<SEC-DOCUMENT>0000950103-17-010960.txt : 20171108
<SEC-HEADER>0000950103-17-010960.hdr.sgml : 20171108
<ACCEPTANCE-DATETIME>20171108081919
ACCESSION NUMBER:		0000950103-17-010960
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20171108
FILED AS OF DATE:		20171108
DATE AS OF CHANGE:		20171108

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:		171185173

	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>dp82652_6k-1.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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    <TD STYLE="width: 9%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>ITEM</B></FONT></TD>
    <TD STYLE="width: 91%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Press Release dated November 8, 2017 titled &ldquo;Arcos Dorados Reports Third Quarter 2017 Financial Results&rdquo;</FONT></TD></TR>
</TABLE>

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

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

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

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<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>

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<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 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: 20%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 34%"><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: November 8, 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-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_010.jpg" ALT="">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Achieved strong comparable sales and Adjusted
EBITDA growth. Positive volume trends continued across key markets. Improved operating result drove Adjusted EBITDA margin expansion
and positive net income in the quarter.</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Montevideo, Uruguay, November 8, 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 independent McDonald&rsquo;s franchisee, today reported unaudited results for the third quarter ended
September 30, 2017.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Third Quarter 2017 Key Results</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt 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 8.6% to $842.5 million versus the third quarter of 2016. On a constant currency
basis<SUP>1</SUP>, consolidated revenues grew 17.5%, or 9.7% excluding Venezuela.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt 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 20.3% year-over-year, or 10.4% excluding Venezuela.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt 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 17.5% to $74.2 million compared with the prior-year quarter.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt 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 70 basis points to 8.8%.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt 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: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt 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 income was $23.4 million, compared to net loss of $1.8 million in the year-ago period.</TD></TR></TABLE>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;We had a strong third quarter as successful marketing
and promotional activities drove positive guest traffic in most markets, supporting improved topline and strong consolidated Adjusted
EBITDA growth. During the period, comparable sales grew in real terms and we saw broad-based strength in our business, as consumer
behavior in Brazil and Argentina continues to improve.</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP>For definitions please refer to page 14 of this document.</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Strong topline performance benefited cash generation in the quarter
and, combined with operating leverage we built into our business, drove improved operating performance. We delivered 70 basis points
of Adjusted EBITDA margin expansion and positive net income of $23.4 million in the quarter. Our plan to expand our footprint and
modernize our base to keep guests coming back to our restaurants more often remains on track and will see us capture the potential
of the McDonald&rsquo;s brand in the region,&rdquo; said Sergio Alonso, Chief Executive Officer of Arcos Dorados.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Third Quarter 2017 Results</U></B></P>

<P STYLE="font: 12pt 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: 12pt"><B>Consolidated
</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><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: 36%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q16</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"><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: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><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: 12%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q17</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"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,140 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,160 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.9%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales by Company-operated Restaurants</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">742.8 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(63.2)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">123.8 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">803.4 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.2%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.9 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5.6)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.9 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.1 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.9%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>775.7 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(68.9)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>135.7 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>842.5 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.6%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>17.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>20.3%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>63.2 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-20.5</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>31.5 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>74.2 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>17.5%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>49.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>8.1%</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>8.8%</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income (loss) attributable to AD</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1.8)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(20.5)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>45.7 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>23.4 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1376.2%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2494.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No. of shares outstanding (thousands)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,711 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211,072 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EPS (US$/Share)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.01)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.11 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 12pt"></FONT> <I>(3Q17 = 3Q16 + 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: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Arcos Dorados&rsquo; third quarter as reported revenues increased
8.6%, driven by constant currency revenue growth of 17.5%, 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 20.3%
expansion in systemwide comparable sales, driven by average check growth combined with positive traffic in most markets.</P>

