<SEC-DOCUMENT>0000950103-16-017600.txt : 20161102
<SEC-HEADER>0000950103-16-017600.hdr.sgml : 20161102
<ACCEPTANCE-DATETIME>20161102085255
ACCESSION NUMBER:		0000950103-16-017600
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20161102
FILED AS OF DATE:		20161102
DATE AS OF CHANGE:		20161102

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:		161966422

	BUSINESS ADDRESS:	
		STREET 1:		DR. LUIS BONAVITA 1294, OFFICE 501
		STREET 2:		WTC FREE ZONE
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			11300
		BUSINESS PHONE:		598 2626-3000

	MAIL ADDRESS:	
		STREET 1:		DR. LUIS BONAVITA 1294, OFFICE 501
		STREET 2:		WTC FREE ZONE
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			11300
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp69998_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>&nbsp;</B></P>

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

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

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

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B><BR></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">&nbsp;</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 &nbsp;November, 2016</FONT></P>

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

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<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: 26pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Arcos Dorados Holdings Inc.</B></P>

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

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

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<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: 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"></FONT></P>

<TABLE CELLPADDING="2" CELLSPACING="2" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 70%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%; text-align: center">Form
    20-F</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center">X</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center">Form
    40-F</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"></TD></TR>
</TABLE>

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

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

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

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%; text-align: center">Yes</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 20%"></TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center">No</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 20%">X</TD></TR>
</TABLE></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><TABLE CELLPADDING="2" CELLSPACING="2" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 70%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%; text-align: center">Yes</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 20%"></TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center">No</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 20%">X</TD></TR>
</TABLE></P>

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

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<P STYLE="font: 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"><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 November 2, 2016 titled &ldquo;Arcos Dorados
    Reports Third 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><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: 7%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 27%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 49%"><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">&nbsp;</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:
November 2, 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: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT=""><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="image_002.jpg" ALT=""><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>ARCOS DORADOS REPORTS THIRD QUARTER 2016
FINANCIAL RESULTS</B></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
as reported revenue and mid-teen comparable sales growth and delivered consolidated Adjusted EBITDA margin expansion versus the
prior year</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, November
2, 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 third
quarter ended September 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; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Third
Quarter 2016 Key Results</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>

<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 increased 2.9% to $775.7 million versus the third quarter of 2015. On a constant
                                         currency basis<SUP>1</SUP>, consolidated revenues grew 15.3%, or 12.4% excluding Venezuela.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</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
                                         rose 15.6% year-over-year, or 11.8% excluding Venezuela.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</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 increased
                                         24.0% to $63.2 million year-over-year. Constant currency Adjusted EBITDA grew 45.9% year-over-year,
                                         or 29.5% excluding Venezuela.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</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 approximately 140 basis points, or 130 basis points excluding Venezuela.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</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 $6.5 million, or 10.5% year-over-year,
                                         and remained approximately flat on a constant currency basis.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</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 loss was
                                         $1.8 million, compared to a net loss of $35.9 million in the same period last year.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&ldquo;We achieved as reported
revenue and mid-teen comparable sales growth, and delivered a meaningful expansion in the consolidated Adjusted EBITDA margin
in the third quarter. The latter reflects important efficiencies in payroll and reduced G&amp;A costs, providing us operating
leverage in spite of challenging market conditions. Our focus going forward is on modernizing restaurants, piloting technology
platforms and updating menu offerings to ensure the best customer experience. These strategic changes are positioning us at the
forefront of a recovery in economic growth in the region&rdquo;, said Sergio Alonso, Chief Executive Officer of Arcos Dorados.</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>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 8pt">For a definition of constant currency results please refer to page 14 of this document.</FONT></P>

