<SEC-DOCUMENT>0000950103-16-011890.txt : 20160316
<SEC-HEADER>0000950103-16-011890.hdr.sgml : 20160316
<ACCEPTANCE-DATETIME>20160316082635
ACCESSION NUMBER:		0000950103-16-011890
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160316
FILED AS OF DATE:		20160316
DATE AS OF CHANGE:		20160316

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arcos Dorados Holdings Inc.
		CENTRAL INDEX KEY:			0001508478
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35129
		FILM NUMBER:		161508578

	BUSINESS ADDRESS:	
		STREET 1:		Roque Saenz Pena 432
		STREET 2:		B1636FFB Olivos
		CITY:			Buenos Aires
		STATE:			C1
		ZIP:			None
		BUSINESS PHONE:		011 54 11 4711 2000

	MAIL ADDRESS:	
		STREET 1:		Roque Saenz Pena 432
		STREET 2:		B1636FFB Olivos
		CITY:			Buenos Aires
		STATE:			C1
		ZIP:			None
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp64255_6k-1.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>FORM 6-K</B></FONT><BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt"><FONT STYLE="font-size: 12pt"><B>REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">For the month
of March, 2016</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Commission
File Number: 001-35129</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 24pt"><B>Arcos
Dorados Holdings Inc.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Exact
name of registrant as specified in its charter)</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Roque
Saenz Pe&ntilde;a 432 </B>&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>B1636FFB
Olivos, Buenos Aires, Argentina </B>&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Address
of principal executive office)</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form 40-F:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="2" CELLSPACING="2" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 80%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-size: 10pt">Form
    20-F<U> </U></FONT></TD>
    <TD STYLE="width: 24%; text-align: center; border-bottom: Black 1pt solid">X</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-size: 10pt">Form
    40-F<U> </U></FONT></TD>
    <TD STYLE="width: 24%; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(1):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><TABLE CELLPADDING="2" CELLSPACING="2" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 80%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%"><FONT STYLE="font-size: 10pt">Yes
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 24%"></TD>
    <TD STYLE="text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 25%">No</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 24%">X</TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(7):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><TABLE CELLPADDING="2" CELLSPACING="2" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 80%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%"><FONT STYLE="font-size: 10pt">Yes
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 24%"></TD>
    <TD STYLE="text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 25%">No</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 24%">X</TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>ARCOS
DORADOS HOLDINGS INC.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 9%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>ITEM</B></FONT></td>
    <td style="width: 91%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1.</FONT></td>
    <td style="font-size: 10pt"><FONT STYLE="font-size: 10pt">Press Release dated March 16, 2016 titled &ldquo;Arcos Dorados Reports
    Fourth Quarter and  Full Year 2015 Financial Results&rdquo;</FONT></td></tr>
</table>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>SIGNATURE</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Arcos Dorados Holdings Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Juan David Bastidas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 39%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">Juan David Bastidas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Legal Counsel</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Date:
March 16, 2016</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT><B>&nbsp;</B></P>

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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><U>Item
1</U></B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: right">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>FOR
IMMEDIATE RELEASE</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>ARCOS
DORADOS REPORTS FOURTH QUARTER &amp; FULL YEAR 2015 FINANCIAL RESULTS</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Achieved
double-digit consolidated comparable sales growth, with margin expansion in all divisions in the fourth quarter 2015</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Montevideo,
Uruguay, March 16, 2016 &ndash; Arcos Dorados Holdings, Inc. (NYSE: ARCO) (&ldquo;Arcos Dorados&rdquo; or the &ldquo;Company&rdquo;),
Latin America&rsquo;s largest restaurant chain and the world&rsquo;s largest McDonald&rsquo;s franchisee, today reported unaudited
results for the fourth quarter and audited results for the full year ended December 31, 2015.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; padding-top: 1.5; padding-bottom: 1.5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fourth
Quarter 2015 Key Results</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; padding-top: 1.5; padding-bottom: 1.5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
                                         reported consolidated revenues were $765.0 million, a 16.3% decline versus the fourth
                                         quarter of 2014. On an organic basis<SUP>1</SUP></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">
                                         <FONT STYLE="font-size: 10pt">and excluding Venezuela, consolidated revenues grew 10.8%.</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif; padding-top: 1.5; padding-bottom: 1.5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Systemwide
                                         comparable sales increased by 12.0% year-over-year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif; padding-top: 1.5; padding-bottom: 1.5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted
                                         EBITDA was $96.3 million, or 3.2% higher year-over-year. Organic Adjusted EBITDA excluding
                                         Venezuela increased by 15.3% versus the prior year quarter.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif; padding-top: 1.5; padding-bottom: 1.5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consolidated
                                         Adjusted EBITDA margin expanded by more than 230 basis points.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif; padding-top: 1.5; padding-bottom: 1.5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
                                         reported General and Administrative expenses (G&amp;A) increased by $11.5 million, or
                                         18.1% year-over-year, including a $15.8 million reorganization charge.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif; padding-top: 1.5; padding-bottom: 1.5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
                                         reported net income was $5.6 million, compared to net income of $10.0 million in the
                                         year-ago period.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; padding-top: 1.5; padding-bottom: 1.5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Full
Year 2015 Key Results</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; padding-top: 1.5; padding-bottom: 1.5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
                                         reported consolidated revenues were $3.05 billion in 2015, a 16.4% decline versus 2014.
                                         On an organic basis and excluding Venezuela, consolidated revenues grew 8.9%.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif; padding-top: 1.5; padding-bottom: 1.5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Systemwide
                                         comparable sales increased by 9.9% year-over-year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>1
</SUP>For a definition of organic results please refer to page 15 of this document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted
                                         EBITDA was $230.2 million, or 8.5% lower year-over-year. Organic Adjusted EBITDA excluding
                                         Venezuela increased by 4.9% versus the prior year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif; padding-top: 1.5; padding-bottom: 1.5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consolidated
                                         Adjusted EBITDA margin expanded by 65 basis points in 2015.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif; padding-top: 1.5; padding-bottom: 1.5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
                                         reported G&amp;A declined by $1.4 million, or 0.5%, year-over-year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif; padding-top: 1.5; padding-bottom: 1.5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
                                         reported net loss was $51.6 million, compared to a net loss of $109.3 million last year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;We
have made clear progress on our three-year strategic plan to improve profitability and shareholder value. In the first year of
the plan&rsquo;s implementation, we have already signed agreements representing more than half of our total goal to monetize the
value of certain real estate assets, streamline our cost structure and achieve operating efficiencies. All of this positions the
business for improved operating and financial results going forward. We also ended the year with positive momentum, achieving
double-digit consolidated comparable sales growth and margin expansion across all divisions in the fourth quarter.&rdquo;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;We
begin 2016 in a stronger financial position and are on track to achieve the targets outlined in our three-year plan. While we
expect some of our larger markets to continue facing headwinds in 2016, our focus remains on executing against our strategy, which
will enable us to meet the short-term challenges we are facing and generate significant shareholder value over the coming years.
