<SEC-DOCUMENT>0000950103-18-003592.txt : 20180321
<SEC-HEADER>0000950103-18-003592.hdr.sgml : 20180321
<ACCEPTANCE-DATETIME>20180321085538
ACCESSION NUMBER:		0000950103-18-003592
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180321
FILED AS OF DATE:		20180321
DATE AS OF CHANGE:		20180321

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:		18703421

	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>dp88396_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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

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

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

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

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of March, 2018</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dr. Luis Bonavita 1294, Office 501 </B></P>

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

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

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

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

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

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    <TD STYLE="width: 29%; font-size: 10pt; text-align: center">Form 20-F</TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></P></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center">Form 40-F</TD>
    <TD STYLE="width: 14%; text-align: center">
&nbsp;<FONT STYLE="font-family: Wingdings">&#111;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">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">Yes</TD>
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&nbsp;<FONT STYLE="font-family: Wingdings">&#111;</FONT></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center">No</TD>
    <TD STYLE="width: 14%">
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<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">Yes</TD>
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&nbsp;<FONT STYLE="font-family: Wingdings">&#111;</FONT></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center">No</TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARCOS DORADOS HOLDINGS INC.</B></P>

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

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

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

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    <TD STYLE="width: 9%; font-size: 10pt; text-align: center; padding-bottom: 6pt"><B>ITEM</B></TD>
    <TD STYLE="width: 91%; font-size: 10pt; text-align: center; padding-bottom: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">1.</TD>
    <TD STYLE="padding-left: 0.1in; font-size: 10pt">Press Release dated March 21, 2018 titled &ldquo;Arcos Dorados Reports Fourth Quarter &amp; Full Year 2017 Financial Results&rdquo; </TD></TR>
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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"><B>Arcos Dorados Holdings Inc.</B></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>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Juan David Bastidas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:</TD>
    <TD STYLE="width: 42%">Juan David Bastidas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Legal Counsel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Date: March 21, 2018</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P>

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<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: 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 FOURTH QUARTER &amp;
FULL YEAR 2017 FINANCIAL RESULTS</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Reported full year double-digit comparable
sales growth with the highest consolidated Adjusted EBITDA margin since 2011 and generated strong net income. Achieved consolidated
traffic growth in every quarter of 2017.</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Montevideo, Uruguay, March 21, 2018 &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 fourth quarter and
audited results for the full year ended December 31, 2017.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Fourth Quarter 2017 Key Results &ndash;
Excluding Venezuela</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>As reported consolidated revenues increased 7.6% to $850.9 million versus the fourth quarter of 2016. On a constant currency
basis<FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT>, consolidated revenues grew 9.0%.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Systemwide comparable sales<SUP>1</SUP> rose 9.1% year-over-year.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>As reported Adjusted EBITDA<SUP>1</SUP> increased 6.3% to $89.1 million compared with the prior-year quarter.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Consolidated Adjusted EBITDA margin contracted 10 basis points to 10.5%.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>As reported General and Administrative (G&amp;A) expenses remained flat as a percentage of revenues.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>As reported net income increased to $62.7 million, from $17.2 million in the fourth quarter of 2016.</TD></TR></TABLE>

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

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

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

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




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>1</SUP></FONT> For definitions please refer to page 16 of this document.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Full Year 2017 Key Results &ndash; Excluding
Venezuela</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>As reported consolidated revenues increased 11.9% to $3.22 billion in 2017. On a constant currency basis, consolidated revenues
grew 10.2%.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Systemwide comparable sales rose 10.6% year-over-year.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>As reported Adjusted EBITDA increased 18.6% to $282.2 million year-over-year.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Consolidated Adjusted EBITDA margin expanded 50 basis points to 8.8% in 2017.</TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>As reported G&amp;A expenses decreased 10 basis points as a percentage of revenues.</TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>As reported net income was $131.3 million, up 44.2% from $91.1 million last year.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;We had a very solid end to a strong year with high single
digit comparable sales in the fourth quarter and volume increases in every quarter throughout the year. Our success in driving
topline growth along with our efforts to reduce costs translated into our highest Adjusted EBITDA margins for the fourth quarter
and full year since 2011. We also delivered on our main goals of G&amp;A optimization, Adjusted EBITDA margin expansion and leverage
reduction as outlined in our three-year strategic plan. As of the end of 2017, we had rolled-out Experience of the Future (EOTF)
to more than 120 restaurants. We also opened 50 new restaurants, which was the top end of our guidance for 2017. We maintained
our clear market share leadership position in our main markets by giving our customers more reasons to visit us more often and
we will continue to leverage our size and scale to capture the significant opportunity in front of us&rdquo;, said Sergio Alonso,
Chief Executive Officer of Arcos Dorados.</P>

