<SEC-DOCUMENT>0000950103-16-015334.txt : 20160803
<SEC-HEADER>0000950103-16-015334.hdr.sgml : 20160803
<ACCEPTANCE-DATETIME>20160803081536
ACCESSION NUMBER:		0000950103-16-015334
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160803
FILED AS OF DATE:		20160803
DATE AS OF CHANGE:		20160803

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:		161802284

	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>dp67744_6k-1.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

<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"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>FORM 6-K</B></FONT>&nbsp;</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"><B>&nbsp;</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: 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: 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: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">For the month
of August, 2016</FONT></P>

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

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



<P STYLE="font: 14pt 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: 10pt 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"><FONT STYLE="font-size: 24pt"><B>Arcos
Dorados Holdings Inc.</B></FONT>&nbsp;</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: 10pt 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"><FONT STYLE="font-size: 12pt"><B>Dr. Luis
Bonavita 1294, Office 501 </B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Montevideo,
Uruguay, 11300 WTC Free Zone</B></FONT><B> </B></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: 10pt 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt">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"><FONT STYLE="font-size: 10pt">X</FONT></P></td>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 28%; font-size: 10pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt">Form
    40-F<U> </U></FONT></td>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid">&nbsp;</TD>
    </tr>
</table>
<P STYLE="font: 10pt 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)(1):</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>

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt">Yes
    </FONT></td>
    <TD STYLE="width: 14%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">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"><FONT STYLE="font-size: 10pt">X</FONT></P></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"><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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt">Yes
    </FONT></td>
    <TD STYLE="width: 14%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">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"><FONT STYLE="font-size: 10pt">X</FONT>&nbsp;</P></td></tr>
</table>


<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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></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: 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>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"><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 August 3, 2016 titled &ldquo;Arcos Dorados Reports
    Second Quarter 2016 Financial Results&rdquo; </FONT></td></tr>
</table>

<P STYLE="margin-top: 0; margin-bottom: 0"><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: 10pt"><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"><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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</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: 38%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 6%"><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:
August 3, 2016</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">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Item 1</B></FONT></P>

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

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

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

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

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>ARCOS DORADOS
REPORTS SECOND QUARTER 2016 FINANCIAL RESULTS</B></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Achieved
high single-digit comparable sales growth and delivered Adjusted EBITDA margin expansion on a consolidated basis.</B></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Montevideo, Uruguay, August 3,
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 second
quarter ended June 30, 2016.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 3pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Second
Quarter 2016 Key Results</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-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-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">As reported consolidated
                                         revenues were $687.3 million, a 9.4% decline versus the second quarter of 2015. On a
                                         constant currency basis<A HREF="#note_ftn1" NAME="note_ftnref1" STYLE="font-size: 65%; vertical-align: 35%">1</A>,
                                         consolidated revenues grew 10.1%, or 7.9% excluding Venezuela.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 3pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-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-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Systemwide comparable sales
                                         increased by 9.5% year-over-year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 3pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-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-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Adjusted EBITDA was $40.8
                                         million, or 0.6% lower year-over-year. Constant currency Adjusted EBITDA increased by
                                         34.7%, or 14.2% excluding Venezuela, versus the prior year quarter.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 3pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-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-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Consolidated Adjusted EBITDA
                                         margin expanded by about 50 basis points, or about 40 basis points excluding Venezuela.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 3pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-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-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">As reported General and
                                         Administrative expenses (G&amp;A) decreased by $14.5 million, or 21.4% year-over-year,
                                         and decreased by 5.8% on a constant currency basis.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 3pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-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-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">As reported net income was
                                         $43.4 million, compared to net income of $7.0 million in the same period last year, positively
                                         impacted by the Company&rsquo;s asset monetization initiative.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><SUP></SUP></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><SUP></SUP></FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><SUP>1</SUP>
For a definition of constant currency results please refer to page 15 of this document.</FONT></P>

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


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&ldquo;We continue to see strong
results from the execution of our three-year strategic plan. Having streamlined our fixed cost structure, we achieved a further
reduction in General and Administrative expenses in the quarter, which drove consolidated EBITDA margin expansion despite deteriorating
consumer fundamentals in key regions. We also brought our Net Debt to Adjusted EBITDA ratio back within our targeted range, supported
by the proceeds of our asset monetization initiative. While we expect a more difficult economic and consumer backdrop in Brazil
and Argentina will limit topline performance throughout 2016, we are optimistic that consumption will pick up as we enter 2017.
In the interim, we have maintained market share, and our more efficient organizational structure will enable greater leverage
as consumer spending improves&rdquo;, said Sergio Alonso, Chief Executive Officer of Arcos Dorados.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Second Quarter 2016 Results</U></B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; border-bottom: rgb(31,73,125) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Consolidated</B></FONT><FONT STYLE="font-size: 10pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I></I></FONT></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure
1. AD Holdings Inc Consolidated: Key Financial Results (In millions of U.S. dollars, except as noted)</B></FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<tr style="background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; width: 38%">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; border-left: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">2Q15<br>
    (a)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; 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-size: 10pt">Currency
    Translation<br>
    (b)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Constant<br>
    Currency<br>
    Growth<br>
    (c)&nbsp;&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt">2Q16<br>
    (a+b+c)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1.5pt solid; border-left: rgb(31,73,125) 1.5pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; 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-size: 10pt">%
    Constant Currency</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">2,120</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,135</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">0.7%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Sales by Company-operated Restaurants</FONT></td>
    <TD STYLE="text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">728.7</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">(141.8)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">72.2</FONT></td>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">659.1</FONT></td>
    <TD STYLE="text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">-9.6%</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">9.9%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD><FONT STYLE="font-size: 10pt">Revenues from franchised restaurants</FONT></td>
    <TD STYLE="text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">30.3</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">(6.3)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">4.2</FONT></td>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28.2</FONT></td>
    <TD STYLE="text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">-6.8%</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">13.9%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">759.0</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(148.1)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">76.4</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">687.3</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">-9.4%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">10.1%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic"><FONT STYLE="font-size: 10pt">Systemwide Comparable Sales</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">9.5%</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">41.1</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(14.5)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">14.3</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">40.8</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">-0.6%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">34.7%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic"><FONT STYLE="font-size: 10pt">Adjusted EBITDA Margin</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">5.4%</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">5.9%</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Net income (loss) attributable
    to AD</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">7.0</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(19.6)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">56.1</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">43.4</FONT></td>
    <TD STYLE="font-weight: bold; text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">522.8%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">803.9%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD><FONT STYLE="font-size: 10pt">No. of shares outstanding (thousands)</FONT></td>
    <TD STYLE="text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">210,447</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">210,625</FONT></td>
    <TD STYLE="text-align: right; border-left: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">EPS
    (US$/Share)</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid; border-left: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0.03</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0.21</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid; border-left: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
</table>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(2Q16 = 2Q15 + Currency Translation
+ Constant Currency Growth). Refer to &ldquo;Definitions&rdquo; section for further detail.</I></FONT></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The 9.4% decline in Arcos Dorados&rsquo;
second quarter as reported revenues resulted from the depreciation of local currencies, mainly in Argentina and Brazil and to
a lesser extent, Venezuela. Constant currency revenue growth of 10.1% was driven by a 9.5% expansion in systemwide comparable
sales, due to average check growth, partially offset by a decline in traffic.</FONT></P>

