<SEC-DOCUMENT>0000950103-17-002482.txt : 20170315
<SEC-HEADER>0000950103-17-002482.hdr.sgml : 20170315
<ACCEPTANCE-DATETIME>20170315081658
ACCESSION NUMBER:		0000950103-17-002482
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170315
FILED AS OF DATE:		20170315
DATE AS OF CHANGE:		20170315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arcos Dorados Holdings Inc.
		CENTRAL INDEX KEY:			0001508478
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35129
		FILM NUMBER:		17689905

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

	MAIL ADDRESS:	
		STREET 1:		DR. LUIS BONAVITA 1294, OFFICE 501
		STREET 2:		WTC FREE ZONE
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			11300
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp74060_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of March, 2017</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dr. Luis Bonavita 1294, Office 501 </B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive office)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form&nbsp;20-F or Form 40-F:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; width: 29%"><FONT STYLE="font-size: 10pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X&nbsp;</P></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; width: 28%"><FONT STYLE="font-size: 10pt">Form 40-F</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid; width: 14%">
</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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    <TD STYLE="font-size: 10pt; text-align: center; width: 29%"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid; width: 14%">
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    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(7):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; width: 29%"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid; width: 14%">
</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X&nbsp;</P></TD></TR>
</TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>ITEM</B></FONT></TD>
    <TD STYLE="width: 91%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Press Release dated March 15, 2017 titled &ldquo;Arcos Dorados Reports Fourth Quarter &amp; Full Year
2016 Financial Results&rdquo;</P>

<P STYLE="margin: 0pt 0"></FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Arcos Dorados Holdings Inc.</B></FONT></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Juan David Bastidas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 27%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 49%"><FONT STYLE="font-size: 10pt">Juan David Bastidas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Legal Counsel</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Date: March 15, 2017</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;<B>Item
1</B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="logo.jpg" ALT=""></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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

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

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Achieved
full year Adjusted EBITDA margin expansion and strong Net Income growth. Announces new restaurant opening and reinvestment plan
for the period 2017-2019.</B></FONT></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Montevideo, Uruguay, March 15,
2017 &ndash; Arcos Dorados Holdings, Inc. (NYSE: ARCO) (&ldquo;Arcos Dorados&rdquo; or the &ldquo;Company&rdquo;), Latin America&rsquo;s
largest restaurant chain and the world&rsquo;s largest McDonald&rsquo;s franchisee, today reported unaudited results for the fourth
quarter and audited results for the full year ended December 31, 2016.</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">As
                                         reported consolidated revenues increased 5.5% to $807.2 million versus the fourth quarter
                                         of 2015. On a constant currency basis<SUP>1</SUP>, consolidated revenues grew 14.2%,
                                         or 8.8% excluding Venezuela.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Systemwide
                                         comparable sales rose 16.4% year-over-year, or 9.2% excluding Venezuela.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Adjusted
                                         EBITDA decreased 10.4% to $86.3 million compared with the prior-year quarter, which included
                                         a non-recurring tax recovery. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Consolidated
                                         Adjusted EBITDA margin contracted 190 basis points. Excluding the aforementioned non-recurring
                                         item from last year&rsquo;s result, Adjusted EBITDA margin increased 240 basis points
                                         versus the prior year quarter. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">As
                                         reported General and Administrative expenses (G&amp;A) decreased by $11.9 million, or
                                         15.9% year-over-year, generating leverage of 200 basis points as a percentage of revenues.
                                         </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">As
                                         reported net income expanded to $21.2 million, from $5.6 million in the year-ago period.</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>1
</SUP>For a definition of constant currency results please refer to page 16 of this document.</FONT></P>

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


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">As
                                         reported consolidated revenues decreased 4.1% to $2.93 billion in 2016. On a constant
                                         currency basis, consolidated revenues grew 13.9%, or 10.3% excluding Venezuela.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Systemwide
                                         comparable sales rose 14.4% year-over-year, or 9.6% excluding Venezuela.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Adjusted
                                         EBITDA increased 3.6% to $238.4 million year-over-year. Excluding the non-recurring tax
                                         recovery from last year&rsquo;s result, Adjusted EBITDA increased 20.7%. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Consolidated
                                         Adjusted EBITDA margin expanded 60 basis points in 2016, or 160 basis points excluding
                                         the non-recurring item. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">As
                                         reported G&amp;A decreased by $49.6 million in 2016, or 18.3% year-over-year, generating
                                         leverage of 130 basis points as a percentage of revenues. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">As
                                         reported net income was $78.8 million, up from a net loss of $51.6 million in 2015.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&ldquo;We ended the year strongly,
achieving mid-teen constant currency revenue growth and a 240 basis point increase in the fourth quarter Adjusted EBITDA margin,
excluding a one-time impact in 2015. The result reflects the success of our marketing initiatives and the operating leverage we
have achieved by streamlining our cost structure and capturing efficiencies in our restaurant operations. These management actions,
combined with successful efforts to reduce debt levels, position Arcos Dorados as a leaner, more efficient organization with a
stronger balance sheet. Our new three-year strategic plan builds on prior achievements, while expanding our leading footprint
and modernizing our restaurant base through enhanced digital capabilities and technology. Our redesigned affordability platform
and new product launches are giving our customers more reasons to visit us more often. Having solidified our foundation, we are
well positioned to take advantage of a pickup in consumption trends and economic activity in our main markets&rdquo;, said Sergio
Alonso, Chief Executive Officer of Arcos Dorados.</FONT></P>

