<SEC-DOCUMENT>0000950103-16-011819.txt : 20160311
<SEC-HEADER>0000950103-16-011819.hdr.sgml : 20160311
<ACCEPTANCE-DATETIME>20160311162916
ACCESSION NUMBER:		0000950103-16-011819
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160311
DATE AS OF CHANGE:		20160311
GROUP MEMBERS:		CHABLAIS INVESTMENTS S.A.

SUBJECT COMPANY:	

	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:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86210
		FILM NUMBER:		161501111

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

	MAIL ADDRESS:	
		STREET 1:		Roque Saenz Pena 432
		STREET 2:		B1636FFB Olivos
		CITY:			Buenos Aires
		STATE:			C1
		ZIP:			None

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Staton Woods
		CENTRAL INDEX KEY:			0001669285

	FILING VALUES:
		FORM TYPE:		SC 13D

	MAIL ADDRESS:	
		STREET 1:		MANTUA NO. 6575 (ESQUINA POTOSI)
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			11500
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>dp64175_sc13d.htm
<DESCRIPTION>FORM SC 13D
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    <TD STYLE="width: 100%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&#9;</B></FONT><B><FONT STYLE="font-size: 14pt">UNITED STATES</FONT></B><BR>
<FONT STYLE="font-size: 14pt"><B>&#9;SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<B>&#9;<FONT STYLE="font-size: 10pt">Washington, D.C.&nbsp;&nbsp;20549</FONT></B></TD></TR>
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    <TD STYLE="width: 100%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 14pt"><B>SCHEDULE 13D</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Under the Securities Exchange Act of 1934</B></FONT></TD></TR>
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    <TD STYLE="width: 50%; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(Amendment No. </B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 37%; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>)*</B></FONT></TD></TR>
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    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><B>Arcos Dorados Holdings Inc.</B></TD></TR>
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    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Issuer)</FONT></TD></TR>
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    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Class A Shares</B></FONT></TD></TR>
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    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(Title of Class of Securities)</FONT></TD></TR>
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    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>G0457F107</B></FONT></TD></TR>
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    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(CUSIP Number)</FONT></TD></TR>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ms. Annette Franqui</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Forrestal Capital Limited Company</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1450 Brickell Avenue</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Suite 2530</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Miami, FL 33131</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(305)-961-2853</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name, Address and Telephone Number of Person Authorized to</FONT><BR>
<FONT STYLE="font-size: 10pt">Receive Notices and Communications)</FONT></TD></TR>
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    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">November 19, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(Date of Event which Requires Filing of this Statement)</FONT></TD></TR>
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    <TD STYLE="width: 100%; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">If the filing person has previously
    filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule
    because of &sect;&sect;240.13d-1(e), 240.13d-l(f) or 240.13d-l(g), check the following box.&nbsp; <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR>
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    <TD STYLE="font-size: 12pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">*The remainder of this cover page shall be filled out for a reporting person&rsquo;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</FONT></TD></TR>
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    <TD STYLE="font-size: 12pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">The information required on the remainder of this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&ldquo;Act&rdquo;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</FONT></TD></TR>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CUSIP No. </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 79%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>G0457F107</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
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    <TD STYLE="width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 87%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Names of Reporting Persons.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Woods Staton<BR>
        </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the Appropriate Box if a Member of a Group (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(a) <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(b) <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC Use Only</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source of Funds (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PF</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Check if Disclosure of
        Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizenship or Place of Organization</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Colombia</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
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<TR STYLE="vertical-align: top">
    <TD ROWSPAN="4" STYLE="width: 18%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: left; vertical-align: middle">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
        WITH</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 4%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD STYLE="width: 78%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">580,444 Class A Shares*</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6,985,223 Class A Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">580,444 Class A Shares*</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6,985,223 Class A Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>