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><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"><FONT STYLE="font-size: 10pt"><B><U>Third 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) 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Consolidated</B></FONT><B><FONT STYLE="font: 10pt Sans-Serif; color: Red"></FONT></B> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I></I></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure
1. AD Holdings Inc Consolidated: Key Financial Results</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>(In millions of U.S. dollars, except as noted)&nbsp;</I></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="0" 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) 1pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1pt 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) 1pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">3Q15<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1pt 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) 1pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1pt 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) 1pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 11%; padding-right: 2pt"><FONT STYLE="font-size: 10pt">3Q16<BR>
    (a+b+c)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1pt 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: #1F497D 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">2,122</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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">2,140</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: #1F497D 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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><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: #1F497D 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">724.3</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(89.9)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">108.3</FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">742.8</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2.5%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">29.4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(3.8)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7.3</FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">32.9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">12.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">24.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">753.7</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(93.7)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">115.6</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">775.7</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2.9%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">15.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><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">15.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">50.9</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(11.2)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">23.4</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">63.2</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">24.0%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">45.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted EBITDA Margin</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>
    <TD STYLE="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">8.1%</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: #1F497D 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">(35.9)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(12.3)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">46.4</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(1.8)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">94.9%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">129.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 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">210,538</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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">210,711</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-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">EPS
    (US$/Share)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(0.17)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(0.01)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 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; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I></I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>(3Q16
= 3Q15 + Currency Translation + Constant Currency Growth). Refer to &ldquo;Definitions&rdquo; section for further detail.</I></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">Arcos Dorados&rsquo; third quarter
as reported revenues increased by 2.9% as constant currency revenue growth of 15.3% more than offset depreciation of local currencies.
While the Argentine peso and Venezuelan bolivar both depreciated, the Brazilian real appreciated 8% year-over-year. Constant currency
revenue growth was driven by a 15.6% expansion in systemwide comparable sales, due to average check growth, partially offset by
a modest decline in traffic.</FONT></P>
</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 0pt 3pt"><FONT STYLE="font-size: 10pt"><B>Adjusted EBITDA</B> ($ million)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>Breakdown
of main variations contributing to 3Q16 Adjusted EBITDA</I></B></FONT><B> <FONT STYLE="font: 10pt Sans-Serif; color: Red"></FONT></B></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 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="image_003.jpg" ALT=""></FONT></P>

