<SEC-DOCUMENT>0000950103-16-012105.txt : 20160325
<SEC-HEADER>0000950103-16-012105.hdr.sgml : 20160325
<ACCEPTANCE-DATETIME>20160325170713
ACCESSION NUMBER:		0000950103-16-012105
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20160325
FILED AS OF DATE:		20160325
DATE AS OF CHANGE:		20160325

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:		161530121

	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>dp64476_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></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"><B>SECURITIES AND EXCHANGE COMMISSION</B></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"><B>Washington, D.C. 20549</B></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K<BR>
</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt"><B>REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of March, 2016</P>

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

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 21%; color: black">

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-35129</B></P>

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

<P STYLE="font: 28pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Arcos Dorados Holdings Inc.</B></P>

<P STYLE="font: 28pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Roque Saenz Pe&ntilde;a 432 </B></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"><B>B1636FFB Olivos, Buenos Aires, Argentina
</B></P>

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

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

<P STYLE="font: 12pt 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">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form&nbsp;20-F or Form 40-F:</P>

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

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<tr style="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-decoration: none; text-align: center"><font style="font-size: 12pt">Form 20-F<u> </u></font></td>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X&nbsp;</P></td>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</td>
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: center; width: 28%"><font style="font-size: 12pt">Form 40-F<u> </u></font></td>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid; width: 14%">&nbsp;</td></tr>
</table>
<P STYLE="font: 12pt 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">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):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
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    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: center; width: 29%"><font style="font-size: 12pt">Yes<u> </u></font></td>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid; width: 14%">&nbsp;</td>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</td>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><font style="font-size: 12pt">No</font></td>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X&nbsp;</P></td></tr>
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<P STYLE="font: 12pt 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">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):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
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    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: center; width: 29%"><font style="font-size: 12pt">Yes<u> </u></font></td>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid; width: 14%">&nbsp;</td>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</td>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><font style="font-size: 12pt">No</font></td>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X&nbsp;</P></td></tr>
</table><br><br><br>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARCOS DORADOS HOLDINGS INC.</B></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"><B>TABLE OF CONTENTS</B></P>

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

<table cellspacing="0" cellpadding="0" 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"><b>ITEM</b></td>
    <td style="width: 91%; font-size: 10pt; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center">1.</td>
    <td style="font-size: 10pt">Letter to Shareholders regarding Annual General Meeting of Shareholders </td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center">2.</td>
    <td style="font-size: 10pt">Notice of 2016 Annual General Shareholders&rsquo; Meeting to be held on April 25, 2016</td></tr>
</table>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></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-indent: 0.25in">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.</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td colspan="2">&nbsp;</td>
    <TD>&nbsp;</td>
    <td colspan="3"><P STYLE="margin-top: 0; margin-bottom: 0"><b>Arcos Dorados Holdings Inc.</B></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</b></P></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>By:</td>
    <td colspan="2" style="border-bottom: Black 1pt solid">/s/ Juan David Bastidas</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</td>
    <TD STYLE="width: 27%">&nbsp;</td>
    <TD STYLE="width: 14%">&nbsp;</td>
    <TD STYLE="width: 6%">&nbsp;</td>
    <TD STYLE="width: 7%">Name:</td>
    <TD STYLE="width: 39%">Juan David Bastidas</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Title:</td>
    <TD>Chief Legal Counsel</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Date: March 25, 2016</P>