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


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Breakdown of main variations contributing to 3Q17 Adjusted
EBITDA</I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="image_011.jpg" ALT=""></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Third quarter consolidated as reported Adjusted EBITDA increased
17.5%, supported by revenue growth and margin expansion. Brazil was the key contributor to Adjusted EBITDA during the quarter,
followed by SLAD. The results were partially offset by a decline in NOLAD and the Caribbean divisions.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Adjusted EBITDA margin expanded by 70 basis points to 8.8%,
with margin improvements in Brazil and SLAD, partially offset by margin declines in NOLAD and the Caribbean divisions. Continued
leverage in Food and Paper (F&amp;P) drove the consolidated margin expansion. As part of the Company plan, refranchising activity
was lower in 3Q17 than in 3Q16. Excluding the refranchising inflows, consolidated Adjusted EBITDA margin increased by about 120
basis points.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As a percentage of revenues, G&amp;A decreased 10 basis points.
As reported, consolidated G&amp;A increased by 7.9% year-over-year.</P>

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Consolidated &ndash; excluding Venezuela</B>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 12pt"><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>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 37%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q16</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"><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"><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: 12%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q17</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"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,007 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,030 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.1%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales by Company-operated Restaurants</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">734.1 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12.7)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68.4 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">789.8 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.6%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31.9 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.0 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.7 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.6 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.9%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>766.0 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(12.6)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>74.1 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>827.4 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.0%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>10.4%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>62.6 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.3)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11.4 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>73.7 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>17.7%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>18.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>8.2%</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>8.9%</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income (loss) attributable to AD</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.5 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.2 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>23.8 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>25.6 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1557.7%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1545.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No. of shares outstanding (thousands)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,711 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211,072 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EPS (US$/Share)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.01 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.12 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

<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: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Excluding the Company&rsquo;s Venezuelan operation, as reported
revenues increased 8.0% year-over-year. The result primarily reflects constant currency revenue growth of 9.7%, partially offset
by a negative impact from currency translation, as the depreciation of the Argentine peso more than offset the appreciation of
the Brazilian real, and other currencies in the Company&rsquo;s territories. Constant currency revenue growth was supported by
a 10.4% increase in systemwide comparable sales, driven by average check growth and positive traffic in most markets.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Adjusted EBITDA increased 17.7% on an as reported basis, or 18.2%
in constant currency terms. The Adjusted EBITDA margin expanded 70 basis points to 8.9%, mainly driven by efficiencies in F&amp;P
as a percentage of revenues.</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Non-operating results for the third quarter reflected a non-cash
$5.6 million foreign currency exchange gain, versus a non-cash loss of $3.3 million last year. The appreciation of the Brazilian
real from the previous quarter-end, compared to a depreciation last year, generated a non-cash net gain related to intercompany
balances. This was partially offset by a non-cash year-over-year lower foreign currency exchange gain on intercompany balances,
generated by the depreciation of the Mexican peso from the previous quarter-end, compared to a higher depreciation in the same
period of last year. Net interest expense decreased $3.2 million year-over-year to $15.0 million in the quarter, given the lower
financing cost of the Company&rsquo;s restructured long-term debt.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company reported an income tax expense of $15.5 million in
the quarter, compared to an income tax expense of $18.0 million in the prior year period.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Third quarter net income attributable to the Company totaled
$23.4 million, compared to net loss of $1.8 million in the same period of 2016. The result reflects higher year-over-year operating
results, combined with the positive variance in non-cash foreign exchange results, lower net interest expenses, as well as the
lower income tax expense.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company reported earnings per share of $0.11 in the third
quarter of 2017, compared to a loss per share of $0.01 in the previous corresponding period. Total weighted average shares for
the third quarter of 2017 were 211,072,340, as compared to 210,710,861 in the prior year quarter.</P>