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 8pt">*Net impact of: Currency
Translation (-$7.2 million) and Constant Currency Growth ($8.2 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">Third quarter consolidated as
reported Adjusted EBITDA increased 24.0% as constant currency growth more than offset the currency translation impact, mainly
in Argentina and Venezuela. Brazil was the key contributor to expanded Adjusted EBITDA during the quarter, followed by the Caribbean
division and NOLAD, while SLAD&rsquo;s result declined due to margin contraction and the year-over-year depreciation of the Argentine
peso. Additionally, the Corporate segment contributed positively to 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 almost 140 basis points to 8.1%, supported by margin expansion in Brazil, the Caribbean division, NOLAD and the Corporate segment,
partially offset by margin contraction in SLAD. The key drivers for margin expansion were efficiencies in Payroll and G&amp;A
expenses, which more than offset higher Food and Paper (F&amp;P) costs as a percentage of revenues. Additionally, Adjusted EBITDA
benefited from the refranchising of certain company-operated restaurants, as part of the Company&rsquo;s asset monetization strategy.
Excluding the refranchising inflows, consolidated Adjusted EBITDA margin increased by about 60 basis points.</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 10.5% year-over-year, or over 100 basis points as a percentage of revenues. Importantly, G&amp;A remained broadly
flat year-over-year on a constant currency basis. This reflects efficiencies related to the reorganization plan implemented in
the fourth quarter of 2015, which more than offset inflation-driven growth in G&amp;A expenses, including 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 0pt 3pt; text-align: justify; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt"><B>Consolidated
&ndash; excluding Venezuela</B></FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" 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) 1pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1pt 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) 1pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">3Q15<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1pt 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) 1pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1pt 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) 1pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 11%; padding-right: 2pt"><FONT STYLE="font-size: 10pt">3Q16<BR>
    (a+b+c)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1pt 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: #1F497D 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">1,988</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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">2,007</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: #1F497D 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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><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: #1F497D 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">716.6</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(70.3)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">87.8</FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">734.1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">12.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28.6</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1.6)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4.9</FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">31.9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">11.7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">17.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">745.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(71.9)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">92.7</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">766.0</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2.8%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">12.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><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">11.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">51.4</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4.0)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">15.2</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">62.6</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">21.8%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">29.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">6.9%</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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">8.2%</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: #1F497D 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">(32.3)</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">35.3</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">1.5</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">104.8%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">109.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 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">210,538</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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">210,711</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-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">EPS
    (US$/Share)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(0.15)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">0.01</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></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"><FONT STYLE="font-size: 10pt">Excluding the Company&rsquo;s
Venezuelan operation, as reported revenues increased by 2.8% year-over-year as constant currency growth of 12.4% more than offset
the depreciation of the Argentine peso, as well as other currencies in the Company&rsquo;s territory. Constant currency growth
was supported by an 11.8% increase in systemwide comparable sales, driven by average check growth.</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 increased 21.8%
on an as reported basis, as constant currency growth more than offset currency translation impacts. In constant currency terms,
Adjusted EBITDA increased 29.5%. The Adjusted EBITDA margin expanded by about 130 basis points to 8.2%. The result reflects efficiencies
in Payroll costs and G&amp;A expenses, partially offset by higher F&amp;P costs as a percentage of revenues. Adjusted EBITDA excluding
Venezuela also benefited from the refranchising of certain company-operated restaurants, 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"><B>&nbsp;</B></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
third quarter reflected a $3.3 million foreign currency exchange loss, versus a loss of $27.9 million last year. The result was
due to the significantly higher depreciation of the Brazilian real during the third quarter of 2015 versus the same period this
year, combined with an increased net exposure to the Brazilian real. Net interest expense increased $3.7 million year-over-year
to $18.2 million in the quarter, mainly due to higher interest expenses on the BRL-denominated debt, which more than offset lower
interest expenses on the 2023 USD 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 $18.0 million in the quarter, compared to an income tax expense of $14.1 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">Third quarter net loss attributable
to the Company totaled $1.8 million, compared to a net loss of $35.9 million in the same period of 2015. The improvement reflects
stronger operating results coupled with lower foreign exchange losses, partially offset by higher net interest and income tax
expenses. The third quarter 2016 operating result included the recognition of $5.8 million related to the Company&rsquo;s refranchising
initiative, which was recorded within &ldquo;Other operating income (expense), net&rdquo; line 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 a basic net
loss per share of $0.01 in the third quarter of 2016, compared to a loss per share of $0.17 in the previous corresponding period.
Total weighted average shares for the third quarter of 2016 were 210,710,861, as compared to 210,537,949 in the third 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>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) 1pt solid"><FONT STYLE="font-size: 10pt"><B>Brazil Division</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt"><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 0pt 3pt"><FONT STYLE="font-size: 10pt"><I>(In millions of U.S. dollars,
except as noted)</I></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" 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) 1pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1pt 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) 1pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">3Q15<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1pt 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) 1pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1pt 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) 1pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 11%; padding-right: 2pt"><FONT STYLE="font-size: 10pt">3Q16<BR>
    (a+b+c)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1pt 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: #1F497D 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">869</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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">890</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2.4%</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: #1F497D 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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><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: #1F497D 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">311.8</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">27.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">18.2</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">357.0</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">5.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><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">6.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">26.2</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">10.3</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">39.2</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">49.6%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">39.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">8.4%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">11.0%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><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; color: Red"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><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
increased by 14.5%, supported by constant currency growth as well as the 8% year-over-year average appreciation of the Brazilian
real. Excluding the benefit of currency translation, constant currency revenues increased 5.8% year-over-year, supported by 6.3%
comparable sales growth and the contribution of new restaurant openings, partially offset by the refranchising of certain company-operated
restaurants during the last twelve months. The latter generated a net negative contribution to constant currency revenue growth.
Systemwide comparable sales were driven by average check growth, partially offset by a modest decline in traffic against a backdrop
of continued soft consumer spending. Traffic was also impacted by a tough comparison with the Minions Happy Meal campaign 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 &ldquo;Novinhos Cheddar&rdquo; campaign, the launch of the McFlurry Kit Kat in the dessert category and the continuation
of the affordability platform. The Happy Meal performed well with &ldquo;Talking Tom&rdquo; and &ldquo;The Secret Life of Pets&rdquo;
properties Also in the quarter, the Company launched the McShake Ovomaltine, which has performed strongly since its introduction.</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 49.6% year-over-year and 39.5% on a constant currency basis. The Adjusted EBITDA margin expanded by about 260 basis points
to 11.0%, as efficiencies in Payroll, G&amp;A and Occupancy and Other Operating expenses more than offset higher F&amp;P costs
as a percentage of revenues. Additionally, a positive variance in Other Operating Income as a percentage of revenues, which included
$5.8 million from the Company&rsquo;s refranchising initiative, contributed to margin expansion in the quarter. Excluding the
refranchising inflows, Brazil&rsquo;s Adjusted EBITDA margin increased by nearly 100 basis points. Increased F&amp;P costs as
a percentage of revenues mainly reflect the higher FX rate at which the Company hedged its exposure to imported goods.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>2
</SUP></FONT><FONT STYLE="font-size: 8pt">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 STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>



