<SEC-DOCUMENT>0000950103-17-007725.txt : 20170809
<SEC-HEADER>0000950103-17-007725.hdr.sgml : 20170809
<ACCEPTANCE-DATETIME>20170809080951
ACCESSION NUMBER:		0000950103-17-007725
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170809
FILED AS OF DATE:		20170809
DATE AS OF CHANGE:		20170809

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:		171016500

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

	MAIL ADDRESS:	
		STREET 1:		DR. LUIS BONAVITA 1294, OFFICE 501
		STREET 2:		WTC FREE ZONE
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			11300
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp79336_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt">&nbsp;</P>

<P STYLE="font: 10pt 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</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt"><B>OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of August, 2017</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-35129</B></P>

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

<P STYLE="font: 20pt 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>

<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>Dr. Luis Bonavita 1294, Office 501</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Montevideo, Uruguay, 11300 WTC Free
Zone</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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X&nbsp;</P></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 40-F</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid; width: 14%">
</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 10pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>ITEM</B></FONT></TD>
    <TD STYLE="width: 91%; font-size: 10pt; text-align: center; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Press Release dated August 9, 2017 titled &ldquo;Arcos Dorados Reports Second Quarter 2017 Financial Results&rdquo;</FONT></TD></TR>
</TABLE>

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

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Item 1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT=""></P>

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

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

<P STYLE="font: 12pt 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: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>ARCOS DORADOS REPORTS SECOND QUARTER 2017
FINANCIAL RESULTS</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Achieved mid-teen top-line and Adjusted
EBITDA growth. Delivered a strong increase in comparable sales, with positive volume trends across key markets.</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Montevideo, Uruguay, August 9, 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 second quarter ended June 30, 2017.</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; text-align: justify"><B>Second Quarter 2017 Key Results</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</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">&bull;</TD><TD>As reported consolidated revenues increased 16.2% to $798.7
                                         million versus the second quarter of 2016. On a constant currency basis<SUP>1</SUP>,
                                         consolidated revenues grew 18.3%, or 13.0% excluding Venezuela.</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">&bull;</TD><TD>Systemwide comparable sales<SUP>1</SUP> rose 20.1% year-over-year, or 13.6% excluding Venezuela.</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">&bull;</TD><TD>Adjusted EBITDA<SUP>1</SUP> increased 38.7% to $56.6 million compared with the prior-year quarter.</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">&bull;</TD><TD>Consolidated Adjusted EBITDA margin expanded 120 basis points to 7.1%.</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">&bull;</TD><TD>As reported General and Administrative (G&amp;A) expenses decreased 10 basis points as a percentage of revenues.</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">&bull;</TD><TD>As reported net loss was $4.1 million, compared to net income of $43.4 million in the year-ago period, which included $50.1
million from asset monetization initiatives.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;We achieved mid-teen revenue and systemwide comparable
sales growth, excluding Venezuela, which drove a strong increase in our Adjusted EBITDA in the second quarter. By continuing to
deliver value and an unmatched experience to our customers, we were able to drive additional restaurant traffic in most of our
markets. EBITDA margin expansion totaling 120 basis points reflected operating leverage, in keeping with a streamlined cost structure
and more efficient restaurant operations. Consistent with our long-term strategic
vision, we are focusing on our topline drivers as we transition into our growth strategy,&rdquo; said Sergio Alonso, Chief Executive
Officer of Arcos Dorados.</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"></P>