We remain confident in the long-term potential of the McDonald&rsquo;s brand in Latin America&rdquo;, said Sergio Alonso, Chief
Executive Officer of Arcos Dorados.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Fourth
Quarter 2015 Results</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Consolidated</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-size: 9pt"><B>Figure 1. AD Holdings Inc Consolidated:
Key Financial Results</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-size: 9pt"><I>(In millions of U.S. dollars,
except as noted)</I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-weight: bold; border-top: rgb(31,73,125) 1.5pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; width: 36%; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 10%; font-family: Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">4Q14<br>
    (a)</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 8%; font-family: Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Special
    Items<br>
    (b)&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 9%; font-family: Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Currency</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Translation</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">(c)
                                         <br></FONT></P></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 10%; font-family: Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Organic
    Growth<br>
    (d)&nbsp;&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-top: rgb(31,73,125) 1.5pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 10%; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">4Q15<br>
    (a+b+c+d)</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 8%; font-family: Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 9%; font-family: Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">%
    Organic</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">2,121</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">2,141</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">0.9%</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #1F497D 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Sales by Company-operated Restaurants</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">876.1</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">(257.4)</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">115.2</FONT></td>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">733.9</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">-16.2%</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">13.1%</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #1F497D 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Revenues from franchised restaurants</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">37.5</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">(15.1)</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">8.7</FONT></td>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">31.1</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">-17.2%</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">23.1%</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">913.6</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">(272.5)</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">123.9</FONT></td>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">765.0</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">-16.3%</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">13.6%</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Systemwide Comparable Sales</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">12.0%</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">93.3</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">18.1</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">(32.2)</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">17.0</FONT></td>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">96.3</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">3.2%</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">21.6%</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Adjusted EBITDA Margin</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">10.2%</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">12.6%</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Net income (loss) attributable
    to AD</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">10.0</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">18.0</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">(32.1)</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">9.6</FONT></td>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">5.6</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">-44.7%</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">218.5%</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #1F497D 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">No. of shares outstanding (thousands)</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">210,216</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">210,539</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">EPS
    (US$/Share)</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">0.05</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">0.03</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>(4Q15 = 4Q14 + Special items + Currency translation + Organic growth). Refer
to &ldquo;Definitions&rdquo; section for further detail.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
16.3% decline in Arcos Dorados&rsquo; fourth quarter as reported revenues resulted mainly from the 51% year-over-year average
depreciation of the Brazilian real. The use of a weaker official exchange rate to remeasure the results of the Company&rsquo;s
Venezuelan operation and currency depreciation in other key markets, such as Argentina, also impacted revenues. On an organic
basis, revenue growth of 13.6% was driven by a 12.0% expansion in systemwide comparable sales due to average check growth above
the blended inflation rate. The increase in average check was partially offset by a low-single digit decline in traffic. The net
addition of 20 restaurants during the last 12-month period contributed $17.0 million to organic revenue growth.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During
the quarter, the family business performed well with the following properties included in the Happy Meal across our divisions:
Hotel Transylvania 2, Mario Kart, Barbie and Angry Birds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 30%; margin-bottom: 0pt; border-bottom: rgb(31,73,125) 1.5pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure
2. Special Items</B><BR>
<FONT STYLE="font-weight: normal"><I>(In thousands of U.S. dollars)</I></FONT></FONT></P>

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 70%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid; width: 70%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid; width: 10%"><FONT STYLE="font-size: 10pt">4Q</FONT></td>
    <TD STYLE="font-weight: bold; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid; width: 10%"><FONT STYLE="font-size: 10pt">4Q</FONT></td>
    <TD STYLE="font-weight: bold; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid; width: 10%"><FONT STYLE="font-size: 10pt">Variation</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: rgb(31,73,125) 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">2015</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">2014</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">CADs net (loss) gain (i)</FONT></td>
    <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">-485</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">485</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Payroll tax recovery in Brazil (INSS)</FONT></td>
    <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">10,642</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">-10,642</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Tax recovery in Brazil (PIS/COFINS)</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">32,579</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">4,276</FONT></td>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">28,303</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">TOTAL</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">32,579</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">14,433</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">18,146</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">(i) Compensation expense.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted
EBITDA</B> ($ million)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Breakdown
of main variations contributing to 4Q15 Adjusted EBITDA</I></B> <FONT STYLE="color: Red"><B></B></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="color: Red"><B>&nbsp;</B></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">*Net
impact of: Currency Translation (-$8.6 million) and Organic Growth ($5.5 million).</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fourth
quarter Adjusted EBITDA increased 3.2% as the positive variance in special items, combined with organic growth, more than offset
currency translation impacts from Brazil, Venezuela, Argentina and other markets. Special items in the fourth quarter consisted
of a $32.6 million net PIS/COFINS recovery in the Brazil division related to previous years.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Adjusted EBITDA margin expanded by more than 230 basis points to 12.6%. The result reflects the aforementioned net PIS/COFINS
recovery in Brazil, which more than offset higher G&amp;A, Payroll costs, and Occupancy and Other Operating Expenses as a percentage
of sales.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
reported, consolidated G&amp;A increased by 18.1%, or $11.5 million, in the quarter. On a constant currency basis, G&amp;A increased
by 49.6% year-over-year, or $31.6 million in absolute terms. The increase primarily reflects a $15.8 million charge related to
the reorganization plan implemented in fourth quarter of 2015, which has no corresponding impact on Adjusted EBITDA. Excluding
this charge, consolidated G&amp;A would have increased by 21.3%, on a constant currency basis.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Consolidated
&ndash; excluding Venezuela</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure
3. AD Holdings Inc Consolidated - Excluding Venezuela: Key Financial Results</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(In
millions of U.S. dollars, except as noted)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; width: 36%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%; border-top: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4Q14</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><br>
    <FONT STYLE="font-size: 10pt">(a)</FONT></FONT></td>
    <TD STYLE="font-weight: bold; text-align: center; width: 8%; border-top: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Special
    Items</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><br>
    <FONT STYLE="font-size: 10pt">(b)&nbsp;</FONT></FONT></td>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%; border-top: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Currency</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Translation</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)
                                         </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><br></FONT></P></td>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%; border-top: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Organic
    Growth</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><br>
    <FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;</FONT></FONT></td>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4Q15</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><br>
    <FONT STYLE="font-size: 10pt">(a+b+c+d)</FONT></FONT></td>
    <TD STYLE="font-weight: bold; text-align: center; width: 8%; border-top: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%
    As Reported</FONT></td>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%; border-top: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%
    Organic</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="font-weight: bold; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    Restaurants (Units)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,985</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,007</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.1%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <td style="font-weight: bold; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales
    by Company-operated Restaurants</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">853.5</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(222.5)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">91.2</FONT></td>
    <td style="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">722.2</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-15.4%</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.7%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <td style="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues
    from franchised restaurants</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.8</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10.7)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.6</FONT></td>
    <td style="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29.6</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-17.1%</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.9%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="font-weight: bold; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    Revenues</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">889.3</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(233.2)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">95.8</FONT></td>
    <td style="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">751.9</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-15.5%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.8%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <td style="font-style: italic; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Systemwide
    Comparable Sales</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.0%</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="font-weight: bold; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted
    EBITDA</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">90.0</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.1</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23.6)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.5</FONT></td>
    <td style="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96.1</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.7%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.3%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <td style="font-style: italic; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted
    EBITDA Margin</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.1%</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.8%</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="font-weight: bold; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    income (loss) attributable to AD</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.2</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.0</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8.5)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15.5)</FONT></td>
    <td style="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.3</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-52.9%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-479.4%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <td style="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No.