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


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

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Figure 1. AD Holdings Inc Consolidated:
Key Financial Results</FONT></P>

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

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



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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 38%; border-top: rgb(31,73,125) 1.5pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>4Q15</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: rgb(31,73,125) 1.5pt solid; border-right: #1F497D 1.5pt solid; border-bottom: rgb(31,73,125) 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>4Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: rgb(31,73,125) 1pt solid; text-align: center; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,141 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,156 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>0.7%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales by Company-operated Restaurants</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">733.9 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(62.9)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">99.5 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">770.5 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.0%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Revenues from franchised restaurants</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31.1 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3.5)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9.1 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">36.7 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17.9%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">29.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>765.0 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(66.4)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>108.6 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>807.2 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>5.5%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>14.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>16.4%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>96.3 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(4.8)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(5.2)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>86.3 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-10.4%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-5.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>12.6%&nbsp;</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>10.7%&nbsp;</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net income (loss) attributable to AD</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>5.6 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2.5 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>13.1 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>21.2 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>281.0%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>235.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">No. of shares outstanding (thousands)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">210,539 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">210,711 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EPS (US$/Share)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>0.03 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>0.10 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>(4Q16 = 4Q15 + Currency Translation + Constant Currency
Growth). Refer to &ldquo;Definitions&rdquo; section for further detail.</I></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Arcos Dorados&rsquo; fourth quarter
as reported revenues increased 5.5% as constant currency revenue growth of 14.2% more than offset the negative impact of currency
translation. While the Brazilian real appreciated 14% year-over-year in the fourth quarter, the Argentine peso and Venezuelan
bolivar depreciated significantly, impacting as reported figures. Constant currency revenue growth reflected a 16.4% expansion
in systemwide comparable sales, mainly driven by average check growth. Traffic was relatively flat in the quarter.</FONT></P>

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


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Breakdown
of main variations contributing to 4Q16 Adjusted EBITDA</I></B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><IMG SRC="p4.jpg" ALT="">&nbsp;</FONT></P> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Fourth quarter consolidated as
reported Adjusted EBITDA decreased 10.4%, mainly due to the $32.6 million one-time net PIS/COFINS recovery recorded in the Brazil
division in the same quarter of 2015. Excluding the aforementioned impact, as reported Adjusted EBITDA increased 35.4%. Currency
translation impact included the significant year-over-year average depreciation of key currencies. The Argentine peso depreciated
52% and the Venezuelan bolivar depreciated 230%, the impacts of which were partially offset by the 14% appreciation of the Brazilian
real. Excluding the PIS/COFINS recovery, Brazil was the key contributor to Adjusted EBITDA during the quarter, followed by the
Caribbean division and NOLAD, while SLAD&rsquo;s result declined due to margin contraction and the year-over-year depreciation
of the Argentine peso.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Adjusted EBITDA margin contracted
by 190 basis points to 10.7%, mainly due to margin declines in Brazil and SLAD, partially offset by margin increases in the Caribbean
and NOLAD divisions. The prior year quarter included a non-recurring $32.6 million net PIS/COFINS recovery within the line &ldquo;Other
operating income (expenses), net&rdquo;. The comparison with this non-recurring item more than offset lower Food and Paper (F&amp;P),
Payroll and G&amp;A expenses as a percentage of revenues. Excluding the non-recurring item from the prior year quarter&rsquo;s
results, the Adjusted EBITDA margin increased 240 basis points.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As reported, consolidated G&amp;A
decreased by 15.9% year-over-year, or 200 basis points as a percentage of revenues. Importantly, G&amp;A declined by 5.6% year-over-year
on a constant currency basis versus the fourth quarter of 2015, which included a $15.8 million charge related to the reorganization
plan implemented toward the end of last year.</FONT></P>

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt"><B>Consolidated
&ndash; excluding Venezuela</B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-bottom: rgb(31,73,125) 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Figure 2. AD Holdings Inc Consolidated - Excluding Venezuela: Key Financial Results</B></FONT><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(In millions of U.S. dollars, except as noted)</I></FONT></P>
                                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 36%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>4Q15</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>4Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,007 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,023 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>0.8%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales by Company-operated Restaurants</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">722.2 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(28.1)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">61.4 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">755.5 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.6%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Revenues from franchised restaurants</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">29.6 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.6 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.7 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">34.9 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17.8%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>751.9 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(27.5)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>66.1 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>790.4 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>5.1%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>8.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>9.2%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>96.3 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>5.9 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(18.4)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>83.8 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-13.0%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-19.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>12.8%&nbsp;</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>10.6%&nbsp;</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net income (loss) attributable to AD</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>5.5 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>6.1 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>5.6 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>17.2 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>210.8%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>100.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">No. of shares outstanding (thousands)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">210,539 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">210,711 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EPS (US$/Share)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>0.03 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>0.08 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Excluding the Company&rsquo;s
Venezuelan operation, as reported revenues increased 5.1% year-over-year, while constant currency growth was 8.8%. The appreciation
of the Brazilian real more than offset the depreciation of the Argentine peso, as well as other currencies in the Company&rsquo;s
territory, including the Mexican peso. Constant currency revenue growth was supported by a 9.2% increase in systemwide comparable
sales, driven by average check growth and modestly positive traffic.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Adjusted EBITDA decreased 13.0%
on an as reported basis, or 19.1% in constant currency terms, mainly due to the comparison with the non-recurring $32.6 million
net PIS/COFINS recovery recorded in the Brazil division in the same quarter of last year. Excluding the aforementioned impact,
as reported Adjusted EBITDA increased 31.5%. The Adjusted EBITDA margin contracted 220 basis points to 10.6%, with efficiencies
in F&amp;P and Payroll costs more than offset by the comparison with last year&rsquo;s non-recurring item. Excluding this item,
the Adjusted EBITDA margin increased 210 basis points.</FONT></P>