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

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


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

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

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

</B></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: 3pt 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 1. AD Holdings Inc Consolidated: 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: 38%; 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>2Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 10%; 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>2Q17</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: 9%; 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: 10%; 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>2,135 </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>2,160 </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="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">659.1 </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">(13.1)</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">116.2 </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">762.2 </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">15.6%</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">17.6%</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">28.2 </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">(1.3)</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">9.5 </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">36.5 </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">29.2%</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">33.8%</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>687.3 </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>(14.3)</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>125.7 </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>798.7 </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>16.2%</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>18.3%</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>20.1%</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>40.8 </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>-7.9</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>23.7 </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>56.6 </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>38.7%</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>58.2%</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>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>5.9%</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>
    <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>7.1%</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>43.4 </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>(11.5)</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>(36.0)</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>(4.1)</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>-109.5%</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>-83.0%</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">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">210,625 </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">210,881 </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>0.21 </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>(0.02)</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"></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT> <I>(2Q17 = 2Q16 + Currency Translation + Constant Currency
Growth). Refer to &ldquo;Definitions&rdquo; section for further detail.</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Arcos Dorados&rsquo; second quarter as reported revenues increased
16.2%, driven by constant currency revenue growth of 18.3%, which was partially offset by the negative impact of currency translation.
The currency translation impact mainly reflected the year-over-year average depreciation of the Venezuelan bolivar and the Argentine
peso, which was partially offset by the appreciation of the Brazilian real. Constant currency revenue growth reflected a 20.1%
expansion in systemwide comparable sales, driven by average check growth combined with positive traffic in most markets. Consolidated
average check growth was strongly impacted by Venezuela&rsquo;s high inflation rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</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)&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 2Q17 Adjusted EBITDA</I></B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">*Net impact of: Constant Currency Growth ($11.6 million)
and Currency Translation (-$11.3 million).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Second quarter consolidated as reported Adjusted EBITDA increased
38.7%, driven by constant currency growth of 58.2%, which was supported by revenue growth and margin expansion. All four divisions
delivered strong Adjusted EBITDA growth in the quarter. Brazil was the key contributor, followed by SLAD, the Caribbean division
and NOLAD.</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">The Adjusted EBITDA margin expanded by 120 basis points to 7.1%,
with margin improvements in Brazil and the Caribbean division partially offset by margin declines in NOLAD and SLAD. Efficiencies
in Food and Paper (F&amp;P) and Occupancy and Other Operating Expenses as a percentage of revenues drove the consolidated margin
expansion.</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">As reported, consolidated G&amp;A increased by 14.3% year-over-year.
However, as a percentage of revenues it decreased 10 basis points. Importantly, G&amp;A grew by 16.1% year-over-year on a constant
currency basis versus the second quarter of 2016, which was below the estimated blended rate of inflation for the Company&rsquo;s
G&amp;A.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Consolidated &ndash; excluding Venezuela&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B></B></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: 3pt 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: 38%; 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>2Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 10%; 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>2Q17</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: 9%; 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: 10%; 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>2,030 </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">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">650.1 </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">12.0 </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">82.2 </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">744.3 </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">14.5%</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">12.6%</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">27.2 </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">1.4 </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">5.9 </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">34.5 </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">26.8%</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">21.7%</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>677.3 </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>13.4 </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>88.1 </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>778.8 </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>15.0%</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>13.0%</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>13.6%</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>43.4 </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>3.3 </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>12.1 </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>58.9 </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>35.6%</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>28.0%</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>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>6.4%</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>7.6%</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>50.8 </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>0.8 </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>(48.6)</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>3.0 </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>-94.2%</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>-95.7%</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">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">210,625 </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">210,881 </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>0.24 </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>0.01 </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"><B></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">Excluding the Company&rsquo;s Venezuelan operation, as reported
revenues increased 15.0% year-over-year. The result primarily reflects constant currency revenue growth of 13.0%, coupled with
a positive impact from currency translation, as 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. Constant currency revenue growth was supported
by a 13.6% increase in systemwide comparable sales, driven by average check growth and positive traffic in all divisions.</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">Adjusted EBITDA increased 35.6% on an as reported basis, or 28.0%
