<SEC-DOCUMENT>0000950103-18-006011.txt : 20180509
<SEC-HEADER>0000950103-18-006011.hdr.sgml : 20180509
<ACCEPTANCE-DATETIME>20180509083451
ACCESSION NUMBER:		0000950103-18-006011
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180509
FILED AS OF DATE:		20180509
DATE AS OF CHANGE:		20180509

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:		18816789

	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>dp90820_6k2.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 3.5pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Washington,
D.C. 20549</B></FONT></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>FORM 6-K</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt"><FONT STYLE="font-size: 12pt"><B>REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt"><FONT STYLE="font-size: 12pt"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

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

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



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

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

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Arcos Dorados Holdings Inc.</B></P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Dr. Luis
Bonavita 1294, Office 501</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Montevideo,
Uruguay, 11300 WTC Free Zone</B></FONT></P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid; width: 14%">
</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid; width: 14%">
</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X&nbsp;</P></TD></TR>
</TABLE>



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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 10pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>ITEM</B></FONT></TD>
    <TD STYLE="width: 91%; font-size: 10pt; text-align: center; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Press Release dated May 9, 2018 titled &ldquo;Arcos Dorados Reports First Quarter 2018 Financial Results&rdquo;</P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Arcos Dorados Holdings Inc.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Juan David Bastidas</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 22%"><FONT STYLE="font-size: 10pt">Juan David Bastidas</FONT></TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Legal Counsel</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Date: May 9,
2018</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_009.jpg" ALT=""></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: left"></P>

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

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

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>ARCOS DORADOS
REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS</B></FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Comparable
Sales growth of 9.8% supports 12.5% growth in Adjusted EBITDA and 60 basis</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>point expansion in Adjusted EBITDA Margin (excluding
Venezuela). Achieved positive</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>comparable traffic growth in all divisions.</B></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Montevideo, Uruguay, May 9, 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 first quarter ended March 31, 2018.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>First
Quarter 2018 Key Results &ndash; Excluding Venezuela</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">As
                                         reported consolidated revenues increased 5.5% to $802.8 million versus the first quarter
                                         of 2017. On a constant currency basis<SUP>1</SUP>, consolidated revenues grew 10.7%.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Systemwide comparable sales<SUP>1
                                         </SUP>rose 9.8% year-over-year.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">As reported Adjusted EBITDA<SUP>1
                                         </SUP>increased 12.5% to $68.0 million compared with the prior-year quarter.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Consolidated Adjusted EBITDA
                                         margin expanded 60 basis points to 8.5%.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">As reported General and
                                         Administrative (G&amp;A) expenses remained flat as a percentage of revenues.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">As reported net income decreased
                                         to $13.6 million, from $41.0 million in the first quarter of 2017, primarily due to re-development
                                         proceeds of $51.9 million in the year ago period.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&ldquo;The positive momentum continued
in the first quarter of 2018 as Arcos Dorados posted strong operating results. An improved macroeconomic environment, favorable
consumer trends, and compelling product offerings across our menu contributed to an important shift in mix and increased traffic,
driving top line growth, profitability and gains in market share throughout Latin America.</FONT></P>

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

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

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

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We are leveraging our leading
market share, streamlined cost structure and unmatched scale to capture the opportunity in front of us. We are deriving additional
margin and cash generation by maintaining our focus on bringing more guests to our restaurants more often. I am confident that
our strong restaurant portfolio, popular menu items and outstanding team will continue to deliver sustainable growth and significant
shareholder value creation,&quot; said Sergio Alonso, Chief Executive Officer of Arcos Dorados.</FONT></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"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><BR STYLE="clear: both">
<B><U>First Quarter 2018 Results</U></B></FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="8" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Figure
    1. AD Holdings Inc Consolidated: Key Financial Results</B><BR>
    <I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 36%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency Translation - Excl. Venezuela</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Growth - Excl. Venezuela</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Venezuela</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(d)</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1Q18</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a+b+c+d)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,156 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,190 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales by Company-operated Restaurants</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">745.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(37.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">75.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">23.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">807.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">92.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">36.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">42.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">219.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>781.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(39.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>81.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>26.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>849.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>8.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>97.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>122.0%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>62.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(2.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>9.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(31.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>38.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-38.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>635.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>8.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>4.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net income (loss) attributable to AD</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>40.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(0.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(26.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(12.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>0.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-98.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>708.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">No. of shares outstanding (thousands)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">210,711 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">211,073 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EPS (US$/Share)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>0.19 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>0.00 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

