 183%

P r e limina r y Dr a f t – Con f i d e n t ial 0. 0 x 5. 0 x 1 0 . 0 x 1 5 . 0 x 2 0 . 0 x 2 5 . 0 x 3 0 . 0 x 3 5 . 0 x 4 0 . 0 x 4 5 . 0 x J a n - 1 9 J u l - 19 J a n - 2 0 J u l - 20 J a n - 2 1 J u l - 21 J a n - 2 2 J u l - 22 J a n - 2 3 J u l - 23 J a n - 2 4 Small - C a p LSR Small - C a p FSR RBI Arcos D o r a do s FLAME 6.2x 8.0x 14.2x 6.1x 6.6x Current 6.2x 8.3x 13.9x 6.2x 6.3x L a st 3 0 D ay s 6.1x 7.6x 13.5x 5.8x 6.6x L a st 18 0 D ay s 6.7x 7.9x 13.8x 5.6x 7.1x 1 - Year 8.4x 8.5x 13.6x 6.6x 7.3x 3 - Year 8.3x 7.8x 13.5x 6.6x 7.4x 5 - Year 8.3x 6.6x 13.2x 7.0x 7.5x Pre - COVID (b ef o re Ma r - 20) 8.3x 8.2x 13.6x 6.4x 7.3x Post - COVID ( a fter Fe b - 21) S m a ll - C a p F S R ( 1 ) S m a l l - Ca p LSR ( 2 ) F LAME 8.0x 6.6x 6.2x 6.1x R BI Note: NTM EBITDA figures unburdened by stock - based compensation and pre - opening expenses. Source: S&P Capital IQ as of January 10, 2024 and Wall Street equity research. 1) Sma ll - C a p F S R I n d e x i nc l u d e s B J R I , CHU Y , RR G B , S T KS . 2) Sma ll - C a p L S R I n d e x i nc l u d e s L O C O, N D L S , P B P B . Public Market Views: FLAME EV / NTM EBITDA Multiple Over Time vs. Peers 9 14.2x Arcos D o r ad o s CO V I D ( M a r - 2 0 – F e b - 21)

P r e limina r y Dr a f t – Con f i d e n t ial FY2024P FY2023E Pri c e Tar g et Recommendation Firm Date EPS A d j. E B IT D A Revenue EPS A d j. E B IT D A Revenue 01 /10/24 Firm A $1 0.00 01 /11/24 Frim B $1 3.00 $1 , 877 $1 , 930 Co n se n su s M ea n : $1 1.50 $1 , 875 $143 $0 . 48 $1 , 937 $153 $0 . 58 M a n a g em e n t Estimate s : N /A $1 , 871 $145 N /A $1 , 964 N /A 10 Sources: Wall Street research and Capital IQ as of January 10, 2024. 1) R e fl e c t s P re Q4 P re - R e l e a s e es t i ma t es . 2) Reflects Analysts Estimates. EBITDA Burdened by stock - based compensation ($5.6 million in ’23, $5.0 million in ’24) and pre - opening costs ($0.03 million in ’23, $0.075 million in ’24). 3) Reflects consensus estimates. Burdened by stock - based compensation ($5.6 million in ’23, $5.0 million in ’24) and pre - opening costs ($0.03 million in ’23, $0.075 million in ’24). 4) Reflects management estimates. Burdened by stock - based compensation ($5.6 million in ’23, $5.0 million in ’24) and pre - opening costs ($0.03 million in ’23, $0.075 million in ’24). Selected Wall Street Research Perspectives (Post Q4 Pre - Release) S e l e c t e d Ana l y st E s t i m a tes Ev olut ion of Ana l y st R e co m m e ndations Buy S e l e c t e d Ana l y s t s Com m e nt a ry 80 % 80% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 20% 20% $ 0 . 0 0 $ 2 . 0 0 $ 4 . 0 0 $ 6 . 0 0 $ 8 . 0 0 $ 1 0. 00 $ 1 2. 00 1 0 0% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 4 5 5 5 4 4 4 4 4 4 4 4 Consensus 4 P r ice Ta r g et “ Carrols delivered another impressive result in Q3 with upside on sales and a big earnings beat. Restaurant - level margins reached the mid - teens level again and we have confidence TAST can sustain margins going forward. Importantly, the sustained profitability and stronger balance resulted in the Board initiating a regular quarterly dividend for the first time, which could broaden the investor base. Despite the run in the stock, we see potentia l for more upside. ” - F i r m B, N ov e m b e r 2023 “TAST's slightly positive BK traffic, with drivers ahead (marketing, operations, kiosk rollout and remodels) gives us increased confidence in the Burger King turnaround . TAST is also benefiting from rapidly expanding margins , due to operating efficiency efforts, tamed cost inflation and Burger King's focus on being profitable. TAST initiated a quarterly dividend, which signals confidence in its balance sheet and the BK turnaround, in our view .” - F i r m A , Nov e mbe r 2023 (4) (3) $157 (4) (3) Jan - 23 Feb - 23 Mar - 23 Apr - 23 May - 23 Jun - 23 Jul - 23 Aug - 23 Sep - 23 Oct - 23 Nov - 23 Dec - 23 Jan - 24 P r ice Ta r g e t B uy / O ve r w e ig ht H o l d /N e utr al # N u m b e r of A na l y sts $1,874 (1) $154 (2) $0 . 47 (1) $1,944 (1) $0.56 (1) $144 (2) Buy $143 (2) $152 (2) $0 . 49 (2) $0.59 (2)

P r e limina r y Dr a f t – Con f i d e n t ial 11 S o u r c e : S & P C a p i t a l I Q a s o f J a nu a ry 10, 2024. 1) VWAPs account for all calendar days for the LTM period ended January 10, 2024. 2) Float excludes shares owned by corporate insiders and activist investors. FLA ME Trading Activ i ty & LTM S u m m ary L TM Cu m u lati ve V o l u m e Bel o w P r ice ( %) M a rk e t S na p sh o t (1) Current $8 . 2 4 20 - D ay V W AP $7 . 8 5 30 - D ay V W AP $7 . 7 7 60 - D ay V W AP $7 . 6 5 90 - D ay V W AP $7 .3 9 180 - D ay V W AP $6 . 9 2 L T M V W AP $5 . 8 4 52 - W ee k H i g h $8 . 5 8 52 - W ee k Lo w $1 . 5 2 5.9% 9.7% 14 . 1 % 22 . 9 % 37 . 2 % 57 . 7 % 69 . 5 % 89 . 7 % 10 0.0 % <$ 2.50 <$ 3.25 <$ 4.00 <$ 4.75 <$ 5.50 <$ 6.25 <$ 7.00 <$ 7.75 <$ 8.50 V ol u me Trad e as a % o f Fl o at 448% 402% 312% 259% 167% 103% 63% 43% d 26% (2) : Current: $8.24 RBI Pr o p o sa l : $8.75

P r e limina r y Dr a f t – Con f i d e n t ial 12 Source: FLAME financial projections provided by FLAME Management, as approved for Jefferies’ use by the Special Committee.. FLA ME Manag ement Pro j ections At the direction of FLAME Management, Jefferies based its preliminary financial analysis on these financial projections per FLAME Management as of December 2023 Ye a r En d i ng D e c e mb e r 3 1 , ($Millions) 2028P 2027P 2026P 2025P 2024P 2023E 2022A $2,328.8 $2,228.0 $2,133.2 $2,045.2 $1,963.9 $1,871.2 $1,730.4 Revenues 4.5% 4.4% 4.3% 4.1% 5.0% 8.1% - % G r ow t h 692.5 656.9 623.4 592.3 564.8 521.1 534.2 C o st o f F oo d & P a p er 29.7% 29.5% 29.2% 29.0% 28.8% 27.9% 30.9% % o f R e v e nue 731.7 702.0 674.2 648.6 625.3 606.0 585.2 R es ta u r a nt L a b o r 31.4% 31.5% 31.6% 31.7% 31.8% 32.4% 33.8% % o f R e v e nue 449.3 433.0 417.7 403.6 381.2 368.4 343.9 O p e r ati ng E x p enses 19.3% 19.4% 19.6% 19.7% 19.4% 19.7% 19.9% % o f R e v e nue 146.1 141.9 137.9 134.3 131.2 128.5 125.5 R ent E x p ense 6.3% 6.4% 6.5% 6.6% 6.7% 6.9% 7.3% % o f R e v e nue $309.2 $294.3 $280.0 $266.4 $261.4 $247.1 $141.6 R es t a u r a nt E B I T D A 13.3% 13.2% 13.1% 13.0% 13.3% 13.2% 8.2% R e st au r ant M a r g i n % 107.3 105.0 102.7 98.9 96.8 96.1 79.1 G & A E x p enses 4.6% 4.7% 4.8% 4.8% 4.9% 5.1% 4.6% % o f R e v e nue 0.8 0.8 0.8 0.8 0.8 Adjustments Triage Store Closures 2.3 2.2 2.2 2.1 2.0 L o c a l M a r k e ti ng (3.0) (3.0) (3.0) (3.0) (4.9) R em o d el D o w n ti me $202.0 $189.3 $177.3 $167.4 $162.5 $151.1 $62.5 A d j u s t e d E B I T D A 8.7% 8.5% 8.3% 8.2% 8.3% 8.1% 3.6% A d j . EB I T D A M a r g i n % (77.1) (77.0) (72.3) (81.2) (85.0) (52.0) (37.2) Less: C a p ex 2.0 2.0 2.0 (3.0) (10.0) 6.2 (10.2) Less: ( I n c ) / Dec i n N W C $126.9 $114.4 $107.0 $83.2 $67.5 $105.3 $15.0 F r e e C a s h F l o w