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


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt"><B>Adjusted EBITDA</B> ($ million)</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><I>Breakdown of main variations
contributing to 2Q16 Adjusted EBITDA</I></B></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">*Net impact of: Currency
Translation (-$6.5 million) and Constant Currency Growth ($7.9 million).</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Second quarter consolidated as
reported Adjusted EBITDA decreased 0.6% as constant currency growth was more than offset by the currency translation impact, mainly
in Argentina, Venezuela and Brazil. While Adjusted EBITDA expanded in NOLAD and the Caribbean division during the quarter, Brazil
and SLAD&rsquo;s results declined due to margin contraction and the year-over-year depreciation of the Brazilian real and Argentine
peso, respectively. Additionally, the Corporate segment contributed positively to the consolidated Adjusted EBITDA during the
quarter.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Adjusted EBITDA margin expanded
by about 50 basis points to 5.9%, supported by a positive contribution from the Corporate segment as well as margin expansion
in the Caribbean division and NOLAD, partially offset by margin contraction in Brazil and SLAD. The key drivers for margin expansion
were efficiencies in G&amp;A expenses and Payroll, which more than offset higher Food and Paper (F&amp;P) costs and Occupancy
and Other Operating expenses as a percentage of revenues. Additionally, the Adjusted EBITDA benefited from refranchising, as part
of the Company&rsquo;s asset monetization initiative.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As reported, consolidated G&amp;A
decreased by 100 basis points as a percentage of revenues. Importantly, G&amp;A decreased by 5.8% year-over-year on a constant
currency basis. This reflects efficiencies related to the reorganization plan implemented in the fourth quarter of 2015, as well
as certain non-recurring expenses incurred in the prior year quarter. Combined, these factors more than offset inflation-driven
growth in Argentine peso denominated corporate expenses.</FONT></P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; border-bottom: rgb(31,73,125) 2pt solid"><FONT STYLE="font-size: 10pt"><B>Consolidated
&ndash; excluding Venezuela</B></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Figure
2. AD Holdings Inc Consolidated - Excluding Venezuela: Key Financial Results</B></FONT></P>

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

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

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

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

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<tr style="background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: rgb(31,73,125) 1.5pt solid; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; width: 38%">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">2Q15<br>
    (a)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; 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-size: 10pt">Currency
    Translation<br>
    (b)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Constant<br>
    Currency<br>
    Growth<br>
    (c)&nbsp;&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: rgb(31,73,125) 1.5pt solid; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt">2Q16<br>
    (a+b+c)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; 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-size: 10pt">%
    Constant Currency</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,986</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,002</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">0.8%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Sales by Company-operated Restaurants</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">723.6</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">(130.8)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">57.3</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">650.1</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">-10.2%</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">7.9%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Revenues from franchised restaurants</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">29.7</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">(5.1)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">2.6</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">27.2</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">-8.4%</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">8.7%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">753.4</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(135.9)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">59.9</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">677.3</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-10.1%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">7.9%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Systemwide Comparable Sales</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">6.8%</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">45.1</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(8.1)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">6.4</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">43.4</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-3.7%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">14.2%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted EBITDA Margin</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">6.0%</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">6.4%</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Net income (loss) attributable
    to AD</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">13.7</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(10.1)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">47.2</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">50.8</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">272.0%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">346.0%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">No. of shares outstanding (thousands)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">210,447</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">210,625</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">EPS
    (US$/Share)</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0.06</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid; text-align: right; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">0.24</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
</table>


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Excluding the Company&rsquo;s
Venezuelan operation, as reported revenues declined by 10.1% year-over-year. The decrease primarily reflects the depreciation
of the Argentine peso and the Brazilian real, as well as other currencies in the Company&rsquo;s territory. On a constant currency
basis, revenues increased 7.9% in the second quarter. Systemwide comparable sales increased 6.8%, driven by average check growth,
partially offset by a decline in traffic.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Adjusted EBITDA decreased 3.7%
on an as reported basis, as currency translation impacts more than offset constant currency growth. In constant currency terms,
Adjusted EBITDA increased 14.2%. The Adjusted EBITDA margin expanded by about 40 basis points to 6.4%. The result reflects efficiencies
in G&amp;A expenses and Payroll costs, partially offset by higher F&amp;P costs and higher Occupancy and Other Operating expenses
as a percentage of revenues. Additionally, the Adjusted EBITDA excluding Venezuela also benefited from refranchising, as part
of the Company&rsquo;s asset monetization initiative.</FONT></P>

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


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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Non-operating results for the
second quarter reflected a $15.5 million foreign currency exchange gain, versus a gain of $3.7 million last year. The result was
due to a significantly higher appreciation of the Brazilian real during the 2016 second quarter versus the same period in 2015,
combined with an increased net exposure to the Brazilian real. Net interest expense increased $3.9 million year-over-year to $20.8
million in the quarter, mainly due to interest expenses on the loan agreement signed in March 2016, which more than offset lower
interest expenses on the 2016 notes.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company reported an income
tax expense of $14.4 million in the quarter, compared to an income tax benefit of $6.5 million in the prior year period.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Second quarter net income attributable
to the Company totaled $43.4 million, compared to net income of $7.0 million in the same period of 2015. The improvement reflects
stronger operating results coupled with the positive variance in FX results, partially offset by higher net interest and income
tax expenses. The second quarter 2016 operating result included the recognition of $50.1 million related to the Company&rsquo;s
asset monetization initiative, which was recorded within the line &ldquo;Other operating income (expense), net&rdquo; on the Company&rsquo;s
income statement.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company reported earnings
per share of $0.21 in the second quarter of 2016, compared to earnings per share of $0.03 in the previous corresponding period.
Total weighted average shares for the second quarter of 2016 were 210,625,444, as compared to 210,447,373 in the second quarter
of 2015, reflecting the issuance of shares as a result of the partial vesting of restricted share units.</FONT></P>

