<SEC-DOCUMENT>0001377739-16-000063.txt : 20160414
<SEC-HEADER>0001377739-16-000063.hdr.sgml : 20160414
<ACCEPTANCE-DATETIME>20160414131758
ACCESSION NUMBER:		0001377739-16-000063
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20160414
DATE AS OF CHANGE:		20160414
EFFECTIVENESS DATE:		20160414

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:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35129
		FILM NUMBER:		161571203

	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:			CtW Investment Group
		CENTRAL INDEX KEY:			0001377739
		IRS NUMBER:				203688367

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1900 L STREET NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
		BUSINESS PHONE:		202 721 6060

	MAIL ADDRESS:	
		STREET 1:		1900 L STREET NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
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<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>April 13, 2016</FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Please WITHHOLD support from non-independent directors Annette Franqui and Carlos Hernandez-Artigas at Arcos Dorados (NYSE: ARCO) Annual Meeting on April 25, 2016.</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Dear Arcos Dorados Holdings shareholder:</FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Please</FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> WITHHOLD support for non-independent directors Arcos Dorados (ARCO) Annette Franqui and Carlos Hernandez-Artigas </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>at the ARCO Annual Meeting on </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>April 25, 2016.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> </FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt 0.25in; LINE-HEIGHT: 107%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 107%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>ARCO&#8217;s shares have considerably underperformed the market since its IPO, and the company&#8217;s financial position has further deteriorated in 2015. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt 0.25in; LINE-HEIGHT: 107%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 107%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>There is a serious lack of disclosure of the extensive personal and professional relationships between Mr. Staton and the ARCO directors up for nomination in 2016, Annette Franqui and Carlos Hernandez-Artigas.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt 0.25in; LINE-HEIGHT: 107%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 107%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Continued related party transactions between ARCO and a company controlled by Mr. Staton raise critical questions over the board&#8217;s oversight. Attempts by shareholders to clarify the nature of these transactions have been rebuffed by the company.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt 0.25in; LINE-HEIGHT: 107%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 107%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>ARCO provided incomplete and misleading information to the SEC regarding related party transactions. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt 0.25in; LINE-HEIGHT: 107%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 107%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>There is a lack of disclosure of the relationship between ARCO, Mr. Staton, Michael Chu, and Pegasus Group, as well as potential related party transactions between ARCO and investee companies of Pegasus Group. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt 0.25in; LINE-HEIGHT: 107%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 107%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>A majority of the directors are non-independent allowing only minority representation of public shareholders, which hold a majority of ARCO&#8217;s common stock. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>ARCO&#8217;s Chairman and controlling shareholder Woods Staton dominates the company through his substantial voting power and his long-standing personal and professional relationships with other directors, which are only partially disclosed to shareholders. Despite Staton&#8217;s substantial voting power, public shareholders hold a majority of the economic interests in ARCO.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Publicly-available information suggests that Mr. Staton has used his dominance to engage in related party transactions that benefit him at the expense of other shareholders. Furthermore, it appears that the company has misled shareholders and the Securities and Exchange Commission (SEC) about the terms of such transactions or omitted disclosure of the transactions to shareholders entirely. The CtW Investment Group first wrote to the board of ARCO in April 2015, expressing our concerns regarding these issues. Many of the issues initially raised with the board remain unresolved, and since then, further concerns about insider dominance, insufficient disclosures, and related party transactions have come to light. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In February 2016, the CtW Investment Group requested an inspection of the company&#8217;s books and records relating to its policies and procedures for approving related party transactions, as well as documents relating to such transactions. On March 21, 2016, ARCO responded that it would only grant inspection of a very limited set of documents, none of which provided clarity to shareholders about </FONT></FONT>


<FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>these important issues. Given the company&#8217;s ongoing failure to respond to valid shareholder concerns about corporate governance, controlling shareholder dominance, and improper related party transactions, the CtW Investment Group has filed a request with the SEC to conduct a full investigation of these matters. </FONT></FONT></P>