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

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

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

<P STYLE="font: 12pt 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 STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 12pt"><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>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 30%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><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: 13%; border-bottom: #1F497D 1pt solid; text-align: center"><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: 13%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q17</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: 10%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>890 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>910 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.2%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>357.0 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9.7 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11.7 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>378.4 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6.0%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>6.3%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>39.2 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.3 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.8 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>49.3 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>25.7%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>11.0%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>13.0%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 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: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Brazil&rsquo;s as reported revenues increased by 6.0%, supported
by the 2.7% year-over-year average appreciation of the Brazilian real. Excluding the impact of currency translation, constant currency
revenues grew 3.3% year-over-year and were negatively impacted by the refranchising of certain company-operated restaurants during
the last twelve months. An increased number of franchised restaurants negatively impacts the Company&rsquo;s total revenue comparisons,
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 8.0% in constant currency, while systemwide comparable sales rose 6.3%, driven by average check growth
and positive traffic against an improving consumer backdrop.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Marketing activities in the quarter included the continuation
of the premium Signature Line and the introduction of core extensions such as the &ldquo;Duplo Quarter&atilde;o,&rdquo; the &ldquo;Grand
Cheddar McMelt,&rdquo; and the &ldquo;McFritas Cheddar Bacon.&rdquo; Also in the quarter, the Company launched the McFlurry and
McShake &ldquo;Prest&iacute;gio&rdquo; in the Dessert category and included &ldquo;Despicable Me 3&rdquo; and &ldquo;Emoji&rdquo;
in the Happy Meal.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported Adjusted EBITDA increased 25.7% year-over-year and
22.5% on a constant currency basis. The Adjusted EBITDA margin expanded 200 basis points to 13.0%, mainly driven by lower F&amp;P
costs, Occupancy and other operating expenses and Royalty Fees as a percentage of revenues. Royalty Fees benefited from growth
support which McDonald&rsquo;s Corporation began providing during the quarter. This growth support is expected to be primarily
directed toward the Brazil and SLAD divisions, where the majority of the Company&rsquo;s investment is planned to occur over the
next few years.</P>

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


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

<P STYLE="font: 12pt 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"><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: 30%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><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: 13%; border-bottom: #1F497D 1pt solid; text-align: center"><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: 13%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q17</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: 10%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>515 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>514 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-0.2%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>94.7 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.9 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6.6 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>102.3 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.0%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>5.9%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10.5 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.2)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9.9 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-6.1%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-4.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>11.1%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>9.7%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 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: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NOLAD&rsquo;s as reported revenues increased 8.0% year-over-year,
supported by constant currency growth of 7.0% and a slightly positive currency translation impact. Systemwide comparable sales
increased 5.9%, driven by average check growth combined with an increase in traffic across all of the division&rsquo;s markets.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Marketing activities in the quarter included the continuation
of the affordability platform &ldquo;McTr&iacute;o 3x3&rdquo; in Mexico and the launch of the premium Guacamole and BBQ Crispy
Onion burgers in the Signature Line. The dessert category performed well with the continuation of the McFlurry Hershey&rsquo;s
Cookies and Cr&egrave;me Bites, and the launch of the McFlurry Hershey&rsquo;s Mini Kisses. Also in the quarter, the Company included
&ldquo;Despicable Me 3&rdquo; in the Happy Meal.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported Adjusted EBITDA decreased by 6.1%, or 4.2% on a constant
currency basis. The Adjusted EBITDA margin contraction of 140 basis points to 9.7% in the third quarter was primarily the result
of higher Occupancy and other operating expenses, largely due to higher utility costs, Royalty Fees, and Payroll costs as a percentage
of revenues. This was partially offset by refranchising inflows. The increase in Royalty Fees paid to McDonald&rsquo;s Corporation
became effective August 3, 2017, as per the Master Franchise Agreement.</P>

