NOVEMBER 2016

At the end of October, Ibersol concluded the acquisition of 100% of Eat Out Group (EOG) from Agrolimen.

The amount of operation has achieved 105 million euros considering that the companies are debt free.

EAT OUT COMPANY

Eat Out Group is one of the most important group of restaurants in Spain with more than 25 years of history with presence in Spain, Italy and Portugal.
Eat Out operates in the retail business with own brands such as Pans & Company, Ribs, Santa Maria or Frescco, and in the travel division where also operates, as franchisee, 13 other brands of third parties, with presence in 6 spanish airports and 3 railway stations of AVE.
The group ended 2015 with 321 restaurants , being 113 equity and ²⁰⁸ franchised, employing 2.181 and reached an Ebitda of 16.4 million euros.

B i f d i i t r e e s c r p o n	R t t e s a u r a n s	F h i d r a n c s e S t o r e s
le dw he d Ba ic t te ty g ue s sa n s an • ba ke ry Ur ba loc io ho ing l ls t n a ns s p p ma • , d fre d ing i ta ts an e s n un	1 7 9	1 3 5
l d he Ca in ing ing in t t su a op er a • , F S R s t eg me n F irs in Sp in ing t ta t re s ur an a se rv • Am le bs ica i ty er n s r Ur ba loc io ho ing l ls t n a ns s p p ma • , d fre d ing i ta ts an e s n un	2 4	1 6
"A l l ", he l hy t t y ou ca n ea a • d bu f fe Me i te t rra ne an Ur ba loc io d ho ing t n a ns an s p p • l ls ma	1 6	1 2
Sa ia in Q S R Ma ta te n r op er a s • fa l t t se g me n as s ca su a f d l Sp h Va ie i io is ty tra t r o na an • ip ta p as re c es Ur ba loc io t n a ns •	5 2	4 5

For consolidation purposes, Pans&Company restaurants in Portugal are isolated.

(*) includes portuguese Pans&Company restaurants.

(**) system sales consider the sales of the restaurants operated by the companies and franchisees.

(***) equity sales consider the sales of the restaurants operated by the companies.