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



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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><IMG SRC="image_001.jpg" ALT="http:||www.sec.gov|Archives|edgar|data|1508478|000095010315002413|logo.jpg" STYLE="height: 115px; width: 115px"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">To Our Valued Shareholders:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">As one of the world's
most iconic brands operating in an underserved region, the long-term potential of the McDonald's brand in Latin America is indisputable.
In 2015 we took important actions to solidify our position and capture this long-term opportunity, while navigating short-term
challenges.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Early in the year we put
forward a roadmap to strengthen Arcos Dorados' leadership position and lay the foundation for sustained, profitable growth. The
key elements of this strategy are seeking out efficiencies, reducing costs, extracting the value of certain assets and reducing
net debt. In the first year of the plan's implementation, I am pleased to report solid progress against our three-year strategic
goals.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We remain committed to
delivering the very best customer experience in each of our restaurants. Delivering outstanding food and beverages in the inviting
environment our customers expect are hallmarks of the McDonald's brand. In 2015, our customers got to experience firsthand the
high quality, safety and cleanliness measures in place while their favorite meals are prepared. More than one million guests toured
McDonald's kitchens across Latin America as part of our Open Doors program, and saw for themselves the care that goes into every
burger, trench fry and McFlurry.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">By leveraging the strengths
of the McDonald's brand in our marketing initiatives and supporting our customers with affordable options across our menu, we achieved
comparable sales growth of 9.9% and delivered 11.3% organic revenue growth in 2015 despite facing significant headwinds, including
a weak economic environment, softer consumer spending and continued currency depreciation in our largest markets.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our three-year strategy
addresses these near-term challenges, while seizing the longer-term growth opportunities in our industry. As part of our ongoing
commitment to build long-term shareholder value, we took some difficult, yet necessary measures in 2015 to strengthen our financial
situation.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We created a more efficient
and nimble organization by streamlining our corporate, divisional and country level cost structures. When we first laid out our
plan to reduce costs in March 2015, we set ourselves a three-year timeline to achieve a 10% reduction in General and Administrative
(G&amp;A) expenses. We began 2016 with a lower year-over-year cost base and expect to achieve our G&amp;A reduction target well
ahead of schedule.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We are also seeing initial
improvements in operational efficiency and restaurant level margins. During 2015 we rolled out a new forecasting and scheduling
system in Brazil, which improves our restaurant level efficiency. This, combined with our initiatives to stimulate traffic and
topline growth as well as a streamlined fixed cost structure, should lead to EBITDA margin improvement over the next several years.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">With the largest footprint
of any Quick Service Restaurant brand in Latin America, Arcos Dorados has a significant portfolio of real estate assets. In 2015
we began to redevelop a small number of real estate properties as part of a strategy to monetize the value of certain assets. We
also began negotiating agreements to transfer the operation of some of our restaurants to our sub-franchisees.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Importantly, the agreements
to date were all with existing franchisee-operators, which underscores their conviction in the long-term opportunity for the McDonald's
brand in the region.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">So far, we have signed
agreements representing over half of our target and we expect these initiatives to strengthen our financial position as we reduce
our net debt and dedicate proceeds to other purposes that enhance shareholder value.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Given the current environment
and our focus on a financially disciplined approach to growth, we have slowed down new store openings and capital expenditures
in the short term. By shifting some of our restaurant openings to sub-franchisees, we have instead been able to modernize many
of our existing restaurants.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">I have been a part of
the McDonald's system for nearly 30 years and am proud to have been appointed Chief Executive Officer, effective October 2015.
I am honored to lead this network of outstanding employees, suppliers and franchisees, all committed to delivering the best McDonald's
experience possible to our customers.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our employees are the
face of the Arcos Dorados family and we are thrilled that 26 of our restaurant managers across 10 Latin American countries won
the prestigious Ray Kroc Award, which recognizes the top performing McDonald's restaurant managers globally.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Whether we're giving a
teenager their first job or a new manager the skills required to run one of our more than 2,100 restaurants, we are committed to
providing learning, training and development opportunities to the more than 90,000 employees in our company-owned and franchised
restaurants.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Likewise, we are also
focused on fostering deep connections in the communities where we operate. In 2015, we distributed approximately eight million
books alongside Happy Meal orders, making Arcos Dorados the largest children's book distributor in Latin America. Families are
at the heart of our business, and so we are pleased to combine the fun of the Happy Meal with more family reading time.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our broad experience in
every type of operating environment and tested marketing strategies equip us for near-term challenges.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">There is much more potential
we can capture in Latin America and we have a clear plan for growth. We began 2016 in a stronger positon and I am confident the
continued execution of our long-term strategy will result in sustained, profitable growth for our company and its shareholders.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Thank you for your continued
support.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">/s/ Sergio
Alonso</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Chief Executive Officer</P>

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



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Item 2</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NOTICE OF 2016 ANNUAL GENERAL SHAREHOLDERS&rsquo;
MEETING</P>