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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt"><B>NOLAD</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt"><FONT STYLE="font-size: 10pt"><B>Figure 4. NOLAD Division: Key
Financial Results</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt"><I>(In millions of U.S. dollars,
except as noted)</I></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" 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) 1pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1pt 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) 1pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">3Q15<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1pt 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) 1pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1pt 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) 1pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 11%; padding-right: 2pt"><FONT STYLE="font-size: 10pt">3Q16<BR>
    (a+b+c)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1pt 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: #1F497D 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">514</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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">515</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">0.2%</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: #1F497D 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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><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: #1F497D 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">93.5</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(6.8)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">8.1</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">94.7</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1.4%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">8.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><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">5.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">9.0</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(0.4)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1.9</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">17.3%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">21.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">9.6%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">11.1%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><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
increased by 1.4% year-over-year as constant currency growth of 8.6% more than offset currency translation impacts, mainly from
the 14% year-over-year average depreciation of the Mexican peso. Systemwide comparable sales increased 5.6%, largely driven by
average check growth combined with a modest increase in traffic across the division.</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 launch of the new affordability platform, &ldquo;McTrio 3x3&rdquo;, &ldquo;Talking Tom&rdquo; in the Happy Meal and
the McFlurry Snickers in the dessert category, among others.</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 17.3%, or 21.4% on a constant currency basis, continuing a trend of strong performance and margin expansion. The Adjusted EBITDA
margin expanded by about 150 basis points to 11.1% in the third quarter, mainly driven by efficiencies in G&amp;A, Occupancy and
Other Operating expenses and Payroll as a percentage of revenues. F&amp;P costs as a percentage of revenues remained broadly flat
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"></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>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt"><B>SLAD</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt"><FONT STYLE="font-size: 10pt"><B>Figure 5. SLAD Division:
Key Financial Results</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt"><I>(In millions of U.S.
dollars, except as noted)</I></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" 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) 1pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1pt 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) 1pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">3Q15<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">Currency
Translation</FONT><BR>
<FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1pt 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) 1pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 11%; padding-right: 2pt"><FONT STYLE="font-size: 10pt">3Q16<BR>
    (a+b+c)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1pt 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: #1F497D 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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">383</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">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><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: #1F497D 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">252.3</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(92.0)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">61.8</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">222.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-12.0%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">24.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><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">25.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">31.0</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(10.8)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2.6</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">22.8</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-26.4%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">8.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">12.3%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">10.3%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><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: 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 SLAD division&rsquo;s as reported
revenues decreased by 12.0% mainly due to the 62% year-over-year average depreciation of the Argentine peso. On a constant currency
basis, revenues increased 24.5% year-over-year. Systemwide comparable sales increased 25.3%, primarily driven by average check
growth and an increase 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 Grand Big Mac campaign, &ldquo;Talking Tom&rdquo; in the Happy Meal, the launch of the McFlurry &ldquo;Abuela Goye&rdquo;
in the dessert category and the continuation of the Company&rsquo;s affordability platform, among others.</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 26.4%
on an as reported basis but rose 8.4% in constant currency terms. The Adjusted EBITDA margin contracted by about 200 basis points
to 10.3%, driven by higher F&amp;P and Occupancy and Other Operating expenses, partially offset by efficiencies in Payroll costs
as a percentage of revenues. F&amp;P costs rose as a percentage of revenues in the quarter, primarily due to price adjustments
below cost increases designed to sustain traffic in Argentina&rsquo;s difficult consumer environment.</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; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt"><B>Caribbean Division</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt"><FONT STYLE="font-size: 10pt"><B>Figure 6. Caribbean Division:
Key Financial Results</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt"><I>(In millions of U.S. dollars,
except as noted)</I></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" 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) 1pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1pt 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) 1pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">3Q15<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">Currency
Translation</FONT><BR>
<FONT STYLE="font-size: 10pt">(b) </FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1pt 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) 1pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 11%; padding-right: 2pt"><FONT STYLE="font-size: 10pt">3Q16<BR>
    (a+b+c)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1pt 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: #1F497D 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">356</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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">352</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-1.1%</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: #1F497D 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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><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: #1F497D 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">96.2</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(22.0)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">27.6</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">101.8</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">5.8%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">28.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><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">37.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2.6</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">10.7</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">6.2</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">132.2%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">405.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2.8%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">6.0%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><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"><I></I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><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 5.8%, 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. Revenues in constant currency rose
28.7% year-over-year. Systemwide comparable sales increased by 37.0%, 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 &ldquo;Talking Tom&rdquo; in the Happy Meal, the Grand Big Mac campaign, the McFlurry &ldquo;Jet Cruji&rdquo; and the
continuation of &ldquo;Almuerzos Colombianos&rdquo; in the affordability platform, among others.</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
$6.2 million in the third quarter, compared with $2.6 million in the prior year quarter. The Adjusted EBITDA margin expanded to
6.0% from 2.8%, driven by efficiencies in all key cost line items.</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; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt"><B>Caribbean Division &ndash;
excluding Venezuela</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt"><FONT STYLE="font-size: 10pt"><B>Figure 7. Caribbean Division
- Excluding Venezuela: Key Financial Results</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><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; color: Red"></P>