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


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Non-operating results for the
fourth quarter reflected a $3.5 million foreign currency exchange gain, versus a loss of $6.1 million last year. The positive
result was mainly explained by the appreciation of the Brazilian real and the impact of the depreciation of the Mexican peso on
the dollar-denominated proceeds from the asset sales in Mexico. Interest expenses were lower on the 2023 USD notes due to the
reduced principal balance based on the successful debt reduction initiative, which was more than offset by higher interest expenses
on the BRL-denominated debt. Additionally, the Company reversed a provision which resulted in net interest expense of $13.6 million
in the quarter.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company reported an income
tax expense of $18.9 million in the quarter, compared to an income tax expense of $21.7 million in the prior year period.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Fourth quarter net income attributable
to the Company totaled $21.2 million, compared to net income of $5.6 million in the same period of 2015. While operating income
was broadly stable year-over-year, the improvement reflects a positive variance in foreign exchange results, coupled with lower
net interest and income tax expenses. Net income included $10.4 million from the Company&rsquo;s asset monetization initiatives
(redevelopment and refranchising).</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company reported earnings
per share of $0.10 in the fourth quarter of 2016, compared to earnings per share of $0.03 in the previous corresponding period.
Total weighted average shares for the fourth quarter of 2016 were 210,711,212, as compared to 210,538,896 in the fourth quarter
of 2015, reflecting the issuance of shares as a result of the partial vesting of restricted share units.</FONT></P>

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


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-bottom: rgb(31,73,125) 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Figure 3. Brazil Division: Key Financial Results</B></FONT><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(In millions of U.S. dollars, except as noted)</I></FONT></P>
                                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 30%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>4Q15</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>4Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>883 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>902 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2.2%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>333.4 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>53.9 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(9.1)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>378.2 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>13.4%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-2.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>0.1%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>73.5 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>9.1 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(19.5)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>63.1 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-14.1%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-26.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>22.0%&nbsp;</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>16.7%&nbsp;</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Brazil&rsquo;s as reported revenues
increased by 13.4%, supported by a 14% year-over-year average appreciation of the Brazilian real. Excluding the benefit of currency
translation, constant currency revenues decreased 2.7% year-over-year with flat systemwide comparable sales in the quarter. This
was mainly due to the refranchising of certain company-operated restaurants during the last twelve months. The shift to a greater
percentage of franchised restaurants negatively impacts consolidated revenue, as company-operated restaurant sales are replaced
by rental income received from the Company&rsquo;s sub-franchisees. In the quarter, average check growth was offset by a modest
decline in traffic against a backdrop of continued soft consumer spending.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Marketing activities in the quarter
included the launch of the new affordability platform &ldquo;Cl&aacute;ssicos do Dia&rdquo; or &ldquo;Daily Classics,&rdquo; which
helped improve traffic trends amid a tough consumer environment in the country. Also in the quarter, the Company launched the
Crispy Onion BBQ premium burger as part of the Signature Line and the McFlurry M&amp;Ms, among others.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As reported Adjusted EBITDA decreased
14.1% year-over-year and 26.5% on a constant currency basis. The Adjusted EBITDA margin contracted 530 basis points to 16.7%,
mainly as a result of the comparison with the non-recurring $32.6 million net PIS/COFINS recovery recorded in the same quarter
of 2015. This more than offset efficiencies in F&amp;P, Payroll and G&amp;A expenses as a percentage of revenues. Excluding the
non-recurring item, Brazil&rsquo;s Adjusted EBITDA margin expanded 440 basis points. Additionally, fourth quarter Adjusted EBITDA
included $5.1 million from the Company&rsquo;s refranchising initiative, compared with $1.8 million in the prior-year quarter.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>2
</SUP>As of January 1, 2016, the Company reallocated certain expenses previously included in the corporate segment to the operating
divisions in order to align the financial statement presentation with the revised allocation used by the Company&rsquo;s management
as from that date. In accordance with ASC 280, Segment Reporting, the Company has restated its comparative segment information
based on the new allocation of expenses.</FONT></P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-bottom: rgb(31,73,125) 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Figure 4. NOLAD Division: Key Financial Results</B></FONT><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(In millions of U.S. dollars, except as noted)</I></FONT></P>
                                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 30%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q15</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a)</B></FONT></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency
    Translation</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(b) </B></FONT></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Growth</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(c)&nbsp;&nbsp;</B></FONT></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q16</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a+b+c)</B></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>%
    As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>%
    Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>518 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>517
    </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-0.2%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>96.1 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(8.4)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.0 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>95.8
    </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-0.4%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide
    Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>6.6%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted
    EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10.0 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.4)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.8 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10.3
    </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3.2%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted
    EBITDA Margin</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>10.4%&nbsp;</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>10.8%&nbsp;</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">NOLAD&rsquo;s as reported revenues
decreased 0.4% year-over-year as constant currency growth of 8.3% was more than offset by currency translation impacts, mainly
derived from the 19% year-over-year average depreciation of the Mexican peso. Systemwide comparable sales increased 6.6%, driven
by average check growth combined with an increase in traffic across the division.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Marketing initiatives in the quarter
included the launch of the Mega Mac and Grand Big Mac campaign and the continuation of the new affordability platform in Mexico.
Also in the quarter, marketing activities included the launch of the McFlurry Hershey&rsquo;s Almond Bites in the Dessert category
and Power Girls &amp; Justice League in the Happy Meal, among others.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As reported Adjusted EBITDA increased
by 3.2%, or 7.7% on a constant currency basis, continuing the trend of solid performance and margin expansion. The Adjusted EBITDA
margin increased 40 basis points to 10.8% in the fourth quarter, mainly driven by efficiencies in G&amp;A, which more than offset
higher Payroll and F&amp;P costs as a percentage of revenues.</FONT></P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-bottom: rgb(31,73,125) 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Figure 5. SLAD Division: Key Financial Results</B></FONT><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(In millions of U.S. dollars, except as noted)</I></FONT></P>
                                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 30%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q15</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a)</B></FONT></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency
    Translation</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(b) </B></FONT></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Growth</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(c)&nbsp;&nbsp;</B></FONT></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q16</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a+b+c)</B></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>%
    As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>%
    Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>384 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>384
    </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.0%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>230.2 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(73.1)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>64.5 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>221.6
    </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-3.7%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>28.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide
    Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>29.0%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted
    EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>25.7 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(6.4)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.1 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>21.4
    </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-16.6%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted
    EBITDA Margin</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>11.2%&nbsp;</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>9.7%&nbsp;</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">SLAD&rsquo;s as reported revenues
decreased 3.7% mainly due to the 52% year-over-year average depreciation of the Argentine peso. On a constant currency basis,
revenues increased 28.0% year-over-year. Systemwide comparable sales increased 29.0%, primarily driven by average check growth
and an increase in traffic.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Marketing activities in the quarter
included a new affordability platform built on core products in Argentina, &ldquo;Combo del D&iacute;a,&rdquo; and the launch
of the Crispy Onion BBQ premium burger as part of the Signature Line. The Happy Meal performed well with Power Girls &amp; Justice
League along with Adventure Time while the McFlurry &ldquo;Abuela Goye&rdquo; promotion continued in the Dessert category.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Adjusted EBITDA decreased 16.6%
on an as reported basis but rose 8.3% in constant currency terms. The Adjusted EBITDA margin contracted 150 basis points to 9.7%,
driven by higher F&amp;P and Occupancy and Other Operating expenses. These factors were partially offset by efficiencies in Payroll
costs as a percentage of revenues.</FONT></P>