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<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Given the serious macroeconomic and operational challenges currently faced by ARCO, and the extent of related party transactions and undisclosed relationships on the board, we do not believe the current board is able to act in an independent manner and supervise the affairs of the company in a way that it will be managed for the benefit of all shareholders. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The CtW Investment Group works with union-sponsored pension funds in order to enhance long-term shareholder value through active ownership. These funds invest over $250 billion in the global capital markets and are investors in ARCO.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Deteriorating performance</FONT></I></B></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>During 2015, ARCO&#8217;s revenue fell 16.4 percent year-over-year and the company posted its second consecutive year of net losses. This followed significant declines in revenue in 2014, leaving ARCO in its worst financial position since its IPO in April 2011. Continuing declines in customer traffic across the companies segments and macroeconomic headwinds in Brazil, ARCO&#8217;s largest market, point to deeper challenges at the company. After falling 52% in 2014, ARCO&#8217;s shares fell a further 42% in 2015. Shares have lost 83% of their value since the IPO, and during that same period, ARCO has underperformed the S&amp;P 500 by 139%. The company suspended its dividend in 2015, and there are no signs the dividend will be reinstated for the foreseeable future. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Since first raising our concerns with ARCO in early 2015, ARCO has failed to make any changes to the governance of the company, and in fact has proposed decreasing the number of independent directors on the board. We continue to view the lack of an independent board of directors as a major impediment to the accountability of management and the success of the company. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Lack of disclosure of key relationships between Mr. Staton, Ms. Franqui, and Mr. Hernandez-Artigas</FONT></I></B></FONT></P>

<P style="MARGIN: 0in 0in 11pt; LINE-HEIGHT: 107%"><FONT face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The two ARCO directors that have been renominated for election at the upcoming annual meeting, Annette Franqui and Carlos Hernandez-Artigas, have extensive personal and professional connections to Staton, only some of which are disclosed to shareholders. According to ARCO&#8217;s Form 20-F filings, they serve as directors of Axionlog Cold Solutions, a distributor owned by Mr. Staton,<SUP>1</SUP> and are founding partners of Forrestal Capital. ARCO&#8217;s filings also disclose that immediately before founding Forrestal Capital in 2003, they served in senior management positions at Panamerican Beverages during the same time that Staton was CEO and Chairman of that company. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>What ARCO has failed to disclose is that Forrestal Capital appears to be the Staton family&#8217;s private investment office, dedicated to managing Staton&#8217;s personal wealth.<SUP>2</SUP> Publicly-available information suggests that Forrestal Capital&#8217;s initial assets included some or all of the $127 million paid to Woods Staton when Panamerican Beverages, a company founded by his grandfather, was sold to Coca-Cola in 2002.<SUP>3</SUP></FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Moreover, corporate registries indicate that Ms. Franqui and Mr. Hernandez-Artigas are officers of at least eighteen closely-held businesses of holding companies. Eleven of these companies are untraceable </FONT></FONT>


<FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>in public records, financial disclosures, or press reports, other than the names of officers found in the registries. Five companies are registered in Panama, a notorious secrecy jurisdiction and tax haven. Almost none of these companies, their purpose, or activities have been disclosed to ARCO shareholders. Without full disclosure of these entities, it is impossible for shareholders to assess whether these entities are held for the benefit of Mr. Staton or whether they conduct any business with ARCO itself.&nbsp; </FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Cambria>This is not a solicitation of authority to vote your proxy. Please DO NOT send us your proxy card as it will not be accepted</FONT></B></FONT></B></P></DIV></DIV>