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


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Analysis by Division<SUP>2</SUP></U>:</B></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 2pt solid"><FONT STYLE="font-size: 10pt"><B>Brazil Division</B></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Figure 3. Brazil Division:
Key Financial Results</B></FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<tr style="background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: rgb(31,73,125) 1.5pt solid; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; width: 38%">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">2Q15<br>
    (a)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; 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-size: 10pt">Currency
    Translation<br>
    (b)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Constant<br>
    Currency<br>
    Growth<br>
    (c)&nbsp;&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: rgb(31,73,125) 1.5pt solid; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt">2Q16<br>
    (a+b+c)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; 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-size: 10pt">%
    Constant Currency</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">871</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">884</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1.5%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">350.8</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(43.6)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2.1</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">309.4</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-11.8%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">0.6%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Systemwide Comparable Sales</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">0.2%</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">39.2</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4.4)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4.3)</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">30.5</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-22.2%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-11.0%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">11.2%</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; border-bottom: rgb(31,73,125) 1pt solid; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">9.9%</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; text-align: right; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
</table>


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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Brazil&rsquo;s as reported revenues
decreased by 11.8%, as the 14% year-over-year average depreciation of the Brazilian real more than offset 0.2% comparable sales
growth and the contribution of new restaurant openings. Excluding the depreciation of the Brazilian real, constant currency revenues
increased 0.6% year-over-year. Systemwide comparable sales were approximately flat with an increase in average check offset by
a decline in traffic. The second quarter faced headwinds from the prevailing soft consumer environment and a tough traffic comparison
with the Monopoly promotion in the prior year quarter.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Marketing activities in the quarter
included the launch of &ldquo;Almo&ccedil;o Completo&rdquo; in the affordability platform, strong promotional activities, and
the Grand Big Mac campaign. Other initiatives included the Angry Birds in the Happy Meal, the continuation of the ClubHouse burger
and the launch of the Mushroom Dijon burger, both from the McDonald&rsquo;s Signature line.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As reported Adjusted EBITDA declined
by 22.2% year-over-year and 11.0% on a constant currency basis. The Adjusted EBITDA margin contracted by about 130 basis points
to 9.9%, as higher F&amp;P costs and Occupancy and Other Operating expenses more than offset efficiencies in Payroll and a positive
variance in Other Operating Income as a percentage of revenues, which was positively impacted by our re-franchising strategy in
the country. Increased F&amp;P costs reflect the higher FX rate at which the Company hedged its exposure to imported goods, as
well as raw material cost pressures.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><SUP>2</SUP> As from January 1,
2016, the Company made changes in the allocation of certain expenses previously included in the corporate segment to the operating
divisions in order to align the financial statement presentation with the revised allocation used by the Company&rsquo;s management
as from that date. In accordance with ASC 280, Segment Reporting, the Company has restated its comparative segment information
based on the new allocation of expenses.</FONT></P>
</P>

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


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 2pt solid"><FONT STYLE="font-size: 10pt"><B>NOLAD</B></FONT></P>

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

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

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

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

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

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<tr style="background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: rgb(31,73,125) 1.5pt solid; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; width: 38%">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">2Q15<br>
    (a)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; 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-size: 10pt">Currency
    Translation<br>
    (b)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Constant<br>
    Currency<br>
    Growth<br>
    (c)&nbsp;&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: rgb(31,73,125) 1.5pt solid; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt">2Q16<br>
    (a+b+c)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; 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-size: 10pt">%
    Constant Currency</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">511</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">516</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1.0%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">91.2</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(7.4)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">4.3</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">88.2</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-3.3%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">4.7%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Systemwide Comparable Sales</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">0.6%</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">7.2</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(0.1)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">0.7</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">7.8</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">9.1%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">10.3%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">7.9%</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">8.9%</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right">&nbsp;</td></tr>
</table>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">NOLAD&rsquo;s as reported revenues
decreased by 3.3% year-over-year, mainly due to the 18% year-over-year average depreciation of the Mexican peso. On a constant
currency basis, however, revenues increased 4.7% year-over-year. Systemwide comparable sales increased 0.6%, driven by average
check growth, offset by a modest decline in traffic.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Marketing initiatives in the quarter
included the continuation of the ClubHouse burger, the launch of the Angry Birds campaign, the re-hit of the Angus line with the
launch of the BBQ Bourbon burger, as well as the McN&iacute;fica campaign in the core segment.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As reported Adjusted EBITDA increased
by 9.1%, or 10.3% on a constant currency basis, demonstrating another quarter of strong performance and margin expansion. The
Adjusted EBITDA margin expanded by around 100 basis points to 8.9% in the second quarter, mainly driven by efficiencies in G&amp;A
expenses as a percentage of revenues.</FONT></P>

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


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 2pt solid"><FONT STYLE="font-size: 10pt"><B>SLAD</B></FONT></P>

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

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

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

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

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

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

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<tr style="background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: rgb(31,73,125) 1.5pt solid; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; width: 38%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">2Q15<br>
    (a)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; 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-size: 10pt">Currency
    Translation<br>
    (b)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Constant<br>
    Currency<br>
    Growth<br>
    (c)&nbsp;&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: rgb(31,73,125) 1.5pt solid; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt">2Q16<br>
    (a+b+c)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; 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-size: 10pt">%
    Constant Currency</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">383</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">382</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-0.3%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">220.8</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(80.3)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">50.5</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">191.0</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-13.5%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">22.9%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Systemwide Comparable Sales</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">24.4%</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">20.7</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(7.5)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2.5</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">15.6</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-24.5%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">12.0%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">9.4%</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">8.2%</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right">&nbsp;</td></tr>
</table>


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The SLAD division&rsquo;s as reported
revenues decreased by 13.5% mainly due to the 59% year-over-year average depreciation of the Argentine peso, as well as the depreciation
of other currencies in the division. On a constant currency basis, revenues increased 22.9% year-over-year. Systemwide comparable
sales increased 24.4%, driven by average check growth and partially offset by a modest decline in traffic.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Marketing activities in the quarter
included the continuation of the ClubHouse burger in the Signature Line, &ldquo;Almuerzos Imperdibles&rdquo; in the affordability
platform, and the launch of the Angry Birds campaign. Also in the quarter, the Company launched the McFlurry Milka Nuss &amp;
Nougat Cr&egrave;me.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Adjusted EBITDA decreased 24.5%
on an as reported basis but rose 12.0% in constant currency terms. The Adjusted EBITDA margin contracted by about 120 basis points
to 8.2%, driven by higher F&amp;P and Occupancy and Other Operating expenses, partially offset by efficiencies in Payroll costs
and G&amp;A expenses. F&amp;P costs rose as a percentage of sales in the quarter, primarily due to certain input cost pressures
and a negative shift in product mix in Argentina.</FONT></P>