    of shares outstanding (thousands)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,216</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,539</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EPS
    (US$/Share)</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.05</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.03</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Excluding
the Company&rsquo;s Venezuelan operation, as reported revenues declined by 15.5% year-over-year. The decrease primarily reflects
the depreciation of the Brazilian real, and to a lesser extent the depreciation of the Argentine peso and Mexican peso, among
other currencies. Organic revenues increased 10.8% in the fourth quarter. Systemwide comparable sales increased 8.0%, driven by
average check growth above the blended inflation rate, partially offset by a low-single digit decline in traffic.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted
EBITDA increased 6.7%, as reported, and 15.3% in organic terms. The Adjusted EBITDA margin expanded by more than 260 basis points
to 12.8%. The result reflects the net PIS/COFINS recovery in the Brazil division, which more than offset higher G&amp;A and Payroll
costs as a percentage of sales.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Non-operating
Results</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-operating
results for the fourth quarter reflected a $6.1 million foreign currency exchange loss, versus a loss of $11.0 million last year.
The variance is mainly explained by the depreciation of the Brazilian real from the previous quarter end, which generated a loss
related to intercompany balances and a gain on BRL-denominated long-term debt. Net interest expense was $1.2 million lower year-over-year,
totaling $16.7 million in the quarter.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Company reported an income tax expense of $21.7 million for the quarter, compared to $14.9 million in the prior year period.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fourth
quarter net income attributable to the Company totaled $5.6 million, compared to net income of $10.0 million in the same period
of 2014. The decline reflects a higher loss from derivative instruments and income tax expenses, partially offset by lower net
interest expenses and foreign currency exchange results.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Company reported earnings per share of $0.03 in the fourth quarter of 2015, compared to earnings per share of $0.05 in the previous
corresponding period. Total weighted average shares for the fourth quarter of 2015 were 210,538,896 as compared to 210,215,800
in the fourth quarter of 2014, reflecting the issuance of shares as a result of the partial vesting of restricted share units.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Analysis
by Division</U>:</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Brazil
Division</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure
4. Brazil Division: Key Financial Results</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(In
millions of U.S. dollars, except as noted)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; border-top: rgb(31,73,125) 1.5pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; width: 36%">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1.5pt solid">4Q14<br>
(a)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 8%; border-top: rgb(31,73,125) 1.5pt solid">Special Items<br>
(b)&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Currency</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Translation</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(c) <br></P></td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1.5pt solid">Organic Growth<br>
(d)&nbsp;&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 10%">4Q15<br>
(a+b+c+d)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 8%; border-top: rgb(31,73,125) 1.5pt solid">% As Reported</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1.5pt solid">% Organic</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">Total Restaurants (Units)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">866</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">883</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2.0%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">Total Revenues</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">467.5</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(169.6)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">35.6</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">333.4</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">-28.7%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">7.6%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">Systemwide Comparable Sales</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">4.5%</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">Adjusted EBITDA</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">81.4</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">17.7</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(22.7)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1.8</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">78.2</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">-4.0%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2.7%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid">Adjusted EBITDA Margin</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">17.4%</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">23.4%</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil&rsquo;s
as reported revenues decreased by 28.7%, as the 51% year-over-year average depreciation of the Brazilian real more than offset
a mid-single digit increase in comparable sales and the contribution of new restaurant openings. Excluding the depreciation of
the Brazilian real, organic revenues increased 7.6% year-over-year. Systemwide comparable sales increased by 4.5%, driven by average
check growth in line with inflation, which was partially offset by a mid-single digit decline in traffic.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
unfavorable macroeconomic environment in Brazil, as reflected by the accelerated inflation rate and depreciation of the currency,
continued to impact traffic. Retail sales, in general, declined in 2015 for the first time in more than a decade. In response
to this tough macroeconomic and consumer environment, the Company continued to implement appealing marketing activities. This
included the Big Cheddar campaign, which was an extension of the core Cheddar McMelt sandwich, one of the preferred menu items
in Brazil. Fourth quarter marketing initiatives also included the Angry Birds campaign, the Quarter Pounder in the affordability
platform, and new flavors in the McFlurry.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
net addition of 17 restaurants during the last 12-month period, of which over 70% were free-standing units that deliver a full
experience to the Company&rsquo;s customers, contributed $11.7 million to revenues on a constant currency basis during the quarter.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted
EBITDA declined 4.0% but increased 2.7% in organic terms. The Adjusted EBITDA margin expanded by more than 600 basis points to
23.4%, mainly due to a $32.6 million net PIS/COFINS recovery from previous years, recorded as other operating income. This net
recovery more than offset increases in key cost line items. Food and Paper (F&amp;P) costs were impacted by a negative shift in
mix. Additionally, due to higher than projected sales of Happy Meal and fries, the Company experienced a shortfall in its operating
hedges. The increases in Payroll and G&amp;A expenses were mostly explained by a difficult comparison that included the recovery
of payroll taxes (INSS) in the prior year quarter.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOLAD</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure
5. NOLAD Division: Key Financial Results</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(In
millions of U.S. dollars, except as noted)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; border-top: rgb(31,73,125) 1.5pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; width: 36%">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1.5pt solid">4Q14<br>
(a)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 8%; border-top: rgb(31,73,125) 1.5pt solid">Special Items<br>
(b)&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Currency Translation</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(c) <br></P></td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1.5pt solid">Organic Growth<br>
(d)&nbsp;&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 10%">4Q15<br>
(a+b+c+d)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 8%; border-top: rgb(31,73,125) 1.5pt solid">% As Reported</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1.5pt solid">% Organic</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">Total Restaurants (Units)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">513</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">518</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1.0%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">Total Revenues</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">98.3</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(8.6)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">6.5</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">96.1</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">-2.1%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">6.6%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">Systemwide Comparable Sales</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">2.4%</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">Adjusted EBITDA</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">9.6</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.0</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(0.2)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1.3</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">10.6</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">11.4%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">13.3%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid">Adjusted EBITDA Margin</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">9.7%</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">11.1%</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD&rsquo;s
as reported revenues decreased by 2.1% year-over-year, mainly due to the 21% year-over-year average depreciation of the Mexican
peso. On an organic basis, however, revenues increased 6.6% year-over-year. Systemwide comparable sales increased 2.4%, driven
by average check growth and flat traffic.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Marketing
initiatives included the 30-year Anniversary campaign for the Big Mac, MegaMac and Super Big Mac sandwiches in Mexico. The family
business performed strongly in the quarter, backed by successful properties in the Happy Meal.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
net addition of 5 restaurants during the last 12-month period contributed $3.1 million to revenues in constant currency.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted
EBITDA increased by 11.4%, or 13.3% on an organic basis. The NOLAD division continued to achieve margin expansion as a result
of improved operational performance and strong productivity indexes. The Adjusted EBITDA margin increased by 135 basis points
to 11.1% in the fourth quarter, mainly driven by efficiencies in Payroll costs and Occupancy and Other Operating Expenses, partially
offset by higher F&amp;P costs (primarily due to the depreciation of the Mexican peso) and G&amp;A expenses as a percentage of
sales.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>SLAD</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure
6. SLAD Division: Key Financial Results</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(In
millions of U.S. dollars, except as noted)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; border-top: rgb(31,73,125) 1.5pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; width: 36%">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1.5pt solid">4Q14<br>
(a)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 8%; border-top: rgb(31,73,125) 1.5pt solid">Special Items<br>
(b)&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Currency Translation</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(c) <br></P></td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1.5pt solid">Organic Growth<br>
(d)&nbsp;&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 10%">4Q15<br>