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

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

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

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<TR STYLE="background-color: white">
    <TD STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 12pt; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 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>
</TABLE>
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<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; vertical-align: bottom; width: 37%; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,156 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,188 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.5%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales by Company-operated Restaurants</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">770.5 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(176.1)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">256.9 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">851.3 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.5%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.7 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(19.4)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28.4 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.6 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24.3%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>807.2 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(195.5)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>285.2 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>896.9 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11.1%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>35.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>42.6%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>86.3 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(93.6)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>118.8 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>111.4 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>29.1%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>137.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>10.7%</I></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>12.4%</I></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income (loss) attributable to AD</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>21.2 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(76.8)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>124.9 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>69.3 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>227.5%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>590.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No. of shares outstanding (thousands)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,711 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211,073 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EPS (US$/Share)</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.10 </B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.33 </B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(4Q17 = 4Q16 + Currency Translation + Constant Currency Growth). Refer to &ldquo;Definitions&rdquo; section
for further detail.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Arcos Dorados&rsquo; fourth quarter as reported revenues increased
11.1%, driven by constant currency revenue growth of 35.3%, which was partially offset by the negative impact of currency translation.
The currency translation impact primarily reflected the significant year-over-year average depreciation of the Venezuelan bolivar
and, to a lesser extent, the Argentine peso. Constant currency revenue growth reflected a 42.6% expansion in systemwide comparable
sales, largely explained by inflation-driven average check growth in Venezuela, combined with positive traffic in all, but the
Caribbean division, where volumes were negatively impacted by the ongoing difficult environment in Venezuela as well as the hurricanes
in Puerto Rico and the U.S. Virgin Islands.</P>

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


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Breakdown
of main variations contributing to 4Q17 Adjusted EBITDA</I></B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;<IMG SRC="image_001.jpg" ALT=""></B></FONT> </P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fourth quarter consolidated as reported Adjusted EBITDA increased
29.1%, supported by revenue growth and margin expansion. The Caribbean and Brazil divisions were the key contributors to Adjusted
EBITDA growth during the quarter, whereas NOLAD and SLAD remained relatively flat. Venezuela&rsquo;s high year-over-year inflation
rate meaningfully outpaced the country&rsquo;s currency devaluation, which generated a significant positive impact on the Adjusted
EBITDA growth both in the Caribbean division as well as on a consolidated basis. Please refer to the Recent Developments section
on page 14 for a further discussion of this topic.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Adjusted EBITDA margin expanded by 170 basis points to 12.4%,
with margin improvements in Brazil and the Caribbean division, partially offset by margin declines in NOLAD and SLAD. Leverage
in Food and Paper (F&amp;P) and Payroll primarily drove the consolidated margin expansion. Adjusted EBITDA margin also benefited
from the recognition of higher refranchising proceeds in the fourth quarter of 2017 versus the prior-year quarter.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported, consolidated G&amp;A increased by 8.6% year-over-year,
and declined almost 20 basis points as a percentage of revenues.</P>

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></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; padding-top: 4pt; padding-bottom: 4pt"><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 STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; vertical-align: bottom; width: 37%; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,023 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,058 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.7%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales by Company-operated Restaurants</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">755.5 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10.5)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65.1 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">810.1 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.2%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.9 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.0)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.9 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.8 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.8%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>790.4 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(10.6)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>71.0 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>850.9 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7.6%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>9.1%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>83.8 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.7 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4.6 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>89.1 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6.3%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>10.6%</I></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>10.5%</I></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income (loss) attributable to AD</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>17.2 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.6 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>42.9 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>62.7 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>264.3%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>249.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No. of shares outstanding (thousands)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,711 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211,073 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EPS (US$/Share)</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.08 </B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.30 </B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Excluding the Company&rsquo;s Venezuelan operation, as reported
revenues increased 7.6% year-over-year. The result primarily reflects constant currency revenue growth of 9.0%, partially offset
by a negative impact from currency translation. The 14% year-over-year average depreciation of the Argentine peso more than offset
the appreciation of the Brazilian real, the Mexican peso, and other currencies in the Company&rsquo;s territories. Constant currency
revenue growth was supported by a 9.1% increase in systemwide comparable sales, driven by a favorable shift in mix and positive
traffic in all divisions except the Caribbean.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported Adjusted EBITDA increased 6.3%, or 5.5% in constant
currency terms. The Adjusted EBITDA margin contracted 10 basis points to 10.5%, mainly due to higher Royalty Fees and franchised
restaurant occupancy fees, which were mostly offset by efficiencies achieved in F&amp;P costs as a percentage of revenues.</P>