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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">11.</FONT></TD>
    <TD STYLE="width: 87%; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate Amount Beneficially Owned by Each Reporting Person</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7,565,668 Class A Shares*</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">12.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Check if the Aggregate
        Amount in Row (11) Excludes Certain Shares (See Instructions) <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">13.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Percent of Class Represented by Amount in Row (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.78% Class A Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">14.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Type of Reporting Person (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN, HC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*
Includes 153,302 shares of common stock issuable upon exercise of stock options that are exercisable within 60 days of this filing,
which options are deeply out-of-the-money and are therefore unlikely to be exercised. It also includes 177,093 restricted share
units granted to Mr. Staton in 2011, 2012, 2013, 2014 and 2015 (of which 36,272 have vested and 140,821 have not yet vested). Each
restricted share unit represents the right to receive one Class A share when vested. Through Los Laureles Ltd., Mr. Staton beneficially
owns 100% of the Issuer&rsquo;s Class B shares. The Class A Shares are entitled to one vote per share and the Class B shares are
entitled to five votes per share. By virtue of its ownership of 100% of the Issuer&rsquo;s Class B shares, Los Laureles Ltd. currently
owns approximately 38.0% of the economic interests of the Issuer and approximately 75.4% of its voting interests. By virtue of
his beneficial ownership of Los Laureles Ltd., and his additional direct and indirect ownership of 5.78% of the Class A Shares,
Mr. Staton owns 41.53% of the economic interests of the Issuer and 76.78% of its voting interests.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 21%; border: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CUSIP No. </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 79%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>G0457F107</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border: Black 1pt solid; font-size: 12pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 87%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Names of Reporting Persons.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chablais Investments S.A.<BR>
        <BR>
        </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the Appropriate Box if a Member of a Group (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(a) <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(b)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC Use Only</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source of Funds (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Check if Disclosure of
        Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></FONT>&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizenship or Place of Organization</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">British Virgin Islands</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="4" STYLE="width: 18%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: middle; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
        WITH</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 4%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD STYLE="width: 78%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0 Class A Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6,985,223 Class A Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0 Class A Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6,985,223 Class A Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">11.</FONT></TD>
    <TD STYLE="width: 87%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate Amount Beneficially Owned by Each Reporting Person</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">6,985,223 Class A Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">12.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Check if the Aggregate
        Amount in Row (11) Excludes Certain Shares (See Instructions) <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">13.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Percent of Class Represented by Amount in Row (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.35% of Class A Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">14.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Type of Reporting Person (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>