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

<P STYLE="font: 12pt 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"><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: 30%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><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: 13%; border-bottom: #1F497D 1pt solid; text-align: center"><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: 13%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q17</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: 10%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>383 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>386 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.8%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>222.1 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(24.1)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>54.4 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>252.3 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13.6%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>24.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>24.9%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22.8 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2.7)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6.2 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>26.3 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>15.3%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>27.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>10.3%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>10.4%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 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: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">SLAD&rsquo;s as reported revenues increased 13.6% as constant
currency growth of 24.5% more than offset negative currency translation impacts resulting from the 16% year-over-year average depreciation
of the Argentine peso. Systemwide comparable sales increased 24.9%, driven by the combination of average check growth and an increase
in traffic.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Marketing activities in the quarter included the continuation
of the affordability platform &ldquo;Combo del D&iacute;a.&rdquo; Also in the quarter, the Company launched the Guacamole burger
in the Signature Line and the McFlurry Abuela Goye in the dessert category. The Happy Meal performed well with &ldquo;Despicable
Me 3&rdquo; and &ldquo;Emoji&rdquo; during the quarter.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Adjusted EBITDA increased 15.3% on an as reported basis and rose
27.2% in constant currency terms. The Adjusted EBITDA margin expanded 10 basis points to 10.4%, mainly driven by efficiencies in
F&amp;P costs, partially offset by higher Payroll expenses. Royalty Fees increased as a percentage of revenues effective August
3, 2017, which was partially offset by the growth support that McDonald&rsquo;s Corporation began providing during the quarter.</P>

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Caribbean Division</B>&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 STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 12pt"><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>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 30%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><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: 13%; border-bottom: #1F497D 1pt solid; text-align: center"><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: 13%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q17</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: 10%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>352 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>350 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-0.6%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>101.8 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(55.4)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>63.0 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>109.4 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7.5%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>61.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>87.2%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6.2 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(20.0)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>19.5 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.6 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-8.7%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>316.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>6.0%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>5.1%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 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: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Caribbean division&rsquo;s as reported revenues increased
7.5%, as constant currency growth of 61.9% 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 87.2%, with
inflation-driven average check growth more than offsetting a slight decrease in total traffic in the division.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Marketing activities in the quarter included the launch of the
affordability platform &ldquo;McCombo del D&iacute;a&rdquo; in Colombia and the continuation of the BBQ Crispy Onion premium burger
in the Signature Line. Also in the quarter, the Company introduced the McFlurry Jet Cookies and Cream in the dessert category and
included &ldquo;Despicable Me 3&rdquo; and &ldquo;Emoji&rdquo; in the Happy Meal.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported Adjusted EBITDA totaled $5.6 million in the third
quarter, compared with $6.2 million in the prior year quarter. The Adjusted EBITDA margin contracted 90 basis points to 5.1%, mainly
driven by higher F&amp;P costs and Occupancy and Other Operating expenses, partially offset by efficiencies in Payroll and G&amp;A
expenses as a percentage of revenues.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Caribbean division&rsquo;s third quarter results were impacted
by the effects of hurricanes Irma and Maria in Puerto Rico and the US Virgin Islands. The Company is working to restore full operations
in these markets as soon as possible and does not expect its medium to long-term consolidated results to suffer materially given
that it has sufficient insurance coverage for both the property loss and the interruption to its business that resulted from these
disasters.</P>

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Caribbean Division &ndash; excluding Venezuela&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 STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 12pt"><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>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 30%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><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: 13%; border-bottom: #1F497D 1pt solid; text-align: center"><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: 13%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q17</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: 10%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>219 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>220 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.5%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>92.1 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.8 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.5 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>94.4 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.5%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>0.0%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.6 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.2 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.7)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.1 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-9.1%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><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; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>6.1%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>5.4%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 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: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported revenues in the Caribbean division, excluding Venezuela,
increased 2.5%, driven by constant currency growth of 1.6% and a positive currency translation impact. Comparable sales remained
flat as average check growth was offset by a decline in traffic, primarily in Puerto Rico and the US Virgin Islands.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Adjusted EBITDA totaled $5.1 million, compared to $5.6 million
in the same period of 2016. The Adjusted EBITDA margin contracted 70 basis points to 5.4%, mainly driven by higher Occupancy and
Other Operating expenses, F&amp;P costs and Royalty Fees, partially offset by efficiencies in Payroll and G&amp;A expenses as a
percentage of revenues.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Caribbean division&rsquo;s third quarter results, excluding
Venezuela, were impacted by the effects of hurricanes Irma and Maria in Puerto Rico and the US Virgin Islands. The Company is working
to restore full operations in these markets as soon as possible and does not expect its medium to long-term consolidated results
to suffer materially given that it has sufficient insurance coverage for both the property loss and the interruption to its business
that resulted from these disasters.</P>

