<SEC-DOCUMENT>0000950103-17-004256.txt : 20170503
<SEC-HEADER>0000950103-17-004256.hdr.sgml : 20170503
<ACCEPTANCE-DATETIME>20170503080950
ACCESSION NUMBER:		0000950103-17-004256
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170503
FILED AS OF DATE:		20170503
DATE AS OF CHANGE:		20170503

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:		17807217

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

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

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</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 <BR>
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 May, 2017</P>

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

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<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"><B>Montevideo, Uruguay, 11300 WTC Free
Zone&nbsp;</B></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>

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    <TD STYLE="width: 28%; font-size: 10pt; text-decoration: none; text-align: center">Form 40-F</TD>
    <TD STYLE="width: 14%; text-decoration: none; text-align: center">&nbsp;<FONT STYLE="font-family: Wingdings">&#111;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-decoration: none">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>

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    <TD STYLE="width: 28%; font-size: 10pt; text-align: center; text-decoration: none">No</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-decoration: none">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; text-decoration: none">&nbsp;</P>

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    <TD STYLE="width: 29%; font-size: 10pt; text-decoration: none; text-align: center">Yes</TD>
    <TD STYLE="width: 14%; text-decoration: none; text-align: center">&nbsp;<FONT STYLE="font-family: Wingdings">&#111;</FONT></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center; text-decoration: none">No</TD>
    <TD STYLE="width: 14%; text-decoration: none"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-decoration: none">&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></P></TD></TR>
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<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>

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    <TD STYLE="width: 9%; font-size: 10pt; text-align: center; padding-bottom: 6pt"><B>ITEM</B></TD>
    <TD STYLE="width: 91%; font-size: 10pt; text-align: center; padding-bottom: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">1.</TD>
    <TD STYLE="font-size: 10pt">Press Release dated May 3, 2017 titled &ldquo;Arcos Dorados Reports First Quarter 2017 Financial Results&rdquo;</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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>Arcos Dorados Holdings Inc.</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Juan David Bastidas</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:</TD>
    <TD STYLE="width: 33%">Juan David Bastidas</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Legal Counsel</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Date: May 3, 2017</P>

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

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

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="header.jpg" ALT="">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>ARCOS DORADOS REPORTS FIRST QUARTER 2017
FINANCIAL RESULTS</B></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delivered
strong top-line growth and Adjusted EBITDA margin expansion. Achieved positive volume trends across key markets.</B></FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Montevideo, Uruguay, May 3, 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 first
quarter ended March 31, 2017.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>First
Quarter 2017 Key Results</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>