P r e limina r y Dr a f t – Con f i d e n t ial FLAME Mgmt. W al l S tre e t C onsens u s $153 2024P $157 $143 2023E $145 A d j. EBITDA ($Millions) FLAME Mgmt. W al l S tre e t C onsens u s $1,937 2024P $1,964 $1,875 2023E $1,871 Revenue ($Millions) Variance ( M ana ge me n t Less C o ns e ns u s ) Consensus P roject F LAME Mana g e me n t P rojec t ions 2024P 2023E 2024P 2023E 2024P 2023E $27 ($4) $1,937 $1,875 $1,964 $1,871 Revenue - - 3% 8% 5% 8% G rowth % $4 $2 $153 (3) $143 (3) $157 (1) $145 (1) Adj. EBI T DA - - 7% 130% 8% 133% G rowth % Comparison of FLAME Management Forecasts vs. Current FLAME Management Forecasts vs. Wall Street Consensus (1) Source: FLAME financial projections provided by FLAME Management, as approved for Jefferies’ use by the Special Committee and S&P Capital IQ as of January 10, 2024. 1) Reflects management estimates. Burdened by stock - based compensation ($5.6 million in ’23, $5.0 million in ’24) and pre - opening costs ($0.03 million in ’23, $0.075 million in ’24). 2) Reflects consensus estimates. Burdened by stock - based compensation ($5.6 million in ’23, $5.0 million in ’24) and pre - opening costs ($0.03 million in ’23, $0.075 million in ’24). FLA ME – Wa l l S t re e t Consensus Estimates Overvie w 13

P r eliminar y Financial Analysis 14

P r e limina r y Dr a f t – Con f i d e n t ial Reviewed 8 U.S. listed public restaurant companies with similar bu s in e s s mod e l or f inanc i al a t t ribu t e s An a l ys i s of S e l e c t e d P ub l i c l y Tr a d e d Co mp a n i e s Estimates current market value of FLAME shares based on trading mul t ipl e s of s e le c t e d p ub l ic l y t rad e d comp ani e s g e n e ral l y con s i d e red re l e v ant f or comp ara t i v e p ur pos es Methodology G e n er a l De s c r i p t i o n Comments D i s c oun t e d Ca s h F l ow An a l ys i s P re miu ms P a id Estimates the value of FLAME share price based on the present value of t he Comp an y ’ s ris k - ad j us t e d cash flow A review, as an additional reference point for informational purposes, of p rem i ums p a i d in s e le c t e d M & A t ransac t ions in v ol v ing p ub l ic companies Terminal value calculated using perpetuity growth method Discount rate range based on weighted average cost of capital methodology was applied to FLAME’s projected unlevered cash flows R ev ie w e d 16 acqu i s i t ions of f ranc hi s e e comp ani e s wi t h pu b l ic ly disclosed and undisclosed transaction valuation data Excluded non - franchisee restaurant companies with brand ownership (e.g., franchisor or company - operated stores) An a l ys i s of S e l e c t e d Tr an s a c t i ons Estimates value of FLAME share price based on a review of selected merger and acquisition transactions generally considered relevant for comparative purposes R ev ie w e d 292 a l l - cash t ransac t ions acro s s a l l indus t rie s , e xclud ing financial targets, with transaction equity values between $500M and $2.0B and 20 all - cash restaurant transactions involving U.S. domiciled and l i s t e d p ub l ic l y t rad e d t ar g e t s clo s e d s ince January 1, 2012 Note: Jefferies did not attribute any particular weight to any analysis, methodology or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor; accordingly, Jefferies’ analyses must be considered as a whole. Considering any portion of the analyses or the factors considered, without considering all analyses and factors, could create a misleading or incomplete view of the process undertaken by Jefferies. Methodolo g ie s and Additional In f or m ation 15 D is c o unt e d S h a r e P r i c e A n a lysis An approach, as an additional reference point for informational purposes, to estimate the current value of FLAME share price using the present value of the Company’s theoretical future share price Theoretical future share price calculated based on the current and 1 - y e ar N T M EB I T D A mul t iple Discount rate based on the cost of equity was applied to FLAME’s t h e or e t ical f u t ur e s hare p rice Ad d it i o n a l I nf or m a t i o n ( F o r R e f e r e nc e O nly)

P r e limina r y Dr a f t – Con f i d e n t ial C u rre n t S h a r e P r i ce (1/10/2024): $8.24 M e tri c s Methodology Pre l iminary F i nancial A nalyses S u m m ary 16 At the direction of FLAME Management, Jefferies based its preliminary financial analysis on the financial projections per FLAME Management as of December 2023 2 0 24 A d j u s t ed E BI TD A M u lt i p l e ( 1 ) F o r In f o rma t ion al Pu r po ses On l y Se l ec t ed T r a n s a c ti o n s A n a l ysis Fran c h isee T r a n sac t i o n s D i sc o un t ed C a s h Fl o w A n a l ysis P erp e t u it y Gr o w t h M e t h o d ▪ 25 t h - 75 t h P erce n ti l e 1 - d ay prem iu m s o f all ind u s t r i e s @ 1 8 . 8 % - 5 2 . 9 % t o s h ar e price as o f 1 / 1 0 / 2 0 24 ▪ 25 t h - 75 t h P erce n ti l e 1 - d ay prem iu m s o f restaurants @ 17.2% - 35.3% to share price as o f 1 / 1 0 / 24 ▪ 6 . 0x – 7 . 0x 2 0 24 A d j u s t ed E BI TD A o f $ 1 5 7 . 4 M ( 2 ) ▪ D isc o un t r a te o f 1 1 . 0 % - 1 3 . 0 % a n d perpetuity growth rate of 2.5% - 3.5% ▪ 5 . 5x – 7 . 7 5 x 2 0 23 A d j u s t ed E BI TD A o f $145.4M (2) ▪ Bas ed o n d isc lo sed a n d un d isc lo sed t r a n sac t i o n m u lt i p l e s R es t a u r a n t s ( 1 - D a y ) Historical Premiums Paid Analysis A ll I n d u s t r i e s ( 1 - D a y ) D i sc o un t ed S h a r e P r i c e A n a l ysis D isc o un t ed S h ar e P r i c e A n al y sis ▪ 6 . 2x – 7 . 1x N TM A d j u s t ed E BI TD A b ased o n c u rr e n t a n d 1 - year a v erage N TM E BI TD A m u lt i p l e s disc o un t ed at c o st o f eq u it y o f 1 5 . 5 % Se l ec t ed P ub li c C o m p an i e s A n a l ysis 2 0 23 A d j u s t ed E BI TD A M u lt i ple ( 1 ) Note: Share prices on chart rounded to the nearest 5 cents. Source: FLAME financial projections provided by FLAME Management, as approved for Jefferies’ use by the Special Committee. 1) Fully diluted shares outstanding includes basic shares outstanding (51.602 million), convertible preferred stock (9.415 million), non - vested common shares (2.885 million), 2023 PSUs (0.798 million), 2024 executive grants (0.488 million), 2024 employee awards (0.326 million), 2024 director awards (0.085 million) and stock options (0.925 million @ $7.12 strike price). ▪ 6 . 2 5 x – 7 . 2 5 x 2 0 23 A d j u s t ed E BI TD A o f $145.4M (2) 2 0 23 A d j u sted E B I T DA o f $ 1 4 5 .4 M ( 2 ) 2 0 24 A d j u sted E B I T DA o f $ 1 5 7 .4 M ( 2 ) Im p l i e d E n terp r i s e Va l ue / 9.0x 8.1x 7.2x 6.3x 5.4x 8.3x 7.5x 6.7x 5.8x 5.0x 2) Adjusted EBITDA is net of stock - based compensation and pre - opening costs. 3) Reflects the incremental value due to synergies and NOLs from RBI perspective. R B I P r o p os a l (1/11/2024): $8.75 $9.20 $9.65 $9.80 $6.25 $6.20 $8.45 $7.90 $11.25 $11.15 $12.60 $11.20 $10.50 $10.80 $10.10 $4 . 0 0 $6 . 0 0 $8 . 0 0 $1 0 . 00 $1 2 . 00 $1 4 . 00 $1 6 . 00