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


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

<P STYLE="font: 12pt 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="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="width: 40%; text-indent: 10.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1.5pt solid">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="width: 40%; border-bottom: #1F497D 1.5pt solid; text-indent: 10.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 8. Total Restaurants (eop)*</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 40%; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>September</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>March</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>September</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><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">910 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">910 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">904 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">902 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">890 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">514 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">515 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">517 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">517 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">515 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SLAD</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">349 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">353 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">352 </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>TOTAL</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,160 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,160 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,156 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,156 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,140 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>LTM Net Openings</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>20 </I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>25 </I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>20 </I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>15 </I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>18 </I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">* Considers Company-operated and franchised restaurants at period-end&#9;&nbsp;&#9;&nbsp;&#9;&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"></P>

<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: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company opened 39 new restaurants during the twelve-month
period ended September 30, 2017, resulting in a total of 2,160 restaurants. Also during the period, the Company added 189 Dessert
Centers, bringing the total to 2,791. McCaf&eacute;s totaled 317 as of September 30, 2017.</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Cash and cash equivalents were $269.8 million at September 30,
2017. The Company&rsquo;s total financial debt (including derivative instruments) was $645.0 million. Net debt (Total Financial
Debt <I>minus</I> Cash and cash equivalents) was $375.2 million and the Net Debt/Adjusted EBITDA ratio was 1.3x at September 30,
2017.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Net cash provided by operating activities totaled $67.0 million
for the quarter, and cash used in financing activities amounted to $1.7 million. Cash used in net investing activities totaled
$33.3 million, which included $11.3 million from asset monetization proceeds less total capital expenditures of $43.4 million.</P>

<P STYLE="font: 12pt 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 STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Figure 9. Consolidated Financial Ratios</B><BR>
        <I>(In thousands of U.S. dollars, except ratios)</I></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD NOWRAP STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>September 30</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><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">&nbsp;</TD>
    <TD 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 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="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash &amp; cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">269,764</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><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><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Financial Debt (i)</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">644,967</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><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><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Financial Debt (ii)</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">375,203</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><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><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.3</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><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"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.3</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD>Total financial debt includes short-term debt, long-term
debt and derivative instruments.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD>Total financial debt less cash and cash equivalents.</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">&nbsp;</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Financial Results for the First Nine Months of 2017</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For the nine months ended September 30, 2017, the Company&rsquo;s
as reported revenues increased by 14.2% to $2,422.6 million, largely driven by constant currency growth of 17.6%. As reported Adjusted
EBITDA was $193.5 million, a 27.2% increase compared to the first nine months of 2016. On a constant currency basis, Adjusted EBITDA
increased by 46.1%. The reported Adjusted EBITDA margin expanded by 80 basis points to 8.0%, 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: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Consolidated net income amounted to $59.9 million, compared with
net income of $57.7 million in the first nine months of 2016. The result reflects higher operating results in the first nine months
of 2017, which were offset by a negative variance in non-cash foreign currency exchange results and net interest expenses. The
Company reported an income tax expense of $31.9 million in the first nine months of 2017, compared to an income tax expense of
$40.7 million in the comparable prior year period.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Excluding the Venezuelan operation, the Company&rsquo;s as reported
revenues increased by 13.4%, and 10.6% on a constant currency basis. As reported Adjusted EBITDA rose by 25.3%, and by 17.9%, on
a constant currency basis. The reported Adjusted EBITDA margin expanded by 80 basis points to 8.2%, mainly driven by efficiencies
in F&amp;P costs as a percentage of revenues.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">During the first nine months of 2017, capital expenditures totaled
$108.6 million.</P>