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

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Item 1. Security and Issuer</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The class of equity securities to which
this statement relates is the Class A Shares, no par value per share (the &ldquo;<B>Class A Shares</B>&rdquo;), of Arcos Dorados
Holdings Inc. (the &ldquo;<B>Issuer</B>&rdquo;). The principal executive offices of the Issuer are located at Dr. Luis Bonavita
1294, Piso 5 of. 501, Cp 11300 Montevideo, Uruguay.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Item 2. Identity and Background</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a) This Schedule 13D is being filed jointly
on behalf of each of (i) Mr. Woods Staton (&ldquo;<B>Mr. Staton</B>&rdquo;) and (ii) Chablais Investments S.A., a corporation organized
under the laws of the British Virgin Islands (&ldquo;Chablais&rdquo; and, together with Mr. Staton, the &ldquo;<B>Reporting Persons</B>&rdquo;)
pursuant to their agreement to the joint filing of this Schedule 13D, attached hereto as Exhibit 7.1 (the &ldquo;<B>Joint Filing
Agreement</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mr. Staton beneficially owns 7,565,668
Class A Shares through direct and indirect ownership. Mr. Staton is the Issuer&rsquo;s Executive Chairman and was the Issuer&rsquo;s
CEO from 2007 through October 2015. Mr. Staton is the beneficial owner of Los Laureles Ltd., the Issuer&rsquo;s controlling shareholder.
Through Los Laureles Ltd., Mr. Staton beneficially owns 100% of the Issuer&rsquo;s Class B shares. The Class A Shares are entitled
to one vote per share and the Class B shares are entitled to five votes per share. By virtue of its ownership of 100% of the Issuer&rsquo;s
Class B shares, Los Laureles Ltd. currently owns approximately 38.0% of the economic interests of the Issuer and approximately
75.4% of its voting interests. By virtue of his beneficial ownership of Los Laureles Ltd., and his additional direct and indirect
ownership of 5.78% of the Class A Shares, Mr. Staton owns 41.53% of the economic interests of the Issuer and 76.78% of its voting
interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Chablais is the record owner of 6,985,223
Class A Shares. Mr. Staton is the controlling shareholder of Chablais and exercises control over its investment decisions. Due
to his relationship with Chablais, Mr. Staton may be deemed to have shared voting and investment power with respect to the Class
A Shares owned by Chablais.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b) The address of Mr. Staton is Mantua
No. 6575 (esquina Potos&iacute;), Montevideo, Uruguay 11500</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The address of the principal office of
Chablais is Level 1, Palm Grove House, Wickham&rsquo;s Cay 1, Road Town, Tortola, BVI. The name, business address, present principal
occupation or employment, principal business address of such employer and citizenship of each director and controlling person of
Chablais is set forth on Schedule A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c) The principal business of Chablais
is to pursue investments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mr. Staton controls Chablais and is the
Issuer&rsquo;s Executive Chairman.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d) During the last five years, none of
the Reporting Persons, and to the best of the Reporting Persons&rsquo; knowledge, none of the persons listed on Schedule A attached
hereto, has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(e) During the last five years, none of
the Reporting Persons, and to the best of the Reporting Persons&rsquo; knowledge, none of the persons listed on Schedule A attached
hereto, has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of
such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating
activities subject, to federal or state securities laws or finding any violation with respect to such laws.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Item 3. Source and Amount of Funds or
Other Consideration</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of the date hereof, the Reporting Persons
are deemed to beneficially own an aggregate of 7,565,668 Class A Shares as detailed in Item 5.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mr. Staton is the record owner of 286,322
Class A Shares, 250,050 of which were acquired in various open market transactions in 2011 and 2014 and 36,272 vested restricted
share units, representing the same number in Class A shares. In addition, Mr. Staton holds 153,302 stock options which he may exercise
within 60 days of this filing, and 140,821 restricted share units that have not yet vested.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Chablais is the record owner of 6,985,223
Class A Shares, 3,182,424 of which were acquired in connection with the Issuer&rsquo;s initial public offering in the United States
in 2011 (&ldquo;<B>IPO</B>&rdquo;) and 3,802,799 of which were acquired in various open market transactions in 2011, 2014 and 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The aggregate purchase price for all Class
A Shares deemed to be owned by the Reporting Persons, excluding the Class A Shares granted to Mr. Staton as part of his compensation
from the Issuer, was $81,720,999. Such aggregate purchase price was funded with personal funds and paid in connection with the
various open market transactions used to acquire the Class A Shares from 2011 to 2015.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Item 4. Purpose of Transaction</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Reporting Persons acquired the Class
A Shares for investment purposes. The Reporting Persons, including Mr. Staton, participate, and intend to continue participating,
directly and indirectly in the management of the Issuer through representation on the Issuer&rsquo;s board of directors. For further
information see Item 2 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other than Mr. Staton, each of the persons
listed on Schedule A attached hereto holds less than 1% of the Issuer&rsquo;s Class A Shares. Mr. Staton disclaims beneficial
ownership of any Class A Shares held by such persons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Reporting Persons, and to the best
of the Reporting Persons&rsquo; knowledge, each of the persons listed on Schedule A attached hereto, intend to review their holdings
in the Company on a continuing basis and, depending upon the price and availability of the Company securities, subsequent developments
affecting the Company, the business prospects of the Company, general stock market and economic conditions, tax considerations
and other factors deemed relevant, may consider increasing or decreasing their investment in the Company. As part of this ongoing
review, the Reporting Persons have engaged and/or may in the future engage, legal and financial advisors to assist them in such
review and in evaluating strategic alternatives that are or may become available with respect to their holdings in the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except as set forth in this Statement,
none of the Reporting Persons, and to the best of the Reporting Persons&rsquo; knowledge, none of the persons listed on Schedule
A attached hereto, has any plan or proposals that relate to or would result in any of the transactions described in subparagraphs
(a) through (j) of Item 4 of Schedule 13D.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Item 5. Interest in Securities of the