P r e limina r y Dr a f t – Con f i d e n t ial 17 Source: FLAME financial projections provided by FLAME Management, as approved for Jefferies’ use by the Special Committee. 1) Fully diluted shares outstanding includes basic shares outstanding (51.602 million), convertible preferred stock (9.415 million), non - vested common shares (2.885 million), 2023 PSUs (0.798 million), 2024 executive grants (0.488 million), 2024 employee awards (0.326 million), 2024 director awards (0.085 million) and stock options (0.925 million @ $7.12 strike price). 2) Public company EBITDA burdened by stock - based compensation and pre - opening costs. Analysis at Various Prices (For Reference Only) 3) Private Company EBITDA adds back stock - based compensation, pre - opening costs & public to private cost savings estimated at $5.0mm annually. 4) R un - r a t e E B I T D A i nc l u d e s fu ll y e a r i mp a c t fo r re mo d e l s . RBI ( 01 / 10 / 2 4) V a r i o u s T h e o r e t i c a l P u r c h a se P r i ces R B I P r opos a l (01/11/24) Closing S t ock P r i ce ( 01 / 10 / 2 4) $78.63 $13.00 $12.00 $11.00 $10.00 $9.00 $8.75 $8.24 I ll u s t r at i v e S t ock P r i ce p e r S h a r e 323.985 66.017 65.975 65.925 65.865 65.792 65.771 65.724 Implied Fully Diluted Shares Outstanding (mm) (1) $25,474.9 $858.2 $791.7 $725.2 $658.6 $592.1 $575.5 $541.6 M a r k e t C a p i ta li z at i on 15,138.0 434.0 434.0 434.0 434.0 434.0 434.0 434.0 Plus: Debt (12/31/2023) (1,310.0) (45.0) (45.0) (45.0) (45.0) (45.0) (45.0) (45.0) L e ss : C a s h ( 12 / 31 / 2023) $39,302.9 $1,247.3 $1,180.7 $1,114.2 $1,047.7 $981.2 $964.5 $930.6 To ta l E n t e r p r i se V a l u e 34% 27% 20% 13% 5% 4% - I m p l i e d En t e r p r i s e Va l ue P r e m i um I mp li e d S h a r e P r i ce P r e m i u ms - 58% 46% 33% 21% 9% 6% - $8.24 P r e m i um t o Cu rr e nt S t oc k P r i c e - 52% 40% 28% 17% 5% 2% (4%) $8.58 ( D i s co un t ) / P r e m i um t o 52 - Wee k H i g h - 67% 54% 42% 29% 16% 13% 6% $7.77 ( D i s co un t ) / P r e m i um t o 30 D ay V W A P - 76% 62% 49% 35% 22% 18% 12% $7.39 ( D i s co un t ) / P r e m i um t o 90 D ay V W A P A d j . EB I T D A ( 2) 15.8x 8.6x 8.1x 7.7x 7.2x 6.7x 6.6x 6.4x $145.4 FY2023E 14.7x 7.9x 7.5x 7.1x 6.7x 6.2x 6.1x 5.9x $157.4 FY2024P P r i v at e C omp a n y EB I T D A ( 3) 8.0x 7.6x 7.1x 6.7x 6.3x 6.2x 6.0x $156.1 FY2023E - 7.4x 7.0x 6.7x 6.3x 5.9x 5.8x 5.6x $167.5 FY2024P - 7.1x 6.7x 6.3x 6.0x 5.6x 5.5x 5.3x $176.0 FY2024P (Run - Rate) (4)

P r e limina r y Dr a f t – Con f i d e n t ial 6 . 6 x 6. 5 x 6. 6 x 1 5 . 0 x 6. 7 x 5. 7 x 9. 4 x 8. 8 x 6. 4 x 4. 4 x 1 6 . 3 x 4. 4 x 1 5 . 8 x 31. 4 x 18 Analysis of Selected Public Companies – Forward EBITDA Valuation 6. 2 x 6. 0 x 5. 9 x 1 3 . 6 x 6. 8 x 4. 8 x 9. 2 x 7. 5 x 4. 7 x 4. 2 x 1 4 . 6 x 4. 0 x 1 4 . 7 x 23. 5 x S m a l l - Cap L SR M edi a n: 6.8 x S m a l l - Cap F SR M edi a n: 6.1 x Pub l ic F r a n ch i s ee s (U.S. L i s te d) EV / 2 024 P A d j. EBITDA ‘ 2 4 P A d j. EB I T D A : ’23 E – ’24 P A dj. EB I T DA Gro w th : Re f e r ence (N on - U . S . L i s te d) M edi a n: 14 .6x Re f e r ence : RB I (ASX:DMP) Management Consensus $2,673 $1,008 $276 $175 $77 $48 $113 $60 $40 $53 $27 $512 $157 $153 7.2% 10.2% 11.7% 33.4% 4.9% 34.5% 17.6% 2.3% 17.8% (1.5%) 10.8% 12.4% 8.3% 6.9% (ASX:DMP) Management Consensus $39,303 $4,043 $4,030 $4,124 $321 $230 $841 $546 $193 $362 $369 $3,002 $951 $951 Enter p r i se Val ue: $2,493 $915 $247 $131 $73 $36 $96 $58 $34 $54 $25 $455 $145 $143 ’23E A dj. EBIT DA : EV / 2 023 E A d j. EBITDA S m a l l - Cap L SR M edi a n: 6.7 x S m a l l - Cap F SR Median: 7.6x Pub l ic F r a n ch i s ee s (U.S. L i s te d) Re f e r ence (N on - U . S . L i s te d) M edi a n: 16 .3x Re f e r ence : RB I Sources: Company filings, Wall Street research and S&P Capital IQ as of January 10, 2024. Note: Adjusted EBITDA figures reflects consensus estimates. Burdened by stock - based compensation and pre - opening costs.

P r e limina r y Dr a f t – Con f i d e n t ial ’ 23 E – ’ 24 P Pr o jec t ed Gr o w t h 2023 E S ize a n d S cale A dj. EB I TDA Gro w th RL EB I TDA Gro w th R e venue Gro w th Un i t Gro w th A dj. EB I TDA M a rgin RL EB I TDA M a rgin A dj. EB I TDA RL EB I TDA Tot a l R e venue S ystem wi de Un i ts ( % Franch i sed) 19 Analysis of Selected Public Companies – Scale and Growth Benchmarking 2 , 3 5 0 ($Millions) $4 , 3 5 0 $250 $475 20 . 0 % 10 .0 % 15 . 0 % 5 .0 % 15 . 0 % 0 .0 % 25 . 0 % (5.0%) (0%) 50 $300 $50 $20 Sources: Company filings, Wall Street research and S&P Capital IQ as of January 10, 2024. Note: Adjusted EBITDA figures reflects consensus estimates. Burdened by stock - based compensation and pre - opening costs. 40 . 0 % 0 .0 % 35 . 0 % (5.0%) 2,322 (100 % ) 1,079 (100 % ) 514 (18%) 490 (38%) 474 (20%) 431 (13%) 217 (0%) 101 (0%) 68 $4,311 $1,875 $1,339 $1,301 $505 $490 $467 $462 $340 $242 $171 $145 $81 $74 $66 $63 $52 NA $455 $143 $96 $73 $58 $54 $36 $34 $25 19.5% 16.0% 16.0% 15.7% 13.8% 13.4% 13.2% 12.9% NA 12.6% 11.6% 10.6% 10.6% 7.6% 7.1% 6.8% 5.6% 5.0% 14.7% 8.4% 6.9% 3.4% 2.0% 1.8% 1.0% 0.6% 0.6% 21.4% 6.2% 5.3% 4.5% 4.3% 3.2% 0.6% (1.6%) (2.8%) 16.4% 12.9% 12.4% 6.2% 3.2% 2.8% 1.1% 0.8% NA 34.5% 17.8% 17.6% 12.4% 10.8% 6.9% 4.9% 2.3% (1.5%)