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


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-bottom: rgb(31,73,125) 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Figure 6. Caribbean Division: Key Financial Results</B></FONT><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(In millions of U.S. dollars, except as noted)</I></FONT></P>
                                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 30%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q15</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a)</B></FONT></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency
    Translation</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(b) </B></FONT></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Growth</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(c)&nbsp;&nbsp;</B></FONT></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q16</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a+b+c)</B></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>%
    As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>%
    Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>356 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>353
    </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-0.8%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>105.3 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(38.9)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>45.2 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>111.6
    </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6.0%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>43.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide
    Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>59.2%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted
    EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.5 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(10.7)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16.1 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.0
    </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>213.9%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>635.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted
    EBITDA Margin</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>2.4%&nbsp;</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>7.2%</I>&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Caribbean division&rsquo;s
as reported revenues increased 6.0%, as constant currency growth exceeded currency translation impacts derived from the remeasurement
of the results of the Venezuelan operation at a weaker year-over-year average exchange rate. Revenues in constant currency rose
43.0% year-over-year. Systemwide comparable sales increased 59.2%, with inflation-driven average check growth more than offsetting
a modest decrease in traffic.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In Colombia, marketing initiatives
in the quarter included the launch of the Mushroom Dijon burger as part of the Signature Line and the McFlurry Cocosette in the
Dessert category, among others. Also in the quarter, the Company continued the Talking Tom property in the Happy Meal and updated
the affordability platform.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As reported Adjusted EBITDA totaled
$8.0 million in the fourth quarter, compared with $2.5 million in the prior year quarter. The Adjusted EBITDA margin expanded
to 7.2% from 2.4%, driven by efficiencies in all key cost line items.</FONT></P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-bottom: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Figure 7. Caribbean Division - Excluding Venezuela: Key Financial Results</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 30%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q15</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a)</B></FONT></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency
    Translation</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(b) </B></FONT></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Growth</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(c)&nbsp;&nbsp;</B></FONT></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q16</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a+b+c)</B></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>%
    As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>%
    Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>222 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>220
    </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-0.9%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>92.2 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.0 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.7 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>94.9
    </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3.0%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide
    Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>2.5%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted
    EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.6 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.0 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3.0 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.5
    </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>116.7%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>115.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted
    EBITDA Margin</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>2.8%&nbsp;</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>5.8%&nbsp;</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As reported revenues in the Caribbean
division, excluding Venezuela, increased 3.0%, largely driven by constant currency growth. The 2.5% expansion in comparable sales
resulted from higher volume in the quarter. Revenue growth was supported by the ongoing strong performance of the Colombian operation.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Adjusted EBITDA totaled $5.5 million,
compared to $2.6 million in the same period of 2015. The Adjusted EBITDA margin expanded 300 basis points to 5.8%, mainly driven
by efficiencies in F&amp;P costs and Occupancy expenses from franchised restaurants, partially offset by higher G&amp;A expenses
and Occupancy and Other Operating expenses as a percentage of revenues.</FONT></P>

