Two Creeks Capital Management’s Restaurant Brands International QSR Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2020 Q4	–	Sell	-1,195,357	Closed	-$68.7M	–	18
2020 Q3	$68.7M	Sell	1,195,357 -147,217	-11%	-$8.21M	4.49%	13
2020 Q2	$73.3M	Sell	1,342,574 -4,600	-0.3%	-$232K	5.11%	11
2020 Q1	$53.9M	Sell	1,347,174 -123,800	-8%	-$7.01M	4.38%	11
2019 Q4	$93.8M	Hold	1,470,974	–	–	6.19%	7
2019 Q3	$105M	Sell	1,470,974 -218,127	-13%	-$16.1M	6.84%	6
2019 Q2	$117M	Sell	1,689,101 -241,160	-12%	-$16.1M	7.36%	7
2019 Q1	$126M	Hold	1,930,261	–	–	8.92%	3
2018 Q4	$101M	Hold	1,930,261	–	–	7.45%	5
2018 Q3	$114M	Sell	1,930,261 -289,272	-13%	-$17.6M	7.05%	4
2018 Q2	$134M	Hold	2,219,533	–	–	7.54%	3
2018 Q1	$126M	Buy	2,219,533 +77,543	+4%	+$4.6M	7.36%	3
2017 Q4	$132M	Buy	2,141,990 +320,686	+18%	+$20.6M	7.65%	3
2017 Q3	$116M	Buy	1,821,304 +175,000	+11%	+$10.8M	6.98%	6
2017 Q2	$103M	Buy	+1,646,304	New	+$97M	6.27%	7