P r e limina r y Dr a f t – Con f i d e n t ial Implied Price Per Share @ 3.0% Perpetuity Growth Dis co unt R a te Annu a l Outp e rf o r m a n c e / 13.0% 12.0% 11.0% Implied 2024P EBITDA $6.60 $8.00 $9.70 0.0% / $162.5 ( Bas e C ase ) $7.20 $8.60 $10.30 +7.7% / $175.0 $8.00 $9.40 $11.15 +18.7% / $192.9 20 Preliminary Discounted Cash Flow Analysis Source: FLAME financial projections provided by FLAME Management, as approved for Jefferies’ use by the Special Committee. Note: Share prices in sensitivity table are rounded to nearest $0.05. DCF assumes valuation as of December 31, 2023. 1) Depreciation & amortization is equal to capex in the terminal year. 2) Based on effective tax rate of 25.5% per Company Management. This does not reflect benefit from NOLs. 3) Based on illustrative perpetuity growth rate of 3%. Based on illustrative discount rate of 12%. Assumes mid - year convention. Normalized Terminal Year Y e a r E nding D e ce mb e r 31 , ($Millions) 2028P 2027P 2026P 2025P 2024P $2,328.8 $2,328.8 $2,228.0 $2,133.2 $2,045.2 $1,963.9 Revenue $202.0 $202.0 $189.3 $177.3 $167.4 $162.5 A djust e d E B I TDA (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) Less: Stock - based Compensation (0.5) (0.5) (0.5) (0.4) (0.3) (0.1) Less: Pre - Opening Expenses $196.5 $196.5 $183.9 $171.9 $162.1 $157.4 Adjusted EBITDA (net of SBC) (77.1) (88.9) (85.4) (82.2) (79.0) (75.0) Less: D&A (1) $119.4 $107.6 $98.5 $89.7 $83.1 $82.4 EBIT (30.4) (27.4) (25.1) (22.9) (21.2) (21.0) Less: Taxes (2) $88.9 $80.2 $73.4 $66.9 $61.9 $61.4 Net Operating Profit After Tax (NOPAT) 77.1 88.9 85.4 82.2 79.0 75.0 Plus: D&A 2.0 2.0 2.0 2.0 (3.0) (10.0) L e ss: NWC (I n cr ea s e ) / D e c r ea se $168.1 $171.1 $160.8 $151.1 $137.9 $126.4 Unl e v e r e d C FO (77.1) (77.1) (77.0) (72.3) (81.2) (85.0) Less: Capex $90.9 $93.9 $83.8 $78.8 $56.7 $41.4 Unl e v e r e d FCF $56.4 $56.3 $59.3 $47.8 $39.1 Present Value of Unlevered FCF $1,101 T er min a l V a lue a t 3 . 0 % G r o w t h R a t e $625 Present Value of Terminal Value (3) $259 Sum of PV of Unlevered FCF $30 Sum of PV of NOLs $914 Total Enterprise Value (389) Less: Net Debt (Q4, 2023) $525 Equity Value 65.700 FDSO (4) $8.00 Implied Price Per Share (rounded to the nearest 5 cents) Implied Price Per Share Dis co unt R a te Perpetuity 13.0% 12.0% 11.0% Growth $6.20 $7.45 $9.00 2.5% $6.60 $8.00 $9.70 3.0% $7.10 $8.60 $10.50 3.5% 4) Fully diluted shares outstanding includes basic shares outstanding (51.602 million), convertible preferred stock (9.415 million), non - vested common shares (2.885 million), 2023 PSUs (0.798 million), 2024 executive grants (0.488 million), 2024 employee awards (0.326 million), 2024 director awards (0.085 million) and stock options (0.925 million @ $7.12 strike price). 5) B a se d o n E B I T D A n e t o f S B C a n d p r e - o p e n i n g e x p e n ses . Implied Terminal EBITDA Multiple (5) Dis co unt R a te Perpetuity 13.0% 12.0% 11.0% Growth 4.8x 5.3x 5.9x 2.5% 5.1x 5.6x 6.3x 3.0% 5.4x 6.0x 6.7x 3.5%

P r e limina r y Dr a f t – Con f i d e n t ial Source: FLAME financial projections provided by FLAME Management, as approved for Jefferies’ use by the Special Committee. Federal and state tax rates per FLAME Management. (1) WOTC credit usage in any given year can not exceed the excess of the tax liability less 25% of the tax liability in excess of $25,000. (2) Reflects expiry of all unused state NOLs in final year of state carryforward period. (3) Cost of equity calculated using FLAME unlevered beta and the size premium of FLAME per Duff & Phelps Cost of Capital Navigator. K e y P o i n t s Financial data per FLAME Management as of D e c e m b e r 2 0 23 I l lust r at i v e 3. 0% l o n g - te r m g r owth r ate app l i e d to 2 0 2 9P – 2 0 4 2 P p r e - tax i n come Starting NOLs (as of 12/31/2022) per FLAME Management: — $ 1 2 5 . 9 m i l l i o n in f ed e r al N OLs su bj e ct to a max i mu m us a g e of 8 0 % of taxa b le i n come fr om 2 0 24 o n w a r d — $ 4 3. 9 m i l l i o n in W OTC cr e d its su bj e ct to a max i mu m us a g e of ~ 7 5 % of the tax liability (1) — $ 5 5 0 . 5 m i l l i o n in state N OLs in 22 stat e s w ith op e r at io n s 2 1 . 0% f ed e r al tax r ate State tax r ate of 5 . 3 5 % b as e d on a g g r e g a t e state taxe s in 2 0 22 Illustrative Preliminary NOL Analysis – Without 382 Limitation ($ i n m i l l i o ns, e xc e pt p e r sh a r e d ata) 21 Y ea r Ending D e ce m b e r 31, '29P - '42P 2028P 2027P 2026P 2025P 2024P 2023E $1,580.7 $89.8 $80.7 $71.3 $61.5 $59.8 $43.7 FLAME Pre - Tax Income - - - - $34.4 $82.2 $125.9 Beg. Federal NOL Balance - - - - (34.4) (47.8) (43.7) F e d e r a l NOL G a in / (U s e d) - - - - - 34.4 82.2 End Federal NOL Balance - - - - $34.4 $47.8 $43.7 Federal NOLs Used 21.0% 21.0% 21.0% 21.0% 21.0% 21.0% 21.0% Tax Rate $0.0 $0.0 $0.0 $0.0 $7.2 $10.0 $9.2 CF I m p ac t o f F e d e r a l NOLs $1,580.7 $89.8 $80.7 $71.3 $27.1 $12.0 - Remaining Taxable Income after Federal NOLs Used - - - $14.5 $34.9 $43.9 $43.9 Beg. WOTC Credit Balance - - - (14.5) (20.4) (9.0) - W OTC Cr e dit G a in / (U s e d) - - - - 14.5 34.9 43.9 End WOTC Credit Balance - - - $14.5 $20.4 $9.0 - WOTC Credits Used 21.0% 21.0% 21.0% 21.0% 21.0% 21.0% 21.0% Tax Rate $0.0 $0.0 $0.0 $3.0 $4.3 $1.9 - CF I m p ac t o f W OTC Cr e dits $268.5 $275.1 $388.4 $421.3 $463.5 $512.0 $550.5 Beg. State NOL Balance (106.6) (6.7) (25.4) (32.9) (42.2) (48.5) (38.5) St a te NOL G a in / (U s e d) (161.9) - (87.8) - - - - State NOL Expiration (2) - 268.5 275.1 388.4 421.3 463.5 512.0 End State NOL Balance $5.7 $0.4 $1.4 $1.8 $2.3 $2.6 $2.1 CF I m p ac t o f St a te NOLs $5.7 $0.4 $1.4 $4.8 $13.8 $14.5 T o t a l C as h Fl o w I m p ac t 4.5 3.5 2.5 1.5 0.5 Discount Period 52.3% 60.4% 69.8% 80.6% 93.0% Discount Rate $1.1 $0.2 $0.8 $3.4 $11.1 $13.5 PV o f T o t a l NOLs Co s t o f E q uity ( 3 ) Present Value of Total NOLs 15.5% $30.1