<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 18.7% to $781.5 million versus the first quarter of 2016. On a constant
                                         currency basis<SUP>1</SUP>, consolidated revenues grew 17.0%, 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"></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<SUP>1
                                         </SUP>rose 19.4% 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"></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<SUP>1</SUP>
                                         increased 30.0% to $62.7 million compared with the prior-year quarter.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></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 70 basis points to 8.0%.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></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 40 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"></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 $40.6 million, from $16.1 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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&ldquo;We achieved strong revenue
growth and EBITDA margin expansion in the first quarter, alongside early progress on key initiatives from our strategic plan.
Our strategy of leveraging McDonald&rsquo;s core assets to expand volumes, reinvesting in our restaurants and enhancing operational
excellence drove improved customer satisfaction together with topline growth. We solidified our capital structure with the completion
of our tender offer and issuance of our 2027 Notes. This, along with the operational efficiencies we have built into our system,
positions us to capitalize on improvements in our markets as we transition from a turnaround mindset to a growth strategy,&rdquo;
said Sergio Alonso, Chief Executive Officer of Arcos Dorados.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</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: 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-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>1
</SUP></FONT>For definitions please refer to page 13 of this document.&nbsp;</P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>First Quarter 2017 Results</U></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: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Consolidated
</B> <I></I></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I></I></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-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 4pt 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure
    1. AD Holdings Inc Consolidated: Key Financial Results</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(In millions of U.S. dollars, except as noted)</I></FONT></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 34%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q16</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; padding-right: 2pt; padding-left: 2pt"><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: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><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: 11%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q17</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: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,136 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,156
    </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.9%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales
    by Company-operated Restaurants</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">631.0 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.2 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102.2 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">745.4
    </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.1%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues
    from franchised restaurants</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.5 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.0)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.6 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.1
    </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31.2%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>658.5 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11.1 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>111.8 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>781.5
    </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>18.7%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>17.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide
    Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>19.4%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted
    EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>48.2 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-0.4</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14.9 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>62.7
    </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>30.0%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>30.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted
    EBITDA Margin</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>7.3%</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>8.0%</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
    income (loss) attributable to AD</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16.1 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(10.6)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>35.1 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>40.6
    </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>152.8%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>218.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No.
    of shares outstanding (thousands)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,539 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,711
    </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EPS
    (US$/Share)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.08
    </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.19
    </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>(1Q17 = 1Q16 + 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Arcos Dorados&rsquo; first quarter
as reported revenues increased 18.7%, largely driven by constant currency revenue growth of 17.0%, coupled with a positive impact
of currency translation. Constant currency revenue growth reflected a 19.4% expansion in systemwide comparable sales, mainly driven
by average check growth. Traffic was also positive in the quarter.</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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Adjusted EBITDA</B> ($ million)</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><I>Breakdown of main variations
contributing to 1Q17 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: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt"><IMG SRC="page3.jpg" ALT="">&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: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;*Net
impact of: Constant Currency Growth ($10.9 million) and Currency Translation (-$8.8 million).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">First quarter consolidated as
reported Adjusted EBITDA increased 30.0%, driven by constant currency growth of 30.9%. Brazil was the key contributor to Adjusted
EBITDA during the quarter, followed by SLAD and the Caribbean division, which were partially offset by a decline in NOLAD&rsquo;s
Adjusted EBITDA.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Adjusted EBITDA margin expanded
by 70 basis points to 8.0%, mainly due to margin improvements in Brazil, SLAD and the Caribbean division. This was partially offset
by a margin decline in NOLAD. Efficiencies in Food and Paper (F&amp;P) and G&amp;A expenses as a percentage of revenues more than
offset higher Payroll and a negative variance in Other operating income.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As reported, consolidated G&amp;A
increased by 12.5% year-over-year. However, as a percentage of revenues it decreased 40 basis points. Importantly, G&amp;A grew
by 11.9% year-over-year on a constant currency basis versus the first quarter of 2016, which was below the estimated blended rate
of inflation for the Company&rsquo;s G&amp;A.</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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Consolidated
&ndash; excluding Venezuela</B></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: white">
    <TD COLSPAN="7" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 4pt 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 2. AD Holdings Inc Consolidated - Excluding Venezuela: Key Financial Results</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 34%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,002 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,025 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.1%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales by Company-operated Restaurants</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">617.4 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54.4 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.2 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">727.0 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.8%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25.9 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.9 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.1 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33.9 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30.9%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>643.3 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>58.3 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>59.4 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>760.9 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>18.3%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>9.6%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>48.0 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.4 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4.0 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60.4 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>25.8%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>7.5%</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>7.9%</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income (loss) attributable to AD</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>21.5 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.6)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>19.1 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>40.1 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>86.1%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No. of shares outstanding (thousands)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,539 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,711 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EPS (US$/Share)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.10 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.19 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&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"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Excluding the Company&rsquo;s