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


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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Since the Company announced its re-development initiative in
March 2015 and through September 30, 2017, it has received cumulative cash proceeds of approximately $150 million, from the re-development
of certain properties primarily in Mexico. The Company used $80 million of these funds for debt reduction.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company expects the total proceeds from this initiative to
reach approximately $170 million with the final amounts to be collected by the end of 2017.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I><U>Impact from hurricanes in Puerto Rico and the US Virgin
Islands</U></I></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">During the month of September, Puerto Rico and the US Virgin
Islands were impacted by hurricanes Irma and Maria. The Company does not expect a material impact on its financial results given
that it has sufficient insurance coverage for both the property loss and the interruption to its business that resulted from these
disasters. In the short-term, the Company is working with its insurance providers to assess and fully cover the impact of the damages
in these two markets, and expects to have the majority of its restaurants back in operation by the end of the year.</P>

<P STYLE="font: 12pt 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: 60%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Investor Relations Contact</B></FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Media Contact</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Daniel Schleiniger</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">InspIR Group</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Vice President of Corporate Communications &amp; Investor Relations</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Monique Skruzny</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Arcos Dorados</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Blue"><U>monique@inspirgroup.com</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Blue"><U>daniel.schleiniger@ar.mcd.com</U></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">+1 212 661 2243</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">+54 11 4711 2675</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Blue"><U>www.arcosdorados.com/ir</U></FONT></P>

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


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

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

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

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

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

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

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

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


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

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

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

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

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

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

<P STYLE="font: 11pt 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' business. These expectations may or may not
be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, Arcos
Dorados' business and operations involve numerous risks and uncertainties, many of which are beyond the control of Arcos Dorados,
which could result in Arcos Dorados' expectations not being realized or otherwise materially affect the financial condition, results
of operations and cash flows of Arcos Dorados. Additional information relating to the uncertainties affecting Arcos Dorados' business
is contained in its filings with the Securities and Exchange Commission. The forward-looking statements are made only as of the
date hereof, and Arcos Dorados does not undertake any obligation to (and expressly disclaims any obligation to) update any forward-looking
statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated
events.</P>

<P STYLE="font: 11pt 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: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Third Quarter 2017 Consolidated Results</B></P>

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

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

<P STYLE="font: 11pt 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 STYLE="width: 79%; 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 10. Third Quarter &amp; First Nine Months of 2017 Consolidated Results</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(In thousands of U.S. dollars, except per share data)</I></FONT></TD>
    <TD STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; width: 10%">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; width: 10%">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; background-color: #C5D9F1">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: #C5D9F1; text-align: center"><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">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For Nine-Months ended</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; background-color: #C5D9F1">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>September 30,</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>September 30,</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 58%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; background-color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</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">REVENUES</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&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">Sales by Company-operated restaurants</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">803,351 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">742,767 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,310,980 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,032,856 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39,115 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,889 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">111,664 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">88,615 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>842,466 </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>775,656 </B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,422,644 </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>2,121,471 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><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">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Company-operated restaurant expenses:</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; text-indent: 20pt"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(283,892)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(269,737)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(820,097)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(740,453)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; text-indent: 20pt"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(174,023)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(160,671)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(508,914)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(444,682)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; text-indent: 20pt"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(213,467)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(198,449)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(623,215)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(557,546)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; text-indent: 20pt"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(40,092)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(37,689)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(117,450)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(103,388)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,000)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,233)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(49,651)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(40,023)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(60,203)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(55,818)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(175,950)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(157,817)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,021)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(502)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45,314 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46,921 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(794,698)</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>(737,099)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,249,963)</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>(1,996,988)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>47,768 </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>38,557 </B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>172,681 </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>124,483 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,045)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,196)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(54,503)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(53,233)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">195 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(22)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,036)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(52)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,635 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,306)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,476)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28,900 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">517 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(796)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(607)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,562)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>39,070 </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>16,237 </B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>92,059 </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>98,536 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,537)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,003)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(31,888)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(40,732)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>23,533 </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>(1,766)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60,171 </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>57,804 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(128)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(68)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(277)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(145)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>23,405 </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>(1,834)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>59,894 </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>57,659 </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>Earnings (loss) per share information ($ per share):</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 </B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211,072,340 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,710,861 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,889,576 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,625,380 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating income</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47,768 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38,557 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">172,681 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">124,483 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,298 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,736 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">73,190 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">74,326 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,170 </FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(135)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(52,354)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(46,640)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>74,236 </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>63,158 </B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>193,517 </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>152,169 </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>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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.8%</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>8.1%</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.0%</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>7.2%</B></FONT></TD></TR>
</TABLE>