P r e limina r y Dr a f t – Con f i d e n t ial EV / L T M Adj. EBI T DA Date Target Acquiror 6.6x (1) Jan - 24 FLAME R e s t au r ant B r ands I n t e r na t ional Undisclosed Nov - 23 Far W e s t S e r v i c es B r en t w ood & S ix t h S t r eet Undisclosed Jun - 23 Ta c o Bell F r an c hi s ee Southpaw Undisclosed Feb - 23 L ead i ng LS R F r an c hi s ee Undisclosed Undisclosed Jul - 22 Ca s pe r s C ompany McDonald's Undisclosed Mar - 22 Aun t ie Anne ' s F r e s h D in i ng C on c ep t s Undisclosed Sep - 21 P a c i f ic Bells Orangewood Undisclosed Jun - 21 K - MAC En t e r p r i s es Mubadala Undisclosed Mar - 21 NPC Fl y nn R e s t au r ant Gr oup Undisclosed Dec - 20 P J Un i t ed T h e Hal if ax Gr oup Undisclosed Sep - 20 Great American Chicken Corp Restaurant Brands New Zealand Undisclosed Dec - 19 Ta s t y Re s t au r ant Gr oup T r iton P a c i f ic Undisclosed Sep - 19 Ko r mex Foods Be s s emer I n v e s t o r s Undisclosed Feb - 19 Cambridge Franchise Holdings (Popeyes and Burger King Franchisee) Carrols Restaurant Group Undisclosed Dec - 18 U.S. Beef Corp. (Arby's Franchisee) Fl y nn R e s t au r ant Gr oup 7.3x Nov - 18 D i v e r s i f ied Re s t au r ant Hol d in g s I CV Pa r t ne r s Undisclosed Mar - 18 KBP Foods P r itzker Gr oup Undisclosed Jan - 18 N P C I n t e r na t ional ( O l y mpus Pa r t ne r s ) D R G S ou t hea s t Undisclosed Dec - 16 S t r a t e g ic Re s t au r an t s A c q ui s ition Co r p G P S Ho s pital i t y Undisclosed Dec - 16 Ta c o Bell & KFC F r an c hi s ee (K - MAC En t e r p r i s e s ) L ee E q uity 7.7x 7.7x Median Average 22 Sources: Company filings, MergerMarket, Moody’s, S&P Capital IQ, online news estimates. Note: “Undisclosed” multiples includes known multiples not publicly disclosed. 1) Represents a purchase price of $965M and 2023 management Adj. EBITDA of $145.4M. Analysis of Selected Precedent Franchisee Restaurant M&A Transactions Franchisee transaction multiples have ranged from 5x to 10x – based on scale, brands and performance metrics (e.g., restaurant level economics)

P r e limina r y Dr a f t – Con f i d e n t ial 25% 26% Illustrative M & A P remiums Paid A nalysis (For Refere nce Only) 23 U.S. M&A All - Cash Transactions, Closed Since January 1, 2013 S o u r c e : R e fi n i t i v a s o f J a nu a ry 9, 2024. Note: Share prices are rounded to nearest $0.05. (1) Data represents 293 all - cash transactions with Implied Equity Values of $500M to $2.0B involving U.S. domiciled and publicly listed traded targets. Excludes financial firms, (2) Data represents 20 all - cash restaurant transactions involving U.S. domiciled and publicly listed traded targets. (3) Implied price based on premiums applied to share price as of close on January 10, 2024. 75 th Per cen t i l e Implied FLAME p r i ce p er s h a r e (3) 25 th Per cen t i l e 1 - D ay Prem i u m 30 - D ay Prem i u m 30% n – nsactions (2) dia T r a M e Restaurant M e d i a n – A l l Indust rie s (1) 30 - Day 1 - Day 30 - Day 1 - Day $11.15 $11.15 $13.00 $12.60 $ 1 0 . 3 5 $10.30 $11.25 $10.75 $9.55 $9.65 $10.20 $9.80 37%

P r e limina r y Dr a f t – Con f i d e n t ial 30 Day Premium 1 Day Premium TEV ($M) Acquiror Name Target Name Date Announced 9.2% 6.2% $965 RBI Proposal FLAME 1/11/2024 7.2% 8.1% 231 Authentic Restaurant Brands Fiesta Restaurant Group 8/7/2023 33.6% 34.1% 700 Darden Restaurants Ruth's Hospitality Group 5/3/2023 45.8% 66.1% 575 Jack in the Box Del Taco Restaurants 12/6/2021 24.0% 32.0% 211 SPB Hospitality J Alexanders Holdings 7/2/2021 29.0% 33.2% 371 Yum! Brands Habit Restaurants 1/6/2020 15.3% 18.9% 650 Harlan Parent Del Frisco's Restaurant Group 6/24/2019 28.7% 18.8% 1,588 Inspire Brands Sonic Corp 9/25/2018 23.1% 33.4% 250 Cava Group Zoe's Kitchen 8/17/2018 17.5% 17.2% 203 Focus Brands Jamba 8/2/2018 12.5% 25.5% 456 Rhone Capital Fogo De Chao 2/20/2018 15.1% 5.6% 1,541 Post Holdings Bob Evans Farms 9/19/2017 27.7% 19.6% 1,651 Restaurant Brands International Popeyes Louisiana Kitchen 2/21/2017 33.3% 24.6% 1,309 JAB Beech Krispy Kreme Doughnuts 5/9/2016 20.1% 17.3% 1,341 Apollo Global Management Fresh Market 3/14/2016 15.6% 13.6% 242 Lion Fund II Biglari Holdings 6/4/2015 42.3% 51.2% 376 Investor Group Einstein Noah Restaurant Group 9/29/2014 59.1% 35.7% 816 General Mills Annies 9/8/2014 35.5% 44.1% 681 Investor Group Chiquita Brands International 8/11/2014 61.8% 62.7% 832 Coca - Cola Green Mountain Coffee Roasters 2/5/2014 23.7% 11.5% 948 Apollo Global Management CEC Entertainment 1/16/2014 35.0% 35.3% 75 t h Pe r c e n t i l e 25.8% 25.0% Median 16.1% 17.2% 25 t h Pe r c e n t i l e Select ed Restaurant Premiums Paid (For Refere nce Only) 24 U.S. Restaurant M&A All - Cash Transactions, Closed Since January 1, 2013 Source: Refinitiv as of January 9, 2024. Represents all - cash transactions with Implied Equity Values of $200M to $2.0B involving restaurant U.S. domiciled and publicly listed traded targets.

P r e limina r y Dr a f t – Con f i d e n t ial F LAME Adj. N T M EBI T D A N e t D e bt $167M $347M $177M $287M $202M $109M $189M $202M Ad j . E B I T D A Mul t i p l e : 6. 2 x ( Cu rr ent) Ad j . E B I T D A Mul t i p l e : 7. 1 x ( 1 - Year Aver age) Th e o r e tical Futu r e P r ice P V of Th e o r e tical Futu r e P r ice $145M $389M 25 Illustrative Theoretical Future Stock Price (For Reference Only) Illustrative Present Value of Theoretical Future Stock Price Summary (1) $8 . 2 4 $12 . 7 4 $14 . 7 0 $17 . 2 7 $20 . 0 3 $11 . 0 5 $11 . 0 0 $11 . 2 0 $11 .2 5 $5 $0 Today (1/10) 2024P Source: FLAME financial projections provided by FLAME Management, as approved for Jefferies’ use by the Special Committee. (1) Present value of future stock price discounted based on mid - point cost of equity of 15.5%. $ 1 0 $ 1 5 $ 2 0 2 0 2 5 P 2 0 2 6 P 2 0 2 7 P $8 . 2 4 $10 . 4 8 $12 . 3 1 $14 . 7 1 $17 . 2 9 $9 . 0 5 $9 . 2 0 $9 .5 5 $9 . 7 0 $5 $0 $ 1 0 $ 1 5 $ 2 0 T o day ( 1 / 1 0 ) 2 0 2 4 P 2 0 2 5 P 2 0 2 6 P 2 0 2 7 P