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


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 2pt solid"><FONT STYLE="font-size: 10pt"><B>Caribbean Division</B></FONT></P>

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

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

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

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

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

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<tr style="background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: rgb(31,73,125) 1.5pt solid; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; width: 38%">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">2Q15<br>
    (a)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; 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-size: 10pt">Currency
    Translation<br>
    (b)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Constant<br>
    Currency<br>
    Growth<br>
    (c)&nbsp;&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: rgb(31,73,125) 1.5pt solid; border-right: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt">2Q16<br>
    (a+b+c)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; 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-size: 10pt">%
    Constant Currency</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">355</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">353</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-0.6%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">96.1</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(16.8)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">19.4</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">98.7</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2.7%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">20.2%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Systemwide Comparable Sales</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">26.1%</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(0.4)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(6.4)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">8.3</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1.5</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">464.0%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2070.3%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-0.4%</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">1.5%</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right">&nbsp;</td></tr>
</table>


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Caribbean division&rsquo;s
as reported revenues increased by 2.7%, as constant currency growth exceeded currency translation impacts derived from the remeasurement
of the results of the Venezuelan operation at a weaker year-over-year average exchange rate, as well as the depreciation of the
Colombian peso. Revenues in constant currency rose 20.2% year-over-year. Systemwide comparable sales increased by 26.1%, with
average check growth more than offsetting a decrease in traffic.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Marketing initiatives in the quarter
included the continuation of Almuerzos Colombianos and the ClubHouse burger from the Signature line in key markets. Also in the
quarter, the Company launched the Angry Birds campaign and the McFlurry Cheesecake in the dessert category.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As reported Adjusted EBITDA totaled
$1.5 million in the second quarter, compared with negative $0.4 million in the prior year quarter. The Adjusted EBITDA margin
expanded to 1.5% from negative 0.4%, mainly driven by lower Payroll costs, coupled with efficiencies in Occupancy and Other Operating
expenses as well as G&amp;A.</FONT></P>

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


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 2pt solid"><FONT STYLE="font-size: 10pt"><B>Caribbean Division &ndash;
excluding Venezuela</B></FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Figure 7. Caribbean Division - Excluding Venezuela: Key Financial Results</FONT></P>

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

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

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

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<tr style="background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1.5pt solid; width: 38%; border-top: rgb(31,73,125) 1.5pt solid; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">2Q15<br>
    (a)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; 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-size: 10pt">Currency
    Translation<br>
    (b)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Constant<br>
    Currency<br>
    Growth<br>
    (c)&nbsp;&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1.5pt solid; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">2Q16<br>
    (a+b+c)</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; 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-size: 10pt">%
    Constant Currency</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">221</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">220</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-0.5%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">90.5</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4.7)</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2.9</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">88.7</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-2.0%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3.2%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Systemwide Comparable Sales</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">2.2%</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3.6</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">0.0</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">0.4</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4.1</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">12.2%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">11.3%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4.0%</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right; border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">4.6%</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right">&nbsp;</td></tr>
</table>


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As reported revenues in the Caribbean
division, excluding Venezuela, decreased by 2.0% versus the prior-year period, mainly due to the 20% year-over-year average depreciation
of the Colombian peso. Excluding currency movements, revenues increased 3.2% year-over-year, supported by the continued strong
recent performance of the Colombian operation. Comparable sales increased by 2.2%, driven by traffic growth, partially offset
by a modest decline in average check.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Adjusted EBITDA totaled $4.1 million,
compared to $3.6 million in the same period of 2015. The Adjusted EBITDA margin expanded by about 60 basis points to 4.6%, mainly
driven by efficiencies in Occupancy and Other Operating expenses, as well as Payroll, as a percentage of revenues.</FONT></P>

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

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

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

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

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 75%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1.5pt solid; border-top: rgb(31,73,125) 2pt solid"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt"><B>Figure 8. Total
Restaurants (eop)*</B></FONT></P>

</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; border-top: rgb(31,73,125) 2pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; border-top: rgb(31,73,125) 2pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; border-top: rgb(31,73,125) 2pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; border-top: rgb(31,73,125) 2pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; border-top: rgb(31,73,125) 2pt solid">&nbsp;</TD></TR>
<tr style="background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1.5pt solid; width: 40%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt">June<br>
    2016</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt">March<br>
    2016</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt">December<br>
    2015</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt">September<br>
    2015</FONT></td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt">June<br>
    2015</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><FONT STYLE="font-size: 10pt">Brazil</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">884</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">883</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">883</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">869</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">871</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <td><FONT STYLE="font-size: 10pt">NOLAD</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">516</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">516</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">518</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">514</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">511</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><FONT STYLE="font-size: 10pt">SLAD</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">382</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">382</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">384</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">383</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">383</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <td><FONT STYLE="font-size: 10pt">Caribbean</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">353</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">355</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">356</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">356</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">355</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="font-weight: bold"><FONT STYLE="font-size: 10pt">TOTAL</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,135</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,136</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,141</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,122</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,120</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">LTM Net Openings</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">36</FONT></td>
    <TD STYLE="font-style: italic; border-bottom: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">45</FONT></td></tr>
</table>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt"><FONT STYLE="font-size: 8pt">* Considers Company-operated
and franchised restaurants at period-end</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company opened 31 new restaurants
during the twelve-month period ended June 30, 2016, resulting in a total of 2,135 restaurants. Also during the period, the Company
added 138 Dessert Centers bringing the total to 2,666. McCaf&eacute;s totaled 318 as of June 30, 2016.</FONT></P>

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


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Cash and cash equivalents were
$136.8 million at June 30, 2016. The Company&rsquo;s total financial debt (including derivative instruments) was $686.8 million.
Net debt was $550.0 million and the Net Debt/Adjusted EBITDA ratio was 2.3x at June 30, 2016.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Net cash provided by operating
activities was $28.5 million in the second quarter of 2016, while cash used in financing activities amounted to $205.6 million.
The latter included $119.9 million related to the repurchase of the BRL 2016 Notes within the tender offer announced in April
2016, as well as $80.8 million related to the repurchase of the USD 2023 Notes within the tender offer announced in June 2016.
During the quarter, capital expenditures totaled $18.6 million.</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 75%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(31,73,125) 2pt solid; border-bottom: rgb(31,73,125) 1.5pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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