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



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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>(1Q18 = 1Q17 + Currency Translation
Excl. Venezuela + Constant Currency Growth Excl. Venezuela + Venezuela). Refer to &ldquo;Definitions&rdquo; section for further
detail.</I>&nbsp;</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Arcos Dorados&rsquo; consolidated
results continue to be heavily impacted by Venezuela&rsquo;s macroeconomic volatility, including the ongoing hyperinflationary
environment and the country&rsquo;s heavily regulated currency. As such, reported results in the quarter reflect significant non-cash
accounting impacts from operations in that market. Thus, the discussion of the Company&rsquo;s operating performance is focused
on consolidated results, excluding Venezuela.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Figure
    2. AD Holdings Inc Consolidated - Excluding Venezuela: Key Financial Results</B><BR>
    <I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 46%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1Q18</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,025 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,060 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales by Company-operated Restaurants</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">727.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(37.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">75.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">765.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">33.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">37.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">16.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>760.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(39.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>81.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>802.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>5.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>10.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>9.8%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>60.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(2.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>9.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>68.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>12.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>15.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>7.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>8.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net income (loss) attributable to AD</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>41.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(0.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(26.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>13.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-66.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-65.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">No. of shares outstanding (thousands)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">210,711 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">211,073 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EPS (US$/Share)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>0.19 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>0.06 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Excluding the Company&rsquo;s
Venezuelan operation, as reported revenues increased 5.5% year-over-year. The result primarily reflects constant currency revenue
growth of 10.7%, partially offset by a negative impact from currency translation, which mainly resulted from the 25.7% and 3.3%
year-over-year average depreciation of the Argentine peso and the Brazilian real, respectively. Constant currency revenue growth
was supported by a 9.8% increase in systemwide comparable sales, supported by a favorable shift in mix and positive traffic in
all divisions.</FONT></P>

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

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

<P STYLE="font: 12pt 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; font-size: 10pt"><B><I>Breakdown
of main variations contributing to 1Q18 Adjusted EBITDA</I></B></FONT> <FONT STYLE="font-size: 10pt"></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="image_010.jpg" ALT="">&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>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">First quarter consolidated as
reported Adjusted EBITDA, excluding Venezuela, increased 12.5% or 15.9% in constant currency terms, with revenue growth and margin
expansion in all divisions, except for the Caribbean. The Adjusted EBITDA margin expanded by 60 basis points to 8.5%, driven by
efficiencies in Food and Paper (F&amp;P), Payroll, and Occupancy and Other Operating Expenses, partially offset by higher Royalty
Fees.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As reported, consolidated G&amp;A
increased by 5.1% year-over-year, and remained flat as a percentage of revenues.</FONT></P>

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Main variations in other operating
income (expenses), net</B></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Included in Adjusted EBITDA</U>:
In the first quarter of 2018, the Company recorded an inventory write down of $41.3 million, related to the devaluation in Venezuela,
compared to an inventory write down of $0.1 million in the first quarter of 2017. Proceeds from refranchising were less than $0.9
million in the first quarter of 2018 as well as in the prior year comparable quarter.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Excluded from Adjusted EBITDA</U>:
In the first quarter of 2018, the Company recorded $0.2 million from its re-development initiative, compared with $51.9 million
in the first quarter of 2017.</FONT></P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Non-operating results for the
first quarter reflected a non-cash $1.8 million foreign currency exchange loss, versus a non-cash loss of $8.4 million last year.
Net interest expense was $1.8 million lower year-over-year.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company reported an income
tax expense of $12.9 million in the quarter, compared to an income tax expense of $21.4 million in the prior year period.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">First quarter net income attributable
to the Company totaled $13.6 million ($0.5 million, including Venezuela), compared to net income of $41.0 million ($40.6 million,
including Venezuela) in the same period of 2017. The prior year result included $51.9 million from the Company&rsquo;s re-development
initiative compared with $0.2 million this year. The Company concluded the redevelopment program in 2017.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company reported earnings
per share of $0.06 ($0.00, including Venezuela) in the first quarter of 2018, compared to earnings per share of $0.19 (also $0.19,
including Venezuela) in the previous corresponding period. Total weighted average shares for the first quarter of 2018 were 211,072,508,
as compared to 210,711,224 in the prior year quarter.</FONT></P>