<TABLE BORDER="0" CELLPADDING="0" 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) 1pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1pt 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) 1pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">3Q15<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">Currency
Translation</FONT><BR>
<FONT STYLE="font-size: 10pt">(b) </FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 11%; border-top: rgb(31,73,125) 1pt 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) 1pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 11%; padding-right: 2pt"><FONT STYLE="font-size: 10pt">3Q16<BR>
    (a+b+c)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 9%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; width: 10%; border-top: rgb(31,73,125) 1pt 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: #1F497D 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">222</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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">219</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-1.4%</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: #1F497D 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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><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: #1F497D 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">87.6</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(0.2)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">4.7</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">92.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">5.1%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">5.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-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: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><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">4.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3.1</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">2.5</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">5.6</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">79.5%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">80.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">3.6%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">6.1%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 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; color: Red"><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, increased by 5.1% as constant currency growth of 5.4% more than offset currency translation impacts.
Constant currency growth was supported by the ongoing strong performance of the Colombian operation. Comparable sales increased
by 4.6%, mainly driven by traffic growth.</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 $5.6 million,
compared to $3.1 million in the same period of 2015. The Adjusted EBITDA margin expanded by about 250 basis points to 6.1%, mainly
driven by efficiencies in F&amp;P costs, G&amp;A and Occupancy and Other Operating expenses, partially offset by higher Payroll
costs 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; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt"><B>New Unit Development</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt"><FONT STYLE="font-size: 10pt"><B>Figure 8. Total Restaurants
(eop)*</B></FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" 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: #1F497D 1pt solid; width: 40%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt">September<BR>
    2016</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt 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: #1F497D 1pt 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: #1F497D 1pt 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: #1F497D 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt">September<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">890</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></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">515</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></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">383</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></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">352</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></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">2,140</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></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">LTM Net Openings</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">36</FONT></TD></TR>
</TABLE>


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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company opened 33 new restaurants
during the twelve-month period ended September 30, 2016, resulting in a total of 2,140 restaurants. Also during the period, the
Company added 133 Dessert Centers bringing the total to 2,693. McCaf&eacute;s totaled 315 as of September 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">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Cash and cash equivalents were
$112.2 million at September 30, 2016. The Company&rsquo;s total financial debt (including derivative instruments) was $611.6 million.
Net debt was $499.3 million and the Net Debt/Adjusted EBITDA ratio was 2.0x at September 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 $50.5 million in the third quarter of 2016, while cash used in financing activities amounted to $65.5 million.
The latter included $61.0 million related to the final payment of the remaining outstanding amount of the BRL 2016 Notes which
matured on July 13, 2016. During the quarter, capital expenditures totaled $24.2 million.</FONT></P>