in constant currency terms. The Adjusted EBITDA margin expanded 120 basis points to 7.6%, mainly driven by efficiencies in F&amp;P
and Occupancy and Other Operating expenses as a percentage of revenues.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Non-operating Results</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">Non-operating results for the second quarter reflected a $15.6
million foreign currency exchange loss, versus a gain of $15.5 million last year. The depreciation of the Brazilian real and the
appreciation of the Mexican peso from the previous quarter-end generated a loss related to intercompany balances. Net interest
expense increased $2.3 million year-over-year to $23.0 million in the quarter, largely explained by the incurrence of certain transaction
costs in connection with the debt restructuring completed in April of 2017.</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">The Company reported an income tax benefit of $6.0 million in
the quarter, compared to an income tax expense of $14.4 million in the prior year period.</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">Second quarter net loss attributable to the Company totaled $4.1
million, compared to net income of $43.4 million in the same period of 2016. The result reflects lower year-over-year operating
results, given that the second quarter of last year included $50.1 million from the Company&rsquo;s asset monetization initiatives,
combined with the aforementioned negative variance in foreign exchange results and higher net interest expenses. These factors
were partially offset by a positive variance in income tax expenses.</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">The Company reported a loss per share of $0.02 in the second
quarter of 2017, compared to earnings per share of $0.21 in the previous corresponding period. Total weighted average shares for
the second quarter of 2017 were 210,881,194, as compared to 210,625,444 in the prior year quarter.</P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 3pt 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: 38%; 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>2Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 10%; 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>2Q17</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: 9%; 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: 10%; 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>884 </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>910 </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>2.9%</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>309.4 </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>29.3 </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>16.2 </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>354.9 </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>14.7%</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></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>8.3%</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>30.5 </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>3.9 </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>11.5 </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>45.9 </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>50.5%</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>37.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; 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>9.9%</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>
    <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>12.9%</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">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Brazil&rsquo;s as reported revenues increased by 14.7%, supported
by the 8% year-over-year average appreciation of the Brazilian real. Excluding the impact of currency translation, constant currency
revenues grew 5.2% 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 grew 10.5% in constant currency, while systemwide comparable sales increased 8.3%, driven by average check growth and positive
traffic, despite a still soft consumer environment in the country.</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">Marketing activities in the quarter included the continuation
of the new affordability platform &ldquo;<I>Cl&aacute;ssicos do Dia</I>&rdquo; or &ldquo;Daily Classics&rdquo;, which continued
to drive volume growth. Also in the quarter, the Company included Smurfs and Transformers in the Happy Meal and launched the McFlurry
and McShake &ldquo;<I>Sonho de Valsa</I>&rdquo;, which contributed to growth in the Dessert category.</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">As reported Adjusted EBITDA increased 50.5% year-over-year and
37.7% on a constant currency basis. The Adjusted EBITDA margin expanded 300 basis points to 12.9%, mainly driven by lower F&amp;P
costs as a percentage of revenues.</P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 3pt 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: 38%; 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>2Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 10%; 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>2Q17</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: 9%; 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: 10%; 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>515 </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>88.2 </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>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10.8 </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>96.1 </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>9.0%</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>12.2%</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>11.1%</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>7.8 </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>(0.3)</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>0.9 </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>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>7.0%</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>11.1%</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>8.9%</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>
    <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>8.7%</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">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NOLAD&rsquo;s as reported revenues increased 9.0% year-over-year
as constant currency growth of 12.2% more than offset negative currency translation impacts. Systemwide comparable sales increased
11.1%, driven by average check growth combined with an increase in traffic across all of the division&rsquo;s markets.</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">Marketing activities in the quarter included the affordability
platform &ldquo;Combo of the Day&rdquo; in Panama. Also in the quarter, the Company launched the McFlurry Hershey&rsquo;s Cookies
and Cr&egrave;me Bites in the Dessert category, among others. In Mexico, the Company continued to gain traction with the continuation
of the affordability platform &ldquo;<I>McTr&iacute;o 3x3</I>&rdquo; and also benefitted from a positive calendar effect with the
shift of the Easter Holiday.</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">As reported Adjusted EBITDA increased by 7.0%, or 11.1% on a
constant currency basis. The Adjusted EBITDA margin contracted 20 basis points to 8.7% in the second quarter, mainly due to higher
F&amp;P costs as a percentage of revenues, which resulted from cost increases above price increases, in keeping with the Company&rsquo;s
focus on protecting traffic.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>SLAD&nbsp;</B></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: 3pt 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: 38%; 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>2Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 10%; 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>2Q17</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: 9%; 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: 10%; 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>386 </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>1.0%</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>191.0 </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>(13.3)</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>54.7 </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>232.3 </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>21.6%</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>28.6%</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>29.0%</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>15.6 </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>(1.0)</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>3.3 </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>17.9 </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>14.7%</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>20.9%</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>8.2%</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>7.7%</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">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">SLAD&rsquo;s as reported revenues increased 21.6% as constant
currency growth of 28.6% more than offset negative currency translation impacts resulting from the 11% year-over-year average depreciation
