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Solve the Discounted Free Cash FLow model for Restaurant Brands International (NYSE:QSR) Annual Quarterly 2015-12 2014-12 2013-12 2015-12 2014-12 Income Statement Revenue 4,052 1,197 1,146

Solve the Discounted Free Cash FLow model for Restaurant Brands International (NYSE:QSR) Annual Quarterly 2015-12 2014-12 2013-12 2015-12 2014-12 Income Statement Revenue 4,052 1,197 1,146 1,057 416 Operating Income 1,192 182 522 322 -101 Net Income 375 158 234 119 46 Earnings Per Share 0.5 -2.34 0.65 0.11 -1.61 Diluted Average Shares 476 358 358 475 355 Annual Quarterly 2015-12 2014-12 2013-12 2015-12 2014-12 Balance Sheet Current Assets 1,370 2,661 1,074 1,370 2,661 Non Current Assets 17,042 18,503 4,754 17,042 18,503 Total Assets 18,411 21,164 5,829 18,411 21,164 Current Liabilities 1,121 1,925 346 1,121 1,925 Total Liabilities 17,075 19,293 4,312 17,075 19,293 Stockholders' Equity 1,337 1,871 1,516 1,337 1,871 Annual Quarterly 2015-12 2014-12 2013-12 2015-12 2014-12 Cash Flow Cash From Operations 1,205 259 325 254 -116 Capital Expenditures -115 -31 -25 -32 -20 Free Cash Flow 1,090 228 300 222 -136

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