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


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Non-operating results for the fourth quarter reflected a non-cash
$4.2 million foreign currency exchange gain, versus a non-cash gain of $3.5 million last year. Net interest expense remained relatively
flat year-over-year, at $13.9 million.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company reported an income tax expense of $21.4 million in
the quarter, compared to an income tax expense of $18.9 million in the prior year period.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fourth quarter net income attributable to the Company totaled
$69.3 million, compared to net income of $21.2 million in the same period of 2016. The result largely reflects higher year-over-year
operating results, which included $35.6 million from the Company&rsquo;s re-development initiative compared with $4.6 million in
the prior-year quarter.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company reported earnings per share of $0.33 in the fourth
quarter of 2017, compared to earnings per share of $0.10 in the previous corresponding period. Total weighted average shares for
the fourth quarter of 2017 were 211,072,508, as compared to 210,711,212 in the prior year quarter.</P>

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


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 12pt; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 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 STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; vertical-align: bottom; width: 30%; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q17</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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>902 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>929 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3.0%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>378.2 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.7 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>19.3 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>403.2 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6.6%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>6.7%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>63.1 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.2 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13.9 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>78.3 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>24.0%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>16.7%</I></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>19.4%</I></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Brazil&rsquo;s as reported revenues increased by 6.6%, supported
by constant currency growth and a 1.4% year-over-year average appreciation of the Brazilian real. Excluding currency translation,
constant currency revenues grew 5.1% year-over-year, which reflected the impact of the refranchising of certain company-operated
restaurants during the last twelve months. An increased number of franchised restaurants reduces the Company&rsquo;s total revenue
comparisons, as company-operated restaurant sales are replaced by rental income received from the Company&rsquo;s franchisees.
In the quarter, total systemwide sales grew 9.2% in constant currency, while systemwide comparable sales rose 6.7%. A favorable
shift in mix and the fourth consecutive quarter of positive restaurant traffic drove these results.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Marketing activities in the quarter, which were designed to stimulate
top-line growth without sacrificing gross margins, included the launch of the Quattro Formaggi premium burger in the Signature
Line and the introduction of co-branded products with Nutella, among others. Also in the quarter, the Company launched the McFlurry
&ldquo;KitKat White &amp; Milk&rdquo; in the Dessert category and included &ldquo;Super Mario&rdquo; and &ldquo;Pok&eacute;mon&rdquo;
in the Happy Meal.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported Adjusted EBITDA increased 24.0% year-over-year and
22.1% on a constant currency basis. The Adjusted EBITDA margin expanded 270 basis points to 19.4%, mainly by capturing efficiencies
in F&amp;P costs and G&amp;A expenses. The division also received Growth Support from McDonald&rsquo;s Corporation and recorded
a positive variance in Other Operating Income from higher re-franchising proceeds and net tax credits in the quarter. These results
were partially offset by higher Royalty Fees, Payroll costs and Occupancy and Other expenses as a percentage of revenues.</P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 12pt; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 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>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; vertical-align: bottom; width: 30%; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q17</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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>517 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>519 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.4%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>95.8 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.1 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7.3 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>104.1 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.7%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>7.2%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10.3 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.2)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.1 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10.3 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-0.4%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>10.8%</I></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>9.9%</I></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NOLAD&rsquo;s as reported revenues increased 8.7% year-over-year,
supported by constant currency growth of 7.6% and a 4% year-over-year average appreciation of the Mexican peso. Systemwide comparable
sales increased 7.2%, mainly driven by an increase in traffic across all of the division&rsquo;s markets, combined with a favorable
shift in mix. Notably, Mexico volumes were strong in the quarter, with the Company&rsquo;s new affordability platform, its innovative
marketing and digital initiatives as well as its focus on delivering a better guest experience driving the improved performance.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Marketing activities in the quarter included a new phase of the