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

</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top: rgb(31,73,125) 2pt solid; border-bottom: rgb(31,73,125) 1.5pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top: rgb(31,73,125) 2pt solid; border-bottom: rgb(31,73,125) 1.5pt solid">&nbsp;</TD></TR>
<tr style="vertical-align: bottom; background-color: #C5D9F1">
    <td style="width: 60%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: center; width: 20%"><FONT STYLE="font-size: 10pt">June 30</FONT></td>
    <td style="font-weight: bold; text-align: center; width: 20%"><FONT STYLE="font-size: 10pt">December 31</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #C5D9F1">
    <TD STYLE="border-bottom: rgb(31,73,125) 1.5pt solid"><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 STYLE="font-size: 10pt">2016</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2015</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><FONT STYLE="font-size: 10pt">Cash &amp; cash equivalents</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">136,790</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">112,519</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <td><FONT STYLE="font-size: 10pt">Total Financial Debt (i)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">686,780</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">650,452</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><FONT STYLE="font-size: 10pt">Net Financial Debt (ii)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">549,990</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">537,933</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <td><FONT STYLE="font-size: 10pt">Total Financial Debt / LTM Adjusted EBITDA ratio</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">2.9</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">2.8</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">Net Financial Debt / LTM Adjusted EBITDA ratio</FONT></td>
    <td style="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2.3</FONT></td>
    <td style="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2.3</FONT></td></tr>
</table>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt"><FONT STYLE="font-size: 8pt">(i)&nbsp;&nbsp;Total financial
debt includes short-term debt, long-term debt and derivative instruments (including the asset portion of derivatives</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 8pt">amounting to nil and
$6.7 million as a reduction of financial debt as of June 30, 2016 and December 31, 2015, respectively).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 8pt">(ii) Total financial debt less
cash and cash equivalents.</FONT></P>

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


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>First Half 2016</U></B></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">For the six months ended June
30, 2016, the Company&rsquo;s as reported revenues declined by 12.3% to $1,345.8 million. On a constant currency basis, however,
revenues grew by 13.1%. As reported Adjusted EBITDA was $89.0 million, a 7.4% increase compared to the first half of 2015. On
a constant currency basis, Adjusted EBITDA increased by 50.8%. The reported Adjusted EBITDA margin expanded by 120 basis points
to 6.6%, as leverage in G&amp;A expenses and Payroll costs more than offset higher F&amp;P costs as a percentage of revenues.
First half Adjusted EBITDA benefited from G&amp;A savings as a result of the optimization plan carried out in the fourth quarter
of 2015. Additionally, Adjusted EBITDA was positively impacted by refranchising as part of the Company&rsquo;s asset monetization
initiative.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Year-to-date consolidated net
income amounted to $59.5 million, compared with a loss of $21.3 million in the first half of 2015. The net loss in the first half
of 2015 included the following impacts the Company registered in the first quarter, which resulted from the transition to the
SIMADI rate in Venezuela: (i) an FX loss of $8.0 million, (ii) an impairment charge of $7.8 million, and (iii) an inventory write
down of $3.3 million, among others. In addition, net income in the first half of 2016 included $53.2 million from the Company&rsquo;s
asset monetization initiative.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Excluding the Venezuelan operation,
the Company&rsquo;s revenues declined by 12.8%, but increased by 10.1% on a constant currency basis. Adjusted EBITDA declined
by 1.1%, as reported, and increased by 26.4%, on a constant currency basis. The reported Adjusted EBITDA margin expanded by about
80 basis points to 6.9%, as leverage in G&amp;A and Payroll costs more than offset higher F&amp;P as a percentage of revenues.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">During the first half of 2016,
capital expenditures totaled $27.9 million.</FONT></P>

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


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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>Asset Monetization Initiative</U></I></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As part of its asset monetization
initiative, as of June 30, 2016, the Company had received cumulative cash proceeds of around $94.0 million, of which approximately
$80.0 million were related to redevelopment and $14.0 million to refranchising.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>BRL 2016 Notes</U></I></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">On April 8, 2016, the Company
launched a cash tender offer for any and all of its outstanding 10.25% Brazilian real denominated senior 2016 Notes. As a consequence
of this transaction, the Company redeemed 67.9%, or BRL 425.8 million, of the outstanding principal plus accrued and unpaid interest.
The remaining BRL 201 million of outstanding principal of the 2016 Notes was paid at maturity, on July 13, 2016. Proceeds from
a four-year BRL 613.9 million secured loan agreement signed by the Company&rsquo;s Brazilian subsidiary on March 29, 2016 were
the primary source of financing for these payments.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>Tender Offer for USD 2023
Notes</U></I></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">On June 16, 2016, the Company
announced the settlement of a cash tender offer for $80 million of its 6.625% senior notes due 2023, which was paid with asset
monetization proceeds.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>Revolving Credit Facility
with Bank of America, N.A.</U></I></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">On August 1, 2016, the Company
renewed the revolving credit facility with Bank of America, N.A. for up to $25 million, maturing on August 3, 2017. Under the
new agreement, the Company will be required to comply with a consolidated net indebtedness to EBITDA ratio no greater than (a)
3.5x as of the last day of the fiscal quarter ended March 31 and June 30, 2016, (b) 3.25x as of the last day of the fiscal quarter
ended September 30, 2016, and (c) 3.0x as of the last day of the fiscal quarter ended December 31, 2016 and thereafter. As of
June 30, 2016, this ratio was 2.39x. For more details on the revolving credit facility with Bank of America, N.A., please refer
to Note 4 of the Company&rsquo;s Financial Statements filed today with the S.E.C.</FONT></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The MFA requires the Company,
among other obligations, to maintain a minimum fixed charge coverage ratio of 1.50x, as well as a maximum leverage ratio of 4.25x.
McDonald&rsquo;s Corporation recently granted the Company an extension of the limited waiver through and including June 30, 2016,
during which time, the Company is not required to comply with the leverage ratio set forth in the MFA.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As of June 30, 2016, the Company&rsquo;s
fixed charge coverage ratio was 1.64x and its leverage ratio was 4.40x.</FONT></P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>Appointment of new Board
Member</U></I></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">On recommendation of the Nominating
Committee, the Board of Directors of Arcos Dorados Holdings, Inc. appointed Mr. Ricardo Guti&eacute;rrez Mu&ntilde;oz to the Board
to fill a recent vacancy on the Board. Mr. Guti&eacute;rrez Mu&ntilde;oz joined the Board on July 1, 2016 as an independent director
and will also serve on the Audit Committee of the Board of Directors. He graduated with a Bachelor&rsquo;s Degree in Accounting
from the Instituto Polit&eacute;cnico Nacional (Mexico City) and a Master&rsquo;s Degree in Financing from the Universidad Lasalle
(Mexico City). Mr. Guti&eacute;rrez Mu&ntilde;oz is currently the CEO of the CP Latina Company and Chairman of the Board of Grupo
Pochteca. He is also a board member of a number of other private and listed companies.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>Extension of the MFA in
the French Markets</U></I></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The initial term of the MFA for
French Guyana, Guadeloupe and Martinique was ten years through August 2, 2017 with an option to extend the agreement for these
markets for an additional period of ten years, through August 2, 2027. The Company recently exercised its option to extend the
MFA for these three territories.</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></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%"><B>Investor Relations Contact</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt"><B>Media
Contact</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; Investor Relations</TD>
    <TD>Katja
Buhrer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Arcos Dorados</TD>
    <TD><FONT STYLE="color: #0563C1"><U>katja.buhrer@mbsvalue.com</U></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt"></FONT>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #0563C1"><U>daniel.schleiniger@ar.mcd.com</U></FONT></P>