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


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Figure
    3. Brazil Division: Key Financial Results</B><BR>
    <I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 46%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1Q18</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>904 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>929 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>360.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(11.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>16.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>364.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>4.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>4.6%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>44.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(1.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>5.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>48.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>8.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>12.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>12.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>13.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Brazil&rsquo;s as reported revenues
increased by 1.3%, supported by constant currency growth outpacing a negative currency translation impact from the 3.3% average
depreciation of the Brazilian real. Excluding currency translation, constant currency revenues grew 4.5% year-over-year, while
total systemwide sales grew 7.4% in constant currency. This reflects the impact of the refranchising of certain company-operated
restaurants during the last twelve months. An increase in the 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, systemwide comparable sales rose 4.6%, driven by a higher average check and continued restaurant traffic growth.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Marketing activities in the quarter,
which were designed to sustainably stimulate top-line growth without negatively impacting gross margins, included the launch of
the Batata R&uacute;stica campaign and the introduction of the Big Tasty Duplo &amp; Chicken Bacon sandwiches, among others. Also
in the quarter, the Company launched the McFlurry &ldquo;Alpino&rdquo; and &ldquo;Triplo Chocolate Kopenhagen&rdquo; in the Dessert
category and included &ldquo;Snoopy&rdquo; in the Happy Meal.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As reported Adjusted EBITDA increased
8.9% year-over-year and 12.1% on a constant currency basis. The Adjusted EBITDA margin expanded 100 basis points to 13.4%, mainly
through capturing efficiencies in F&amp;P costs. Brazil Royalty Fee was partially offset by Growth Support received from McDonald&rsquo;s
Corporation during the quarter.</FONT></P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Figure
    4. NOLAD Division: Key Financial Results</B><BR>
    <I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 46%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1Q18</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>517 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>522 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>84.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>10.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>97.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>15.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>11.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>11.4%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>5.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(0.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>7.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>40.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>41.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>6.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>7.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">NOLAD&rsquo;s as reported revenues
increased 15.2% year-over-year, supported by constant currency growth of 11.9% and an 8% year-over-year average appreciation of
the Mexican peso. Systemwide comparable sales increased 11.4%, mainly driven by an increase in traffic across all the division&rsquo;s
markets, combined with a favorable shift in mix. Notably, Mexico guest traffic continues to perform strongly, having recorded
the highest comparable growth rate since the formation of Arcos Dorados in 2007. In addition to the positive Easter calendar shift,
the Company&rsquo;s innovative marketing and digital initiatives as well as its focus on delivering a better guest experience
are driving the improved performance.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Marketing activities in the quarter
included a new phase of the affordability platform &ldquo;McTr&iacute;o 3x3&rdquo; in Mexico and the introduction of the &ldquo;Caprese&rdquo;
premium burger in the Signature Line. The dessert category performed well with the launch of the McFlurry Crunch Rocks. Also in
the quarter, the Company included &ldquo;Ty Beanie Boos&rdquo; and &ldquo;Snoopy&rdquo; in the Happy Meal.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As reported Adjusted EBITDA increased
by 40.1%, or by 41.9% on a constant currency basis. The Adjusted EBITDA margin expansion of 130 basis points to 7.5% in the first
quarter reflects efficiencies in all cost line items, except Royalty Fees.</FONT></P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Figure
    5. SLAD Division: Key Financial Results</B><BR>
    <I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 46%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1Q18</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>385 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>391 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>229.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(34.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>45.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>241.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>4.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>19.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>19.7%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>20.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(3.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>5.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>23.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>11.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>26.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>9.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>9.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SLAD&rsquo;s as reported revenues
increased 4.9% as constant currency growth of 19.7% more than offset negative currency translation impacts resulting from the
25.7% year-over-year average depreciation of the Argentine peso. Systemwide comparable sales increased 19.7%, driven by the combination
of a favorable shift in mix and an increase in traffic.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Marketing activities in the quarter
included the introduction of the Blue Cheese &amp; Bacon premium burger in the Signature Line. Also in the quarter, the Company
launched the &ldquo;Papas Blue Cheese&rdquo; and &ldquo;Papas Cheddar Bacon&rdquo; campaigns. The dessert category performed well
with the introduction of the McFlurry Hershey&rsquo;s and the launch of the McColoso. The Happy Meal featured &ldquo;Ty Beanie
Boos&rdquo; and &ldquo;Snoopy&rdquo; during the quarter.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Adjusted EBITDA increased 11.5%
on an as reported basis and rose 26.1% in constant currency terms. The Adjusted EBITDA margin expanded 50 basis points to 9.5%,
due to efficiencies in all cost line items, except Royalty Fees. SLAD&rsquo;s Royalty Fee increase was partially offset by Growth
Support received from McDonald&rsquo;s Corporation during the quarter.</FONT></P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Figure
    6. Caribbean Division: Key Financial Results</B><BR>