<P STYLE="font: bold 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: justify">The shareholders (the &ldquo;Shareholders&rdquo;)
of Arcos Dorados Holdings Inc. (the &ldquo;Company&rdquo;) are invited to the 2016 Annual General Shareholders&rsquo; Meeting to
be held on <B>April 25, 2016, at 9:00 a.m. (Montevideo local time)</B> at the Company&rsquo;s office located at Dr. Lu&iacute;s
Bonavita 1294, 5<SUP>TH </SUP>Floor office 501, World Trade Center Free Zone, Montevideo, Uruguay, 11300, to consider and, if appropriate,
pass the proposals referred to in the Agenda below as resolutions of Shareholders:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">Welcome remarks from the Executive Chairman of the Board.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Consideration and approval of the Financial Statements of the Company corresponding to the fiscal
year ended December 31, 2015, the Independent Report of the External Auditors <B>EY</B> <I>(Pistrelli, Henry Martin y Asociados
S.R.L., member firm of Ernst &amp; Young Global)</I>, and the Notes corresponding to the fiscal year ended December 31, 2015. <B>(Proposal
1)</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">Appointment and remuneration of <B>EY</B> <I>(Pistrelli, Henry Martin y Asociados S.R.L., member
firm of Ernst &amp; Young Global)</I>, as the Company&rsquo;s independent auditors for the fiscal year ended December 31, 2016.
<B>(Proposal 2)</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">Election of the following persons as Class II Directors of the Board of Directors, to hold office
until the conclusion of the Annual General Shareholders&rsquo; Meeting held in the calendar year 2019. <B>(Proposal 3)</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">Mr. Annette Franqui</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">Mr. Carlos Hemandez-Artigas</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of Mrs. Franqui and Mr. Hernandez-Artigas,
currently serve on the board of directors of the Company and are standing for re-election. Their biographies are enclosed.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NOTES TO THE NOTICE OF ANNUAL GENERAL
SHAREHOLDERS&rsquo; MEETING</P>

<P STYLE="font: bold 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: justify"><B><I>Note 1:</I></B><I> The Board of Directors
has fixed the close of business on March 21, 2016 as the record date for the determination of shareholders entitled to notice of
and to vote at the Annual General Shareholders&rsquo; Meeting.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Note 2:</I></B><I> Admission to the
Annual General Shareholders&rsquo; Meeting will be reserved for Shareholders of the Company or their duly appointed proxy on a
first-come, first-served basis. Registration and seating will begin at 8:00 a.m. local time. Shareholders and proxyholders will
be asked to present valid picture identification, such as a driver&rsquo;s license or passport and, if applicable, a completed
proxy form, before being admitted to the Annual General Shareholders&rsquo; Meeting. If you hold your shares in street name, you
will also need proof of ownership in order to attend the Annual General Shareholders&rsquo; Meeting. A recent brokerage statement
or letter from your brokerage firm, bank or nominee are examples of proof of ownership.</I></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Note 3:</I></B><I> A Shareholder
entitled to attend and vote at the Meeting is entitled to appoint one or more proxies to attend and vote in his stead. A proxy
need not be a Shareholder of the Company.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>If you wish to appoint Mr. Woods Staton,
Executive Chairman of the Board of Directors, as your proxy, the Company requests that you complete, sign and mail the enclosed
form of proxy in the enclosed business reply envelope, whether or not you plan to physically attend the Annual General Shareholders&rsquo;
Meeting. Alternatively, you may follow the instructions on the proxy card in order to vote by phone or by internet. In order for
this proxy to be valid, it must be received by no later than 5:00pm (EST) on April 21, 2016. You may revoke your voted proxy at
any time prior to the Annual General Shareholders&rsquo; Meeting or vote in person if you attend.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Note 4:</I></B><I> Documents to be
discussed at the Annual General Shareholders&rsquo; Meeting are available to the shareholders at the Company&rsquo;s registered
office at Maples Corporate Services (BVI) Limited, Kingston Chambers, Road Town, Tortola, British Virgin Islands, Attention: Mr.
Kieran Walsh, B.V.I. Direct: + 1 345 814 5353 (email: kieran.walsh@maplesandcalder.com) on business days from 10:00 a.m. to 12:00
p.m. and from 3:00 p.m. to 5:00 p.m. local time, from April 1, 2016 to April 21, 2016 inclusive; and at the Company&rsquo;s principal
executive offices at Roque Saenz Pe&ntilde;a 432, Olivos, Buenos Aires, Argentina, Attention: Mr. Juan David Bastidas/</I> <I>Mrs.
Maria Cecilia Aicardi, on business days from 10:00 a.m. to 12:00 p.m. and from 3:00 p.m. to 5:00 p.m. local time, from April 1,
2016 to April 21, 2016 inclusive.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Note 5:</I></B><I> Shareholders are
requested to appear no later than 15 minutes prior to the scheduled time of the Annual General Shareholders&rsquo; Meeting in order
to file their proxies and sign the Attendance Book.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Note 6:</I></B><I> If two or more
persons are jointly regarded as holders of a share, each of them may be present in person or by proxy at the Annual General Shareholders&rsquo;
Meeting, but if such persons are present in person or by proxy they must vote as one.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Note 7:</I></B><I> <B>Enroll Now
for Electronic Delivery of Shareholder Materials.</B> Arcos Dorados, through Broadridge Financial Solutions, is pleased to offer
shareholders the benefits and convenience of electronic delivery of shareholder materials, including:</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Quickest delivery of shareholder materials</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Elimination of bulky paper documents from your personal files</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Convenient online proxy voting</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Reduction of printing and mailing costs which allows us to control expenses in the interest of delivering more value for
all our shareholders</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Better for the environment</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>When you register for electronic
delivery, you will be notified by e-mail when the shareholder materials are available online. Your enrollment will remain in effect
until revoked.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>To register, visit <FONT STYLE="color: Blue"><U>http://enroll.icsdelivery.com/lg
</U></FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>PLEASE NOTE:</I></B><I>
you must enroll for electronic delivery for EACH account in which you hold Arcos Dorados shares.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">By order of the Board</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 70%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Woods Staton</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Woods Staton</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Executive Chairman of the Board of Directors</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Dated: March 10, 2016</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Mrs. ANNETTE FRANQUI'S BIOGRAPHY</P>