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<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Franqui and Hernandez-Artigas are connected to Staton and his ARCO investments in other ways as well.&nbsp; According to the Los Laureles trust, they are designated to become members of the trust&#8217;s voting committee</FONT></FONT><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&#8722;which decides how to vote all of Staton&#8217;s Class B shares&#8722;upon Staton&#8217;s death or incapacitation. Franqui is also one of two directors of Chablais Investment S.A, the entity that holds most of Staton&#8217;s Class A shares; the other listed director of Chablais is Staton&#8217;s son Francisco Staton.<SUP>4</SUP></FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Ms. Franqui and Mr. Hernandez-Artigas&#8217; positions as directors of ARCO and as founding partners of an entity that manages the personal wealth of ARCO&#8217;s Chairman and controlling shareholders represent a conflict of interest that should have been disclosed to shareholders. In our view, the lack of disclosure of this relationship constitutes a material omission to shareholders. Given both Ms. Franqui and Mr. Hernandez-Artigas have been renominated for election to the board in 2016, it is crucial that the company discloses the full extent of these relationships so that shareholders can make an informed decision when voting. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Related party transactions with distribution company Axionlog</FONT></I></B></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>As noted in our previous communications to shareholders, related party transactions with a distribution company owned by Mr. Staton suggests that the ARCO board of directors is not effectively representing the interests of all public shareholders of ARCO. Axis Distribution, the subsidiary through which our company operated its distribution system in Argentina, Chile, Colombia, Mexico, and Venezuela, was spun off from ARCO in March 2011. Mr. Staton subsequently bought out the other shareholders and became the sole owner of the firm, renamed Axionlog. Following the spin-off, ARCO and Axionlog signed a master commercial agreement under which Axionlog would continue to provide distribution services. Since then, ARCO has expanded the territories in which Axionlog provides distribution services to include Uruguay and Peru. As noted above, two other ARCO directors and close Staton confidants&#8212;Annette Franqui and Carlos Hernandez-Artigas&#8212;also serve on the board of Axionlog Cold Solutions according to the company&#8217;s Form 20-F filed in 2015. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2014, the SEC inquired about the nature of ARCO&#8217;s&#8217; related party transactions with Axionlog, specifically asking about how they company determined these transactions were at arm&#8217;s length. Despite requests from the SEC, ARCO has not only failed to disclose the master commercial agreement with Axionlog, but in our view has provided inconsistent and implausible answers to the concerns raised by the SEC. As detailed in our complaint to the SEC, suggests that the company is attempting to obfuscate the terms of the agreement because they are not on arm&#8217;s length terms. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>ARCO refused to disclose its master commercial agreement on the grounds that it is not material to the company&#8217;s business.<SUP>5</SUP> &nbsp;In particular, the company claimed that its distribution fees paid to ARCO only represent 3.6% of its total food and paper costs. Our review of ARCO&#8217;s disclosures on this matter, included in full in our complaint to the SEC, indicate that ARCO may be responsible for distributing as much as $460.1 million in total food and paper, or 44.3% of ARCO&#8217;s total food and paper expense.<SUP>6</SUP> As a restaurant business, food is consistently ARCO&#8217;s largest category of operating expense. This indicates </FONT></FONT>


<FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>that its contract with Axionlog is in fact material to ARCO&#8217;s business, and should be disclosed to shareholders. </FONT></FONT></P>

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<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition, ARCO&#8217;s description of its relationship with Axionlog calls into question the arm&#8217;s length nature of the contract. In its correspondence with the SEC last summer, ARCO described the formula used to calculate Axionlog&#8217;s fee as reflecting Axionlog&#8217;s &#8220;projected costs plus a margin of approximately 5%, which is standard for the industry.&#8221;<SUP>7</SUP> A contract of this nature requires both ongoing comparison of prices charged by its competitors, as well as continuous and rigorous auditing of proposed costs to ensure that they are not overstated. ARCO did not provide any documentation demonstrating either of these types of analyses to the SEC when it requested the basis for ARCO&#8217;s arm&#8217;s length conclusion last year. Without this documentation, the cost-plus contract with Axionlog cannot be considered arm&#8217;s length. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Finally, ARCO has stated that it used the same formula to calculate Axionlog&#8217;s fee both before and after the Axionlog split-off.<SUP>8</SUP> This indicates that ARCO has not changed the formula to conform it to the requirements of contracting with a separate company compared with the provision of services by a subsidiary. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Lack of disclosure of key relationships between Mr. Staton, Mr. Chu, and Pegasus Group</FONT></I></B></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>According to the company, ARCO director Michael Chu is a founding partner of Pegasus Group, and currently serves as a senior advisor. Pegasus Group is a real estate and private equity investment firm founded in 2000 that has offices in Argentina and Colombia.<SUP>9</SUP> In addition to its misrepresentations about Axionlog, we believe ARCO may have failed to disclose material information regarding related party transactions with Pegasus Group. It appears from publicly-available sources that Mr. Chu co-founded Pegasus Group with Mr. Staton and one other individual.<SUP>10 </SUP>As recently as 2009, Mr. Staton continued to own one-third of the equity of Pegasus Group.<SUP>11</SUP> Mr. Staton&#8217;s involvement in Pegasus Group has not been disclosed to shareholders. Given the longstanding business relationship between Mr. Chu and Mr. Staton, this affiliation should have been disclosed so that investors could adequately assess whether Mr. Chu is truly an independent director of the company.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition to the undisclosed outside relationship between Mr. Chu and Mr. Staton, it appears that investee companies of Pegasus Group have engaged in undisclosed related party real estate transactions with ARCO.<SUP>12</SUP> Without disclosure of the related party transactions with Pegasus Group, it is impossible for ARCO shareholders to assess the nature of these transactions and whether they were conducted on arm&#8217;s length terms. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Continued insider-dominated board of directors</FONT></I></B></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Deteriorating performance, as well as significant concerns raised by shareholders regarding related party transactions and insufficient disclosure, make it imperative that directors exercise independent oversight of management and represent the interests of public shareholders. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>As a foreign private issuer, the company has elected to follow the governance standards of the British Virgin Islands, its country of incorporation, rather than the NYSE standards and listing criteria for domestic companies. For example, the board fails to maintain a nominating committee and operates a classified board, both of which solidify insider control. </FONT></FONT></P>