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


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="width: 40%; border-bottom: #1F497D 1.5pt solid; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Figure 8. Total Restaurants (eop)*</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>December</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>September</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>June</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>March</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>December</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Brazil</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">902 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">890 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">884 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">883 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">883 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NOLAD</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">517 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">515 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">516 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">516 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">518 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SLAD</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">384 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">383 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">382 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">382 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">384 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Caribbean</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">353 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">352 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">353 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">355 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">356 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TOTAL</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,156 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,140 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,135 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,136 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,141 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>LTM Net Openings</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>15 </I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>18 </I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>15 </I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>17 </I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>20 </I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">* Considers Company-operated
    and franchised restaurants at period-end</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company opened 33 new restaurants
during the twelve-month period ended December 31, 2016, resulting in a total of 2,156 restaurants. Also during the period, the
Company added 140 Dessert Centers, bringing the total to 2,745. McCaf&eacute;s totaled 316 as of December 31, 2016.</FONT></P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Cash and cash equivalents were
$194.8 million at December 31, 2016. The Company&rsquo;s total financial debt (including derivative instruments) was $610.2 million.
Net debt was $415.4 million and the Net Debt/Adjusted EBITDA ratio was 1.7x at December 31, 2016.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Cash provided by operating activities
totaled $104.0 million for the quarter, while cash used in financing activities amounted to $1.5 million. Cash used in net investing
activities totaled $17.5 million, which included $22.2 million from asset monetization proceeds less total capital expenditures
of $40.2 million.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 60%; border-top: rgb(31,73,125) 1pt solid; border-bottom: rgb(31,73,125) 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Figure 9. Consolidated Financial Ratios</B></FONT><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(In thousands of U.S. dollars, except ratios)</I></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 20%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 20%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>December 31</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>December 31</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cash &amp; cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">194,803</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">112,519</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total Financial Debt (i)</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">610,170</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">650,452</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net Financial Debt (ii)</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">415,367</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">537,933</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total Financial Debt / LTM Adjusted EBITDA ratio</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.6</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net Financial Debt / LTM Adjusted EBITDA ratio</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(i)Total financial debt includes short-term
    debt, long-term debt and derivative instruments (including the asset portion of derivatives amounting to nil and $6.7 million
    as a reduction of financial debt as of December 31, 2016 and December 31, 2015, respectively).</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(ii) Total financial debt less cash and
    cash equivalents.</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
</TABLE>


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

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


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The depreciation of key currencies
within the region more than offset constant currency revenue growth of 13.9% for the twelve months ended December 31, 2016. As
a result, the Company&rsquo;s as reported revenues declined 4.1% to $2.93 billion. As reported Adjusted EBITDA was $238.4 million
in 2016, a 3.6% increase compared to 2015. On a constant currency basis, Adjusted EBITDA increased 26.2%. The reported Adjusted
EBITDA margin expanded 60 basis points to 8.1%. Excluding the non-recurring $32.6 million net PIS/COFINS recovery recorded in
the fourth quarter of last year, the consolidated Adjusted EBITDA grew 20.7% with a margin expansion of 160 basis points for the
year. On the cost side, efficiencies in G&amp;A expenses and Payroll costs more than offset higher F&amp;P costs as a percentage
of revenues. Adjusted EBITDA benefited from G&amp;A savings as a result of the optimization plan carried out in the fourth quarter
of 2015. Additionally, Adjusted EBITDA included $16.5 million from the refranchising of some company-operated restaurants primarily
in Brazil.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">For the full year 2016, the Company
reported consolidated net income of $78.8 million, compared with a loss of $51.6 million in 2015. The positive variance reflects
stronger operating results in 2016, which included $69.4 million from asset monetization initiatives (redevelopment and refranchising),
coupled with a positive foreign exchange result, partially offset by higher income tax and net interest expenses.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Excluding the Venezuelan operation,
the Company&rsquo;s revenues declined 4.5%, but increased 10.3% on a constant currency basis. Adjusted EBITDA decreased 1.0%,
as reported, and increased 8.8% in constant currency terms. The reported Adjusted EBITDA margin expanded 30 basis points to 8.3%,
as leverage in G&amp;A and Payroll costs more than offset higher F&amp;P costs as a percentage of revenues. Excluding the non-recurring
$32.6 million net PIS/COFINS recovery recorded in the fourth quarter of last year, the consolidated Adjusted EBITDA grew 14.6%
with a margin expansion of 140 basis points for the year.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Cash provided by operating activities
totaled $164.2 million for the year, while cash used in financing activities amounted to $113.0 million. Cash provided from net
investing activities totaled $23.0 million, which included $113.4 million from asset monetization proceeds less total capital
expenditures of $92.3 million.</FONT></P>