affordability platform &ldquo;McTr&iacute;o 3x3&rdquo; in Mexico and the launch of the &ldquo;Para los Polleros&rdquo; and &ldquo;Quesolocura&rdquo;
with the double and triple cheeseburger. The dessert category performed well with the continuation of the McFlurry Hershey&rsquo;s
Mini Kisses. Also in the quarter, the Company included &ldquo;Pok&eacute;mon&rdquo; in the Happy Meal.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported Adjusted EBITDA decreased by 0.4%, but increased
by 1.1% on a constant currency basis. The Adjusted EBITDA margin contraction of 90 basis points to 9.9% in the fourth quarter was
primarily the result of higher Royalty Fees.</P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 12pt; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 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>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; vertical-align: bottom; width: 30%; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q17</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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>384 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>390 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.6%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>221.6 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(19.6)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>44.7 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>246.7 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11.3%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>20.5%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>21.4 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1.7)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.6 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22.3 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3.9%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>9.7%</I></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>9.0%</I></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">SLAD&rsquo;s as reported revenues increased 11.3% as constant
currency growth of 20.2% more than offset negative currency translation impacts resulting from the 14% year-over-year average depreciation
of the Argentine peso. Systemwide comparable sales increased 20.5%, driven by the combination of a favorable shift in mix and an
increase in traffic.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Marketing activities in the quarter included a refresh of the
McCombo del D&iacute;a campaign and the continuation of the Guacamole Burger in the Signature Line. Also in the quarter, the Company
launched the &ldquo;Papas para el Camino&rdquo; campaign and the McFlurry KitKat in the dessert category. The Happy Meal performed
well with &ldquo;Furby&rdquo; and &ldquo;Super Mario&rdquo; during the quarter.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Adjusted EBITDA increased 3.9% on an as reported basis and rose
12.1% in constant currency terms. The Adjusted EBITDA margin contracted 70 basis points to 9.0%, mainly due to higher Royalty Fees,
which were partially offset by the Growth Support received from McDonald&rsquo;s Corporation.</P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 12pt; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 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 STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; vertical-align: bottom; width: 30%; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q17</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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>353 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>350 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-0.8%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>111.6 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(182.7)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>214.0 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>142.9 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>28.0%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>191.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>261.4%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.0 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(94.2)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>113.7 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>27.5 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>244.2%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1424.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>7.2%</I></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>19.2%</I></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Caribbean division&rsquo;s as reported revenues increased
28.0%, as constant currency growth of 191.7% exceeded currency translation impacts derived from the remeasurement of the results
of the Venezuelan operation at a weaker year-over-year average exchange rate. Systemwide comparable sales increased 261.4%, with
inflation-driven average check growth more than offsetting a decrease in total traffic in the division.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fourth quarter reported results in the division were significantly
impacted by a much higher year-over-year inflation than devaluation rate in Venezuela. During the quarter, Venezuela accounted
for nearly all the division&rsquo;s negative currency translation and constant currency revenue growth.</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">Traffic was impacted by the effect of the hurricanes in Puerto
Rico and the US Virgin Islands. Importantly, the Company had sufficient insurance to cover the property damage and business interruption
losses suffered from these natural disasters.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Marketing activities in the quarter included the launch of the
Pico de Gallo Guacamole premium burger in the Signature Line. Also in the quarter, the Company re-launched the &ldquo;Lunes Pompiao&rdquo;
campaign, which surprises guests by including some of McDonald&rsquo;s iconic offerings. The Company also introduced the McFlurry
Galak and McFlurry Mama-&iacute;a in the dessert category, and included &ldquo;Pok&eacute;mon&rdquo; in the Happy Meal.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported Adjusted EBITDA totaled $27.5 million in the fourth
quarter, compared with $8.0 million in the prior year quarter. The Adjusted EBITDA margin expanded from 7.2% to 19.2% year-over-year,
mainly impacted by Venezuela&rsquo;s reported results.</P>