of the Argentine peso. Systemwide comparable sales increased 29.0%, driven by the combination of average check growth and a solid
increase in traffic.</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">Marketing activities in the quarter included the continuation
of the new affordability platform &ldquo;<I>Combo del D&iacute;a</I>&rdquo; and the &ldquo;<I>Antojos</I>&rdquo; campaign, based
on core menu items. Also in the quarter, the Company introduced Smurfs and Transformers in the Happy Meal, and the McFlurry Toblerone
in the Dessert category, among others.</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">Adjusted EBITDA increased 14.7% on an as reported basis and rose
20.9% in constant currency terms. The Adjusted EBITDA margin contracted 50 basis points to 7.7%, mainly driven by higher Payroll
expenses, which resulted from salary increases based on prior period inflation which was above the prevailing rate in Argentina.
This was partially offset by efficiencies in F&amp;P costs as a percentage of revenues.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Caribbean Division</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 3pt 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: 38%; 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>2Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 10%; 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>2Q17</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: 9%; 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: 10%; 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>353 </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>349 </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"><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>98.7 </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>(27.5)</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>44.1 </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>115.3 </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>16.8%</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>44.7%</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>56.3%</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>1.5 </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>(11.3)</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>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>2.1 </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>45.6%</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>822.5%</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>1.5%</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>1.8%</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></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Caribbean division&rsquo;s as reported revenues increased
16.8%, as constant currency growth of 44.7% 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 56.3%, with
inflation-driven average check growth more than offsetting a slight decrease in total traffic in the division.</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">Marketing activities in the quarter included the continuation
of the Crispy Onion BBQ in the Signature Line and the launch of the McFlurry Pirulin in the Dessert category. Also in the quarter,
the Company launched the &ldquo;MyCombo&rdquo; campaign in Puerto Rico and introduced Smurfs and Super Mario in the Happy Meal,
among others.</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">As reported Adjusted EBITDA totaled $2.1 million in the second
quarter, compared with $1.5 million in the prior year quarter. The Adjusted EBITDA margin expanded 30 basis points to 1.8%, mainly
driven by efficiencies in Payroll and G&amp;A expenses, which were partially offset by higher F&amp;P costs and Occupancy and Other
Operating expenses as a percentage of revenues.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Caribbean Division &ndash; excluding Venezuela</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 3pt 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: 38%; 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>2Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 10%; 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>2Q17</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: 9%; 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: 10%; 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>220 </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>-0.5%</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>88.7 </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>0.2 </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>6.5 </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>95.4 </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>7.5%</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>7.3%</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>5.5%</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>4.1 </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>(0.0)</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>0.4 </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>4.4 </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>8.5%</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>9.5%</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>4.6%</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>4.7%</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"></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">As reported revenues in the Caribbean division, excluding Venezuela,
increased 7.5%, driven by constant currency growth of 7.3% and broadly stable year-over-year average exchange rates. The 5.5% expansion
in comparable sales resulted from higher average check and positive traffic in the quarter.</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">Adjusted EBITDA totaled $4.4 million, compared to $4.1 million
in the same period of 2016. The Adjusted EBITDA margin expanded 10 basis points to 4.7%, mainly driven by efficiencies in G&amp;A
and Payroll expenses, partially offset by higher Occupancy and Other Operating expenses as a percentage of revenues.</P>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: rgb(31,73,125) 1.5pt solid; padding: 3pt 2pt; text-indent: 0pt; border-top: rgb(31,72,125) 1.5pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Figure 8. Total Restaurants (eop)*</B></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; width: 12%"><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>2017</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; width: 12%"><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; width: 12%"><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; width: 12%"><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; width: 12%"><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></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">910 </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></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">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">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></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">386 </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></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">349 </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></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>2,160 </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></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>25 </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></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="6" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">* Considers Company-operated and franchised restaurants at period-end</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company opened 42 new restaurants during the twelve-month
period ended June 30, 2017, resulting in a total of 2,160 restaurants. Also during the period, the Company added 166 Dessert Centers,
bringing the total to 2,748. McCaf&eacute;s totaled 316 as of June 30, 2017.</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"><B>Balance Sheet &amp; Cash Flow Highlights</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">Cash and cash equivalents were $237.8 million at June 30, 2017.
The Company&rsquo;s total financial debt (including derivative instruments) was $627.0 million. Net debt (Total Financial Debt
<I>minus</I> Cash and cash equivalents) was $389.2 million and the Net Debt/Adjusted EBITDA ratio was 1.4x at June 30, 2017.</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">Net cash provided by operating activities totaled $85.0 million
for the quarter, and cash provided by financing activities amounted to $4.1 million. Cash used in net investing activities totaled
$24.2 million, which included $12.8 million from asset monetization proceeds less total capital expenditures of $36.6 million.&nbsp;&nbsp;</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; 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: 3pt 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: 3pt 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 20%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 3pt 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>June 30</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">237,797</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">626,953</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">389,156</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">2.3</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">1.4</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>