<FONT STYLE="font-size: 10pt"></TD>
    <TD><FONT STYLE="font-size: 10pt">+1
917 969 3438</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">+54 11 4711 2675</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="color: #0563C1"><U>www.arcosdorados.com/ir</U></FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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


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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I><U>Systemwide
comparable sales growth:</U></I> 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I><U>Constant
currency basis:</U></I> 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">To better
discern underlying business trends, this release uses non-GAAP financial measures that segregate year-over-year growth into two
categories: (i) currency translation, (ii) constant currency 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) Constant currency growth reflects the underlying growth of the business
excluding the effect from currency translation.</FONT></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="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 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: #0563C1"><U>www.arcosdorados.com/ir</U></FONT></FONT></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="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 2016. 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 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-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 of property and
equipment, impairment of long-lived assets,</FONT><FONT STYLE="font-size: 10pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="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 9 of our quarterly financial statements (6-K Form) filed today with the S.E.C.</FONT></P>

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


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Second Quarter 2016 Consolidated
Results</B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 2pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Figure 10. Second Quarter &amp;
First Half 2016 Consolidated Results</B></FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<tr>
    <td style="vertical-align: bottom; border-top: #1F497D 1.5pt solid; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td colspan="2" style="font-weight: bold; vertical-align: middle; border-top: #1F497D 1.5pt solid; text-align: center; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">For
    Three-Months ended</FONT></td>
    <td style="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td colspan="2" style="font-weight: bold; vertical-align: middle; border-top: #1F497D 1.5pt solid; text-align: center; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">For
    Six-Months ended</FONT></td></tr>
<tr>
    <td style="vertical-align: bottom; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td colspan="2" style="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">June
    30,</FONT></td>
    <td style="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td colspan="2" style="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">June
    30,</FONT></td></tr>
<tr>
    <td style="vertical-align: bottom; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; width: 57%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 11%"><FONT STYLE="font-size: 10pt">2016</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 11%"><FONT STYLE="font-size: 10pt">2015</FONT></td>
    <td style="vertical-align: bottom; background-color: white; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 10%"><FONT STYLE="font-size: 10pt">2016</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 10%"><FONT STYLE="font-size: 10pt">2015</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><FONT STYLE="font-size: 10pt">REVENUES</FONT></td>
    <td style="border-right: #1F497D 1pt solid"><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 style="border-right: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Sales by Company-operated restaurants</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">659,076</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">728,702</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,290,089</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">1,472,173</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Revenues from franchised restaurants</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">28,225</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">30,299</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">55,726</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">61,886</FONT></td></tr>
<tr style="background-color: white">
    <td style="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    Revenues</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">687,301</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">759,001</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,345,815</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,534,059</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">OPERATING COSTS AND EXPENSES</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Company-operated restaurant expenses:</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Food and paper</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(242,698)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(260,557)</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(470,716)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(520,018)</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Payroll and employee benefits</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(144,859)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(164,742)</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(284,011)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(336,097)</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Occupancy and other operating expenses</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(183,388)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(198,587)</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(359,097)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(404,526)</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Royalty fees</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(33,603)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(37,298)</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(65,699)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(75,300)</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Franchised restaurants - occupancy expenses</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(13,194)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(13,864)</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(25,790)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(29,090)</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">General and administrative expenses</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(53,212)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(67,675)</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(101,999)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(133,146)</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Other operating income (expenses), net</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">47,404</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(2,372)</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">47,423</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(16,591)</FONT></td></tr>
<tr style="background-color: white">
    <td style="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    operating costs and expenses</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(623,550)</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(745,095)</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,259,889)</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,514,768)</FONT></td></tr>
<tr style="background-color: white">
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: #1F497D 0.5pt solid; border-top-color: #1F497D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Operating
    income</FONT></td>
    <td style="font-weight: bold; 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"><FONT STYLE="font-size: 10pt">63,751</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">13,906</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; 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"><FONT STYLE="font-size: 10pt">85,926</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">19,291</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Net interest expense</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(20,778)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(16,873)</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(35,037)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(33,197)</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Gain (Loss) from derivative instruments</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(37)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(52)</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(30)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(125)</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Foreign currency exchange results</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">15,487</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">3,686</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">32,206</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(20,012)</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Other non-operating expense, net</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(592)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(118)</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(766)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(164)</FONT></td></tr>
<tr style="background-color: white">
    <td style="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid"><FONT STYLE="font-size: 10pt">Income
    (loss) before income taxes</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">57,831</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">549</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">82,299</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(34,207)</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Income tax (expense) benefit</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(14,387)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">6,470</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(22,729)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">13,057</FONT></td></tr>
<tr style="background-color: white">
    <td style="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid"><FONT STYLE="font-size: 10pt">Net
    income (loss)</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">43,444</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">7,019</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">59,570</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(21,150)</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Less: Net income attributable to non-controlling interests</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(15)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(46)</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(77)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(110)</FONT></td></tr>
<tr style="background-color: white">
    <td style="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid"><FONT STYLE="font-size: 10pt">Net
    income (loss) attributable to Arcos Dorados Holdings Inc.</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">43,429</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">6,973</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">59,493</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(21,260)</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="font-weight: bold"><FONT STYLE="font-size: 10pt">Earnings (loss) per share information ($ per share):</FONT></td>
    <td style="border-right: #1F497D 1pt solid; text-align: right"><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 style="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><FONT STYLE="font-size: 10pt">Basic net income per common share</FONT></td>
    <td style="font-weight: bold; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03</FONT></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10)</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Weighted-average number of common shares outstanding-Basic</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">210,625,444</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">210,447,373</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">210,582,170</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">210,332,347</FONT></td></tr>
<tr style="background-color: white">
    <td style="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Reconciliation</FONT></td>
    <td style="vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Operating income</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">63,751</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">13,906</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">85,926</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">19,291</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Depreciation and amortization</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">24,403</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">28,164</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">49,590</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">55,860</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Operating charges excluded from EBITDA computation</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(47,350)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(1,016)</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(46,505)</FONT></td>
    <td style="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">7,756</FONT></td></tr>
<tr style="background-color: white">
    <td style="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">40,804</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">41,054</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">89,011</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">82,907</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="font-weight: bold; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">Adjusted EBITDA Margin as %
    of total revenues</FONT></td>
    <td style="font-weight: bold; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5.9%</FONT></td>
    <td style="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5.4%</FONT></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">6.6%</FONT></td>
    <td style="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5.4%</FONT></td></tr>
</table>