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<IMG alt=77672_LtrHdnoBleeds.tif src="x16041413030400.jpg" width=265 height=33>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>According to the company&#8217;s website, the board currently has eight members, only three of whom are considered independent.<SUP>13</SUP> Furthermore, independent representation on ARCO&#8217;s board has been decreasing, and will continue to do so. First, it appears that independent director Alfredo Elias Ayub is no longer a member of the ARCO board. Second, Alejandro Ram&#237;rez Maga&#241;a, an independent director whose term is due to expire at the annual meeting of shareholders in 2016, has not been renominated by the company to serve another term. No other independent directors have been nominated by ARCO to replace either Mr. Ram&#237;rez Maga&#241;a or Mr. Ayub. This means the number of independent directors on the board will have fallen from four to two in the past year.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Even more troubling is that Michael Chu, one of the directors deemed independent by ARCO who also serves as a member of the Audit Committee, co-founded private equity investment firm Pegasus Group with Mr. Staton, casting doubt on whether he is truly independent.14</FONT></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Conclusion</FONT></I></B></FONT></P>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In light of ARCO&#8217;s continuing disappointing performance, its insider-dominated governance, and misleading disclosures regarding related party transactions and relationships between board members, we believe shareholders should send the board a clear message that greater independent oversight is needed. As such, we urge you to join us in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>withholding support from directors Annette Franqui and Carlos Hernandez-Artigas. </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Sincerely,</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=apple></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">
<IMG id=Picture5 src="x16041413030501.jpg" width=165 height=49>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Dieter Waizenegger</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Executive Director, CtW Investment Group</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US face=Cambria><FONT style="FONT-SIZE: 10pt"><SUP>1</SUP></FONT> <FONT style="FONT-SIZE: 9pt; FONT-FAMILY: calibri">Axionlog and Axionlog Cold Solutions appear to be the same company, according to a review of Axionlog Cold Solutions&#8217; website.&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: calibri"><I>See </I>www.axionlog.com.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif> Annette Franqui interview at http://lavca.org/2015/01/28/lp-profile-annette-franqui-co-founding-partner-forrestal-capital/. Ms. Franqui has described Forrestal Capital as an office that invests the assets of three branches of a single family. Further, Franqui has said that Forrestal Capital &#8220;was founded in 2003, after the sale of Panamerican Beverages, at the time the largest Coca Cola bottler outside the US, and the principal asset of the family.&#8221;&nbsp; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>See also </FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Kerry A. Dolan, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Arcos Dorados IPO Creates First McDonald&#8217;s Billionaire</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>, </FONT><FONT style="FONT-VARIANT: small-caps"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Forbes, </FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Apr. 28, 2011.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Cambria>3</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Cambria> In an interview, Franqui said that Forrestal Capital &#8220;was founded in 2003, after the sale of Panamerican Beverages, at the time the largest Coca Cola bottler outside the US, and the principal asset of the family.&#8221; Annette Franqui interview, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Cambria>available at</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Cambria>: http://lavca.org/2015/01/28/lp-profile-annette-franqui-co-founding-partner-forrestal-capital/. </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Cambria>See also </FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Cambria>Kerry A. Dolan, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Cambria>Arcos Dorados IPO Creates First McDonald&#8217;s Billionaire</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Cambria>, </FONT><FONT style="FONT-VARIANT: small-caps"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Cambria>Forbes, </FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Cambria>Apr. 28, 2011.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: super" face=calibri,sans-serif>4</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif> Arcos Form SC 13D Ex. 7.1., Joint Filing Statement, Mar. 11, 2018.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: super" face=calibri,sans-serif>5</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif> August 28, 2015 letter to the SEC; July 17, 2015 letter to the SEC</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: super" face=calibri,sans-serif>6</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif> In two of ARCO&#8217;s largest markets, Mexico and Argentina, ARCO disclosed that, in 2014, Axionlog&#8217;s distribution fees represented 10.5% and 9.3%, respectively, of ARCO&#8217;s food and paper expenses in these countries. Using a revenue-weighted average of these figures, Axionlog&#8217;s fees are estimated to comprise 9.6% of Arcos&#8217; food and paper expenses across territories served by Axionlog in 2014. By dividing Axionlog&#8217;s distribution service fees in 2015 of $44.2 million by 9.6 percent, the total value of food and paper distributed in Axionlog markets in 2015 can be estimated as $460.1 million. If that figure is divided by ARCO&#8217;s 2015 reported total food and paper expenses across all territories of $1,037.5 million, we can estimate that 44.3 percent of total food and paper cost is distributed through Axionlog.