Venezuelan operation, as reported revenues increased 18.3% year-over-year, while constant currency growth was 9.2%. 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
territories, including the Mexican peso. Constant currency revenue growth was supported by a 9.6% increase in systemwide comparable
sales, driven by average check growth and positive traffic in all divisions.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Adjusted EBITDA increased 25.8%
on an as reported basis, or 8.4% in constant currency terms. The Adjusted EBITDA margin expanded 40 basis points to 7.9%, driven
by efficiencies in F&amp;P and G&amp;A, partially offset by a negative variance in Other Operating Income (expense) and higher
Payroll expenses as a percentage of revenues.</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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Non-operating Results</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: 0pt 0"><FONT STYLE="font-size: 10pt">Non-operating results for the
first quarter reflected an $8.6 million foreign currency exchange loss, versus a gain of $16.7 million last year. The appreciation
of the Mexican peso from the previous quarter end generated a loss related to intercompany balances. This was partially offset
by the appreciation of the Brazilian real, which generated a gain related to intercompany balances. Net interest expense increased
$2.2 million year-over-year to $16.4 million in the quarter. Interest expenses were lower on the 2023 USD Notes due to the reduced
principal balance, which was more than offset by higher interest expenses on the BRL-denominated debt.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company reported an income
tax expense of $22.3 million in the quarter, compared to an income tax expense of $8.3 million in the prior year period.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">First quarter net income attributable
to the Company totaled $40.6 million, compared to net income of $16.1 million in the same period of 2016. The improvement reflects
stronger operating results, which in the first quarter of this year included $52.5 million from the Company&rsquo;s asset monetization
initiatives, partially offset by a negative variance in foreign exchange results coupled with higher net interest and income tax
expenses.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company reported earnings
per share of $0.19 in the first quarter of 2017, compared to earnings per share of $0.08 in the previous corresponding period.
Total weighted average shares for the first quarter of 2017 were 210,711,224, as compared to 210,538,896 in the first quarter
of 2016.</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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Analysis by Division</U>:</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: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Brazil Division</B></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="7" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 4pt 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 3. Brazil Division: Key Financial Results</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 34%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>883 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>904 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.4%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>288.6 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>69.4 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.0 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>360.0 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>24.7%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>3.7%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>35.3 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.6 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.9 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>44.8 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>26.8%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.6%</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; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>12.2%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>12.4%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Brazil&rsquo;s as reported revenues
increased by 24.7%, supported by an almost 20% year-over-year average appreciation of the Brazilian real. Excluding the impact
of currency translation, constant currency revenues increased 0.7% year-over-year and were negatively impacted by the refranchising
of certain company-operated restaurants during the last twelve months. The shift to a greater percentage of franchised restaurants
negatively impacts total revenue, as company-operated restaurant sales are replaced by rental income received from the Company&rsquo;s
sub-franchisees. In the quarter, total systemwide sales growth was 5.6%, while systemwide comparable sales grew 3.7%, driven by
average check growth and slightly positive traffic. This was achieved despite a still soft consumer environment in the country.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Marketing activities in the quarter
included the extension of the new affordability platform &ldquo;Cl&aacute;ssicos do Dia&rdquo; or &ldquo;Daily Classics&rdquo;,
which drove volume growth. Also in the quarter, the Company launched the &ldquo;Original Mex&rdquo; premium burger as part of
the Signature Line and the McFlurry &ldquo;Laka Diamante Negro&rdquo;, among others.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As reported Adjusted EBITDA increased
26.8% year-over-year and 2.6% on a constant currency basis. The Adjusted EBITDA margin expanded 20 basis points to 12.4%, driven
by efficiencies in F&amp;P costs and Occupancy and other operating expenses. The leverage in the aforementioned costs and expenses
more than offset higher Occupancy expenses from franchised restaurants and a negative variance in Other operating income (expense),
net, due to higher refranchising activity in the prior year quarter.</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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>NOLAD</B></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="7" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 4pt 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 4. NOLAD Division: Key Financial Results</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 34%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>516 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>517 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.2%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>85.3 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(5.4)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4.5 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>84.3 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-1.1%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>3.7%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7.6 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.1 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2.5)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.2 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-31.9%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-33.2%</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; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>9.0%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>6.2%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">NOLAD&rsquo;s as reported revenues
decreased 1.1% year-over-year as constant currency growth of 5.2% was more than offset by currency translation impacts, mainly
derived from the 13% year-over-year average depreciation of the Mexican peso. Systemwide comparable sales increased 3.7%, driven
by average check growth combined with a modest increase in traffic across the division.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Marketing initiatives in the quarter
included the extension of the affordability platform &ldquo;McTr&iacute;o 3x3&rdquo;, and the &ldquo;Martes de McDonald&rsquo;s&rdquo;
campaign in Mexico. Also during the quarter, the Company launched the Signature Line in Mexico with the introduction of the Club
House premium burger. Within the desserts category, the Company offered a Valentine-themed cone, among others.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As reported Adjusted EBITDA decreased
by 31.9%, or 33.2% on a constant currency basis, mainly due to a tough environment in Mexico, which included inflationary pressures
on various cost line items. The Adjusted EBITDA margin decreased 280 basis points to 6.2% in the first quarter, with higher F&amp;P
costs, G&amp;A and Occupancy and other operating expenses as a percentage of revenues.</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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>SLAD</B></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="7" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 4pt 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 5. SLAD Division: Key Financial Results</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 34%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>382 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>385 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.8%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>187.0 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(7.7)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>50.5 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>229.9 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22.9%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>27.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>27.7%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16.5 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.5)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4.6 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20.6 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>25.0%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>27.9%</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; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>8.8%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>9.0%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">SLAD&rsquo;s as reported revenues