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


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

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

<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; padding-top: 4pt; padding-bottom: 4pt"><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 STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; vertical-align: bottom; width: 30%; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q16</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q17</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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>220 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>220 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.0%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>94.9 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.2 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.2)</B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>96.9 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.1%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-0.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-3.5%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.5 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.1 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.5)</B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.2 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-6.3%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-8.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>5.8%</I></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>5.4%</I></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported revenues in the Caribbean division, excluding Venezuela,
increased 2.1%, mainly driven by a positive currency translation impact. Constant currency revenue declined slightly versus the
prior year quarter. Comparable sales decreased by 3.5% as growth in average check was more than offset by a decline in traffic,
primarily in Puerto Rico and the US Virgin Islands due to the effects of hurricanes Irma and Maria. Importantly, the Company had
sufficient insurance to cover the property damage and business interruption losses suffered from these natural disasters.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Adjusted EBITDA totaled $5.2 million, compared to $5.5 million
in the same period of 2016. The Adjusted EBITDA margin contracted 40 basis points to 5.4%, mainly driven by an increase in F&amp;P
costs and Royalty Fees, partially offset by lower Payroll costs, G&amp;A and Occupancy and Other Operating expenses, as a percentage
of revenues.</P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #1F497D 1.5pt solid; width: 100%">
        <P STYLE="border-top: rgb(31,73,125) 1.5pt solid; font-size: 12pt; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt"><B>Figure
        8. Total Restaurants (eop)*&nbsp;</B></FONT></P></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 STYLE="border-bottom: #1F497D 1pt solid; vertical-align: bottom; width: 40%; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>September</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>March</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">929 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">910 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">910 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">904 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">902 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">519 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">514 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">515 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">517 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">517 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">390 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">349 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">353 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,188 </B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,160 </B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,160 </B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,156 </B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,156 </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">* Considers Company-operated and franchised restaurants at period-end</FONT> &nbsp; &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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company opened 50 new restaurants during the twelve-month
period ended December 31, 2017, which was at the top end of the Company&rsquo;s guidance, resulting in a total of 2,188 restaurants.
Also during the period, the Company added 223 Dessert Centers, bringing the total to 2,877. McCaf&eacute;s totaled 316 as of December
31, 2017.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Cash and cash equivalents, including short-term investments,
were $328.1 million at December 31, 2017. The Company&rsquo;s total financial debt (including derivative instruments) was $621.5
million. Net debt (Total Financial Debt <I>minus</I> Cash and cash equivalents) was $293.4 million and the Net Debt/Adjusted EBITDA
ratio was 1.0x at December 31, 2017.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></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; padding-top: 4pt; padding-bottom: 4pt">
        <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 STYLE="width: 60%; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash &amp; cash equivalents (i)</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">328,079</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">194,803</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Financial Debt (ii)</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">621,460</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">610,170</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Financial Debt (iii)</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">293,381</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">415,367</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Financial Debt / LTM Adjusted EBITDA ratio</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.0</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Financial Debt / LTM Adjusted EBITDA ratio</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.0</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.7</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(i) Includes short-term investment.&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">(ii)Total financial debt includes short-term debt, long-term
debt and derivative instruments (including the asset portion of derivatives amounting to $35.1 million and $nil million as a reduction
of financial debt as of December 31, 2017 and 2016, respectively).</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Net cash provided by operating activities totaled $107.7 million
for the quarter, and cash used in financing activities amounted to $2.1 million. Cash used in net investing activities totaled
$64.6 million, which included $21.8 million from asset monetization proceeds, <I>less</I> short-term investments of $19.6 million
and total capital expenditures of $66.2 million.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Full Year 2017</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For the year 2017, the Company&rsquo;s as reported revenues increased
by 13.3% to $3,319.5 million. Constant currency growth of 22.5% was partially offset by negative foreign currency translation mainly
from the significant year-over-year average devaluation of the Venezuelan bolivar and, to a lesser extent, depreciation of the
Argentine peso.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported Adjusted EBITDA was $304.9 million, a 27.9% increase
compared to 2016. On a constant currency basis, Adjusted EBITDA increased by 79.3%. The reported Adjusted EBITDA margin expanded
by 110 basis points to 9.2%, which is its highest level since 2011.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Net interest expenses and losses from derivative instruments
were $1.5 million and $4.0 million higher versus the prior year. The full year result also included a non-cash foreign exchange
loss of $14.3 million as compared to a $32.4 million non-cash gain in 2016.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company reported an income tax expense of $53.3 million in
2017, down from $59.6 million in 2016.</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">Consolidated net income amounted to $129.2 million, compared
with net income of $78.8 million in 2016. The result reflects higher year-over-year operating results, which included $91.7 million
from the Company&rsquo;s re-development initiative in 2017 versus $52.9 million in 2016. This was partially offset by the mostly
non-cash negative variances in its non-operating results.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Net cash provided by operating activities totaled $255.2 million
in 2017, and cash used in financing activities amounted to $3.4 million. Cash used in net investing activities totaled $124.5 million,
which included $72.4 million from asset monetization proceeds, <I>less</I> short-term investments of $19.6 million and total capital
expenditures of $174.8 million.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Excluding the Venezuelan operation, the Company&rsquo;s as reported
revenues increased by 11.9%, and 10.2% on a constant currency basis. As reported Adjusted EBITDA rose by 18.6%, and by 13.5%, on
a constant currency basis. The reported Adjusted EBITDA margin expanded by 50 basis points to 8.8%, mainly driven by efficiencies
captured in F&amp;P costs.</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">Consolidated as reported net income was $131.3 million, up 44.2%
from $91.1 million last year.</P>

