AmRest Holdings S.E. — M&A Activity 2018

Oct 18, 2018

Dear Members of the Board of AmRest, Dear Executive Team and AmRest Team.

I am writing in order to share with you that Finaccess Capital has sent Restaurant Brands New Zealand Limited a letter explaining its intention to acquire a stake of up to 75% of Restaurant Brands, a company listed on the stock exchanges of New Zealand (NZX) and Australia (ASX).

Restaurant Brands is a corporate franchisee of branded food retail chains in New Zealand, Australia, and the United States. With annual sales for NZ\$740 M (€ 415 M) and more than 9,000 employees, Restaurant Brands operates more than 300 restaurants and 5 brands, serving more than 120,000 customers daily.

The operation will be done through a partial tender offer and requires approval from the franchisors, as well as other authorizations common in transactions of this kind.

The partial tender offer is conditioned to obtaining 50.01% of the Restaurant Brand shares. We expect the operation to close during the first quarter of 2019, once the corresponding approvals have been obtained.

Finaccess Capital's investment in Restaurant Brands is a standalone investment to our stake in AmRest. Both companies will remain as separate legal structures and will keep operational separation between their respective businesses. It will be carried out based on a different corporate structure than the one we currently have in AmRest.

Finaccess Capital's commitment to AmRest is fully confirmed by the subscription of 56.4% of the recent share capital increase and with this new investment, at Finaccess Capital we reiterate our commitment to growing and developing the fast food and casual dining sector worldwide, where we see extraordinary growth opportunities.

We will keep you informed as the negotiation moves forward.

Cordially,

José Parés CEO Finaccess Capital and Chairman of the Board of AmRest