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>2017 Annual Guidance and
Longer-term Outlook</U></B></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>2017 Annual Guidance</U></I></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">For the full year 2017, the Company
expects to open between 45 and 50 new restaurants and will continue to evaluate its existing restaurant base for optimization
opportunities. The Company expects total capital expenditures to be between $150 and $180 million.</FONT></P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company expects cash flow
generation to grow over the next three years as the local economies recover and the Company captures additional topline growth
as a result of Management&rsquo;s strategy to focus on increasing restaurant volumes.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Total capital expenditures for
2017 to 2019 are expected to be approximately $500 million. The Company will continue targeting a Net Debt to Adjusted EBITDA
ratio below 2.5x.</FONT></P>

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


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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company received cumulative
cash proceeds of around $135.0 million through December 31, 2016 from its asset monetization initiatives since its inception.
Approximately $105.0 million pertained to the redevelopment of certain real estate assets in Mexico and $30.0 million to the refranchising
of company-operated restaurants, primarily in Brazil.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Based on existing deals, the Company
expects the cumulative redevelopment proceeds, since inception, to total approximately $150 million by the end of 2017. The main
goal of the redevelopment initiative was to reduce debt levels. The Company has decided not to pursue additional re-development
deals at this time, as the stated debt reduction targets have been achieved.</FONT></P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company is seeking to optimize
the terms and composition of its long term debt, without materially increasing its total debt levels, subject to market conditions.
Further details will be communicated as appropriate.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>Reinvestment and Restaurant
Opening Plans for 2017-2019</U></I></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company reached an agreement
with McDonald&rsquo;s Corporation related to the restaurant opening and reinvestment plan for the three-year period commenced
on January 1, 2017. Under the agreement, the Company committed to open 180 new restaurants and to reinvest $292 million in existing
restaurants. In addition, McDonald&rsquo;s Corporation agreed to provide growth support for the same period. The Company projects
that the impact of this support could result in an effective royalty rate of 5.3% in 2017, 5.7% in 2018 and 5.9% in 2019.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Investor Relations Contact</B></FONT></P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Vice President of Corporate Communications
&amp;</FONT></P>

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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #17497D"><U>daniel.schleiniger@ar.mcd.com</U></FONT></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #17497D"><U>www.arcosdorados.com/ir</U></FONT></P>
</TD>
    <TD STYLE="width: 50%"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Media
Contact</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">MBS
Value Partners&nbsp;</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt; color: #17497D"><U>katja.buhrer@mbsvalue.com&nbsp;</U></FONT></P>

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

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

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

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


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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I><U>Systemwide
comparable sales growth:</U></I> refers to the change, measured in constant currency, in our Company-operated and franchised restaurant
sales in one period from a comparable period for restaurants that have been open for thirteen months or longer. While sales by
our franchisees are not recorded as revenues by us, we believe the information is important in understanding our financial performance
because these sales are the basis on which we calculate and record franchised revenues, and are indicative of the financial health
of our franchisee base.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I><U>Constant
currency basis:</U></I> refers to amounts calculated using the same exchange rate over the periods under comparison to remove
the effects of currency fluctuations from this trend analysis.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">To better
discern underlying business trends, this release uses non-GAAP financial measures that segregate year-over-year growth into two
categories: (i) currency translation, (ii) constant currency growth. (i) Currency translation reflects the impact on growth of
the appreciation or depreciation of the local currencies in which we conduct our business against the US dollar (the currency
in which our financial statements are prepared). (ii) Constant currency growth reflects the underlying growth of the business
excluding the effect from currency translation.</FONT></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Arcos Dorados
is the world&rsquo;s largest McDonald&rsquo;s franchisee in terms of systemwide sales and number of restaurants, operating the
largest quick service restaurant chain in Latin America and the Caribbean. It has the exclusive right to own, operate and grant
franchises of McDonald&rsquo;s restaurants in 20 Latin American and Caribbean countries and territories, including Argentina,
Aruba, Brazil, Chile, Colombia, Costa Rica, Cura&ccedil;ao, Ecuador, French Guyana, Guadeloupe, Martinique, Mexico, Panama, Peru,
Puerto Rico, St. Croix, St. Thomas, Trinidad &amp; Tobago, Uruguay and Venezuela. The Company operates or franchises over 2,100
McDonald&rsquo;s-branded restaurants with over 90,000 employees and is recognized as one of the best companies to work for in
Latin America. Arcos Dorados is traded on the New York Stock Exchange (NYSE: ARCO). To learn more about the Company, please visit
the Investors section of our website: www.arcosdorados.com/ir</FONT></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This press
release contains forward-looking statements. The forward-looking statements contained herein include statements about the Company&rsquo;s
business prospects, its ability to attract customers, its affordable platform, its expectation for revenue generation and its
outlook and guidance for 2017. These statements are subject to the general risks inherent in Arcos Dorados' business. These expectations
may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect.
In addition, Arcos Dorados' business and operations involve numerous risks and uncertainties, many of which are beyond the control
of Arcos Dorados, which could result in Arcos Dorados' expectations not being realized or otherwise materially affect the financial
condition, results of operations and cash flows of Arcos Dorados. Additional information relating to the uncertainties affecting
Arcos Dorados' business is contained in its filings with the Securities and Exchange Commission. The forward-looking statements
are made only as of the date hereof, and Arcos Dorados does not undertake any obligation to (and expressly disclaims
any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were
made, or to reflect the occurrence of unanticipated events.</FONT></P>