<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: 8pt">(i)&nbsp;Total financial debt includes
short-term debt, long-term debt and derivative instruments.&nbsp;</FONT></P>

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

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>First Half 2017</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">For the six months ended June 30, 2017, the Company&rsquo;s as
reported revenues increased by 17.4% to $1,580.2 million, largely driven by constant currency growth of 17.7%. As reported Adjusted
EBITDA was $119.3 million, a 34.0% increase compared to the first half of 2016. On a constant currency basis, Adjusted EBITDA increased
by 43.4%. The reported Adjusted EBITDA margin expanded by 90 basis points to 7.5%, driven by lower F&amp;P costs, Occupancy and
Other Operating expenses, and G&amp;A as a percentage of revenues, partially offset by higher Payroll expenses.</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">Year-to-date consolidated net income amounted to $36.5 million,
compared with net income of $59.5 million in the first half of 2016. The result reflects higher operating results in the first
half of 2017, which were more than offset by a negative variance in foreign currency exchange results ($56.3 million) and net interest
expenses. The Company reported an income tax expense of $16.4 million in the first half of 2017, compared to an income tax expense
of $22.7 million in the prior year period.</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">Excluding the Venezuelan operation, the Company&rsquo;s as reported
revenues increased by 16.6%, and 11.2% on a constant currency basis. As reported Adjusted EBITDA rose by 30.5%, and by 17.7%, on
a constant currency basis. The reported Adjusted EBITDA margin expanded by 90 basis points to 7.8%, as efficiencies in F&amp;P
costs, Occupancy and Other Operating expenses and G&amp;A more than offset higher Payroll expenses as a percentage of revenues.</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">During the first half of 2017, capital expenditures totaled $65.2
million.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Quarter Highlights &amp; Recent Developments</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"><I><U>Re-Development Initiative</U></I></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">Since inception and through June 30, 2017, the Company has received
cumulative cash proceeds of approximately $140 million from the redevelopment of certain of its properties, primarily in Mexico.</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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; padding-right: 2pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investor Relations Contact</B></FONT></TD>
    <TD STYLE="width: 46%; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Media Contact</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Daniel Schleiniger</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MBS Value Partners</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vice President of Corporate Communications &amp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Katja Buhrer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; padding-left: 0pt">Investor Relations</TD>
    <TD STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(5,99,193)"><U>katja.buhrer@mbsvalue.com</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Arcos Dorados</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">+1 917 969 3438</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(5,99,193)"><U>daniel.schleiniger@ar.mcd.com</U></FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 2pt; padding-left: 2pt"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; padding-right: 2pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+54 11 4711 2675</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 2pt; padding-left: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(5,99,193)"><U>www.arcosdorados.com/ir</U></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
</TABLE>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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; reorganization
and optimization plan expenses; and incremental compensation related to the modification of our 2008 long-term incentive plan.</P>