(a+b+c+d)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 8%; border-top: rgb(31,73,125) 1.5pt solid">% As Reported</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1.5pt solid">% Organic</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">Total Restaurants (Units)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">383</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">384</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.3%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">Total Revenues</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">220.7</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(41.3)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">50.7</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">230.2</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">4.3%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">23.0%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">Systemwide Comparable Sales</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">23.0%</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">Adjusted EBITDA</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">23.8</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.0</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(5.3)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">8.5</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">27.0</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">13.6%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">35.8%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid">Adjusted EBITDA Margin</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">10.8%</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">11.7%</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
SLAD division&rsquo;s as reported revenues increased by 4.3%, or 23.0% in organic terms, compared with the year-ago period&rsquo;s
results. Currency translation was mainly impacted by the 19% average decline of the Argentine peso, as well as the depreciation
of other SLAD currencies versus the same period last year. Systemwide comparable sales increased 23.0%, driven by average check
growth and a low-single digit increase in traffic.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Company&rsquo;s marketing initiatives in the fourth quarter included the Angry Birds campaign and the Big Mac in the affordability
platform in Argentina. Marketing activities in the quarter also included the launch of new flavors in the McFlurry and appealing
properties in the Happy Meal.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
balance between openings and closings during the last 12-month period contributed $2.7 million to revenues in constant currency
in the quarter.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted
EBITDA increased 13.6% and rose 35.8% in organic terms. The Adjusted EBITDA margin expanded by almost 100 basis points to 11.7%,
driven by improvements in F&amp;P, which more than offset increases in Payroll, G&amp;A, and Occupancy and Other Operating Expenses
as a percentage of sales.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Caribbean
Division</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure
7. Caribbean Division: Key Financial Results</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(In
millions of U.S. dollars, except as noted)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; border-top: rgb(31,73,125) 1.5pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; width: 36%">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1.5pt solid">4Q14<br>
(a)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 8%; border-top: rgb(31,73,125) 1.5pt solid">Special Items<br>
(b)&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Currency Translation</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(c) <br></P></td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1.5pt solid">Organic Growth<br>
(d)&nbsp;&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 10%">4Q15<br>
(a+b+c+d)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 8%; border-top: rgb(31,73,125) 1.5pt solid">% As Reported</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1.5pt solid">% Organic</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">Total Restaurants (Units)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">359</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">356</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">-0.8%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">Total Revenues</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">127.2</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(53.0)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">31.1</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">105.3</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">-17.2%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">24.5%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">Systemwide Comparable Sales</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">33.4%</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">Adjusted EBITDA</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">3.6</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.0</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(9.2)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">8.9</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">3.3</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">-8.1%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">245.1%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid">Adjusted EBITDA Margin</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">2.8%</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">3.2%</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Caribbean division&rsquo;s as reported revenues declined by 17.2%, due largely to the remeasurement of the results of the Venezuelan
operation at a weaker year-over-year average exchange rate. Excluding the currency impact, organic revenues rose 24.5% year-over-year.
Systemwide comparable sales increased by 33.4%, driven by growth in average check, which more than offset a decrease in traffic.
Volumes in the division continue to be affected by the ongoing macroeconomic downturns in Venezuela and Puerto Rico.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Key
marketing initiatives during the quarter included the Combo ConTo&rsquo; in Puerto Rico, and the continuation of &ldquo;Almuerzos
Colombianos&rdquo;, or &ldquo;Colombian Lunches&rdquo; in Colombia. Also in the quarter, the Company launched new flavors in the
McFlurry and included successful properties in the Happy Meal.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Company closed four underperforming restaurants, against one opening, in the Caribbean Division over the twelve-month period.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted
EBITDA decreased by 8.1% to $3.3 million, compared with $3.6 million in the fourth quarter of 2014, due to the remeasurement of
the results of the Venezuelan operation at a weaker year-over-year average exchange rate. The Adjusted EBITDA margin expanded
by more than 30 basis points to 3.2%, as a consequence of efficiencies in Occupancy and Other Operating Expenses as a percentage
of sales.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Caribbean
Division &ndash; excluding Venezuela</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure
8. Caribbean Division - Excluding Venezuela: Key Financial Results</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(In
millions of U.S. dollars, except as noted)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: #C5D9F1">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; width: 36%">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1.5pt solid">4Q14<br>
(a)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 8%; border-top: rgb(31,73,125) 1.5pt solid">Special Items<br>
(b)&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Currency Translation</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(c) <br></P></td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1.5pt solid">Organic Growth<br>
(d)&nbsp;&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 10%">4Q15<br>
(a+b+c+d)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 8%; border-top: rgb(31,73,125) 1.5pt solid">% As Reported</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1.5pt solid">% Organic</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">Total Restaurants (Units)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">223</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">222</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">-0.4%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">Total Revenues</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">102.9</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(13.7)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">3.0</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">92.2</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">-10.4%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">3.0%</td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid">Systemwide Comparable Sales</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">2.3%</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1.5pt solid">Adjusted EBITDA</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.6</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.0</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(0.6)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">3.0</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1.5pt solid; text-align: right">3.1</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">417.2%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">513.0%</td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid">Adjusted EBITDA Margin</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">0.6%</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">3.3%</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;</td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
reported revenues in the Caribbean division excluding Venezuela decreased by 10.4% versus the prior-year period, mainly due to
the depreciation of the Colombian peso and, to a lesser extent, the Euro. Excluding currency movements, organic revenues increased
3.0% year-over-year, supported by a strong performance in Colombia. Comparable sales increased by 2.3%, despite the challenging
macroeconomic environment in Puerto Rico.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted
EBITDA totaled $3.1 million, compared to $0.6 million in the same period of 2014. Adjusted EBITDA margin increased by more than
270 basis points to 3.3% as lower G&amp;A and Occupancy and Other Operating Expenses, more than offset higher F&amp;P costs as
a percentage of sales.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 30% 0pt 0pt; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>New
Unit Development</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure
9. Total Restaurants (eop)*</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 70%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<tr style="background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1.5pt solid; width: 40%; border-top: rgb(31,73,125) 1.5pt solid">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 12%; border-top: rgb(31,73,125) 1.5pt solid">December<br>
2015</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 12%; border-top: rgb(31,73,125) 1.5pt solid">September<br>
2015</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 12%; border-top: rgb(31,73,125) 1.5pt solid">June<br>
2015</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 12%; border-top: rgb(31,73,125) 1.5pt solid">March<br>
2015</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 12%; border-top: rgb(31,73,125) 1.5pt solid">December<br>
2014</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Brazil</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">883</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">869</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">871</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">867</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">866</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">NOLAD</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">518</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">514</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">511</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">512</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">513</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">SLAD</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">384</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">383</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">383</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">382</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">383</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Caribbean</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">356</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">356</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">355</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">358</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">359</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">TOTAL</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,141</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,122</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,120</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,119</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,121</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid">LTM Net Openings</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">20</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">36</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">45</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">50</td>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">59</td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">*
Considers Company-operated and franchised restaurants at period-end</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Company opened 36 new restaurants during the twelve month period ended December 31, 2015, resulting in a total of 2,141 restaurants.