Issuer<FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a) Mr. Staton has acquired, or has been
granted, and, for the purpose of Rule&nbsp;13d-3, promulgated under the Exchange Act, beneficially owns, as of March 10, 2016,&nbsp;7,565,668
Class A Shares, representing approximately 5.78% of the outstanding Class A Shares of the Issuer. Of these shares, 153,302 represent
shares that Mr. Staton has a right to acquire through his exercise of stock options, which options are deeply out-of-the-money
and are therefore unlikely to be exercised. Additionally, 36,272 of these shares represent shares granted by the Issuer to Mr.
Staton as restricted share units which have already vested, and 140,821 represent shares granted by the Issuer to Mr. Staton as
restricted share units which have not yet vested. These amounts also include the Class A Shares that Mr. Staton beneficially owns
through Chablais. Through Los Laureles Ltd., Mr. Staton beneficially owns 100% of the Issuer&rsquo;s Class B shares. The Class
A Shares are entitled to one vote per share and the Class B shares are entitled to five votes per share. By virtue of its ownership
of 100% of the Issuer&rsquo;s Class B shares, Los Laureles Ltd. currently owns approximately 38.0% of the economic interests of
the Issuer and approximately 75.4% of its voting interests. By virtue of his beneficial ownership of Los Laureles Ltd., and his
additional direct and indirect ownership of 5.78% of the Class A Shares, Mr. Staton owns 41.53% of the economic interests of the
Issuer and 76.78% of its voting interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Chablais has acquired and, for the purpose
of Rule 13d-3, promulgated under the Exchange Act, beneficially owns, as of March 10, 2016,&nbsp;6,985,223 Class A Shares, representing
approximately 5.35% of the outstanding Class A Shares of the Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other than Mr. Staton, each of the persons
listed on Schedule A attached hereto has acquired, or has been granted, and, for the purpose of Rule 13d-3, promulgated under
the Exchange Act, beneficially owns, as of March 10, 2016, less than 1% of the outstanding Class A Shares of the Issuer. Mr. Staton
disclaims beneficial ownership of any Class A Shares held by such persons.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The percentages reported herein for Mr.
Staton&rsquo;s holdings are based on the 130,538,896 Class A Shares outstanding as of December 31, 2015 plus the 153,302 Class
A Shares Mr. Staton has a right to acquire through his exercise of stock options and the 140,821 of unvested restricted share units
he holds, for a total of 130,833,018 Class A Shares. All other percentages are based only on the 130,538,896 Class A Shares outstanding
as of December 31, 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except as set forth in this Item
5(a), none of the Reporting Persons, and, to the best of their knowledge, any persons named in Schedule A hereto
beneficially owns any Class A Shares.</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; padding-right: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid">Reporting
Person&nbsp;</P></TD>
    <TD STYLE="width: 20%; padding-right: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid">Number
of Shares with Sole Voting and Dispositive Power&nbsp;</P></TD>
    <TD STYLE="width: 20%; padding-right: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid">Number
of Shares with Shared Voting and Dispositive Power&nbsp;</P></TD>
    <TD STYLE="width: 20%; padding-right: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid">Aggregate
Number of Shares Beneficially Owned&nbsp;</P></TD>
    <TD STYLE="width: 20%; padding-right: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid">Percentage
of Class Beneficially Owned*&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-size: 10pt; padding-right: 6pt">Mr. Staton</TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt">580,444</TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt">6,985,233</TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt">7,565,668</TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt">5.78%*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-size: 10pt; padding-right: 6pt">Chablais</TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt">0</TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt">6,985,233</TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt">6,985,223</TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt">5.35%**</TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">* Based on 130,538,896 Class A Shares outstanding
as of December 31, 2015 plus the 153,302 Class A shares Mr. Staton has a right to acquire through his exercise of stock options
and the 140,821 unvested restricted share units. Each restricted share unit represents the right to receive one Class A share when
vested.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">** Based on 130,538,896 Class A Shares outstanding
as of December 31, 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&#9;Other than the shares reported on
Schedule B herein, none of the Reporting Persons effected any transactions involving the Shares in the 60 days prior to November
19, 2015, or any date thereafter, to and including the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d)&#9;Inapplicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(e)&#9;Inapplicable.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Item 6. Contracts, Arrangements, Understandings
or Relationships with Respect to Securities of the Issuer</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the best knowledge of the Reporting
Persons, there are no contracts, arrangements, understandings or relationships (legal or otherwise), including, but not limited
to, transfer or voting of any of the securities, finder&rsquo;s fees, joint ventures, loan or option arrangements, puts or calls,
guarantees of profits, division of profits or loss, or the giving or withholding of proxies, between the persons enumerated in
Item 2, and any other person, with respect to any securities of the Issuer, including any securities pledged or otherwise subject
to a contingency the occurrence of which would give another person voting power or investment power over such securities other
than standard default and similar provisions contained in loan agreements.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Item 7. Materials to be Filed as Exhibits</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Exhibit 7.1: Joint Filing Agreement, dated
March 11, 2016 (filed herewith).</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After reasonable inquiry and to the best
of my knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete
and correct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dated: March 11, 2016</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><B>WOODS STATON</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;/s/ Woods Staton</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; font-size: 10pt">Name:</TD>
    <TD STYLE="width: 77%; font-size: 10pt">Woods Staton</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><B>CHABLAIS INVESTMENTS S.A.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;/s/ Annette Franqui</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; font-size: 10pt">Name:</TD>
    <TD STYLE="width: 77%; font-size: 10pt">Annette Franqui</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="font-size: 10pt">Director </TD></TR>
</TABLE><BR STYLE="clear: both">