<P STYLE="font: bold 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: justify; text-indent: 0in">Mrs. Franqui has been
a member of our board of directors since 2007 and is a member of the Compensation and Nomination Committee. She graduated with
a Bachelor of Science degree in Economics from the Wharton School of the University of Pennsylvania in 1984 and an MBA from the
Stanford Graduate School of Business in 1986. She is also a Chartered Financial Analyst. Mrs. Franqui began her career in 1986
with J.P. Morgan and joined Goldman Sachs in 1989. In 1994, she returned to J.P. Morgan where she became a Managing Director and
the Head of the Latin America Research Department. Mrs. Franqui joined Panamco in 2001 as Vice President of Corporate Finance and
became the Chief Financial Officer in 2002. She is one of the founding partners of Forrestal Capital and is currently a board member
of Axionlog Cold Solutions, Latam LLC, and, on a volunteer basis, AARP.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Mr. CARLOS HERNANDEZ-ARTIGAS' BIOGRAPHY</P>

<P STYLE="font: bold 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: justify; text-indent: 0in">Mr. Hernandez-Artigas
has been a member of our board of directors since 2007 and is a member of the Compensation and Nomination Committee. He graduated
from Universidad Panamericana, Escuela de Derecho in 1987 and University of Texas at Austin, School of Law in 1988. He received
an MBA from IPADE in Mexico City in 1996. Mr. Hernandez-Artigas worked as a lawyer for several years in Mexico and as a foreign
attorney in Dallas, Texas and New York. He served as the General Counsel, Chief Legal Officer and Secretary of Panamco for ten
years. He is an advisor at Big Sir Partners in Miami, Florida and is currently a board member of Wireless WERX Inc., and dba iinside,
a technology company in Anaheim, California.</P>