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

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

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


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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: rgb(5,99,193)"><U>www.arcosdorados.com/ir</U></FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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&rsquo; 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&rsquo; business and operations involve numerous risks and uncertainties, many of which are beyond the control of
Arcos Dorados, which could result in Arcos Dorados&rsquo; 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&rsquo; 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.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Second Quarter 2017 Consolidated Results&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(In thousands of U.S. dollars, except per share data)</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"></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="6" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 3pt 2pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Figure 10. Second Quarter &amp; First Half 2017 Consolidated Results</B></FONT><BR> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>(In thousands of U.S. dollars, except per share data)</I></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; background-color: #C5D9F1; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For Three-Months ended</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For Six-Months ended</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; background-color: #C5D9F1; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30,</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30,</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 67%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; 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 NOWRAP STYLE="width: 8%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; 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>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; 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 NOWRAP STYLE="width: 8%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; 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">REVENUES</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; 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="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">762,221</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">659,076</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,507,630</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">1,290,089</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; 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="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,477</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">28,225</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72,548</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">55,726</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt 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="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt 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>798,698</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt 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>687,301</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,580,178</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt 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>1,345,815</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">OPERATING COSTS AND EXPENSES</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt 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="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt 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></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Company-operated restaurant expenses:</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt 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="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt 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></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; text-indent: 22pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Food and paper</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(272,741)</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">(242,698)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(536,205)</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">(470,716)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; text-indent: 22pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payroll and employee benefits</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(168,617)</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">(144,859)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(334,893)</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">(284,011)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; text-indent: 22pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Occupancy and other operating expenses</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(206,944)</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">(183,387)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(409,747)</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">(359,097)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; text-indent: 22pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royalty fees</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(38,845)</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">(33,603)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(77,357)</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">(65,699)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Franchised restaurants - occupancy expenses</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16,540)</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">(13,194)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(32,651)</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">(25,790)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(60,844)</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">(53,213)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(115,747)</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">(101,999)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other operating income, net</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,417</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">47,404</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51,336</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">47,423</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total operating costs and expenses</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(763,114)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt 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>(623,550)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,455,264)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt 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>(1,259,889)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating income</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>35,584</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>63,751</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt 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>124,914</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>85,926</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net interest expense</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,043)</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">(20,778)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(39,458)</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">(35,037)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gain (Loss) from derivative instruments</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,589)</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">(37)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,231)</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)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency exchange results</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,552)</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">15,487</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(24,111)</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">32,206</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other non-operating expense, net</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(430)</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">(592)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,125)</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">(766)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Income (loss) before income taxes</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(10,030)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt 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>57,831</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>52,989</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt 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>82,299</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax (expense) benefit</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,987</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">(14,387)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16,351)</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">(22,729)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income (loss)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4,043)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt 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>43,444</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>36,638</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt 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>59,570</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Less: Net income attributable to non-controlling interests</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(71)</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)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(148)</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">(77)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income (loss) attributable to Arcos Dorados Holdings Inc.</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4,114)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt 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>43,429</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>36,490</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt 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>59,493</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"><B>Earnings (loss) per share information ($ per share):</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Basic net income per common share</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 </B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Weighted-average number of common shares outstanding-Basic</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,881,194</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">210,625,444</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,796,678</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">210,582,170</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA Reconciliation</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating income</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,584</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">63,751</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">124,914</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">85,926</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,440</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">24,403</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47,892</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">49,590</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating charges excluded from EBITDA computation</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,426)</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">(47,350)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(53,524)</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">(46,505)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt 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="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt 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>56,598</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt 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>40,804</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>119,282</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt 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>89,011</B></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"><B>Adjusted EBITDA Margin as % of total revenues</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7.1%</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>5.9%</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt 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>7.5%</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>6.6%</B></FONT></TD></TR>
</TABLE>


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


<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><TD STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Second Quarter 2017 Results by Division&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(In thousands of U.S. dollars)</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"></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="10" STYLE="border-top: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Figure 11. Second Quarter &amp; First Half 2017 Consolidated Results by Division</B></FONT><BR> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>(In thousands of U.S. dollars)</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-top: #1F497D 1.5pt solid; background-color: #C5D9F1; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1H</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #C5D9F1; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Three-Months ended</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Incr.</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Six-Months ended</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Incr.</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #C5D9F1; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30,</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30,</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 50%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; 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 NOWRAP STYLE="width: 5%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; 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>
    <TD NOWRAP STYLE="width: 4%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(Decr)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Incr/(Decr)%</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; 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 NOWRAP STYLE="width: 7%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; 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>
    <TD NOWRAP STYLE="width: 7%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(Decr)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 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="padding-right: 2pt; padding-left: 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; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">354,939 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">309,436 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.7%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.2%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">714,934 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">598,028 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.5%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.0%</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">Caribbean</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">115,297 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">98,697 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.8%</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">44.7%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">222,515 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">196,286 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.4%</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">50.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96,126 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">88,171 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.0%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; 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="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">180,468 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">173,460 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.0%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.8%</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="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">232,336 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">190,997 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.6%</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">28.6%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">462,261 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">378,041 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.3%</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">27.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1; 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="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>798,698 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>687,301 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16.2%</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; 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="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,580,178 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,345,815 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>17.4%</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>17.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</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><U>Operating Income (loss) </U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,652 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,904 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72.7%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57.9%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63,959 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44,360 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44.2%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24.4%</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">Caribbean</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,039)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,563)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.5%</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">233.5%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,305)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,365)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70.0%</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">229.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,052 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48,389 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-85.4%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-84.8%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58,208 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,359 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.6%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25.2%</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="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,084 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,115 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.3%</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">23.6%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,942 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,953 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24.0%</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">29.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1; padding-right: 2pt; padding-left: 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; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,165)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,094)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-55.8%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-65.8%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,890)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(19,381)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-23.3%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-29.8%</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="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>35,584 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>63,751 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-44.2%</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>-28.0%</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>124,914 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>85,926 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>45.4%</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>67.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</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><U>Adjusted EBITDA</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45,892 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,502 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50.5%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.7%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">90,654 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65,795 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.8%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.9%</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">Caribbean</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,120 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,456 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.6%</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">822.5%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,758 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,917 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">98.1%</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">613.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,369 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,824 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.0%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.1%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,575 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,465 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; 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="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-10.8%</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="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,881 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,595 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.7%</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">20.9%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38,501 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,084 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.0%</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">24.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1; padding-right: 2pt; padding-left: 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; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,664)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,573)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-21.2%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-26.6%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(31,206)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(28,250)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-10.5%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-14.1%</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"><B>TOTAL</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt 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>56,598 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt 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>40,804 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt 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>38.7%</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>58.2%</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt 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>119,282 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt 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>89,011 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt 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>34.0%</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>43.4%</B></FONT></TD></TR>
</TABLE>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD NOWRAP COLSPAN="7" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; padding: 3pt 2pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Figure 12. Average Exchange Rate per Quarter*</B></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="width: 51%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: #1F497D 1pt solid; text-align: center; 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>Brazil</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>Mexico</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>Argentina</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center; padding-right: 2pt; padding-left: 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; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2Q17</FONT></TD>
    <TD NOWRAP STYLE="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">3.21</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">18.55</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">15.72</FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,295.37</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">2Q16</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.50</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">18.10</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">14.22</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: center; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">453.93</FONT></TD></TR>
</TABLE>

