Ibersol — M&A Activity 2022

Jun 13, 2022

IBERSOL, SGPS, S.A.

Registered Office: Praça do Bom Sucesso, 105/159, 9th floor, Porto Registered at the Commercial Registry Office of Oporto under the single registration and tax identification number 501 669 477 Fully subscribed and paid-up share capital: EUR 46,000,000.00

REVISED BINDING OFFER FOR THE ACQUISITION OF BURGER KING RESTAURANTS

Following the announcement of 5 June 2022, a Ibersol, SGPS, S.A. ("Ibersol") informs that, in the evening of 12 June 2022, has received a revised binding offer from Restaurant Brands Iberia, S.A. ("RBI") for the acquisition of Burger King restaurants in Portugal and Spain, by means of the purchase of the companies IBER KING - RESTAURAÇÃO, S.A. and LURCA S.A.U. ("Revised Binding Offer"), whereby RBI presents a proposal considering an Enterprise Value of €250 million, on a cash and debt-free basis, accrued by €7 million relating to tax credits and €3 million corresponding to the investment in 2 additional restaurants opened in 2022, being (i) the payment of part of the price (amounting to €13 million) subject to the satisfaction of conditions related to future evolution of EBITDA and/or cash flows generation and (ii) the terms of the Revised Binding Offer dependent on further due diligence and the discussion of the contractual documentation of the potential transaction.

The Revised Binding Offer maintains also an unsolicited proposal for the acquisition by RBI, for €8 million, of 5 real estate assets not previously included in the perimeter of the potential transaction.

In this context, the Board of Directors da Ibersol decided to evaluate the Revised Binding Offer in order to assess the existence or not of conditions to continue negotiations following such offer.

Oporto, 12 June 2022

The Representative for Market Relations