Also during the period, the Company added 165 Dessert Centers and 2 McCaf&eacute;s, bringing the totals to 2,618 and 322, respectively.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Balance
Sheet &amp; Cash Flow Highlights</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash
and cash equivalents were $112.5 million at December 31, 2015. The Company&rsquo;s total financial debt (including derivative
instruments) was $654.2 million. Net debt was $541.7 million and the Net Debt/Adjusted EBITDA ratio was 2.4x at December 31, 2015.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
cash provided by operating activities was $69.1 million in the fourth quarter of 2015, while cash used in financing activities
amounted to $26.6 million. During the quarter, capital expenditures totaled $30.5 million.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 30% 0pt 0pt; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Figure
10. Consolidated Financial Ratios</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><I>(In
thousands of U.S. dollars, except ratios)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 70%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: #C5D9F1">
    <TD STYLE="width: 60%; font: 10pt Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 20%; border-top: rgb(31,73,125) 1.5pt solid">December 31</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 20%; border-top: rgb(31,73,125) 1.5pt solid">December 31</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center">2015</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center">2014</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cash &amp; cash equivalents</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">112,519</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">139,030</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total Financial Debt (i)</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">654,227</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">801,205</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net Financial Debt (ii)</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">541,708</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">662,175</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total Financial Debt / LTM Adjusted EBITDA ratio</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">2.8</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">3.2</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">Net Financial Debt / LTM Adjusted EBITDA ratio</td>
    <TD STYLE="border-bottom: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2.4</td>
    <TD STYLE="border-bottom: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2.6</td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">(i)Total
financial debt includes short-term debt, long-term debt and derivative instruments (including the asset portion of derivatives
amounting to $6.7 million and $9.5 million as a reduction of financial debt as of December 31, 2015 and December 31, 2014, respectively).&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">(ii)
Total financial debt less cash and cash equivalents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><U>Full
Year 2015</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
the twelve months ended December 31, 2015, the Company&rsquo;s revenues declined by 16.4% to $3.05 billion. On an organic basis,
however, revenues grew by 11.3%. Systemwide comparable sales grew by 9.9%, due to average check growth in all divisions, partially
offset by a low-single digit decline in traffic.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted
EBITDA was $230.2 million, an 8.5% decrease compared to 2014. Excluding the currency translation impact related to the depreciation
of key local currencies, and the special items presented in the table below, Adjusted EBITDA increased by 31.6%. This increase
in organic Adjusted EBITDA is due, in part, to lower year-over-year one-time charges, reflecting the foreign exchange rate change
in Venezuela in 2014.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted
EBITDA margin expanded by more than 60 basis points to 7.5%, helped by the net PIS/COFINS recovery in Brazil in the fourth quarter.
This was partially offset by higher Payroll costs, G&amp;A, and Occupancy and Other Operating Expenses as a percentage of sales.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 30% 0pt 0pt; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black"><B>Figure
11. Special Items</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black"><I>(In
thousands of U.S. dollars</I></FONT><I><FONT STYLE="color: Black">)</FONT></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 70%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 53%; font: 10pt Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 15%; border-top: rgb(31,73,125) 1.5pt solid">FY</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 15%; border-top: rgb(31,73,125) 1.5pt solid">FY</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 17%; border-top: rgb(31,73,125) 1.5pt solid">Variation</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center">2015</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center">2014</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Payroll tax recovery in Brazil (INSS)</td>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">10,642</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">-10,642</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Tax recovery in Brazil (PIS/COFINS)</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">32,579</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">4,276</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">28,303</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Royalty waiver from Venezuela</td>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">6,094</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">-6,094</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">CADs net (loss) gain (i)</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">-551</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">-2,941</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">2,390</td></tr>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid">TOTAL</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">32,028</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">18,071</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: right">13,957</td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="color: Black"></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Black">(i)
Compensation expense. Includes the result from the total equity return swap.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
the full year 2015, the Company reported a consolidated net loss of $51.6 million, down from a loss of $109.3 million in 2014.
The positive variance reflects better operating results in 2015 (having incurred higher impairment charges and inventory write
downs in 2014 due to the transition to a weaker FX rate in Venezuela), combined with lower net interest expenses and also lower
foreign currency exchange losses and income tax expenses.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Excluding
the Venezuelan operation, the Company&rsquo;s revenues decreased by 13.0%, but increased by 8.9% on an organic basis. Systemwide
comparable sales grew by 6.1%. Adjusted EBITDA declined by 13.3%, as reported, and increased by 4.9%, on an organic basis. The
reported Adjusted EBITDA margin contracted slightly to 7.9% from 8.0% in 2014.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash
provided by operating activities totaled $112.7 million for the year, while cash used in financing activities amounted to $42.3
million. Additionally, total capital expenditures amounted to $91.0 million for the year.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>2016
Guidance</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
the full year 2016, the Company expects capital expenditures to be between $90 and $120 million.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
part of the opening plan agreed to with McDonald&rsquo;s for the current three-year period (commenced on January 1, 2014), the
Company has committed to open a minimum cumulative total of 150 new restaurants. The Company will meet its commitment for the
current three-year period.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><U>Quarter
Highlights &amp; Recent Developments</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I><U>Real
Estate Asset Monetization</U></I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
part of its Real Estate Asset Monetization plan, the Company has signed agreements to redevelop a small number of its properties
in Mexico and to refranchise more than 25 of its company-operated restaurants. These agreements represent more than half of the
three-year target proceeds of $250 million that the Company established in March of 2015. As of the date of this release, the
Company has received proceeds of more than $25 million from these agreements. The remaining balance is expected to be received
subject to regulatory approval for some of the agreements in Mexico and when the transfer of operations is completed for the refranchising
agreements.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I><U>2016
BRL Bond Refinancing</U></I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Company is finalizing the documentation of a loan structure, including a number of banks, to refinance the July 2016 maturity
of the BRL-denominated bond. The loan will be denominated in Brazilian reais with a principal equivalent to approximately $170
million over a four-year term.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I><U>Covenants
under the Master Franchise Agreement (MFA)</U></I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
MFA requires the Company, among other obligations, to maintain a minimum fixed charge coverage ratio of at least 1.50x, as well
as a maximum leverage ratio of 4.25x.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
of December 31, 2015, the Company was not in compliance with the leverage ratio. However, McDonald&rsquo;s Corporation granted
the Company a limited waiver of its obligation to comply with the fixed charge coverage and leverage ratios, through and including
December 31, 2015.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I><U>Purchase
of Class A shares by the Executive Chairman</U></I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Between
the weeks of November 16 and November 30, 2015, Woods Staton, the Company&rsquo;s Executive Chairman, bought an additional 699,500
Class A shares.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="2" CELLSPACING="2" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Investor
Relations Contact</TD>
    <TD STYLE="width: 50%"><B>Media Contact</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Daniel
Schleiniger</TD>
    <TD>MBS
Value Partners</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Sr.