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


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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition
to financial measures prepared in accordance with the general accepted accounting principles (GAAP), within this press release
and the accompanying tables, we use a financial measure titled &lsquo;Adjusted EBITDA&rsquo;. We use Adjusted EBITDA to facilitate
operating performance comparisons from period to period. Adjusted EBITDA is defined as our operating income plus depreciation
and amortization plus/minus the following losses/gains included within other operating expenses, net and within general and administrative
expenses in our statement of income: gains from sale or insurance recovery of property and equipment, write-offs and related contingencies
of property and equipment, impairment of long-lived assets and goodwill, stock-based compensation in connection with the Company&rsquo;s
initial public listing, the ADBV Long-Term Incentive Plan incremental compensation from modification, and reorganization and optimization
plan expenses.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We believe
Adjusted EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences caused by
variations such as capital structures (affecting net interest expense and other financial charges), taxation (affecting income
tax expense) and the age and book depreciation of facilities and equipment (affecting relative depreciation expense), which may
vary for different companies for reasons unrelated to operating performance. For more information, please see Adjusted EBITDA
reconciliation in Note 21 of our quarterly financial statements (6-K Form) filed today with the S.E.C.</FONT></P>

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


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">(In thousands of U.S. dollars,
except per share data)</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="border-bottom: rgb(31,73,125) 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Figure 11. Fourth Quarter &amp; Full Year 2016 Consolidated Results</B></FONT><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(In thousands of U.S. dollars, except per share data)</I></FONT></P>
                                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; background-color: #C5D9F1">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>For Three-Months ended</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: #1F497D 1.5pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>For Twelve-Months ended</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; background-color: #C5D9F1">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 57%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; background-color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">REVENUES</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales by Company-operated restaurants</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">770,478 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">733,880 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,803,334 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,930,379 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Revenues from franchised restaurants</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">36,681 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31,106 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">125,296 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">122,361 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>807,159 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>764,986 </B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,928,630 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3,052,740 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">OPERATING COSTS AND EXPENSES</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Company-operated restaurant expenses:</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Food and paper</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(272,523)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(260,688)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1,012,976)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1,037,487)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Payroll and employee benefits</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(162,400)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(161,964)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(607,082)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(660,773)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Occupancy and other operating expenses</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(194,882)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(193,787)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(752,428)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(793,622)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Royalty fees</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(39,389)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(37,188)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(142,777)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(149,089)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Franchised restaurants - occupancy expenses</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(15,075)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(12,191)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(55,098)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(54,242)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">General and administrative expenses</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(63,258)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(75,192)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(221,075)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(270,680)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other operating income (expenses), net</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(5,535)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">29,302 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">41,386 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,560 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total operating costs and expenses</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(753,062)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(711,708)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(2,750,050)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(2,959,333)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Operating income</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>54,097 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>53,278 </B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>178,580 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>93,407 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net interest expense</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(13,647)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(16,728)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(66,880)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(64,407)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Gain (Loss) from derivative instruments</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3,013)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2,672)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3,065)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2,894)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Foreign currency exchange results</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,454 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(6,081)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">32,354 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(54,032)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other non-operating expense, net</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(798)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(445)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2,360)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(627)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Income (loss) before income taxes</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>40,093 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>27,352 </B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>138,629 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(28,553)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Income tax (expense) benefit</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(18,909)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(21,739)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(59,641)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(22,816)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net income (loss)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>21,184 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>5,613 </B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>78,988 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(51,369)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Less: Net income attributable to non-controlling interests</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(33)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(62)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(178)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(264)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net income (loss) attributable to Arcos Dorados Holdings Inc.</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>21,151 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>5,551 </B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>78,810 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(51,633)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Earnings (loss) per share information ($ per share):</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Basic net income per common share</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 </B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Weighted-average number of common shares outstanding-Basic</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">210,711,212 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">210,538,896 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">210,646,955 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">210,436,232 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted EBITDA Reconciliation</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Operating income</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">54,097 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">53,278 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">178,580 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">93,407 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Depreciation and amortization</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18,643 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">27,456 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">92,969 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">110,715 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Operating charges excluded from EBITDA computation</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13,536 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15,584 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(33,104)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">26,049 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>86,276 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>96,318 </B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>238,445 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>230,171 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted EBITDA Margin as % of total revenues</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>10.7%</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>12.6%</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>8.1%</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>7.5%</B></FONT></TD></TR>
</TABLE>