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


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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Second Quarter 2016 Results
by Division</B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 2pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Figure 11. Second Quarter &amp;
First Half 2016 Consolidated Results by Division</B></FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td style="border-top: #1F497D 1.5pt solid; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td colspan="4" style="font-weight: bold; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">2Q</FONT></td>
    <td style="background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td colspan="4" style="font-weight: bold; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">1H</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; background-color: #C5D9F1; border-right: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">Three-Months
    ended</FONT></td>
    <TD STYLE="font-weight: bold; text-align: center; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">% Incr.</FONT></td>
    <td style="font-weight: bold; text-align: center; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">Constant</FONT></td>
    <td style="background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; background-color: #C5D9F1; border-right: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">Six-Months
    ended</FONT></td>
    <TD STYLE="font-weight: bold; text-align: center; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">% Incr.</FONT></td>
    <td style="font-weight: bold; text-align: center; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">Constant</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; background-color: #C5D9F1; border-right: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">June
    30,</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">/</FONT></td>
    <td style="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">Currency</FONT></td>
    <td style="background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; background-color: #C5D9F1; border-right: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">June
    30,</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">/</FONT></td>
    <td style="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">Currency</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; width: 19%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; 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%"><FONT STYLE="font-size: 10pt">2016</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 10%"><FONT STYLE="font-size: 10pt">2015</FONT></td>
    <TD STYLE="font-weight: bold; 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%"><FONT STYLE="font-size: 10pt">(Decr)</FONT></td>
    <td style="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 10%"><FONT STYLE="font-size: 10pt">Incr/(Decr)%</FONT></td>
    <td style="background-color: white; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; 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%"><FONT STYLE="font-size: 10pt">2016</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 10%"><FONT STYLE="font-size: 10pt">2015</FONT></td>
    <TD STYLE="font-weight: bold; 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%"><FONT STYLE="font-size: 10pt">(Decr)</FONT></td>
    <td style="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 10%"><FONT STYLE="font-size: 10pt">Incr/(Decr)%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="font-weight: bold; text-decoration: underline"><FONT STYLE="font-size: 10pt">Revenues</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid"><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 STYLE="border-right: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">Brazil</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">309,436</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">350,844</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">-11.8%</FONT></td>
    <td style="text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">0.6%</FONT></td>
    <td style="background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">598,028</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">716,774</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">-16.6%</FONT></td>
    <td style="text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">4.5%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><FONT STYLE="font-size: 10pt">Caribbean</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">98,697</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">96,126</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2.7%</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">20.2%</FONT></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">196,286</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">196,708</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-0.2%</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">27.1%</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">NOLAD</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">88,171</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">91,223</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">-3.3%</FONT></td>
    <td style="text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">4.7%</FONT></td>
    <td style="background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">173,460</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">177,766</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">-2.4%</FONT></td>
    <td style="text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">6.0%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><FONT STYLE="font-size: 10pt">SLAD</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">190,997</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">220,808</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-13.5%</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">22.9%</FONT></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">378,041</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">442,811</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-14.6%</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">23.7%</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">TOTAL</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">687,301</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">759,001</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">-9.4%</FONT></td>
    <td style="font-weight: bold; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">10.1%</FONT></td>
    <td style="font-weight: bold; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">1,345,815</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">1,534,059</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">-12.3%</FONT></td>
    <td style="font-weight: bold; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">13.1%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td colspan="2" style="font-weight: bold; text-decoration: underline; border-right: #1F497D 0.5pt solid"><FONT STYLE="font-size: 10pt">Operating
    Income (loss)&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">Brazil</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">18,904</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">24,455</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">-22.7%</FONT></td>
    <td style="text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">-11.2%</FONT></td>
    <td style="background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">44,360</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">45,783</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">-3.1%</FONT></td>
    <td style="text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">25.4%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><FONT STYLE="font-size: 10pt">Caribbean</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(6,563)</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(7,090)</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-7.4%</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">-140.1%</FONT></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(14,365)</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(24,604)</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">41.6%</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">112.7%</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">NOLAD</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">48,389</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">606</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">7885.0%</FONT></td>
    <td style="text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">9228.1%</FONT></td>
    <td style="background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">50,359</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">(587)</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">8679.0%</FONT></td>
    <td style="text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">9928.4%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><FONT STYLE="font-size: 10pt">SLAD</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">12,115</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">16,350</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-25.9%</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">14.1%</FONT></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">24,953</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">34,813</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-28.3%</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">11.3%</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">Corporate and Other</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">(9,094)</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">(20,415)</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">-55.5%</FONT></td>
    <td style="text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">-33.5%</FONT></td>
    <td style="background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">(19,381)</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">(36,114)</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">46.3%</FONT></td>
    <td style="text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">19.7%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="font-weight: bold"><FONT STYLE="font-size: 10pt">TOTAL</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">63,751</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">13,906</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">358.4%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">519.6%</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">85,926</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">19,291</FONT></td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">345.4%</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">563.4%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="font-weight: bold; text-decoration: underline"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">Brazil</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">30,502</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">39,185</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">-22.2%</FONT></td>
    <td style="text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">-11.0%</FONT></td>
    <td style="background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">65,795</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">74,425</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">-11.6%</FONT></td>
    <td style="text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">13.0%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><FONT STYLE="font-size: 10pt">Caribbean</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,456</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(400)</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-464.0%</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">-2070.3%</FONT></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">3,917</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3,133)</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">225.0%</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">554.6%</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">NOLAD</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">7,824</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">7,173</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">9.1%</FONT></td>
    <td style="text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">10.3%</FONT></td>
    <td style="background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">15,465</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">12,479</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">23.9%</FONT></td>
    <td style="text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">23.6%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><FONT STYLE="font-size: 10pt">SLAD</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">15,595</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">20,660</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-24.5%</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">12.0%</FONT></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">32,084</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">44,029</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-27.1%</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">8.9%</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">Corporate and Other</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">(14,573)</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">(25,564)</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">-43.0%</FONT></td>
    <td style="text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">-27.7%</FONT></td>
    <td style="background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">(28,250)</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">(44,893)</FONT></td>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">37.1%</FONT></td>
    <td style="text-align: right; background-color: #DCE6F1"><FONT STYLE="font-size: 10pt">18.3%</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="font-weight: bold; border-bottom: #1F497D 1pt solid">TOTAL</td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">40,804</td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">41,054</td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">-0.6%</td>
    <td style="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right">34.7%</td>
    <td style="font-weight: bold">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">89,011</td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">82,907</td>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">7.4%</td>
    <td style="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right">50.8%</td></tr>
</table>