Director of Corporate Communications &amp; IR</TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Katja
Buhrer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Arcos
Dorados</TD>
    <TD><FONT STYLE="color: Blue"><U>katja.buhrer@mbsvalue.com</U></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="color: Blue"><U>daniel.schleiniger@ar.mcd.com</U></FONT></TD>
    <TD>+1
917 969 3438</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">+54
11 4711 2265</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="color: Blue"><U>www.arcosdorados.com/ir</U></FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Definitions</B>:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I><U>Systemwide
comparable sales:</U></I> growth refers to the change, measured in constant currency, in our Company-operated and franchised restaurant
sales in one period from a comparable period for restaurants that have been open for thirteen months or longer. While sales by
our franchisees are not recorded as revenues by us, we believe the information is important in understanding our financial performance
because these sales are the basis on which we calculate and record franchised revenues, and are indicative of the financial health
of our franchisee base.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I><U>Constant
currency:</U></I> basis refers to amounts calculated using the same exchange rate over the periods under comparison to remove
the effects of currency fluctuations from this trend analysis.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I><U>Organic</U></I>:
To better discern underlying business trends, this release uses non-GAAP financial measures that segregate year-over-year growth
into three categories: (i) currency translation, (ii) special items and (iii) organic growth. (i) Currency translation reflects
the impact on growth of the appreciation or depreciation of the local currencies in which we conduct our business against the
US dollar (the currency in which our financial statements are prepared). (ii) Special items include the impact of events that
management does not consider part of the underlying performance of the business. (iii) Organic growth reflects the underlying
growth of the business excluding the effect from currency translation and special items.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>About
Arcos Dorados</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Arcos
Dorados is the world&rsquo;s largest McDonald&rsquo;s franchisee in terms of systemwide sales and number of restaurants, operating
the largest quick service restaurant (&ldquo;QSR&rdquo;) chain in Latin America and the Caribbean. It has the exclusive right
to own, operate and grant franchises of McDonald&rsquo;s restaurants in 20 Latin American and Caribbean countries and territories,
including Argentina, Aruba, Brazil, Chile, Colombia, Costa Rica, Cura&ccedil;ao, Ecuador, French Guyana, Guadeloupe, Martinique,
Mexico, Panama, Peru, Puerto Rico, St. Croix, St. Thomas, Trinidad &amp; Tobago, Uruguay and Venezuela. The Company operates or
franchises over 2,100 McDonald&rsquo;s-branded restaurants with over 90,000 employees and is recognized as one of the best companies
to work for in Latin America. Arcos Dorados is traded on the New York Stock Exchange (NYSE: ARCO). To learn more about the Company,
please visit the Investors section of our website: <FONT STYLE="color: Blue"><U>www.arcosdorados.com/ir</U></FONT></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cautionary
Statement on Forward-Looking Statements</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
press release contains forward-looking statements. The forward-looking statements contained herein include statements about the
Company&rsquo;s business prospects, its ability to attract customers, its affordable platform, its expectation for revenue generation
and its outlook and guidance for 2015. These statements are subject to the general risks inherent in Arcos Dorados' business.
These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove
to be incorrect. In addition, Arcos Dorados' business and operations involve numerous risks and uncertainties, many of which are
beyond the control of Arcos Dorados, which could result in Arcos Dorados' expectations not being realized or otherwise materially
affect the financial condition, results of operations and cash flows of Arcos Dorados. Additional information relating to the
uncertainties affecting Arcos Dorados' business is contained in its filings with the Securities and Exchange Commission. The forward-looking
statements are</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">made only as of the date hereof, and Arcos Dorados does not undertake any obligation to (and expressly disclaims
any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were
made, or to reflect the occurrence of unanticipated events.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Use
of Non-GAAP Financial Measures</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition to financial measures prepared in accordance with the general accepted accounting principles (GAAP), within this press
release and the accompanying tables, we use a financial measure titled &lsquo;Adjusted EBITDA&rsquo;. We use Adjusted EBITDA to
facilitate operating performance comparisons from period to period. Adjusted EBITDA is defined as our operating income plus depreciation
and amortization plus/minus the following losses/gains included within other operating expenses, net and within general and administrative
expenses in our statement of income: gains from sale or insurance recovery of property and equipment, write-offs and related contingencies
of property and equipment, impairment of long-lived assets, reorganization and optimization plan expenses, stock-based compensation
in connection with the Company&rsquo;s initial public listing, and the ADBV Long-Term Incentive Plan incremental compensation
from modification.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
believe Adjusted EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences
caused by variations such as capital structures (affecting net interest expense and other financial charges), taxation (affecting
income tax expense) and the age and book depreciation of facilities and equipment (affecting relative depreciation expense), which
may vary for different companies for reasons unrelated to operating performance. For more information, please see Adjusted EBITDA
reconciliation in Note 20 of our quarterly financial statements (6-K Form) filed today with the S.E.C.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fourth
Quarter &amp; Full Year 2015 Consolidated Results</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(In
thousands of U.S. dollars, except per share data)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Figure
12. Fourth Quarter &amp; Full Year 2015 Consolidated Results</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><I>(In
thousands of U.S. dollars, except per share data)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<tr>
    <TD STYLE="vertical-align: bottom; border-top: #1F497D 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #C5D9F1">&nbsp;</td>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 1.5pt solid; text-align: center; background-color: #C5D9F1">For Three-Months ended</td>
    <TD STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 1.5pt solid; text-align: center; background-color: #C5D9F1">For Twelve-Months ended</td></tr>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; background-color: #C5D9F1; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; background-color: #C5D9F1">December 31,</td>
    <TD STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; background-color: #C5D9F1">December 31,</td></tr>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #C5D9F1; width: 57%">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; background-color: #C5D9F1; width: 11%">2015</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 11%">2014</td>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 10%">2015</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 10%">2014</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">REVENUES</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">Sales by Company-operated restaurants</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">733,880</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">876,082</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,930,379</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">3,504,302</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">Revenues from franchised restaurants</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">31,106</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">37,547</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">122,361</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">146,763</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid">Total Revenues</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: rgb(31,73,125) 0.5pt solid; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 0.5pt solid; text-align: right">764,986</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">913,629</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">3,052,740</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">3,651,065</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">OPERATING COSTS AND EXPENSES</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">Company-operated restaurant expenses:</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in">Food and paper</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(260,688)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(310,713)</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,037,487)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(1,243,907)</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in">Payroll and employee benefits</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(150,102)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(168,366)</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(616,358)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(734,093)</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in">Occupancy and other operating expenses</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(205,649)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(240,304)</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(838,037)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(997,065)</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in">Royalty fees</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(37,188)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(44,998)</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(149,089)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(173,663)</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">Franchised restaurants - occupancy expenses</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(12,191)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(17,505)</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(54,242)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(63,939)</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">General and administrative expenses</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(75,192)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(63,658)</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(270,680)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(272,065)</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">Other operating expenses, net</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">29,302</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(14,401)</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">6,560</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(95,476)</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid">Total operating costs and expenses</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: rgb(31,73,125) 0.5pt solid; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 0.5pt solid; text-align: right">(711,708)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">(859,945)</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">(2,959,333)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">(3,580,208)</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #1F497D 0.5pt solid; border-top-color: #1F497D; border-top-width: 0.5pt">Operating income</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 0.5pt solid; text-align: right">53,278</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt">53,684</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt">93,407</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt">70,857</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">Net interest expense</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(16,728)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(17,951)</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(64,407)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(72,750)</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">Loss from derivative instruments</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2,672)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(620)</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2,894)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(685)</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">Foreign currency exchange results</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(6,081)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(10,983)</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(54,032)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(74,117)</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">Other non-operating income (expense), net</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(445)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">895</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(627)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">146</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid">Income (loss) before income taxes</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: rgb(31,73,125) 0.5pt solid; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 0.5pt solid; text-align: right">27,352</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">25,025</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">(28,553)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">(76,549)</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">Income tax expense</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(21,739)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(14,860)</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(22,816)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(32,479)</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid">Net income (loss)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: rgb(31,73,125) 0.5pt solid; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 0.5pt solid; text-align: right">5,613</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">10,165</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">(51,369)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">(109,028)</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">Less: Net income attributable to non-controlling interests</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(62)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(122)</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(264)</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(305)</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid">Net income (loss) attributable to Arcos Dorados Holdings Inc.</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: rgb(31,73,125) 0.5pt solid; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 0.5pt solid; text-align: right">5,551</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">10,043</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">(51,633)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">(109,333)</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">Earnings (loss) per share information ($ per share):</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Basic net income per common share</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1.5pt solid; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1pt solid; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52)</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">Weighted-average number of common shares outstanding-Basic</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">210,538,896</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">210,215,800</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">210,436,232</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">210,105,059</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid">Adjusted EBITDA Reconciliation</td>