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


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

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

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

<P STYLE="font: 11pt 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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 100%; border-top: #1F497D 1.5pt solid">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Figure 11. Third Quarter &amp; First Nine Months of 2017 Consolidated
        Results by Division</B><BR>
        <I>(In thousands of U.S. dollars)</I></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-top: #1F497D 1.5pt solid; background-color: #C5D9F1">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3Q</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: white">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>YTD</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #C5D9F1">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Three-Months ended</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>% Incr.</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Constant</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: white">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Nine-Months ended</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>% Incr.</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Constant</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #C5D9F1">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>September 30,</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>/</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: white">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>September 30,</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>/</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 24%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2017</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Decr)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Incr/(Decr)%</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; background-color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2017</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Decr)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Incr/(Decr)%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Revenues</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Brazil</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">378,404 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">357,034 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.0%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.3%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,093,338 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">955,062 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14.5%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Caribbean</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">109,426 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">101,759 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.5%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">61.9%</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">331,941 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">298,045 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.4%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NOLAD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">102,301 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">94,743 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.0%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.0%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">282,770 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">268,203 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.4%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SLAD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">252,335 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">222,120 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.6%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24.5%</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">714,595 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">600,161 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.1%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>842,466 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>775,656 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.6%</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>17.5%</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,422,644 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,121,471 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>14.2%</B></FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>17.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Operating Income (loss) </U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Brazil</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35,073 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,602 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27.1%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23.7%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">99,032 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">71,962 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">37.6%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Caribbean</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(448)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,594)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">82.7%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">916.0%</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,754)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16,959)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">72.0%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">334.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NOLAD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,396 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,441 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-19.2%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-13.9%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">62,606 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">55,800 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.2%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SLAD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,684 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,543 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16.1%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29.0%</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53,625 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44,496 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20.5%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Corporate and Other</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(13,937)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11,435)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-21.9%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-33.7%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(37,828)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(30,816)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-22.8%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-31.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>47,768 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>38,557 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>23.9%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>81.4%</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>172,681 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>124,483 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>38.7%</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>71.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Adjusted EBITDA</U></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Brazil</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49,258 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39,172 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25.7%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.5%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">139,912 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">104,967 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33.3%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Caribbean</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,615 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,150 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-8.7%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">316.6%</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,372 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,067 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32.8%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">432.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NOLAD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,879 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,518 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-6.1%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-4.2%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,456 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,983 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-9.7%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-8.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SLAD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,290 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,796 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.3%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27.2%</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">64,790 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54,880 </FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.1%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Corporate and Other</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16,806)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15,478)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-8.6%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-16.1%</FONT></TD>
    <TD NOWRAP STYLE="background-color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(48,013)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(43,728)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-9.8%</FONT></TD>
    <TD NOWRAP STYLE="background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-14.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>74,236 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>63,158 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>17.5%</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>49.9%</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>193,517 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>152,169 </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>27.2%</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>46.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="width: 41%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Figure 12. Average Exchange Rate per Quarter*</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 24%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Mexico</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Argentina</B></FONT></TD>
    <TD STYLE="width: 1%; background-color: #C5D9F1; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Venezuela</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; background-color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; background-color: white">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">3Q17</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">3.16</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">17.81</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">17.27</FONT></TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">3,035.00</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">3Q16</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: 11pt">3.25</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">18.76</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">14.95</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">646.01</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">* Local $ per 1 US$</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: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Summarized Consolidated Balance Sheets</B></P>