Selected RBI Considerations 26

P r e limina r y Dr a f t – Con f i d e n t ial $ 2 0 . 0 0 $ 4 0 . 0 0 $ 6 0 . 0 0 $ 8 0 . 0 0 $ 1 0 0 . 0 0 $0.00 D e c - 1 4 D e c - 1 5 D e c - 1 6 D e c - 1 7 D e c - 1 8 D e c - 1 9 D e c - 2 0 D e c - 2 1 D e c - 2 2 D e c - 2 3 ($M i l l i o n s, exc e pt per s h are d ata) Price 27 Sources: Company filings, MergerMarket, Moody’s, online news estimates, S&P Capital IQ as of January 10, 2024. Note: Adjusted EBITDA figures reflects consensus estimates. Burdened by stock - based compensation and pre - opening costs. 1) Premium calculated based off the unaffected stock price on August 22, 2014 of C$68.78. 2) Premium calculated based off the unaffected stock price on February 10, 2017 of $66.04. Growing Through Acquisitions: An RBI Case Study Ke y P oint s R e staurant B ra n d s I n t e rnati o n a l was f o rmed i n 201 4 th r o u g h t he m e rg e r of t wo i conic b ra n d s: B urg e r K i ng a nd T i m Hortons In 2 0 17 , RB I a c q uir e d P o pey e s L o u i si a na K i t ch e n for $1 . 8 B ( 20 . 7 x L T M E B I T D A ) , adding another well - known QSR brand to i t s por t fol i o In 2021, the Company acquired Firehouse Su bs for $1 . 0 B T o d a y, RBI ha s ov e r 30 , 00 0 res t a uran t s i n m ore t han 10 0 co u n t ri es a nd d o es $ 40 B + i n a n n ual sys t em - w i de sa l es Stock Price Performance Through Acquisitions R B I ’ s P or t folio Ev olut ion Ov e r T i m e ~$40B $78 . 6 3 1 - D ay Pr i ce C h a n ge: 6 . 9 % 1 - D ay Pr i ce C h a n ge: 2 . 1 % ~$35B ~$34B ~$30B ~$23B 2014 2017 2019 2021 L T M Q3 ’ 23 19 , 04 3 Unit s 24 , 40 7 Unit s 27 , 08 6 Unit s 29 , 45 6 Unit s 30 , 37 5 Unit s E V : $1 b i l l i o n E V / E B ITDA : 20 . 0x E V : ~$ 1.8 b i l l i o n E V / E B ITDA : 20 . 7x P r e m i u m : 19 .6% ( 2 ) E V : ~$ 12 . 1 b i l l i o n E V / E B ITDA : 15 . 4x P r e m i u m : 28 .7% ( 1 ) S y s t e m w i d e S a l e s T r a ding S um m a ry (1/10/24) $78.63 $79.45 $59.99 S h a r e P r i ce 52 - W e e k H i g h 52 - W e e k L o w D il u t e d S h a r e s Ou t s t a n di n g 323. 98 I mp li e d Equ i t y V a l ue (+) T o t a l D e bt (+) Mi n o rit y I n t e r e s t ( - ) C a s h & Equ i v a l e n t s I mp li e d En t e rp ris e V a l ue $25, 475 13,382 1,756 (1, 310) $39, 303 2023E C o n se n s u s Adj . E B I T D A 2024P C o n se n s u s Adj . E B I T D A $2, 493 $2, 673 EV / 2023E C o n se n s u s Adj . E B I T D A EV / 2024P C o n se n s u s Adj . E B I T D A 15. 8 x 14. 7 x

P r e limina r y Dr a f t – Con f i d e n t ial 28 Illustrative RBI Value Creation / Preliminary EPS Accretion Analysis (For Reference Only) Source: FLAME financial projections provided by FLAME Management, as approved for Jefferies’ use by the Special Committee. 1) Private Company EBITDA adds back stock - based compensation, pre - opening costs & public to private cost savings estimated at $5.0mm annually. 2) RBI holds 9,414,580 FLAME shares, equal to 14.7% of total basic shares outstanding. 3) Pre - synergy RBI multiple differential calculated as RBI 2024P EBITDA multiple less FLAME 2024P standalone private company purchase multiple (including impact of illustrative fees). Post - synergy RBI multiple differential calculated as RBI 2024P EBITDA multiple less FLAME PF 2024P purchase multiple. T r a n s a c t i o n A s s u m pt i o ns Il l us t ra t i ve t ra nsa c t i on cl ose on 12/31/2023 T ra nsa c t i on fi nanced usi ng e x i sting ca sh on RB I’s b a l a nce sh e et 2024 P pro form a E B I T D A of $ 2 , 85 5 million — I n cl u des $1 5 m illi on of i ll us t ra t i ve sy n e rgies i n c l u d i ng pu b li c compa ny savings RBI 2 0 24 P E B I T D A m ul t i p l e b a sed on current trading statistics Various Theoretical Purchase Prices $13.00 $12.00 $11.00 $10.00 $9.00 58% 46% 33% 21% 9% Pr e m i u m t o C u rr e nt S t o c k Pr i c e 7.4x 7.0x 6.7x 6.3x 5.9x I m p li e d 2024P EB I TDA Mu l t i p l e ( P r e - S y n e r g i e s ) $168 $168 $168 $168 $168 FLAME 2024P Standalone Private Company EBITDA (1) $1,247 $1,181 $1,114 $1,048 $981 To t a l E n t e r p r i se Va l ue 30 30 30 30 30 Pl us: I ll us t r a t i v e T o t a l F ee s & E x p e nses (122) (113) (104) (94) (85) Less: Implied Value of FLAME Shares Held by RBI (2) $1,155 $1,098 $1,041 $984 $926 To t a l T r a n s a c ti on C on s i d e r a ti on P r o F o r m a Current $155 $212 $269 $326 $384 $1,310 R BI Ca s h 13,382 13,382 13,382 13,382 13,382 13,382 R BI D e bt 4.6x 4.6x 4.6x 4.6x 4.6x 4.5x R BI N e t D e bt / 2024P S y n e r g i z e d EB I TDA Pre - Synergies $168 $168 $168 $168 $168 FLAME 2024P Standalone Private Company EBITDA (1) 7.1x 7.5x 7.9x 8.3x 8.7x R BI Mu l t i p l e D i ff e r e n t ia l ( 3) (78) (78) (78) (78) (78) L e ss : C u r r e nt V al ue o f FL A ME S h a r e s H e l d by R B I ( 2) $1,109 $1,175 $1,242 $1,308 $1,375 To t a l Va l ue C r e a ti on $3 . 42 / 4% $3 . 63 / 5% $3 . 83 / 5% $4 . 04 / 5% $4 . 24 / 5% V al ue A cc r e t i o n P e r S h a r e / % I n c r e a s e $0 . 06 / 2% $0 . 07 / 2% $0 . 07 / 3% $0 . 08 / 3% $0 . 09 / 3% E P S A cc r e t i o n P e r S h a r e / % I n c r e a s e Post - Synergies $178 $178 $178 $178 $178 FLAME PF 2024P EBITDA (Including $15M of Synergies) 7.5x 7.9x 8.3x 8.6x 9.0x R BI Mu l t i p l e D i ff e r e n t ia l ( 3) (78) (78) (78) (78) (78) L e ss : C u r r e nt V al ue o f FL A ME S h a r e s H e l d by R B I ( 2) $1,256 $1,322 $1,389 $1,455 $1,522 To t a l Va l ue C r e a ti on $3 . 88 / 5% $4 . 08 / 5% $4 . 29 / 5% $4 . 49 / 6% $4 . 70 / 6% V al ue A cc r e t i o n P e r S h a r e / % I n c r e a s e $0 . 08 / 3% $0 . 09 / 3% $0 . 09 / 3% $0 . 10 / 3% $0 . 11 / 4% E P S A cc r e t i o n P e r S h a r e / % I n c r e a s e $147 $147 $147 $147 $147 I m p li e d Va l ue C r e a ti on f r om S yn e r g i e s