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

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


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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">(In thousands of U.S. dollars)</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="5"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Figure 12. Fourth Quarter &amp; Full Year 2016 Consolidated Results by Division</B></FONT><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(In thousands of U.S. dollars)</I></FONT></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-top: #1F497D 1.5pt solid; background-color: #C5D9F1">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>4Q</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: white">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>FY</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #C5D9F1">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Three-Months ended</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% Incr.</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Constant</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: white">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Twelve-Months ended</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% Incr.</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Constant</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #C5D9F1">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>/</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: white">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>/</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 19%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Decr)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Incr/(Decr)%</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; background-color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Decr)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Incr/(Decr)%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Revenues</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Brazil</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">378,175 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">333,400 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13.4%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-2.7%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,333,237 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,361,989 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-2.1%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Caribbean</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">111,626 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">105,284 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6.0%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">43.0%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">409,671 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">398,144 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.9%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NOLAD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">95,762 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">96,147 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-0.4%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.3%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">363,965 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">367,364 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-0.9%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SLAD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">221,596 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">230,155 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-3.7%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">28.0%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">821,757 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">925,243 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-11.2%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">25.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TOTAL</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>807,159 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>764,986 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>5.5%</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>14.2%</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,928,630 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3,052,740 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-4.1%</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>13.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-decoration: underline; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Operating Income (loss) </U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Brazil</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">50,674 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">58,298 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-13.1%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-25.7%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">122,636 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">116,820 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.0%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Caribbean</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,567 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(10,122)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">145.1%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">215.9%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(12,392)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(40,102)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">69.1%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">157.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NOLAD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(10,655)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,175 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-248.5%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-294.3%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">45,145 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,710 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">418.3%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">464.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SLAD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">21,863 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">16,577 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31.9%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">79.0%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">66,359 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">78,022 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-14.9%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">25.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Corporate and Other</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(12,352)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(18,650)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">33.8%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.3%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(43,168)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(70,043)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">38.4%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TOTAL</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>54,097 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>53,278 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1.5%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-1.3%</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>178,580 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>93,407 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>91.2%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>149.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-decoration: underline; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Adjusted EBITDA</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Brazil</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">63,109 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">73,500 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-14.1%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-26.5%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">168,076 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">174,102 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-3.5%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Caribbean</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,982 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,543 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">213.9%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">635.0%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18,049 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,059 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">776.6%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2149.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NOLAD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,305 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9,982 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.2%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.7%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">36,288 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31,424 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15.5%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SLAD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">21,447 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">25,706 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-16.6%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.3%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">76,327 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">100,718 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-24.2%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Corporate and Other</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(16,567)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(15,413)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-7.5%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-31.1%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(60,295)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(78,132)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">22.8%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TOTAL</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>86,276 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>96,318 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-10.4%</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-5.4%</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>238,445 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>230,171 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3.6%</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>26.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP COLSPAN="3" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Figure 13. Average Exchange Rate per Quarter*</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Brazil</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Mexico</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Argentina</B></FONT></TD>
    <TD STYLE="background-color: #C5D9F1; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Venezuela</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4Q16</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.30</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19.87</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15.46</FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">663.81</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4Q15</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.85</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">16.76</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10.15</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">199.68</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>* Local $ per 1 US$</I></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">(In thousands of U.S. dollars)</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="border-bottom: rgb(31,73,125) 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Figure 14. Summarized Consolidated Balance Sheets</B></FONT><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(In thousands of U.S. dollars)</I></FONT></P>
                                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="width: 70%"></TD>
    <TD NOWRAP STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>December 31</B></FONT></TD>
    <TD NOWRAP STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>December 31</B></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid"></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ASSETS</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Current assets</B>&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cash and cash equivalents </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">194,803 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">112,519 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Accounts and notes receivable, net</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">83,239 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">63,348 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other current assets (1)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">167,148 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">203,129 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total current assets </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>445,190 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>378,996 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Non-current assets</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Property and equipment, net </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">847,966 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">833,357 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net intangible assets and goodwill </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">43,044 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">49,486 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Deferred income taxes </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">70,446 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">63,321 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other non-current assets (2)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">98,407 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">78,042 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total non-current assets </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,059,863 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,024,206 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total assets &nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,505,053 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,403,202 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">LIABILITIES AND EQUITY</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Current liabilities</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Accounts payable </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">217,914 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">187,685 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Taxes payable (3)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">112,593 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">97,587 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Accrued payroll and other liabilities </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">144,442 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">93,112 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other current liabilities (4)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">24,620 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">30,824 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Provision for contingencies </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">764 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">512 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial debt (5)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">47,975 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">165,866 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Deferred income taxes </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,728 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total current liabilities </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>548,308 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>577,314 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Non-current liabilities</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Accrued payroll and other liabilities&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">23,760 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19,381 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Provision for contingencies </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17,348 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20,066 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial debt (6)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">562,195 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">491,327 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Deferred income taxes </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,866 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,224 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total non-current liabilities </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>605,169 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>538,998 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total liabilities </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,153,477 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,116,312 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Equity</B>&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Class A shares of common stock</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">373,969 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">371,857 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Class B shares of common stock</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">132,915 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">132,915 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Additional paid-in capital </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13,788 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12,606 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Retained earnings </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">271,968 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">193,158 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Accumulated other comprehensive losses</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(441,649)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(424,263)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Arcos Dorados Holdings Inc shareholders&rsquo; equity</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>350,991 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>286,273 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Non-controlling interest in subsidiaries</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">585 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">617 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total equity</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>351,576 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>286,890 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total liabilities and equity </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,505,053 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,403,202 </B></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(1) Includes &quot;Other receivables&quot;,
&quot;Inventories&quot;, &quot;Prepaid expenses and other current assets&quot;, and &quot;Deferred income taxes&quot; and &quot;McDonald's
Corporation's indemnification for contingencies&quot;.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(2) Includes &quot;Miscellaneous&quot;,
&quot;Collateral deposits&quot;, &quot;Derivative instruments&quot; and &quot;McDonald&acute;s Corporation indemnification for
contingencies&quot;.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(3) Includes &quot;Income taxes
payable&quot; and &quot;Other taxes payable&quot;.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(4) Includes &quot;Royalties payable
to McDonald&acute;s Corporation&quot; and &quot;Interest payable&quot;.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(5) Includes &quot;Short-term debt&quot;,
&quot;Current&nbsp;portion&nbsp;of&nbsp;long-term&nbsp;debt&quot; and &quot;Derivative instruments&quot;.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(6) Includes &quot;Long-term debt,
excluding current portion&quot; and &quot;Derivative instruments&quot;.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

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



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