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

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

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

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

<TABLE CELLPADDING="2" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 75%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; border-top: rgb(31,73,125) 1.5pt solid; border-bottom: rgb(31,73,125) 1.5pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Figure 12. Average Exchange
Rate per Quarter*</B></FONT></P>
</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P> <TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 75%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<tr style="vertical-align: middle; background-color: #C5D9F1">
    <TD STYLE="border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 29%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 14%"><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: 14%"><FONT STYLE="font-size: 10pt">Brazil</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 14%"><FONT STYLE="font-size: 10pt">Mexico</FONT></td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1.5pt solid; text-align: center; width: 14%"><FONT STYLE="font-size: 10pt">Argentina</FONT></td>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font-weight: bold; text-align: center; width: 14%; border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">Venezuela</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><FONT STYLE="font-size: 10pt">2Q16</FONT></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">3.50</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">18.10</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">14.22</FONT></td>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">453.93</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">2Q15</FONT></td>
    <td style="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">3.07</FONT></td>
    <td style="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">15.32</FONT></td>
    <td style="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">8.95</FONT></td>
    <td style="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">197.86</FONT></td></tr>
</table>


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

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

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


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 2pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-size: 10pt"><B>Figure 13. Summarized Consolidated
Balance Sheets</B></FONT></P>

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

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

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

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<tr style="vertical-align: middle; background-color: #C5D9F1">
    <td style="border-top: #1F497D 1.5pt solid; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="border-top: #1F497D 1.5pt solid; width: 55%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; border-top: #1F497D 1.5pt solid; text-align: center; width: 15%"><FONT STYLE="font-size: 10pt">June
    30</FONT></td>
    <td style="font-weight: bold; border-top: #1F497D 1.5pt solid; text-align: center; width: 15%"><FONT STYLE="font-size: 10pt">December
    31</FONT></td></tr>
<tr style="background-color: #C5D9F1">
    <td style="vertical-align: bottom; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2016</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2015</FONT></td></tr>
<tr style="background-color: white">
    <td colspan="2" style="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">ASSETS</FONT></td>
    <td colspan="2" style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <td style="font-weight: bold; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Current assets</FONT></td>
    <td style="vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Cash and cash equivalents&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">136,790</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">112,519</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Accounts and notes receivable, net</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">64,434</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">63,348</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Other current assets (1)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">219,692</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">203,129</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td colspan="2" style="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    current assets&nbsp;</FONT></td>
    <td style="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">420,916</FONT></td>
    <td style="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">378,996</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td colspan="2" style="font-weight: bold"><FONT STYLE="font-size: 10pt">Non-current assets</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Property and equipment, net&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">865,782</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">833,357</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Net intangible assets and goodwill&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">48,296</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">49,486</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Deferred income taxes&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">70,480</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">63,321</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Other non-current assets (2)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">88,083</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">78,042</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td colspan="2" style="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    non-current assets&nbsp;</FONT></td>
    <td style="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,072,641</FONT></td>
    <td style="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,024,206</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="font-weight: bold; border-bottom: #1F497D 0.5pt solid; border-top-color: #1F497D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Total
    assets&nbsp;</FONT></td>
    <td style="font-weight: bold; border-bottom: #1F497D 0.5pt solid; border-top-color: #1F497D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">1,493,557</FONT></td>
    <td style="font-weight: bold; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">1,403,202</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td colspan="2"><FONT STYLE="font-size: 10pt">LIABILITIES AND EQUITY</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td colspan="2" style="font-weight: bold"><FONT STYLE="font-size: 10pt">Current liabilities</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Accounts payable&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">181,375</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">187,685</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Taxes payable (3)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">96,004</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">97,587</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Accrued payroll and other liabilities&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">112,305</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">93,112</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Other current liabilities (4)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">23,030</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">30,824</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Provision for contingencies&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">496</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">512</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Financial debt (5)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">87,472</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">165,866</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Deferred income taxes&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">1,866</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">1,728</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td colspan="2" style="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    current liabilities&nbsp;</FONT></td>
    <td style="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">502,548</FONT></td>
    <td style="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">577,314</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td colspan="2" style="font-weight: bold"><FONT STYLE="font-size: 10pt">Non-current liabilities</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Accrued payroll and other liabilities&nbsp;&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">22,005</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">19,381</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Provision for contingencies&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">23,369</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">20,066</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Financial debt (6)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">599,308</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">491,327</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Deferred income taxes&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">8,365</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">8,224</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td colspan="2" style="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    non-current liabilities&nbsp;</FONT></td>
    <td style="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">653,047</FONT></td>
    <td style="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">538,998</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    liabilities&nbsp;</FONT></td>
    <td style="font-weight: bold; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">1,155,595</FONT></td>
    <td style="font-weight: bold; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">1,116,312</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="font-weight: bold"><FONT STYLE="font-size: 10pt">Equity</FONT></td>
    <td style="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Class A shares of common stock</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">373,958</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">371,857</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Class B shares of common stock</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">132,915</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">132,915</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Additional paid-in capital&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">12,098</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">12,606</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Retained earnings&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">252,651</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">193,158</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Accumulated other comprehensive losses</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">(434,273)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">(424,263)</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td colspan="2" style="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    Arcos Dorados Holdings Inc shareholders&rsquo; equity</FONT></td>
    <td style="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">337,349</FONT></td>
    <td style="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">286,273</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td colspan="2"><FONT STYLE="font-size: 10pt">Non-controlling interest in subsidiaries</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">613</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">617</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    equity</FONT></td>
    <td style="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">337,962</FONT></td>
    <td style="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">286,890</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">Total
    liabilities and equity&nbsp;</FONT></td>
    <td style="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">1,493,557</FONT></td>
    <td style="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">1,403,202</FONT></td></tr>
</table>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt"><FONT STYLE="font-size: 8pt">(1) Includes "Other receivables",
"Inventories", "Prepaid expenses and other current assets", and "Deferred income taxes".</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 8pt">(2) Includes "Miscellaneous", "Collateral
deposits", "Derivative instruments" and "McDonald&acute;s Corporation indemnification for contingencies".&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 8pt">(4) Includes "Royalties payable to
McDonald&acute;s Corporation" and "Interest payable".</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 8pt">(5) Includes "Short-term debt", "Current&nbsp;portion&nbsp;of&nbsp;long-term&nbsp;debt"
and "Derivative instruments".</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 8pt">(6) Includes "Long-term debt,
excluding current portion" and "Derivative instruments".&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>



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