increased 22.9% as constant currency growth of 27.0% more than offset negative currency translation impacts resulting from the
9% year-over-year average depreciation of the Argentine peso. Systemwide comparable sales increased 27.7%, primarily driven by
average check growth coupled with an increase in traffic.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Marketing activities in the quarter
included the extension of the new affordability platform &ldquo;Combo del D&iacute;a&rdquo; and the &ldquo;Antojos&rdquo; campaign,
based on core menu items. Also in the quarter, the Company introduced the Cheddar &amp; Bacon fries and the McFlurry Milka Oreo
in the Dessert category, among others.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Adjusted EBITDA increased 25.0%
on an as reported basis and rose 27.9% in constant currency terms. The Adjusted EBITDA margin expanded 20 basis points to 9.0%,
driven by efficiencies in F&amp;P costs and G&amp;A expenses. These factors were partially offset by higher Occupancy and other
operating expenses and Payroll costs as a percentage of revenues.</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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Caribbean Division</B></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="7" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 4pt 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 6. Caribbean Division: Key Financial Results</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 34%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>355 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>350 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-1.4%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>97.6 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(45.2)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>54.8 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>107.2 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9.9%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>56.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>72.4%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.5 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(8.9)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12.0 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.6 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>129.1%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>489.4%</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; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>2.5%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>5.3%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Caribbean division&rsquo;s
as reported revenues increased 9.9%, as constant currency growth of 56.2% exceeded currency translation impacts derived from the
remeasurement of the results of the Venezuelan operation at a weaker year-over-year average exchange rate. Systemwide comparable
sales increased 72.4%, with inflation-driven average check growth more than offsetting a decrease in traffic.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Marketing initiatives in the quarter
included the launch of the Crispy Onion BBQ premium burger as part of the Signature Line and the consolidation of &ldquo;Almuerzos
Colombianos&rdquo;. Also in the quarter, the Company refreshed its affordability platform with the introduction of the &ldquo;Silvestre&rdquo;
burger and included Sing, Lego Batman and Nerf in the Happy Meal.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As reported Adjusted EBITDA totaled
$5.6 million in the first quarter, compared with $2.5 million in the prior year quarter. The Adjusted EBITDA margin expanded 280
basis points to 5.3%, mainly driven by efficiencies in Payroll and F&amp;P costs.</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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Caribbean Division &ndash;
excluding Venezuela</B></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="7" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 4pt 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 7. Caribbean Division - Excluding Venezuela: Key Financial Results</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 34%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>221 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>219 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-0.9%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>82.4 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.0 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.3 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>86.7 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.2%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>1.5%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.3 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.1)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.2 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3.4 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>48.1%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>50.5%</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; padding-right: 2pt; padding-left: 2pt"><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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>2.8%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>3.9%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As reported revenues in the Caribbean
division, excluding Venezuela, increased 5.2%, driven by both constant currency growth and positive currency translation. The
1.5% expansion in comparable sales resulted from higher average check and slightly positive traffic in the quarter.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Adjusted EBITDA totaled $3.4 million,
compared to $2.3 million in the same period of 2016. The Adjusted EBITDA margin expanded 110 basis points to 3.9%, mainly driven
by efficiencies in Payroll expenses, F&amp;P costs, and Occupancy expenses from franchised restaurants, partially offset by higher
Occupancy and Other Operating expenses and G&amp;A as a percentage of revenues.</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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>New Unit Development</B></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 STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 4pt 2pt; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 8. Total Restaurants (eop)*</B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 4pt 2pt; width: 12%">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 4pt 2pt; width: 12%">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 4pt 2pt; width: 12%">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 4pt 2pt; width: 12%">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 4pt 2pt; width: 12%">&nbsp;</TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>March</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>September</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>March</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">904 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">902 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">890 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">884 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">883 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">517 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">517 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">515 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">516 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">516 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SLAD</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">382 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">382 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">353 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">352 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">353 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">355 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,156 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,156 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,140 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,135 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,136 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>LTM Net Openings</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>20 </I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>15 </I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>18 </I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>15 </I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>17 </I></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">* Considers Company-operated and franchised restaurants at period-end</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"></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company opened 36 new restaurants
during the twelve-month period ended March 31, 2017, resulting in a total of 2,156 restaurants. Also during the period, the Company
added 160 Dessert Centers, bringing the total to 2,777. McCaf&eacute;s totaled 316 as of March 31, 2017.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Balance Sheet &amp; Cash Flow
Highlights</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: 0pt 0"><FONT STYLE="font-size: 10pt">Cash and cash equivalents were
$187.7 million at March 31, 2017. The Company&rsquo;s total financial debt (including derivative instruments) was $620.5 million.
Net debt (Total Financial Debt <I>minus</I> Cash and cash equivalents) was $432.8 million and the Net Debt/Adjusted EBITDA ratio
was 1.7x at March 31, 2017.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Net cash used in operating activities
totaled $4.5 million for the quarter, while cash used in financing activities amounted to $3.6 million. Cash used in net investing
activities totaled $2.3 million, which included $26.5 million from asset monetization proceeds less total capital expenditures
of $28.6 million.</FONT></P>