<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; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt; color: Red"><FONT STYLE="font-size: 10pt; color: Black"><B>Figure
9. Consolidated Financial Ratios</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt; color: Red"><FONT STYLE="font-size: 10pt; color: Black"><I>(In
thousands of U.S. dollars, except ratios)</I></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 90%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<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">September 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: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt 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: center"><FONT STYLE="font-size: 10pt">112,207</FONT></TD>
    <TD STYLE="text-align: center"><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: center"><FONT STYLE="font-size: 10pt">611,552</FONT></TD>
    <TD STYLE="text-align: center"><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: center"><FONT STYLE="font-size: 10pt">499,345</FONT></TD>
    <TD STYLE="text-align: center"><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: center"><FONT STYLE="font-size: 10pt">2.5</FONT></TD>
    <TD STYLE="text-align: center"><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: center"><FONT STYLE="font-size: 10pt">2.0</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2.3</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0in; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><I>(i)Total
financial debt includes short-term debt, long-term debt and derivative instruments (including the asset portion of derivatives
amounting to $0.99 million and $6.7 million as a reduction of financial debt as of September 30, 2016 and December 31, 2015, respectively).</I></FONT></P>

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

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


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>First Nine Months of 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 nine months ended September
30, 2016, the Company&rsquo;s as reported revenues declined by 7.3% to $2,121.5 million with constant currency growth of 13.8%
more than offset by currency translation impacts. As reported Adjusted EBITDA was $152.2 million, a 13.7% increase compared to
the first nine months of 2015. On a constant currency basis, Adjusted EBITDA increased by 49.0%. The reported Adjusted EBITDA
margin expanded by about 130 basis points to 7.2%, as leverage in G&amp;A expenses and Payroll costs more than offset higher F&amp;P
costs as a percentage of revenues. 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 included $10.7 million from the refranchising of some company-operated
restaurants primarily in Brazil. Excluding the refranchising inflows, the consolidated Adjusted EBITDA margin increased by about
80 basis points.</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 $57.7 million, compared with a loss of $57.2 million in the same period of 2015. Net income in the first nine
months of 2016 reflected stronger operating results, which included $59.0 million from asset monetization initiatives, coupled
with a positive foreign exchange result, partially offset by income tax and net interest expenses. The net loss in the first nine
months of 2015 reflected weaker operating results, which included impairment charges and inventory write downs related to the
Venezuelan operation, coupled with negative foreign exchange results and net interest 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">Excluding the Venezuelan operation,
the Company&rsquo;s revenues declined by 7.7%, but increased by 10.9% on a constant currency basis. Adjusted EBITDA increased
by 7.1%, as reported, and 27.5% on a constant currency basis. The reported Adjusted EBITDA margin expanded by about 100 basis
points to 7.4%, 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 nine months of
2016, capital expenditures totaled $52.1 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"><B>&nbsp;</B></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">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company had received cumulative
cash proceeds of around $112.0 million through September 30, 2016 as a result of its asset monetization initiatives, since they
were launched. Approximately $93.0 million related to the redevelopment of certain real estate assets and $19.0 million to the
refranchising of a number of company-operated restaurants.</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>Brazilian Real (&ldquo;BRL&rdquo;)
Denominated 2016 Notes</U></I></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">On July 13, 2016, the Company
paid at maturity the remaining BRL 201 million of outstanding principal of the original BRL 675 million principal of the 2016
Notes. Proceeds from the four-year BRL 613.9 million secured loan agreement obtained by the Company&rsquo;s Brazilian subsidiary
on March 29, 2016 were the primary source of financing for this payment.</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">&nbsp;</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.
As of September 30, 2016, the fixed charge coverage ratio was 1.67x and the leverage ratio was 4.08x.</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</B></TD>
    <TD STYLE="width: 50%"><B>Media Contact</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Daniel Schleiniger</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Sr. Director of Corporate Communications
&nbsp;&amp; Investor Relations</FONT></P>

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

<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>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">+54 11 4711 2675</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: rgb(5,99,193); text-decoration: underline"><U>www.arcosdorados.com/ir</U></FONT></P>
</TD>
    <TD><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-size: 10pt">MBS
Value Partners</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-size: 10pt">Katja
Buhrer</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #0563C1"><U>katja.buhrer@mbsvalue.com</U></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-size: 10pt">+1
917 969 3438</FONT></P>

</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"><B>&nbsp;</B></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</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">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"><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: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="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, stock-based compensation in connection with the Company&rsquo;s initial public listing,
and the ADBV Long-Term Incentive Plan incremental compensation from modification.</FONT></P>