P r e limina r y Dr a f t – Con f i d e n t ial 29 RBI Strategic Rationale and Illustrative Refranchising Analysis Pros Cons C r e at e s opp o r t u n i t y f o r st r a t egica ll y e n hanced fr a nchisee base P o si t i o n s for val ue creation vi a re - sa l e b a sed on grea t er RL margins R e m ov e s si gni fi ca nt conc e n t ra t i on i n a s epa ra t e fra nchisee ( F L A M E ow ns ~ 15 % of t he d o m es t i c B urg e r K i ng sys t em a s of Q 3 ’ 23 ) A b ili t y t o con t rol t he i nv e stment a rou nd t he Recl a i m t he F l am e campaign In the futu re i f RB I d eci d es t o r e fra nchise, t he Co m p a ny ca n sp r e a d o u t uni t s t o get m ore fra nchisees i nv o l v e d i n t h e system E li m i nat e s pu b li c r e por t i ng / vi si b ili t y i n t o l a rg e st RBI franchisee C o uld s e e l e akage b ased on ul t i ma t e proce e d s a nd t i m i ng i f r e fra nchisi ng i s pursu e d P ot e n t i a l to e x peri e n ce m ul t i p l e con t ra c t i on gi v en com p a ny - ow n e d m o d els t yp i ca ll y t ra de a t l o w e r m ultip l e s r e l ative t o highly fra nchised sys t ems Source: FLAME financial projections provided by FLAME Management, as approved for Jefferies’ use by the Special Committee. 1) Private Company EBITDA adds back stock - based compensation, pre - opening costs & public to private cost savings estimated at $5.0mm annually. 2) RBI holds 9,414,580 FLAME shares, equal to 14.7% of total shares outstanding. Before any potential wind down / restructuring expense Va r i ous Theo r e ti c a l P u r ch a se P r i c e s $13.00 $12.00 $11.00 $10.00 $9.00 P r e m i u m t o C u rr e n t S t o c k P r i c e 9% 21% 33% 4 6 % 58% Implied 2024P EBITDA Multiple (Pre - Synergies) FLAME 2024P Standalone Private Company EBITDA (1) 5.9x $168 6.3x $168 6.7x $168 7.0x $168 7.4x $168 To t a l E n te r p r i s e V a l ue P l us: I ll us t r a t i v e T o t a l F ee s & E xp e nse s Less: Implied Value of FLAME Shares Held by RBI (2) $981 30 (85) $1,048 30 (94) $1,114 30 (104) $1,181 30 (113) $1,247 30 (122) To t a l T r a n s a cti on C on si d e r a ti on $926 $984 $1,041 $1,098 $1,155 FLAME 2024P Restaurant - Level EBITDA I ll us t r a t i v e 1% R L M a r g i n I m pr o v e m e nt $261 $20 $261 $20 $261 $20 $261 $20 $261 $20 FL A M E P F 2024 P R e s t a u r a n t - Le v e l E B I T D A $281 $281 $281 $281 $281 R e s t a u r a nt R e s a l e V a l ue P F V a l ue C r e a ti on P e r S h a r e / P r e m i um 4 . 0 x 5 . 0 x 6 . 0 x 7 . 0 x $0 . 61 / 1% $1 . 48 / 2% $2 . 35 / 3% $3 . 21 / 4% $0 . 43 / 1% $1 . 30 / 2% $2 . 17 / 3% $3 . 04 / 4% $0 . 26 / 0% $1 . 13 / 1% $1 . 99 / 3% $2 . 86 / 4% $0 . 08 / 0% $0 . 95 / 1% $1 . 82 / 2% $2 . 68 / 3% ( $0 . 09 ) / ( 0 % ) $0 . 77 / 1% $1 . 64 / 2% $2 . 51 / 3%

Appendix 30

P r e limina r y Dr a f t – Con f i d e n t ial 31 Note: Account holdings are based on 13F filings (as of 9/30/23 or most recent available). Insider holdings based on Proxy and Form 4 filings. Source: FactSet, Bloomberg and SEC filings. FLA ME S h areholder Ove rview NY 27% CA 8% MA 14% TX 3% R e g i o n a l Br e a kd o w n Mi d - W e s t Mid - Atlantic 8% 14% I n t ' l 8% Ot h e r 18% I n s t i t u t io n s 46% S h are h o l d er Ba se A n aly s is I n v e s t o r Br e a kd o w n I n s i d e rs 33% R e t a il 21% N o. of S h a res % of I n s t i t u t ion a l Ow n e r s h ip S u mm a r y b y F u n d Ty p e N o. of I n s t i t u t i ons Institutions Value 7 1, 31 8 , 058 5 . 3 % Value G A R P I n c o me 5 1 1 1,307,915 8,109 2,034 5.2% <0 . 1% <0 . 1% G r ow t h 10 1, 56 7 , 551 6 . 3 % 28.5% 7,119,470 11 I ndex Fund 26.0% 6,483,888 71 Generalist 0.4% 88,142 2 Specialty T o t a l 133 24, 96 6 , 022 10 0 . 0 % Index $3,096,676.8 4.0% $18.8 2,541,518 Bl a c kR ock Fu n d Ad vi s o r s Generalist 497,968.4 3.2% 15.0 2,018,406 Di me ns i o n al Fu n d Ad vi s o r s LP Index 5,222,286.0 2.5% 12.0 1,618,239 The V an g ua r d G r o u p, I nc. H edg e Fu n d 347.3 2.3% 11.1 1,495,237 Divisadero Street Capital Management LP H edg e Fu n d 771.2 2.1% 9.9 1,340,062 So le l Pa r tn e r s LP Value 11,980.1 1.5% 7.2 978,198 R oyce & A ssoci a t e s LP H edg e Fu n d 35,160.5 1.3% 6.4 859,120 A cad i an A ss e t M an age m e nt LLC H edg e Fu n d 63,896.2 1.3% 5.9 801,342 Re na i ssa n ce T e chno l o g i e s LLC Index 1,079,183.0 1.2% 5.5 738,219 G e o d e Capital M an age m e nt LLC Generalist 209,031.5 1.1% 5.4 730,757 I nv e sco Capit a l M an age m e nt LLC Index 2,053,824.5 1.1% 5.3 708,506 SS g A Fu nd s M an age m e nt, I nc. H edg e Fu n d 1,204.3 1.0% 4.6 624,820 Hi l l sd a l e I nv e stm e nt M an age m e nt, I nc. Index 224,525.9 1.0% 4.6 619,608 Pa r am e t r ic Po r tfo l io A ssoci a t e s LLC H edg e Fu n d 39,839.3 0.9% 4.2 563,905 Two S ig ma I nv e stm e nts LP H edg e Fu n d 43,480.6 0.9% 4.1 551,961 Two S ig ma A d vi ser s LP H edg e Fu n d 93,183.7 0.8% 3.8 509,960 Arr owst ree t Capit a l LP Index 36,373.9 0.7% 3.4 460,177 A ss e na g on A ss e t M an age m e nt SA (G er ma n y) Generalist 162,678.6 0.7% 3.3 443,439 Bl a c kR ock Ad vi s o r s LLC Growth 578.7 0.7% 3.1 422,852 E A M I nv e sto r s LLC Growth 4,557.4 0.6% 3.0 410,325 B r i d ge way Capital M an age m e nt LLC 28.8% $136.6 18,436,651 T o ta l of T op 2 0 I ns tit u tio ns : Cam b r i d g e F r anch ise Hol d i n g s LL C R e stau r ant B r an d s I nt e r nat i onal 88.4% 22,080,413 116 Other 19.5% $92.2 12,447,619 33.6% 8,388,913 32 H ed g e Fund 14.7% 69.8 9,414,580 D an ie l A cc o r di no A nth on y Hull 1,886,189 638,360 1 4 . 0 4. 7 3. 0 % 1. 0 % 0.9% 4.1 550,568 D eb o r ah D erb y 39.0% $184.8 24,937,316 T o ta l of T op 5 I ns i de rs: Style E q uity A U M ($MM) Pct. of S/O (%) Position I nves t o r N a me ($MM) Shares

