IBERSOL | Annual Report 2021

Subsequent Facts Nonbinding proposal for the acquisition of Burger King branded restaurants At the end of January 2022, BK Portugal made public its decision to terminate the Burger King development contract in Portugal, invok- ing a breach in the obligation to open 2 restaurants and refurbish 3 restaurants in 2021 (besides the 12 opened and the 7 refurbished in 2021). The three refurbishments were already carried out in 2022 and the two restaurants are in the final stages of completion. This decision does not affect the operation of open restaurants, but only the loss of the right to build 27 new restaurants until 2023. On 10 March, 2022, the Ibersol Group and the Restaurant Brands Iberia, S.A. began exclusive negotiations for a potential purchase of Burger King branded restaurants operated in Portugal and Spain by an Enterprise Value worth 250 million euros on a cash and debt-free basis that can be increased by up to 7 million euros, regarding the potential use of tax credits. At the present date, the confirmatory due diligence process is in pro- gress, as well as the obtaining of internal authorisations and external funding by the proponent entity, which are conditional on the pro- posal received. The Ibersol Group will continue to operate the 157 Burger King brand- ed restaurants which it owns in the Iberian market, according to the best quality and service standards, and to the respective contracts in force. 224