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: super" face=calibri,sans-serif>7</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif> July 15, 2015 letter to the SEC, at 2.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: super" face=calibri,sans-serif>8</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif> In a July 17, 2015 letter to the SEC, Arcos disclosed that &#8220;[t]he formula utilized to calculate the fee paid to Axionlog prior to the split-off is the same formula which is now contained in the MCA [Master Commercial Agreement] . . .&#8221;</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: super" face=calibri,sans-serif>9</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif> Grupo Pegasus website, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>available at</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>: http://www.pegasusvc.com/grupo_pegasus.php?w=1600&amp;h=900.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: super" face=calibri,sans-serif>10</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif> Javier Blanco, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>El Banco Galicia Apuesta al Consumo: Compr&#243; Efective S&#237;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>, </FONT><FONT style="FONT-VARIANT: small-caps"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>La Nacion</FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>, </FONT></I></FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>June 3, 2009; Executive profile of Woods Staton, </FONT><FONT style="FONT-VARIANT: small-caps"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Bloomberg Business, </FONT></FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>available at:</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif> http://www.bloomberg.com/research/stocks/private/person.asp?personId=11275776&amp;privcapId=129040994. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: super" face=calibri,sans-serif>11</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif> Grupo Financiero Galicia SA Form 20-F, Exhibit 4.7, Stock Purchase Agreement, June 1, 2009, Exhibit D, Schedule 1. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=Calibri><SUP><FONT style="FONT-SIZE: 11pt">12 </FONT></SUP></FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Pegasus Group is the controlling shareholder of Argentinian real estate developer Ruk&#225;n, which owns the Tortugas Open Mall in Argentina, in which Arcos currently operates two restaurants.&nbsp; Ruk&#225;n also developed Urbana Centro Empresarial where, as of 2010, both Arcos and Axionlog maintained offices.&nbsp; In addition, in 2011, Pegasus Group formed a partnership with Ospinas &amp; C&#237;a to create an investment platform to purchase, develop and manage real estate assets in Colombia. Grupo Pegasus website, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>available at</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>: http://www.pegasusvc.com/grupo_pegasus.php?w=1600&amp;h=900; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>See </FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Rukan website, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>available at</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>: http://www.rukan.com.ar/proyecto/tortugas-open-mall/, Adriana B. Anzillotti, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Oficinas Premium Bien Cerca Del Verde</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>, La Nacion</FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>, </FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Aug. 30, 2010, Ospinas website, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>available at</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>: http://ospinas.com.co/en</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: super" face=Cambria>13</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Cambria> <FONT style="FONT-SIZE: 9pt; FONT-FAMILY: calibri">The composition of ARCO&#8217;s board appears to have fluctuated over the past year. According to the company&#8217;s SEC filings,&nbsp;in 2015, ARCO had nine members, only four of whom were independent. Alfredo Elias Ayub is no longer listed as a director on Arcos&#8217; website, reducing the number of independent directors from four to three.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: super" face=calibri,sans-serif>1</FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>4</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif> Javier Blanco, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>El Banco Galicia Apuesta al Consumo: Compr&#243; Efective S&#237;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>, </FONT><FONT style="FONT-VARIANT: small-caps"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>La Nacion</FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>, </FONT></I></FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>June 3, 2009; Executive profile of Woods Staton, </FONT><FONT style="FONT-VARIANT: small-caps"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Bloomberg Business, </FONT></FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>available at:</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif> http://www.bloomberg.com/research/stocks/private/person.asp?personId=11275776&amp;privcapId=129040994</FONT></P>

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