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

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


<!-- Field: Page; Sequence: 20; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Summarized Consolidated Balance Sheets&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(In thousands of U.S. dollars)</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"></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="4" STYLE="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. 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>
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="width: 52%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 26%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31</B></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ASSETS</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">237,797 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">194,803 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounts and notes receivable, net</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69,719 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">83,239 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other current assets (1)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">150,589 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">167,148 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total current assets </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>458,105 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>445,190 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current assets</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Property and equipment, net </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">872,675 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">847,966 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net intangible assets and goodwill </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42,032 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43,044 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred income taxes </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62,381 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70,446 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other non-current assets (2)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">130,550 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">98,407 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total non-current assets </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,107,638 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,059,863 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total assets </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,565,743 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,505,053 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LIABILITIES AND EQUITY</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current liabilities</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounts payable </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">206,858 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">217,914 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Taxes payable (3)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">89,478 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">112,593 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accrued payroll and other liabilities </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">127,500 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">144,442 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other current liabilities (4)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,327 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,620 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provision for contingencies </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">720 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">764 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial debt (5)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,983 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47,975 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred income taxes </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total current liabilities </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>465,866 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>548,308 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current liabilities</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accrued payroll and other liabilities&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,954 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,760 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provision for contingencies </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,393 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,348 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial debt (6)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">637,446 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">562,195 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred income taxes </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,010 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,866 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total non-current liabilities </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>687,803 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>605,169 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total liabilities </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,153,669 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,153,477 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Equity</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A shares of common stock</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">376,728 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">373,969 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class B shares of common stock</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132,915 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132,915 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional paid-in capital </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,395 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,788 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Retained earnings </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">308,458 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">271,968 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accumulated other comprehensive losses</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(418,935)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(441,649)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Arcos Dorados Holdings Inc shareholders&rsquo; equity</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>411,561 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>350,991 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-controlling interest in subsidiaries</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">513 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">585 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total equity</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>412,074 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>351,576 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total liabilities and equity </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,565,743 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,505,053 </B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&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: 8pt">(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;.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">(3) Includes &quot;Income taxes
payable&quot; and &quot;Other taxes payable&quot;.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">(4) Includes &quot;Royalties payable
to McDonald&acute;s Corporation&quot; and &quot;Interest payable&quot;.</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: 8pt">(5) Includes &quot;Short-term debt&quot;,
&quot;Current&nbsp;portion&nbsp;of&nbsp;long-term&nbsp;debt&quot; and &quot;Derivative instruments&quot;.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">(6) Includes &quot;Long-term debt,
excluding current portion&quot; and &quot;Derivative instruments&quot;.</FONT></P>

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


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