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

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-7.1
<SEQUENCE>2
<FILENAME>dp64175_ex0701.htm
<DESCRIPTION>EXHIBIT 7.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 7.1</P>

<P STYLE="font: bold 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: center; text-indent: 0.25in"><B>JOINT FILING AGREEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IN ACCORDANCE WITH Rule 13d-1(k) under
the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing on behalf of each of them of
a statement on Schedule 13D (including amendments thereto) with respect to the Class A Shares of the Issuer, and that this Joint
Filing Agreement be included as an exhibit to such joint filing, provided that, as contemplated by Section 13d-1(k)(2), no person
shall be responsible for the completeness and accuracy of the information concerning the other persons making the filing unless
such person knows or has reason to know such information is inaccurate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Joint Filing Agreement may be executed
in any number of counterparts, all of which together shall constitute one and the same instrument.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IN WITNESS WHEREOF, the undersigned hereby
execute this Joint Filing Agreement as of this 11th day of March 2016.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><B>WOODS STATON</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;/s/ Woods Staton</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; font-size: 10pt">Name:</TD>
    <TD STYLE="width: 77%; font-size: 10pt">Woods Staton</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><B>CHABLAIS INVESTMENTS S.A.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;/s/ Annette Franqui</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; font-size: 10pt">Name:</TD>
    <TD STYLE="width: 77%; font-size: 10pt">Annette Franqui</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
</TABLE><BR STYLE="clear: both">