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

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

<TABLE 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: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 4pt 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 9. Consolidated Financial Ratios</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(In thousands of U.S. dollars, except ratios)</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 20%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 20%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>March 31</B></FONT></TD>
    <TD STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash &amp; cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">187,729</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">194,803</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Financial Debt (i)</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">620,491</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">610,170</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Financial Debt (ii)</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">432,762</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">415,367</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Financial Debt / LTM Adjusted EBITDA ratio</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.5</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Financial Debt / LTM Adjusted EBITDA ratio</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.7</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)Total financial debt includes short-term debt, long-term debt and derivative instruments.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="width: 60%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii) Total financial debt less cash and cash equivalents.</FONT></TD>
    <TD NOWRAP STYLE="width: 20%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 20%">&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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Quarter Highlights &amp;
Recent Developments</U></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: 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>Re-Development Initiative</U></I></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">Since inception and through March
31, 2017, the Company has received cumulative cash proceeds of around $128 million from the redevelopment of certain of its properties,
primarily in Mexico.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>Tender Offer 2023 Notes</U></I></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">On March 16, 2017, the Company
launched a cash tender offer to purchase $80 million of its outstanding 2023 Notes, at a redemption price equal to 104%, which
expired on April 12, 2017. The holders who tendered their 2023 Notes prior to March 29, 2017, received a redemption price equal
to 107%. As a consequence of the cash tender offer, on April 4 and April 18, 2017 the Company redeemed 11.6% of the outstanding
principal. The total payment was $48.9 million (including $3.2 million of early tender payment) plus accrued and unpaid interest.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>Issuance of 2027 Notes</U></I></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">On April 4, 2017, the Company
issued senior notes for an aggregate principal amount of $265 million, which are due in 2027. The 2027 Notes bear interest of
5.875% per year. Periodic payment of principal is not required and interest is paid semiannually, in April and October, commencing
on October 4, 2017. The proceeds from the issuance of the 2027 Notes were used to repay the Secured Loan Agreement and unwind
the related derivative instruments, to pay the principal and premium on the 2023 Notes in connection with the aforementioned tender
offer, and for general corporate purposes.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>Annual General Shareholders
Meeting</U></I></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">The Company held its Annual Shareholders&rsquo;
Meeting on April 24, 2017. All proposals were&nbsp;</FONT>approved.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 58%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Investor Relations Contact</B></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">Daniel Schleiniger&nbsp;</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">+54 11 4711 2675</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: blue"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>www.arcosdorados.com/ir</FONT></P>

</TD>
    <TD STYLE="width: 42%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Media
Contact</B></FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: blue"><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>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"><I><U>Adjusted
EBITDA</U>:</I> 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 non-GAAP financial measure titled &lsquo;Adjusted EBITDA&rsquo;.
We use Adjusted EBITDA to facilitate operating performance comparisons from period to period.</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">Adjusted
EBITDA is defined as our operating income plus depreciation and amortization plus/minus the following losses/gains included within
other operating income (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 related to the special awards in connection with the initial public
offering, under the 2011 Equity Incentive Plan; reorganization and optimization plan expenses; and incremental compensation related
to the modification of our 2008 long-term incentive plan.</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"><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. Figure 11 of this earnings release include a reconciliation for Adjusted EBITDA.
For more information, please see Adjusted EBITDA reconciliation in Note 9 of our quarterly financial statements (6-K Form) filed
today with the S.E.C.</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This press
release contains forward-looking statements. The forward-looking statements contained herein include statements about the Company&rsquo;s
business prospects, its ability to attract customers, its affordable platform, its expectation for revenue generation and its
outlook and guidance for 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"><FONT STYLE="font-size: 10pt"><B>First Quarter 2017 Consolidated
Results</B></FONT></P>