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

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

<P STYLE="font: 11pt 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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 12pt"><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>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C5D9F1">
    <TD NOWRAP STYLE="width: 13%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 52%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>September 30</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; 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 STYLE="border-bottom: #1F497D 1pt solid; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="3" 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>&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: 10pt"><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">269,764 </FONT></TD>
    <TD>&nbsp;</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: 10pt"><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">82,675 </FONT></TD>
    <TD>&nbsp;</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: 10pt"><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">154,848 </FONT></TD>
    <TD>&nbsp;</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>507,287 </B></FONT></TD>
    <TD>&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>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>&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: 10pt"><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">897,169 </FONT></TD>
    <TD>&nbsp;</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: 10pt"><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">42,553 </FONT></TD>
    <TD>&nbsp;</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: 10pt"><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">66,360 </FONT></TD>
    <TD>&nbsp;</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: 10pt"><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">131,923 </FONT></TD>
    <TD>&nbsp;</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>1,138,005 </B></FONT></TD>
    <TD>&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>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>1,645,292 </B></FONT></TD>
    <TD>&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>1,505,053 </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>&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>&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: 10pt"><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">218,293 </FONT></TD>
    <TD>&nbsp;</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: 10pt"><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">105,842 </FONT></TD>
    <TD>&nbsp;</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: 10pt"><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">147,579 </FONT></TD>
    <TD>&nbsp;</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: 10pt"><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">19,972 </FONT></TD>
    <TD>&nbsp;</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: 10pt"><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">756 </FONT></TD>
    <TD>&nbsp;</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: 10pt"><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">18,179 </FONT></TD>
    <TD>&nbsp;</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: 10pt"><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>&nbsp;</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>510,621 </B></FONT></TD>
    <TD>&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>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>&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: 10pt"><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">27,731 </FONT></TD>
    <TD>&nbsp;</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: 10pt"><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">25,032 </FONT></TD>
    <TD>&nbsp;</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: 10pt"><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">644,705 </FONT></TD>
    <TD>&nbsp;</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: 10pt"><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">2,213 </FONT></TD>
    <TD>&nbsp;</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>699,681 </B></FONT></TD>
    <TD>&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>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>1,210,302 </B></FONT></TD>
    <TD>&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>1,153,477 </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>&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: 10pt"><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">376,732 </FONT></TD>
    <TD>&nbsp;</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: 10pt"><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>&nbsp;</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: 10pt"><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">13,293 </FONT></TD>
    <TD>&nbsp;</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: 10pt"><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">331,862 </FONT></TD>
    <TD>&nbsp;</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: 10pt"><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">(420,462)</FONT></TD>
    <TD>&nbsp;</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>434,340 </B></FONT></TD>
    <TD>&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>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">650 </FONT></TD>
    <TD>&nbsp;</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>434,990 </B></FONT></TD>
    <TD>&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>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>1,645,292 </B></FONT></TD>
    <TD>&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>1,505,053 </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD>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;.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD>Includes &quot;Miscellaneous&quot;, &quot;Collateral
deposits&quot;, &quot;Derivative Instrument&quot;, and &quot;McDonald&acute;s Corporation indemnification for contingencies&quot;.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD>Includes &quot;Income taxes payable&quot; and &quot;Other
taxes payable&quot;.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD>Includes &quot;Royalties payable to McDonald&acute;s
Corporation&quot; and &quot;Interest payable&quot;.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD>Includes &quot;Short-term debt&quot;, &quot;Current&nbsp;portion&nbsp;of&nbsp;long-term&nbsp;debt&quot;
and &quot;Derivative instruments&quot;.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(6)</TD><TD>Includes &quot;Long-term debt, excluding current portion&quot;
and &quot;Derivative instruments&quot;.</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">&nbsp;</P>

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

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