<P STYLE="font: 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">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"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt"><B>Third Quarter 2016 Consolidated
Results</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></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) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt"><FONT STYLE="font-size: 10pt"><B>Figure 10. Third Quarter
&amp; First Nine Months 2016 Consolidated Results</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt"><I>(In thousands of U.S.
dollars, except per share data)</I></FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" 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; padding-right: 2pt"><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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">For
    Nine-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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">September
    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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">September
    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%; padding-right: 2pt"><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%; padding-right: 2pt"><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%; padding-right: 2pt"><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%; padding-right: 2pt"><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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt"><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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">742,767</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">724,326</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">2,032,856</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">2,196,499</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">32,889</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">29,369</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">88,615</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">91,255</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">775,656</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">753,695</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">2,121,471</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">2,287,754</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(269,737)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(256,781)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(740,453)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(776,799)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(160,671)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(162,712)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(444,682)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(498,809)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(198,449)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(195,309)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(557,546)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(599,835)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(37,689)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(36,601)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(103,388)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(111,901)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(14,233)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(12,961)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(40,023)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(42,051)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(55,818)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(62,342)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(157,817)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(195,488)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(502)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(6,151)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">46,921</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(22,742)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(737,099)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(732,857)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(1,996,988)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(2,247,625)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">38,557</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">20,838</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">124,483</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">40,129</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(18,196)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(14,482)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(53,233)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(47,679)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(22)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(97)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(52)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(222)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(3,306)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(27,939)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">28,900</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(47,951)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(796)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(18)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(1,562)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(182)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">16,237</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(21,698)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">98,536</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(55,905)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(18,003)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(14,134)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(40,732)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(1,077)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(1,766)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(35,832)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">57,804</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(56,982)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(68)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(92)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(145)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(202)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(1,834)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(35,924)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">57,659</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(57,184)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt"><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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt"><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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27)</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">210,710,861</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">210,537,949</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">210,625,380</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">210,401,634</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; padding-right: 2pt"><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; padding-right: 2pt"><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; padding-right: 2pt"><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; padding-right: 2pt"><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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">38,557</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">20,838</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">124,483</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">40,129</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">24,736</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">27,399</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">74,326</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">83,259</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(135)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">2,709</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(46,640)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">10,465</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">63,158</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">50,946</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">152,169</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">133,853</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">8.1%</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">6.8%</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">7.2%</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">5.9%</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><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 0pt 3pt"><FONT STYLE="font-size: 10pt"><B>Third 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) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt; color: Red"><FONT STYLE="font-size: 10pt; color: Black"><B>Figure
11. Third Quarter &amp; First Nine Months 2016 Consolidated Results by Division</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt; color: Red"><FONT STYLE="font-size: 10pt; color: Black"><I>(In
thousands of U.S. dollars)</I></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" 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">3Q</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">YTD</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-right: rgb(31,73,125) 1pt solid; text-align: center; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">Three-Months
    ended</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: #C5D9F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">% Incr.</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: #C5D9F1; padding-right: 2pt"><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; border-right: rgb(31,73,125) 1pt solid; text-align: center; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">Nine-Months
    ended</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: #C5D9F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">% Incr.</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: #C5D9F1; padding-right: 2pt"><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-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">September
    30,</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">/</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 2pt"><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-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1"><FONT STYLE="font-size: 10pt">September
    30,</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">/</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 2pt"><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: 27%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1pt; background-color: #C5D9F1; width: 9%; padding-right: 2pt"><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: 9%; padding-right: 2pt"><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; background-color: #C5D9F1; width: 9%; padding-right: 2pt"><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: 9%; padding-right: 2pt"><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; background-color: #C5D9F1; width: 9%; padding-right: 2pt"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 9%; padding-right: 2pt"><FONT STYLE="font-size: 10pt">2015</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1pt; background-color: #C5D9F1; width: 9%; padding-right: 2pt"><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: 9%; padding-right: 2pt"><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: #1F497D 0.5pt solid; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt"><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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt"><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: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">357,034</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">311,815</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">14.5%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">5.8%</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">955,062</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">1,028,589</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">-7.1%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">4.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">101,759</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">96,152</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">5.8%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">28.7%</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">298,045</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">292,860</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">1.8%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">27.6%</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: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">94,743</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">93,451</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">1.4%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">8.6%</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">268,203</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">271,217</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">-1.1%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">6.