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

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    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTROLLING PERSONS, DIRECTORS AND
EXECUTIVE OFFICERS OF CHABLAIS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The name, business address, title, present
principal occupation or employment of each of the directors and executive officers of Chablais, are set forth below. If no business
address is given, the director&rsquo;s or officer&rsquo;s business address is Chablais&rsquo;s address. Unless otherwise indicated,
each occupation set forth opposite an individual&rsquo;s name refers to Chablais. Unless otherwise indicated below, all of the
persons listed below are citizens of the United States of America. Mr. Staton controls all actions taken by Chablais and disclaims
beneficial ownership of any Class A Shares of the Issuer held by Ms. Franqui and Mr. Francisco Staton.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; padding-right: 2pt; padding-left: 0pt"><P STYLE="border-bottom: black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Name
                                         and Business Address</FONT></P></TD>
    <TD STYLE="width: 44%; padding-right: 2pt; padding-left: 2pt"><P STYLE="border-bottom: black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Present
                                         Principal Occupation Including Name and<BR>
                                         Address<SUP>1</SUP> of Employer</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-right: 2pt; padding-left: 0pt"><I>Directors</I></TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-right: 2pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">Annette Franqui, 1450 Brickell Avenue, Suite 2530, Miami, FL 33131</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 2pt; padding-left: 2pt">Partner, Forrestal Capital Limited Company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-right: 2pt; padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Francisco Staton (Citizen of Colombia), Calle 116 No. 7-15 Office 1401, Bogota, Colombia&#9;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 2pt; padding-left: 2pt">President, Arcos Dorados Colombia S.A.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; padding-right: 2pt; padding-left: 0pt"><P STYLE="border-bottom: black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Name
                                         and Business Address</FONT></P></TD>
    <TD STYLE="width: 44%; padding-right: 2pt; padding-left: 2pt"><P STYLE="border-bottom: black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Present
                                         Principal Occupation Including Name and<BR>
                                         Address of Employer</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-right: 2pt; padding-left: 0pt"><I>Controlling Persons</I></TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-right: 2pt; padding-left: 0pt">Woods Staton (Citizen of Colombia), Mantua No. 6575 (esquina Potos&iacute;), Montevideo, Uruguay 11500</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 2pt; padding-left: 2pt">Executive Chairman, Arcos Dorados Holdings Inc., Dr. Luis Bonavita 1294, Office 501, Montevideo, Uruguay 11300</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><SUP>1</SUP> Same address as
director&rsquo;s business address except where indicated.</P>

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


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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TRANSACTIONS IN SHARES OF THE ISSUER
BETWEEN SEPTEMBER 30, 2015 AND MARCH 10, 2016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All of the purchases of Shares set forth
below were made by Chablais.</P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt">
        <P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid">Date
of Transaction&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 4pt"><P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid">Number of Shares Purchased&nbsp;</P>

</TD>
    <TD STYLE="text-align: center; padding-right: 4pt">
        <P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: black 1pt solid; margin-bottom: 0pt; text-align: center">Nature
of Purchase&nbsp;</P></TD>
    <TD STYLE="text-align: center; padding-right: 4pt">
        <P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: black 1pt solid; margin-bottom: 0pt; text-align: center">Price
Per Share&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 4pt"><P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid">Aggregate<BR> Purchase Price&nbsp;</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>11/18/2015</TD>
    <TD STYLE="text-align: right; width: 15%">900</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 22%">open market</TD>
    <TD STYLE="text-align: center; width: 22%">$2.86</TD>
    <TD STYLE="text-align: right; width: 19%">$2,577.00</TD>
    <TD STYLE="width: 4%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>11/19/2015</TD>
    <TD STYLE="text-align: right">235,600</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">open market</TD>
    <TD STYLE="text-align: center">$3.09</TD>
    <TD STYLE="text-align: right">$727,749.90</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>11/20/2015</TD>
    <TD STYLE="text-align: right">233,300</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">open market</TD>
    <TD STYLE="text-align: center">$3.29</TD>
    <TD STYLE="text-align: right">$767,198.82</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>11/24/2015</TD>
    <TD STYLE="text-align: right">38,200</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">open market</TD>
    <TD STYLE="text-align: center">$3.55</TD>
    <TD STYLE="text-align: right">$135,760.78</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>11/25/2015</TD>
    <TD STYLE="text-align: right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">open market</TD>
    <TD STYLE="text-align: center">$3.61</TD>
    <TD STYLE="text-align: right">$10,827.00</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>11/27/2015</TD>
    <TD STYLE="text-align: right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">open market</TD>
    <TD STYLE="text-align: center">$3.76</TD>
    <TD STYLE="text-align: right">$375,700.00</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>11/30/2015</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">88,500&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: center">open market</TD>
    <TD STYLE="text-align: center">$3.73</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">$329,954.47&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Total</B></TD>
    <TD STYLE="text-align: right"><B>699,500</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right"><B>$2,349,767.97</B></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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

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

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

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

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

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

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

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