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


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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Since the Company announced its re-development initiative in
March 2015 and through December 31, 2017, it has received cumulative cash proceeds of $167.2 million, from the re-development of
certain properties primarily in Mexico.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">During February 2018, the Venezuelan government announced the
unification of the former exchange rate systems, DIPRO and DICOM II, into a sole foreign exchange mechanism called DICOM. The unified
system operates through an auction mechanism similar to the former DICOM II. The first auction was published on February 5, 2018,
with an exchange rate of approximately 25,000 VEF per US dollar from 3,345 VEF per US dollar previously.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As of the date of this release, with the most recent auction
(on March 19, 2018), the exchange rate was approximately 45,000 VEF per US dollar. These recent devaluations generated a significant
non-cash negative accounting impact, which will be reflected in the Company&rsquo;s first quarter of 2018 consolidated results.
For more details on the devaluation of the VEF, please refer to the Company&rsquo;s Financial Statements (6-K) filed today with
the S.E.C.</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">Given the volatile nature of the situation in Venezuela, the
Company&rsquo;s reported results will likely continue to reflect significant non-cash accounting impacts from operations in that
market. Thus, the discussion of the Company&rsquo;s performance will also continue to focus on consolidated results excluding Venezuela.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company will host its Investor Day on Friday, March 23, 2018
in New York, NY. This event, held for analysts and institutional investors, will feature presentations by Woods Staton (Executive
Chairman), Sergio Alonso (Chief Executive Officer), Marcelo Rabach (Chief Operating Officer), Mariano Tannenbaum (Chief Financial
Officer), Dan Gertsacov (Chief Marketing and Digital Officer), and Sebastian Magnasco (VP of Development). Also in attendance will
be Paulo Camargo (President of the Brazil Division) and Francisco Staton (Managing Director in Colombia). The team will provide
an overview of the Company&rsquo;s strategic positioning, and will discuss trends, growth opportunities and its long-term market
outlook.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I><U>2018 Annual Guidance</U></I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For the full year 2018, the Company expects to open between 65
and 70 new restaurants. The Company expects total capital expenditures to be between $200 and $230 million.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I><U>2017 to 2019 Cumulative Guidance</U></I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">At the beginning of 2017, the Company committed for the cumulative
three-year period from 2017 to 2019, to open at least 180 new restaurants, reinvest at least $292 million in its existing restaurants
and invest at least $500 million in total capital expenditures.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For the same three-year period, the Company now expects to open
at least 200 new restaurants, reinvest at least $390 million in its existing restaurants and invest at least $660 million in total
capital expenditures.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I><U>2018 Dividend</U></I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company&rsquo;s Management recommended and, on March 20,
2018, the Board of Directors of Arcos Dorados Holdings Inc. approved the resumption of dividend payments. For 2018, the Company
will pay a dividend of $0.10 per share to all Class A and Class B shareholders of the Company in two equal installments of $0.05
per share on April 5, 2018 and October 5, 2018. The dividend will be paid to shareholders of record as of April 2, 2018 and October
2, 2018, respectively.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Investor Relations Contact</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Daniel Schleiniger&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Vice President of Corporate Communications &amp; Investor Relations</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Arcos Dorados&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: blue"><U>daniel.schleiniger@ar.mcd.com</U></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: blue"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">+54 11 4711 2675&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: blue"><U>www.arcosdorados.com/ir</U></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: blue"></P></TD>
    <TD STYLE="width: 44%">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Media Contact</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">InspIR Group&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Barbara Cano</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: blue"><U>barbara@inspirgroup.com</U>&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">+1 646 452 2334</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
</TABLE>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I><U>Adjusted EBITDA</U>:</I> In addition
to financial measures prepared in accordance with the general accepted accounting principles (GAAP), within this press release
and the accompanying tables, we use a non-GAAP financial measure titled &lsquo;Adjusted EBITDA&rsquo;. We use Adjusted EBITDA to
facilitate operating performance comparisons from period to period.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Adjusted EBITDA is defined as our operating
income plus depreciation and amortization plus/minus the following losses/gains included within other operating income (expenses),
net, and within general and administrative expenses in our statement of income: gains from sale or insurance recovery of property
and equipment; write-offs and related contingencies of property and equipment; impairment of long-lived assets and goodwill; reorganization
and optimization plan expenses; and incremental compensation related to the modification of our 2008 long-term incentive plan,
and stock-based compensation in connection with the Company&rsquo;s initial public listing.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We believe Adjusted EBITDA facilitates company-to-company operating
performance comparisons by backing out potential differences caused by variations such as capital structures (affecting net interest
expense and other financial charges), taxation (affecting income tax expense) and the age and book depreciation of facilities and
equipment (affecting relative depreciation expense), which may vary for different companies for reasons unrelated to operating
performance. Figure 10 of this earnings release include a reconciliation for Adjusted EBITDA. For more information, please see
Adjusted EBITDA reconciliation in Note 9 of our quarterly financial statements (6-K Form) filed today with the S.E.C.</P>