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><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 STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 12pt; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 11. First Quarter 2017 Consolidated Results</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(In thousands of U.S. dollars, except per share data)</I></FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: rgb(197,217,241)">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: rgb(197,217,241)">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; background-color: rgb(197,217,241)">For Three-Months ended</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: rgb(197,217,241)">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid; background-color: rgb(197,217,241)">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(31,72,125) 1pt solid; background-color: rgb(197,217,241)">March 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(197,217,241)">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(197,217,241)">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: rgb(197,217,241)">2017</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: rgb(31,72,125) 1pt solid; background-color: rgb(197,217,241)">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: rgb(197,217,241)">2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>REVENUES</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD STYLE="border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; text-align: left">Sales by Company-operated restaurants</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">745,408</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">631,013</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Revenues from franchised restaurants</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">36,072</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">27,501</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Total Revenues</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">781,480</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid; border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">658,514</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">OPERATING COSTS AND EXPENSES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Company-operated restaurant expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 20pt">Food and paper</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(263,464</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(228,018</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 20pt">Payroll and employee benefits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(166,276</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(139,152</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 20pt">Occupancy and other operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(202,803</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(175,709</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 20pt">Royalty fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(38,512</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32,096</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Franchised restaurants - occupancy expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,111</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,596</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(54,903</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,787</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Other operating income, net</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">49,919</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">19</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Total operating costs and expenses</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">(692,150</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid; border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">(636,339</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Operating income</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">89,330</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid; border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">22,175</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,415</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,259</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Gain (Loss) from derivative instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(642</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Foreign currency exchange results</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,560</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,719</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Other non-operating expense, net</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">(695</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">(174</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Income (loss) before income taxes</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">63,018</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid; border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">24,468</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Income tax (expense) benefit</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">(22,339</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">(8,342</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Net income (loss)</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">40,679</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid; border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">16,126</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Less: Net income attributable to non-controlling interests</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">(77</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">(62</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Net income (loss) attributable to Arcos Dorados Holdings Inc.</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">40,602</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid; border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">16,064</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Earnings (loss) per share information ($ per share):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Basic net income per common share</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">0.19</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">0.08</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Weighted-average number of common shares outstanding-Basic</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">210,711,224</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">210,538,896</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Adjusted EBITDA Reconciliation</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,330</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,175</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,452</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,187</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Operating charges excluded from EBITDA computation</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">(50,098</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">845</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Adjusted EBITDA</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">62,684</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid; border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">48,207</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Adjusted EBITDA Margin as % of total revenues</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">8.0</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid; border-left: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">7.3</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">%</TD></TR>
</TABLE>



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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>First Quarter 2017 Results
by Division</B></FONT></P>

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

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

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<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: 100%; border-top: #1F497D 1.5pt solid; font-size: 12pt; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 12. First Quarter 2017 Consolidated Results by Division</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(In thousands of U.S. dollars)</I></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD NOWRAP STYLE="border-top: #1F497D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: #1F497D 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Three-Months ended</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Incr.</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>March 31,</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD NOWRAP STYLE="width: 48%; border-bottom: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(Decr)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Incr/(Decr)%</B></FONT></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; font-size: 10pt"><B><U>Revenues</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></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">359,995 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">288,592 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24.7%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.7%</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; font-size: 10pt">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; font-size: 10pt">107,218 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97,589 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.9%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">84,343 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">85,289 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-1.1%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.2%</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; font-size: 10pt">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; font-size: 10pt">229,924 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">187,044 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.9%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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; font-size: 10pt"><B>781,480 </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; font-size: 10pt"><B>658,514 </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; font-size: 10pt"><B>18.7%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>17.0%</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></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></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; font-size: 10pt"><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></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31,307 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,455 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23.0%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.5%</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; font-size: 10pt">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; font-size: 10pt">(266)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,802)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96.6%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">226.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51,157 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,971 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2495.5%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2724.8%</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; font-size: 10pt">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; font-size: 10pt">16,857 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,838 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31.3%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate and Other</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,725)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,287)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.5%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.0%</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; font-size: 10pt"><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; font-size: 10pt"><B>89,330 </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; font-size: 10pt"><B>22,175 </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; font-size: 10pt"><B>302.8%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>342.5%</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></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></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; font-size: 10pt"><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></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44,762 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,292 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26.8%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.6%</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; font-size: 10pt">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; font-size: 10pt">5,638 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,461 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">129.1%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">489.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,207 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,642 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-31.9%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-33.2%</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; font-size: 10pt">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; font-size: 10pt">20,619 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,489 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25.0%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate and Other</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,542)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,677)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.0%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.8%</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; font-size: 10pt"><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; font-size: 10pt"><B>62,684 </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; font-size: 10pt"><B>48,207 </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; font-size: 10pt"><B>30.0%</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; font-size: 10pt"><B>30.9%</B></FONT></TD></TR>
</TABLE>


