Rule 49C – Notice of unconditional offer

27 March 2019


Restaurant Brands New Zealand Limited
Level 3, Building 7
Central Park
666 Great South Road
Penrose, Auckland 105
New Zealand

cc: The Takeovers Panel
Level 3, Solnet House
70 The Terrace
Wellington 6011
By email: takeovers.panel@takeovers.govt.nz

cc NZX Limited
Level 1, NZX Centre
11 Cable Street
Wellington 6011
PO Box 2959
By email: announce@nzx.com

cc ASX Limited
20 Bridge Street
NSW 2000
Sydney
Australia
By fax

Rule 49C - Notice of unconditional offer

We refer to the partial offer, dated 6 December 2018, by Global Valar S.L. (Global Valar) for 75%
of the fully paid ordinary shares (Shares) in Restaurant Brands New Zealand Limited (the Offer).

Pursuant to rule 49C of the Takeovers Code, Global Valar gives notice, as at 27 March 2019, that
all conditions relating to the Offer, set out at clause 5 of the Offer document, have been satisfied
and the Offer is now unconditional.

Following the scaling of acceptances, pursuant to clause 4 of the Offer document, Global Valar will
become the registered holder of 75% of the Shares (93,568,892 Shares) in Restaurant Brands
New Zealand Limited (Restaurant Brands).

Restaurant Brands shareholders who have accepted the Offer will be paid within five business
days of this notice. Pursuant to clause 7.1 of the Offer, payment will be made to the nominated
bank account or by cheque as set out by the acceptor in their acceptance form.

Yours faithfully
Global Valar, S.L.

[Signature page follows]

For and on behalf of Global Valar, S.L:







José Parés Gutiérrez
Director and Chief Executive Officer