    <TD STYLE="vertical-align: middle; border-top: rgb(31,73,125) 0.5pt solid; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">Operating income</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">53,278</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">53,684</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">93,407</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">70,857</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">Depreciation and amortization</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">27,456</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">29,884</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">110,715</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">116,811</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">Operating charges excluded from EBITDA computation</td>
    <TD STYLE="vertical-align: middle; border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">15,584</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">9,768</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">26,049</td>
    <TD STYLE="vertical-align: middle; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">64,006</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid">Adjusted EBITDA</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: rgb(31,73,125) 0.5pt solid; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 0.5pt solid; text-align: right">96,318</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">93,336</td>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">230,171</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">251,674</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: #1F497D 1pt solid">Adjusted EBITDA Margin as % of total revenues</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1pt solid; text-align: right">12.6%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: #1F497D 1pt solid; text-align: right">10.2%</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">7.5%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: #1F497D 1pt solid; text-align: right">6.9%</td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Fourth
Quarter &amp; Full Year 2015 Results by Division</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(In
thousands of U.S. dollars)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Figure
13. Fourth Quarter &amp; Full Year 2015 Consolidated Results by Division</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><I>(In
thousands of U.S. dollars)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <TD STYLE="border-top: #1F497D 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #C5D9F1">&nbsp;</td>
    <TD COLSPAN="4" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; background-color: #C5D9F1">4Q</td>
    <TD STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD COLSPAN="4" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; background-color: #C5D9F1">FY</td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="background-color: #C5D9F1; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1.5pt solid; text-align: center; background-color: #C5D9F1">Three-Months ended</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: #C5D9F1">% Incr.</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: #C5D9F1">Constant</td>
    <TD STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1pt solid; text-align: center; background-color: #C5D9F1">Twelve-Months ended</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: #C5D9F1">% Incr.</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: #C5D9F1">Constant</td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="background-color: #C5D9F1; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1">December 31,</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; background-color: #C5D9F1">/</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1">Currency</td>
    <TD STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1">December 31,</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1">/</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1">Currency</td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #C5D9F1; width: 19%">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1pt; background-color: #C5D9F1; width: 10%">2015</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 10%">2014</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1pt; background-color: #C5D9F1; width: 10%">(Decr)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 10%">Incr/(Decr)%</td>
    <TD STYLE="background-color: white; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 0.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1pt; background-color: #C5D9F1; width: 10%">2015</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 10%">2014</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 0.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1pt; background-color: #C5D9F1; width: 10%">(Decr)</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 10%">Incr/(Decr)%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">Revenues</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">Brazil</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">333,400</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">467,456</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">-28.7%</td>
    <TD STYLE="text-align: right; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">7.6%</td>
    <TD STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">1,361,989</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">1,816,046</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">-25.0%</td>
    <TD STYLE="text-align: right; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">5.1%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Caribbean</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">105,284</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">127,185</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-17.2%</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">24.5%</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">398,144</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">594,220</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-33.0%</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">18.3%</td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">NOLAD</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">96,147</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">98,255</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">-2.1%</td>
    <TD STYLE="text-align: right; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">6.6%</td>
    <TD STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">367,364</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">385,114</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">-4.6%</td>
    <TD STYLE="text-align: right; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">4.1%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">SLAD</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">230,155</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">220,733</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">4.3%</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">23.0%</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">925,243</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">855,685</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">8.1%</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">23.0%</td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: #DCE6F1">TOTAL</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1">764,986</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1.5pt solid; text-align: right; background-color: #DCE6F1">913,629</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1">-16.3%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">13.6%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: white">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1">3,052,740</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1">3,651,065</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1">-16.4%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">11.3%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 0.5pt solid">Operating Income (loss)&nbsp;</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">Brazil</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">62,977</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">61,820</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">1.9%</td>
    <TD STYLE="text-align: right; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">49.7%</td>
    <TD STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">135,657</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">172,787</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">-21.5%</td>
    <TD STYLE="text-align: right; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">9.8%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Caribbean</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(9,341)</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(5,818)</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">60.6%</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">-123.8%</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(36,482)</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(88,711)</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">58.9%</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">113.5%</td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">NOLAD</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">7,836</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">(2,090)</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">-474.9%</td>
    <TD STYLE="text-align: right; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">-502.5%</td>
    <TD STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">11,775</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">(6,484)</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">281.6%</td>
    <TD STYLE="text-align: right; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">260.0%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">SLAD</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">17,847</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">18,532</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-3.7%</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">17.9%</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">83,906</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">67,885</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">23.6%</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">42.4%</td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">Corporate and Other</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">(26,041)</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">(18,760)</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">38.8%</td>
    <TD STYLE="text-align: right; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">67.5%</td>
    <TD STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">(101,449)</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">(74,620)</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">-36.0%</td>
    <TD STYLE="text-align: right; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">-55.6%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">TOTAL</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1pt solid; text-align: right">53,278</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1.5pt solid; text-align: right">53,684</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1pt solid; text-align: right">-0.8%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">72.8%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 0.5pt solid; text-align: right">93,407</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1pt solid; text-align: right">70,857</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 0.5pt solid; text-align: right">31.8%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">171.7%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">Adjusted EBITDA</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">Brazil</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">78,179</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">81,425</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">-4.0%</td>
    <TD STYLE="text-align: right; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">41.8%</td>
    <TD STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">192,939</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">237,699</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">-18.8%</td>