P r e limina r y Dr a f t – Con f i d e n t ial 32 Source: FLAME financial projections provided by FLAME Management, as approved for Jefferies’ use by the Special Committee. Note: Share prices in sensitivity table are rounded to nearest $0.05. 1) Based on effective tax rate of 25.5% per FLAME Management. Assumes annual NOL utilization subject to Section 382 limitation. 2) Fully diluted shares outstanding includes basic shares outstanding (51.602 million), convertible preferred stock (9.415 million), non - vested common shares (2.885 million), 2023 PSUs (0.798 million), 2024 executive grants (0.488 million), 2024 employee awards (0.326 million), 2024 director awards (0.085 million) and stock options (0.925 million @ $7.12 strike price). 3) Share prices rounded to nearest $0.05. Assumes transaction leverage of 4.5x. Illustrative Leveraged Buyout Analysis (For Reference Only) I ll u s trative L evered F ree Cas h F low Sensitivities Tr an s a c t i on A ssu m p t i ons I l l us t ra ti v e t ransac t ion clo s e on 12 / 31 / 2023 Transac t ion L e v era g e of 4. 5x 2023 E Adju s t e d EB I T D A of ~$ 155 million — New Term Loan of $700 million @ S+450, 99 OID, 2.25% financing fee — R e pa yme nt of $300 mi l l i on of e xi s t ing no t e s at 1% p rem i um Ex it in 2028 at 7. 0x 2028 P A dju s t e d EB I T D A of $202 mi l l i on Year Ending December 31, $ Millions 2028P 2027P 2026P 2025P 2024P $2,328.8 $2,228.0 $2,133.2 $2,045.2 $1,963.9 Revenue 4.5% 4.4% 4.3% 4.1% 4.9% Growth $202.0 $189.3 $177.3 $167.4 $162.5 Adjusted EBITDA 8.7% 8.5% 8.3% 8.2% 8.3% % Margin 5.0 5.0 5.0 5.0 5.0 Plus: Public Company Costs (0.5) (0.5) (0.4) (0.3) (0.1) Less: Pre - Opening Expenses (12.6) (10.9) (9.4) (8.2) (8.1) Less: Cash Taxes (1) (46.8) (51.7) (55.9) (60.9) (66.8) Less: Cash Interest 2.0 2.0 2.0 (3.0) (10.0) Less: NWC (Increase) / Decrease (77.1) (77.0) (72.3) (81.2) (85.0) Less: Capex (7.0) (7.0) (7.0) (7.0) (7.0) Less: Mandatory Amortization $65.0 $49.2 $39.4 $11.8 ($9.4) Levered Free Cash Flow $479.1 $551.0 $607.3 $653.6 $672.4 Net Debt 2.4x 2.9x 3.4x 3.9x 4.1x Net Debt / EBITDA $124.9 $112.4 $105.0 $86.2 $77.5 FCF (EBITDA - Capex) S o u r ces $ M illi o n x Te r m L o a n Cash on Balance Sheet S p o n s o r E q u i t y T ot a l S o u r ces $700 45 414 $ 1 , 1 5 9 4 . 5 x 0 . 3 x 2 . 7 x 7 . 4 x x $ M illi o n Uses $509.1 $581.0 $637.3 $683.6 $702.4 Plus: Debt 3.6x $565 P u r c h a s e P r i c e ( @ $ 1 0 . 00 / s h a r e) ( 2 ) (30.0) (30.0) (30.0) (30.0) (30.0) Less: Cash 0.6x 94 R ep a y m ent o f C o nv e r t i b l e P r e f . S t oc k 2.8x 434 Refinancing Existing Debt 0.2x 30 Cash to Balance Sheet 0.2x 36 T o ta l Fe e s & E x pen s es 7.4x $1,159 T o ta l U ses I m pli e d P r ice P e r S h a r e @ 7 . 0 x E x i t ' 28 P A d j u s t e d T a r g e t I R R I m pli e d P r ice P e r S h a r e E x i t T a r g e t I R R 25.0% 22.5% 20.0% Multiple 25.0% 22.5% 20.0% EBITDA $7.75 $8.20 $8.65 6.5x $7.80 $8.20 $8.70 $190 $8.20 $8.70 $9.20 7.0x $8.15 $8.60 $9.15 $200 $8.65 $9.20 $9.75 7.5x $8.50 $9.00 $9.55 $210

P r e limina r y Dr a f t – Con f i d e n t ial 33 S o u r c e : C o mp a n y F ili n g s . 1) Final Premium / 1 - Day premium calculated based off the unaffected stock price on February 10, 2017 of $66.04. 2) 1 - Week Premium calculated based off the unaffected stock price on February 3, 2017 of $64.42, 1 week prior to the news leak on February 10, 2017. 3) 1 - Month Premium calculated based off the unaffected stock price on January 10, 2017 of $59.30, 1 month prior to the news leak on February 10, 2017. 4) Initial Premium calculated based of October 31, 2016 closing stock price of $53.38. Popeyes Acquisition Case Study – February 2017 Ke y P oint s Following an unsolicited bid from RBI, Popeyes was able to enhance value creation for shareholders through dialogue with another party Received three bids from both RBI and the other party over a 5 to 6 month period – RBI made three all cash bids for $64.00 per share (10/31/16), $74.00 per share (1/17/17) and $79.00 per share (2/17/17) – The other party offered three escalated bids in various cash / stock structures K e y ta k e aw ay s fr om the p r oc e ss i n clu d e : – RBI bumped its initial offer prior to gaining access to customary due diligence items – R B I w as w i l l i ng to s i g n stan d sti l l – RBI wanted to maintain exclusivity and prevent a go - shop to risk losing the asset – An undisclosed party leaked the transaction dialogue to the market a week prior to close P opeyes T r a n s a c t ion Premium St a t u s o f T ar g e t C o m p a n y T ra n s a ction Va lue ( $ b illi on ) D a te A nnoun c e d 1 - Month 1 - Week 1 - Day (3) 33.2% (2) 22.6% (1) 19.6% Public $1.8 2/21/2017 P ro x y a nd Bump A n a ly s is To t a l B u m p f r o m I n i t i a l Pr o p o s a l Fi n a l B id ( 2/17/2017) B id 2 ( 1/17/2017) B id 1 ( 10/31/2016) # o f B i d s f r o m Wi nn ing Par ty # o f B i d s Re c e i v e d # o f B i d der s # o f Par ti e s Involved Fi n a l Pre m ium I n i t i a l Pre m ium 1st B id to A nn . D a te A nnoun c e d 23.4% $79.00 $74.00 $64.00 3 6 2 2 (1) 19 . 6 % $9.37 (4) 19.9% $9.39 2/21/201 7 113 da ys Imp li e d FLAME Pr i c e :

P r e limina r y Dr a f t – Con f i d e n t ial 34 S o u r c e : C o mp a n y F ili n g s . 1) Final Premium / 1 - Day premium calculated based off the unaffected stock price on August 22, 2014 of C$68.78. 2) 1 - Week Premium calculated based off the unaffected stock price on August 15, 2014 of C$67.74, 1 week prior to the news leak on August 22, 2014. 3) 1 - Month Premium calculated based off the unaffected stock price on August 22, 2014 of C$60.05, 1 month prior to the news leak on August 22, 2014. 4) Initial Premium calculated based on March 24, 2014 closing stock price of C$60.67. Tim H orto n s Case S t udy – Aug u st 2014 Ke y P oint s In March 2014, following interest from Burger King and 3G Capital to acquire Tim Horton’s, the Company contacted Berkshire Hathaway to see if they would be interested in financing a transaction After two unsuccessful initial bids (C$73.00 on 3/24/14 and C$78.00 on 5/12/14), submitted a third bid for C$82.50 on 6/27/14 without Berkshire Hathaway involved – Following this bid, Tim Horton’s and their advisors began formal discussions with Burger King and 3G Capital after executing a confidential agreement on 7/9/2014 – The other party offered three escalated bids in various cash / stock structures After a month of negotiation and continued resistance from Tim Hortons, Burger King submitted a fourth bid for C$88.50 on 8/15/14 that was ultimately accepted K e y ta k e aw ay s fr om the p r oc e ss i n clu d e : – Burger King asked for a fixed exchange ratio and allowed for two representatives from Tim Hortons to join the combined Board of Directors – RBI wanted to maintain exclusivity and prevent a go - shop to lose the asset – Inclusion of breakage fees for each party (5.5% for Burger King payable on failure to raise financing and 4.0% for Tim Hortons as a customary breakage fee) – Following a media leak on 8/24/14, Burger King and Tim Hortons issued a joint press release explaining the strategic rationale ahead of closing on 8/26/14 T im Ho r t ons T r a n s a c t ion Premium St a t u s o f T ar g e t C o m p a n y T ra n s a ction Va lue ( $ b illi on ) D a te A nnoun c e d 1 - Month 1 - Week 1 - Day (3) 47.4% (2) 30.6% (1) 28.7% Public $12.5 8/26/2014 P ro x y a nd Bump A n a ly s is To t a l B u m p f r o m I n i t i a l Proposal Fi n a l B id ( 8/15/2014 ) B id 3 ( 6/27/2014 ) B id 2 ( 5/14/2014 ) B id 1 ( 3/24/2014 ) # o f B i d s f r o m Wi nn ing Par ty # o f B i d s Re c e i v e d # o f B i d der s # o f Par ti e s Involved Fi n a l Pre m ium I n i t i a l Pre m ium 1st B id to A nn . Date A nnoun c e d 21.2% C$88.50 C$82.50 C$78.00 C$73.00 4 4 1 1 (1) 28.7% (4) 20.3% 8/26/201 4 155 da ys $10.07 $9.42 Imp li e d FLAME Pr i c e :