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">222,120</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">252,277</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">-12.0%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">24.5%</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">600,161</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">695,088</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">-13.7%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">24.0%</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: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">775,656</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">753,695</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">2.9%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">15.3%</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">2,121,471</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">2,287,754</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">-7.3%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">13.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><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: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><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">Operating Income (loss)&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><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: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">27,602</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">12,739</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">116.7%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">102.3%</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">71,962</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">58,522</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">23.0%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">42.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(2,594)</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(5,376)</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">-51.7%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">-253.1%</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(16,959)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(29,980)</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">43.4%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">137.9%</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: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">5,441</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">2,122</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">156.4%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">153.5%</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">55,800</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">1,535</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">3535.2%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">4008.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">19,543</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">26,632</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">-26.6%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">11.5%</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">44,496</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">61,445</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">-27.6%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">11.4%</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: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(11,435)</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(15,279)</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">-25.2%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">8.1%</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(30,816)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(51,393)</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">40.0%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">11.4%</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: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">38,557</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">20,838</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">85.0%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">152.2%</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">124,483</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">40,129</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">210.2%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">349.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><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: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><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: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><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: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">39,172</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">26,177</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">49.6%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">39.5%</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">104,967</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">100,602</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">4.3%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">19.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">6,150</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">2,649</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">132.2%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">405.3%</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">10,067</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(484)</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">2180.0%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">5808.7%</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: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">10,518</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">8,963</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">17.3%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">21.4%</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">25,983</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">21,442</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">21.2%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">22.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">22,796</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">30,983</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">-26.4%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">8.4%</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">54,880</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">75,012</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">-26.8%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">8.7%</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: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(15,478)</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(17,826)</FONT></TD>
    <TD STYLE="border-right: rgb(31,73,125) 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">-13.2%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">12.3%</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; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(43,728)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">(62,719)</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">30.3%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-size: 10pt">9.6%</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">TOTAL</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">63,158</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">50,946</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">24.0%</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">45.9%</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; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">152,169</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">133,853</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">13.7%</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 10pt">49.0%</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt; color: Red"><FONT STYLE="font-size: 10pt; color: Black"><B>Figure
12. Average Exchange Rate per Quarter*</B></FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 70%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: middle; background-color: #C5D9F1">
    <TD STYLE="border-top: rgb(31,73,125) 1pt solid; 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-top: rgb(31,73,125) 1pt solid; 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-top: rgb(31,73,125) 1pt solid; 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-top: rgb(31,73,125) 1pt solid; 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-top: rgb(31,73,125) 1pt solid; 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-top: rgb(31,73,125) 1pt solid; 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-top: rgb(31,73,125) 1pt solid; 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">3Q16</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3.25</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">18.76</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">14.95</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">646.01</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">3Q15</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">3.54</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">16.44</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">9.25</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">199.11</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt; color: Red"><FONT STYLE="font-size: 8pt; color: Black"><I>*
Local $ per 1 US$</I></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><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 0pt 3pt"><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) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt; color: Red"><FONT STYLE="font-size: 10pt; color: Black"><B>Figure
13. Summarized Consolidated Balance Sheets</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt; color: Red"><FONT STYLE="font-size: 10pt; color: Black"><I>(In
thousands of U.S. dollars)</I></FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" 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">September
    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">112,207</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">66,643</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">205,300</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">384,150</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">848,637</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">47,064</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">75,164</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">86,267</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">1,057,132</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">1,441,282</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">185,457</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">103,487</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">131,486</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">12,805</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">469</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">21,188</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">1,890</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">456,782</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">23,439</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">24,553</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">591,358</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">7,249</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">646,599</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-top: #1F497D 0.5pt solid; border-bottom: #1F497D 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">1,103,381</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">373,967</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">13,000</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">250,817</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">(433,364)</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">337,335</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">566</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">337,901</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-top: #1F497D 0.5pt solid; border-bottom: #1F497D 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">1,441,282</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 0; color: Red"></P>

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

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




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">(3)
Includes "Income taxes payable" and "Other taxes payable".</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">(4)
Includes "Royalties payable to McDonald&acute;s Corporation" and "Interest payable".</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">(5)
Includes "Short-term debt", "Current&nbsp;portion&nbsp;of&nbsp;long-term&nbsp;debt" and "Derivative instruments".</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">(6)
Includes "Long-term debt, excluding current portion" and "Derivative instruments".</FONT></P>

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

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

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