    <TD STYLE="text-align: right; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">13.8%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Caribbean</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3,324</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3,617</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-8.1%</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">245.1%</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">5,679</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(8,136)</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">169.8%</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">708.8%</td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">NOLAD</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">10,643</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">9,553</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">11.4%</td>
    <TD STYLE="text-align: right; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">13.3%</td>
    <TD STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">34,489</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">27,701</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">24.5%</td>
    <TD STYLE="text-align: right; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">26.7%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">SLAD</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">26,976</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">23,752</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13.6%</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">35.8%</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">106,602</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">87,976</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">21.2%</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">38.9%</td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">Corporate and Other</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">(22,804)</td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">(25,011)</td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">-8.8%</td>
    <TD STYLE="text-align: right; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">11.6%</td>
    <TD STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">(109,538)</td>
    <TD STYLE="border-right: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">(93,566)</td>
    <TD STYLE="border-right: #1F497D 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #DCE6F1">-17.1%</td>
    <TD STYLE="text-align: right; background-color: #DCE6F1; font: 10pt Arial, Helvetica, Sans-Serif">-31.8%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: #1F497D 1pt solid">TOTAL</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">96,318</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right">93,336</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(31,73,125) 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">3.2%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: #1F497D 1pt solid; text-align: right">53.3%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 0.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right">230,171</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">251,674</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-right: #1F497D 0.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right">-8.5%</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: #1F497D 1pt solid; text-align: right">40.7%</td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 30% 0pt 0pt; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Figure
14. Average Exchange Rate per Quarter*</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 70%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; background-color: #C5D9F1">
    <TD STYLE="border-top: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 29%">&nbsp;</td>
    <TD STYLE="border-top: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 14%">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 14%">Brazil</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 14%">Mexico</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 14%">Argentina</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 1%; border-top: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 14%; border-top: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid">Venezuela</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4Q15</td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">3.85</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">16.76</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">10.15</td>
    <TD STYLE="border-top: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</td>
    <TD STYLE="border-top: #1F497D 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">199.68</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">4Q14</td>
    <TD STYLE="border-bottom: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2.55</td>
    <TD STYLE="border-bottom: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13.90</td>
    <TD STYLE="border-bottom: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">8.51</td>
    <TD STYLE="border-bottom: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">49.98</td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">*
Local $ per 1 US$</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Summarized
Consolidated Balance Sheets</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(In
thousands of U.S. dollars)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 30% 0pt 0pt; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Figure
15. Summarized Consolidated Balance Sheets</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><I>(In
thousands of U.S. dollars)&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 70%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; background-color: #C5D9F1">
    <TD STYLE="border-top: #1F497D 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%">&nbsp;</td>
    <TD STYLE="border-top: #1F497D 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 55%">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 1.5pt solid; text-align: center; width: 15%">December 31</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 1.5pt solid; text-align: center; width: 15%">December 31</td></tr>
<TR STYLE="background-color: #C5D9F1; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(31,73,125) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center">2015</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center">2014</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">ASSETS</td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR STYLE="background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">Current assets</td>
    <TD STYLE="vertical-align: top; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Cash and cash equivalents&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">112,519</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">139,030</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Accounts and notes receivable, net</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">63,348</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">83,003</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Other current assets (1)</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">203,129</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">225,163</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid">Total current assets&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">378,996</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">447,196</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">Non-current assets</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Property and equipment, net&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">833,357</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">1,092,994</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Net intangible assets and goodwill&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">49,486</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">57,864</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Deferred income taxes&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">63,321</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">75,319</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Other non-current assets (2)</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">81,817</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">121,407</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid">Total non-current assets&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">1,027,981</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">1,347,584</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: #1F497D 0.5pt solid; border-top-color: #1F497D; border-top-width: 0.5pt">Total assets&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: #1F497D 0.5pt solid; border-top-color: #1F497D; border-top-width: 0.5pt">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt">1,406,977</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt">1,794,780</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif">LIABILITIES AND EQUITY</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">Current liabilities</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Accounts payable&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">187,685</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">220,337</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Taxes payable (3)</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">97,587</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">120,763</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Accrued payroll and other liabilities&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">93,112</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">112,072</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Other current liabilities (4)</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">30,824</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">37,580</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Provision for contingencies&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">512</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">777</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Financial debt (5)</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">166,225</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">49,642</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Deferred income taxes&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">1,728</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">895</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid">Total current liabilities&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">577,673</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">542,066</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">Non-current liabilities</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Accrued payroll and other liabilities&nbsp;&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">19,381</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">18,440</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Provision for contingencies&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">20,066</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">11,427</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Financial debt (6)</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">494,743</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">761,080</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Deferred income taxes&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">8,224</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">4,180</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid">Total non-current liabilities&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">542,414</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">795,127</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 0.5pt solid">Total liabilities&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt">1,120,087</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt">1,337,193</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">Equity</td>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Class A shares of common stock</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">371,857</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">365,701</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Class B shares of common stock</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">132,915</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">132,915</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Additional paid-in capital&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">12,606</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">15,974</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Retained earnings&nbsp;</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">193,158</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">244,791</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">Accumulated other comprehensive losses</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(424,263)</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(302,467)</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid">Total Arcos Dorados Holdings Inc shareholders&rsquo; equity</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">286,273</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">456,914</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Non-controlling interest in subsidiaries</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">617</td>
    <TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">673</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid">Total equity</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid">&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">286,890</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right">457,587</td></tr>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(31,73,125) 1.5pt solid">Total liabilities and equity&nbsp;</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt; border-bottom: rgb(31,73,125) 1.5pt solid">1,406,977</td>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt; border-bottom: rgb(31,73,125) 1.5pt solid">1,794,780</td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">(1)
Includes "Other receivables", "Inventories", "Prepaid expenses and other current assets", "Deferred income taxes", and "Collateral
deposits".</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">(2)
Includes "Miscellaneous", "Collateral deposits", "Derivative instruments" and "McDonald&acute;s Corporation indemnification for
contingencies".</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">(3)
Includes "Income taxes payable" and "Other taxes payable".</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">(4)
Includes "Royalties payable to McDonald&acute;s Corporation" and "Interest payable".</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">(5)
Includes "Short-term debt", "Current&nbsp;portion&nbsp;of&nbsp;long-term&nbsp;debt" and "Derivative instruments".</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">(6)
Includes "Long-term debt, excluding current portion".</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