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


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Arcos Dorados is the world&rsquo;s largest
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 2,180 McDonald&rsquo;s-branded restaurants
with over 90,000 employees and is recognized as one of the best companies to work for in Latin America. Arcos Dorados is traded
on the New York Stock Exchange (NYSE: ARCO). To learn more about the Company, please visit the Investors section of our website:
<FONT STYLE="color: blue"><U>www.arcosdorados.com/ir</U></FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This press release contains forward-looking
statements. The forward-looking statements contained herein include statements about the Company&rsquo;s business prospects, its
ability to attract customers, its affordable platform, its expectation for revenue generation and its outlook and guidance for
2017. These statements are subject to the general risks inherent in Arcos Dorados' 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 78%; border-top: rgb(31,72,125) 1.5pt solid; border-bottom: rgb(31,72,125) 1.5pt solid; padding-top: 4pt; padding-bottom: 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Figure 10. Fourth Quarter &amp; Full Year 2017 Consolidated
        Results</B><BR>
        <I>(In thousands of U.S. dollars, except per share data)</I></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; width: 2%; border-top: rgb(31,72,125) 1.5pt solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; width: 11%; border-top: rgb(31,72,125) 1.5pt solid; border-bottom: rgb(31,72,125) 1.5pt solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; width: 9%; border-top: rgb(31,72,125) 1.5pt solid; border-bottom: rgb(31,72,125) 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>
    <TD STYLE="vertical-align: bottom; background-color: #C5D9F1; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For Three-Months ended</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For Twelve-Months ended</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: #C5D9F1; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31,</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: bottom; width: 58%; background-color: #C5D9F1; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; width: 10%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; width: 10%; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; width: 10%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; width: 10%; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">REVENUES</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales by Company-operated restaurants</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">851,276 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">770,478 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,162,256 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,803,334 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45,605 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,681 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">157,269 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125,296 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #1F497D 1pt solid; vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>896,881 </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>807,159 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,319,525 </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,928,630 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">OPERATING COSTS AND EXPENSES</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Company-operated restaurant expenses:</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-indent: 20pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Food and paper</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(290,143)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(272,523)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,110,240)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,012,976)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-indent: 20pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payroll and employee benefits</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(175,040)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(162,400)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(683,954)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(607,082)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-indent: 20pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Occupancy and other operating expenses</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(219,304)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(194,882)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(842,519)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(752,428)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-indent: 20pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royalty fees</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(46,504)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(39,389)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(163,954)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(142,777)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Franchised restaurants - occupancy expenses</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(20,185)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,075)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(69,836)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(55,098)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(68,714)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(63,258)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(244,664)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(221,075)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other operating income (expenses), net</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,263 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,535)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68,577 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41,386 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #1F497D 1pt solid; vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total operating costs and expenses</B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(796,627)</B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(753,062)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3,046,590)</B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,750,050)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>100,254 </B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>54,097 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>272,935 </B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>178,580 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net interest expense</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,854)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,647)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(68,357)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(66,880)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss from derivative instruments</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(29)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,013)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,065)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,065)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency exchange results</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,211 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,454 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,265)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,354 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other non-operating expense, net</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">172 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(798)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(435)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,360)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #1F497D 1pt solid; vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>90,754 </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>40,093 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>182,813 </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>138,629 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax expense</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(21,426)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,909)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(53,314)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(59,641)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #1F497D 1pt solid; vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income</B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>69,328 </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>21,184 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>129,499 </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>78,988 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Less: Net income attributable to non-controlling interests</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(56)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(33)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(333)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(178)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #1F497D 1pt solid; vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income attributable to Arcos Dorados Holdings Inc.</B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>69,272 </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>21,151 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>129,166 </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>78,810 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Earnings (loss) per share information ($ per share):</B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Basic net income per common share</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Weighted-average number of common shares outstanding-Basic</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211,072,508 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,711,212 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,935,685 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,646,955 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #1F497D 1pt solid; vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA Reconciliation</B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating income</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100,254 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54,097 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">272,935 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">178,580 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,192 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,643 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99,382 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">92,969 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating charges excluded from EBITDA computation</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,026)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,536 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(67,380)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(33,104)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #1F497D 1pt solid; vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>111,420 </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>86,276 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>304,937 </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>238,445 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA Margin as % of total revenues</B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12.4%</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10.7%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9.2%</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.1%</B></FONT></TD></TR>
</TABLE>


