Ibersol — M&A Activity 2022

Mar 10, 2022

IBERSOL, SGPS, S.A.

Public Company

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

NON-BINDING PROPOSAL FOR THE ACQUISITION OF BURGER KING RESTAURANTS

Following the announcement dated 16 February 2022 regarding the non-binding proposal presented by Restaurant Brands Iberia, S.A., Ibersol, SGPS, S. A. ("Company" or "Ibersol") informs that:

• a. On the present date, Ibersol and Restaurant Brands Iberia, S.A. began exclusive negotiations (for a period of 6 weeks) regarding the potential acquisition by the latter of the Burger King restaurants owned by Ibersol in Portugal and Spain;
• b. These restaurants have been indicatively valued by Restaurant Brands Iberia, S.A. at an Enterprise Value of €250 million on a cash and debt-free basis, which could be increased by up to €7 million relating to the potential use of tax credits. This proposal remains subject to a number of assumptions and conditions including, but not limited to, (i) the completion of a confirmatory due diligence process and (ii) the obtaining of internal and external financing approvals by the bidder.

The Company's Board of Directors will continue monitoring this process and will keep the market informed in due course.

Porto, 10th March 2022

The Representative for Market Relations