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



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <td rowspan="3" style="width: 51%; text-indent: 0in; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>ARCOS
    DORADOS HOLDINGS INC.</I></B></FONT><B><br>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>LUIS BONAVITA 1294, 5TH FLOOR OFFICE 501</I></FONT><br>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>WORLD TRADE CENTER FREE ZONE</I></FONT><br>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>MONTEVIDEO, URUGUAY 11300</I></FONT></B></td>
    <td style="vertical-align: top; width: 49%">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>VOTE BY INTERNET - <U>www.proxyvote.com</U></B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Use the Internet to transmit your voting
        instructions and for electronic delivery of information up until 11:59 P.M. Eastern Time the day before the cut-off date or meeting
        date. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create
        an electronic voting instruction form.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>VOTE BY PHONE - 1-800-690-6903</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Use any touch-tone telephone to transmit
        your voting instructions up until 11:59 P.M. Eastern Time the day before the cut-off date or meeting date. Have your proxy card
        in hand when you call and then follow the instructions.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>VOTE BY MAIL</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Mark, sign and date your proxy card and
        return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood,
        NY 11717.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></td></tr>
<tr style="vertical-align: top">
    <td style="text-indent: 0in; font-size: 12pt">&nbsp;</td>
    <td>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>SHAREHOLDER MEETING REGISTRATION:</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">To vote and/or attend the meeting, go to &ldquo;shareholder
meeting registration&rdquo; link at <u>www.proxyvote.com</u>.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td colspan="2" style="font-size: 12pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</font></td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="width: 66%; border-bottom: Black 1.5pt dashed; font-size: 12pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E05940-P78327&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td style="width: 34%; border-bottom: Black 1.5pt dashed; font-size: 12pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">KEEP THIS PORTION FOR YOUR RECORDS</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font-size: 12pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DETACH AND RETURN THIS PORTION ONLY</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font-size: 12pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b></B></FONT></P>
                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</B></FONT></P>
                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT>&nbsp;</P></td></tr>
</table>
<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <td colspan="3" style="vertical-align: top; border-top: Black 1.5pt solid; border-left: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ARCOS
    DORADOS HOLDINGS INC.</B></FONT></td>
    <td style="border-top: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>For
    </B></FONT><FONT STYLE="font-size: 8pt"><br>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>All</B></FONT></FONT></td>
    <td style="border-top: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Withhold
    All</B></FONT></td>
    <td style="border-top: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>For
    All Except</B></FONT></td>
    <td colspan="3" style="vertical-align: top; border-top: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">To
    withhold authority to vote for any individual nominee(s), mark &ldquo;For All Except&rdquo; and write the number(s) of the
    nominee(s) on the line below.</FONT></td>
    <td style="vertical-align: top; border-top: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="vertical-align: top; border-top: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="vertical-align: top; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>The
    Board of Directors recommends you vote FOR the&nbsp;following:</B></FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="border-right: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" rowspan="2" style="border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.&#9;Election
    of the following persons as Class II Directors of the Board of Directors, to hold office until the conclusion of the Annual
    General Shareholders&rsquo; Meeting held in the calendar year 2019.</FONT></td>
    <TD ROWSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><img src="image_002.jpg" alt="" style="height: 12px; width: 10px"></FONT></td>
    <TD ROWSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><img src="image_003.jpg" alt="" style="height: 12px; width: 10px"></FONT></td>
    <TD ROWSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><img src="image_004.jpg" alt="" style="height: 12px; width: 10px"></FONT></td>
    <td colspan="3"><FONT STYLE="font-size: 8pt"><!-- Field: Rule-Page --></FONT><div align="left" style="margin: 1pt 40.15pt 1pt 0in"><div style="font-size: 1pt; border-top: Black 1pt solid; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></div></div><!-- Field: /Rule-Page --></td>
    <td rowspan="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td rowspan="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td rowspan="2" style="border-right: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <td colspan="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="border-left: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Nominees:</B></FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="border-right: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="border-left: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">01)&#9;Mrs.
    Annette Franqui</FONT><FONT STYLE="font-size: 8pt"><br>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">02)&#9;Mr. Carlos Hernandez-Artigas</FONT></FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="border-right: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Each
    of Mrs. Franqui and Mr. Hernandez currently serve on the Board of Directors of the Company and are standing for re-election.
    Their biographies are enclosed.</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="border-right: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <td colspan="6" style="border-left: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>The
    Board of Directors recommends you vote FOR the following proposals:</B></FONT></td>
    <td colspan="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>For</B></FONT></td>
    <td style="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Against</B></FONT></td>
    <td style="border-right: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Abstain</B></FONT></td></tr>
<tr style="vertical-align: top">
    <td colspan="9" style="border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.&#9;Consideration
    and approval of the Financial Statements of the Company corresponding to the fiscal year ended December 31, 2015, the Independent
    Report of the External Auditors <B>EY</B> (<I>Pistrelli, Henry Martin y Asociados S.R.L., member firm of Ernst &amp; Young
    Global</I>), and the Notes corresponding to the fiscal year ended December 31, 2015.</FONT></td>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><img src="image_005.jpg" alt="" style="height: 13px; width: 10px"></FONT></td>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><img src="image_006.jpg" alt="" style="height: 13px; width: 10px"></FONT></td>
    <TD STYLE="border-right: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><img src="image_007.jpg" alt="" style="height: 13px; width: 10px"></FONT></td></tr>
<tr style="vertical-align: top">
    <td colspan="9" style="border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.&#9;Appointment
    and remuneration of <B>EY</B> <I>(Pistrelli, Henry Martin y Asociados S.R.L., member firm of Ernst &amp; Young Global)</I>,
    as the Company&rsquo;s independent auditors for the fiscal year ending December 31, 2016.</FONT></td>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><img src="image_008.jpg" alt="" style="height: 12px; width: 10px"></FONT></td>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><img src="image_009.jpg" alt="" style="height: 12px; width: 10px"></FONT></td>
    <TD STYLE="border-right: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><img src="image_010.jpg" alt="" style="height: 12px; width: 10px"></FONT></td></tr>
<tr style="vertical-align: top">
    <td colspan="9" style="border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="border-right: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <td colspan="9" style="border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="border-right: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <td colspan="9" style="border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="border-right: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <td colspan="9" style="border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Please
    sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please
    give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership,
    please sign in full corporate or partnership name by authorized officer.</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="border-right: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="4" style="border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td colspan="3" style="border-right: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Signature
    [PLEASE SIGN WITHIN BOX]</FONT></td>
    <td style="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Date</FONT></td>
    <td colspan="4" style="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Signature
    (Joint Owners)</FONT></td>
    <td style="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Date</FONT></td>
    <td colspan="3" style="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</td></tr>
<tr>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="width: 17px">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
</table>