<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"></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 NOWRAP STYLE="width: 60%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 13. Average Exchange Rate per Quarter*</B></FONT></TD>
    <TD NOWRAP STYLE="width: 14%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD></TR>
</TABLE>
<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="width: 47%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Mexico</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Argentina</B></FONT></TD>
    <TD STYLE="width: 13%; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Venezuela</B></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; font-size: 10pt">1Q17</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.14</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.29</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.67</FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">693.26</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; font-size: 10pt">1Q16</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.90</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.04</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.44</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210.73</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>* Local $ per 1 US$</I></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 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>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"><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 STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 12pt; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 14. Summarized Consolidated Balance Sheets</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(In thousands of U.S. dollars)</I></FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: rgb(197,217,241)">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: rgb(197,217,241)">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; background-color: rgb(197,217,241)">March 31</TD><TD STYLE="font-weight: bold; background-color: rgb(197,217,241)">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; background-color: rgb(197,217,241)">December 31</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(197,217,241)">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(197,217,241)">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: rgb(197,217,241)">2017</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(197,217,241)">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: rgb(197,217,241)">2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>ASSETS</TD><TD>&nbsp;</TD>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; text-align: left; text-indent: 10pt">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">187,729</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">194,803</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 10pt">Accounts and notes receivable, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,718</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,239</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: rgb(31,72,125) 1pt solid; text-indent: 10pt">Other current assets (1)</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">177,168</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">167,148</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Total current assets</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">439,615</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">445,190</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Non-current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 10pt">Property and equipment, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">880,820</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">847,966</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 10pt">Net intangible assets and goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,732</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,044</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 10pt">Deferred income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,142</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70,446</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: rgb(31,72,125) 1pt solid; text-indent: 10pt">Other non-current assets (2)</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">107,510</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">98,407</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Total non-current assets</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">1,092,204</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">1,059,863</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Total assets</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">1,531,819</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">1,505,053</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">LIABILITIES AND EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 10pt">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">209,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">217,914</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 10pt">Taxes payable (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98,079</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,593</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 10pt">Accrued payroll and other liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,354</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">144,442</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 10pt">Other current liabilities (4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,740</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,620</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 10pt">Provision for contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">707</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">764</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 10pt">Financial debt (5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">249,324</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,975</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: rgb(31,72,125) 1pt solid; text-indent: 10pt">Deferred income taxes</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">0</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">0</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Total current liabilities</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">691,962</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">548,308</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Non-current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 10pt">Accrued payroll and other liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,529</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 10pt">Provision for contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,007</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,348</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 10pt">Financial debt (6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">371,167</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">562,195</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: rgb(31,72,125) 1pt solid; text-indent: 10pt">Deferred income taxes</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">1,921</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">1,866</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Total non-current liabilities</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">420,624</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">605,169</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Total liabilities</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">1,112,586</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">1,153,477</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 10pt">Class A shares of common stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">373,969</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">373,969</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 10pt">Class B shares of common stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,915</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,915</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 10pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,284</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,788</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 10pt">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">312,570</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">271,968</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: rgb(31,72,125) 1pt solid; text-indent: 10pt">Accumulated other comprehensive losses</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">(415,179</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">(441,649</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Total Arcos Dorados Holdings Inc shareholders&rsquo; equity</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">418,559</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">350,991</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Non-controlling interest in subsidiaries</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">674</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: right">585</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Total equity</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">419,233</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">351,576</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(31,72,125) 1pt solid">Total liabilities and equity</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">1,531,819</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(31,72,125) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: right">1,505,053</TD><TD STYLE="border-bottom: rgb(31,72,125) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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

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

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

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

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

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

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

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


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