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

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


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 100%; border-top: #1F497D 1.5pt solid; padding-top: 4pt; padding-bottom: 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Figure 11. Fourth Quarter &amp; Full Year 2017 Consolidated
        Results by Division</B><BR>
        <I>(In thousands of U.S. dollars)</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">
    <TD STYLE="border-top: #1F497D 1.5pt solid; background-color: #C5D9F1; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FY</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #C5D9F1; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Three-Months ended</B></FONT></TD>
    <TD STYLE="background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Incr.</B></FONT></TD>
    <TD STYLE="background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Twelve-Months ended</B></FONT></TD>
    <TD STYLE="background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Incr.</B></FONT></TD>
    <TD STYLE="background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #C5D9F1; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1F497D 1pt solid; width: 35%; background-color: #C5D9F1; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; width: 8%; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; width: 8%; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; width: 8%; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(Decr)</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; width: 8%; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Incr/(Decr)%</B></FONT></TD>
    <TD STYLE="width: 1%; background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; width: 8%; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; width: 8%; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; width: 8%; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(Decr)</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; width: 8%; background-color: #C5D9F1; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Incr/(Decr)%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Revenues</U></B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DCE6F1; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">403,235 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">378,175 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.6%</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.1%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,496,573 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,333,237 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.3%</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">142,881 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">111,626 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28.0%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">191.7%</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">474,822 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">409,671 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.9%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">91.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DCE6F1; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104,104 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">95,762 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.7%</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.6%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386,874 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">363,965 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.3%</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">246,661 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">221,596 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.3%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.2%</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">961,256 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">821,757 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.0%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DCE6F1; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>896,881 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>807,159 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11.1%</B></FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>35.3%</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,319,525 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,928,630 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13.3%</B></FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Operating Income (loss) </U></B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DCE6F1; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61,576 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,674 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.5%</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.5%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">160,608 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">122,636 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31.0%</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,292 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,567 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.8%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2143.2%</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,538 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12,392)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">112.4%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1247.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DCE6F1; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,546 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,655)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">443.0%</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">425.2%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99,152 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45,145 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">119.6%</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">126.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,093 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,863 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-17.2%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-9.6%</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">71,718 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66,359 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.1%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DCE6F1; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate and Other</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(22,253)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12,352)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-80.2%</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-92.0%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(60,081)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(43,168)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-39.2%</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-48.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>100,254 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>54,097 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>85.3%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>258.1%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>272,935 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>178,580 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>52.8%</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>128.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Adjusted EBITDA</U></B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DCE6F1; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">78,260 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63,109 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24.0%</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.1%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">218,172 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">168,076 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29.8%</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,472 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,982 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">244.2%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1424.7%</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40,844 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,049 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">126.3%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">871.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DCE6F1; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,261 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,305 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.4%</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.1%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33,717 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,288 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-7.1%</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-5.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,293 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,447 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.9%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.1%</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">87,083 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">76,327 </FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.1%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DCE6F1; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate and Other</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,866)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16,567)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-62.2%</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-69.9%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(74,879)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(60,295)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-24.2%</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-30.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>111,420 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>86,276 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>29.1%</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>137.7%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>304,937 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>238,445 </B></FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>27.9%</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>79.3%</B></FONT></TD></TR>
</TABLE>


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #1F497D 1.5pt solid; width: 100%; border-bottom: #1F497D 1.5pt solid; padding-top: 4pt; padding-bottom: 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Figure 12. Average Exchange Rate per Quarter*</B></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: 80%; border-collapse: collapse">
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="border-bottom: #1F497D 1pt solid; width: 48%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; width: 2%; text-align: center">&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>Brazil</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>Mexico</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>Argentina</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Venezuela</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4Q17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.25</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.99</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.56</FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,345.00</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4Q16</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.30</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.87</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.46</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">663.81</FONT></TD></TR>
</TABLE>


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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Summarized Consolidated Balance Sheets</B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 12pt; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 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 STYLE="width: 15%; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 55%; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31</B></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ASSETS</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Current assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">308,491 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">194,803 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Short-term investment</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,588 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounts and notes receivable, net</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">111,302 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other current assets (1)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">213,656 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total current assets </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>653,037 </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>445,190 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Property and equipment, net </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">890,736 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net intangible assets and goodwill </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47,729 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred income taxes </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">74,299 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other non-current assets (2)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">137,942 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total non-current assets </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,150,706 </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,059,863 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total assets </B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,803,743 </B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,505,053 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LIABILITIES AND EQUITY</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounts payable </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">303,452 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Taxes payable (3)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">136,918 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accrued payroll and other liabilities </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">119,088 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other current liabilities (4)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,715 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provision for contingencies </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,529 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">764 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial debt (5)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,881 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total current liabilities </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>605,583 </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>548,308 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accrued payroll and other liabilities&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,366 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provision for contingencies </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,427 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial debt (6)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">636,648 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred income taxes </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,577 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total non-current liabilities </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>702,018 </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>605,169 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total liabilities </B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,307,601 </B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,153,477 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Equity</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A shares of common stock</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">376,732 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class B shares of common stock</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132,915 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional paid-in capital </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,216 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Retained earnings </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">401,134 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="text-indent: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accumulated other comprehensive losses</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(429,347)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><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 COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Arcos Dorados Holdings Inc shareholders&rsquo; equity</B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>495,650 </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>350,991 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-controlling interest in subsidiaries</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">492 </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">585 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total equity</B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>496,142 </B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>351,576 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="border-bottom: #1F497D 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total liabilities and equity </B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,803,743 </B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,505,053 </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(1) Includes &quot;Other receivables&quot;, &quot;Inventories&quot;,
&quot;Prepaid expenses and other current assets&quot;, &quot;Deferred income taxes&quot; and &quot;McDonald's Corporation's indemnification
for contingencies&quot;.</P>

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

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

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

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

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

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

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

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