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    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Important Notice Regarding the Availability
of Proxy Materials for the Annual Meeting:</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">The Notice of Annual Meeting is available
at www.proxyvote.com.</P>

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

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

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

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

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%; border-bottom: Black 1.5pt dashed; text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">E05941-P78327</font></td></tr>
</table>

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

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

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%; border: Black 1.5pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>&nbsp;</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>ARCOS DORADOS HOLDINGS INC.</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>Annual General Meeting of Shareholders</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>April 25, 2016 9:00 AM</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>This proxy is solicited by the Board of
        Directors</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 34.2pt 0pt 0.5in; text-align: justify">The shareholder(s) hereby
        appoint(s) Mr. Woods Staton, Executive   Chairman of the Board of Directors, as proxy, with the power to appoint
        his substitute, and hereby authorize(s) him to represent and to vote, as designated on the reverse side of this ballot, all of
        the shares of common stock of ARCOS DORADOS HOLDINGS INC. that the shareholder(s) is/are entitled to vote at the Annual Meeting
        of Shareholders to be held at 9:00 AM, (Montevideo Time) on April 25, 2016, at Luis Bonavita 1294, 5<sup>th</sup> Floor Office
        501, World Trade Center Free Zone, Montevideo, Uruguay 11300, and any adjournment or postponement thereof.</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 34.2pt 0pt 0.5in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 34.2pt 0pt 0.5in; text-align: justify"><b>This proxy, when properly
        executed, will be voted in the manner directed herein. If no such direction is made, this proxy will be voted in accordance with
        the Board of Directors&rsquo; recommendations. </b></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 34.2pt 0pt 0.5in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>Continued and to be signed on reverse
        side</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P></td></tr>
</table>


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

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

<P STYLE="margin: 0"></P>

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M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  ,  H# 2(  A$! Q$!_\0
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K&&5=1C<QQQ6A;?#C1?$-I#K=Y->K=:BBW<PBD4('D&]MH*G R3CF@#__V0$!

end
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image_004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_004.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  ,  H# 2(  A$! Q$!_\0
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E<;G;'M6Q9?#30]8L+?4[J6]^T7D2W$NR10-[C<<#;P,DT ?_V0$!

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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>image_005.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_005.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  -  H# 2(  A$! Q$!_\0
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4EIZN\BVL$< =N"P50N2/PH __]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>image_006.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_006.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  -  H# 2(  A$! Q$!_\0
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JH"-SMCY>F.M<Y+\'-*NI7N+K4+I[F5B\K1J$4N>20IS@9SQD_4T ?__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>image_007.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_007.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  -  H# 2(  A$! Q$!_\0
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3M/1WD6U@2 .QP6"J%R?RH __V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>image_008.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_008.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  ,  H# 2(  A$! Q$!_\0
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?4R?![POJR+J-XU])=78$\SB8+N=_F8X"X')/2@#_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>image_009.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_009.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  ,  H# 2(  A$! Q$!_\0
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4MMN^SVD$<$6\Y.U%"C)]<"@#_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>image_010.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_010.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  ,  H# 2(  A$! Q$!_\0
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6+58W=884C#.YW, H&3C SQV% '__V0$!

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