    <I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 46%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1Q18</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>350 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>348 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-0.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>107.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(653.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>693.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>146.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>37.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>646.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>892.0%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>5.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(420.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>388.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(25.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-555.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>6896.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>5.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>-17.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Caribbean division&rsquo;s
results continue to be heavily impacted by Venezuela&rsquo;s macroeconomic volatility, including the ongoing hyperinflationary
environment and the country&rsquo;s heavily regulated currency. As such, reported results in the quarter reflect significant non-cash
accounting impacts from operations in that market. Thus, the discussion of the Caribbean division&rsquo;s operating performance
is focused on results, excluding Venezuela.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Caribbean Division &ndash;
excluding Venezuela</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Figure
    7. Caribbean Division - Excluding Venezuela: Key Financial Results</B><BR>
    <I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 46%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1Q18</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>219 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>218 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-0.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>86.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>9.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>99.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>15.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>10.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>10.3%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>0.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(0.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>10.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-0.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>3.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>3.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As reported revenues in the Caribbean
division, excluding Venezuela, increased 15.1%, driven by constant currency growth of 10.8% and a positive currency translation
impact. Comparable sales increased by 10.3%, driven by average check growth and positive traffic, including another quarter of
solid results in Colombia. Marketing activities in the quarter included the continuation of the MyCombo campaign and the launch
of the Mozzarella Melt burger. Also in the quarter, the Company introduced the Chokis Chocobase Cone in the dessert category,
and included &ldquo;Snoopy&rdquo; in the Happy Meal.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Adjusted EBITDA totaled $3.8 million,
compared to $3.4 million in the same period of 2017. The Adjusted EBITDA margin contracted 10 basis points to 3.8%. Lower Payroll
costs, Occupancy and Other Operating expenses as well as G&amp;A largely offset higher F&amp;P expenses and Royalty Fees as a
percentage of revenues.</FONT></P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 50%; border-bottom: #1F497D 1.5pt solid; text-indent: 11.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Figure
    8. Total Restaurants (eop)*</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>March</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2018</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>December</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>September</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>June</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>March</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">929 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">929 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">910 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">910 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">904 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NOLAD</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">522 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">519 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">514 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">515 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">517 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SLAD</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">391 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">390 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">386 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">386 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">385 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Caribbean</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">348 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">350 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">350 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">349 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">350 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TOTAL</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,190 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,188 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,160 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,160 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,156 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3" STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">* Considers
    Company-operated and franchised restaurants at period-end</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company opened 51 new restaurants
during the twelve-month period ended March 31, 2018, resulting in a total of 2,190 restaurants. Also during the period, the Company
added 232 Dessert Centers, bringing the total to 2,920. McCaf&eacute;s totaled 316 as of March 31, 2018.</FONT></P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Cash and cash equivalents, including
short-term investments, were $256.8 million at March 31, 2018. The Company&rsquo;s total financial debt (including derivative
instruments) was $638.6 million. Net debt (Total Financial Debt <I>minus</I> Cash and cash equivalents) was $381.8 million and
the Net Debt/Adjusted EBITDA ratio was 1.4x at March 31, 2018.</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 70%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Figure
    9. Consolidated Financial Ratios</B></FONT><FONT STYLE="font-size: 9pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(In thousands of U.S. dollars, except ratios)</I></FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 15%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 15%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>March 31</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>December 31</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2018</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cash &amp; cash equivalents (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">256,824</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">328,079</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total Financial Debt (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">638,643</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">621,460</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net Financial Debt (iii)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">381,819</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">293,381</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total Financial Debt / LTM Adjusted EBITDA ratio</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.3</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net Financial Debt / LTM Adjusted EBITDA ratio</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(i) Cash &amp; cash equivalents
includes Short-term investment</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt">(ii)Total financial debt includes
long-term debt and derivative instruments (including the asset portion of derivatives amounting to $20.3 million and $35.1 million
as a reduction of financial debt as of March 31, 2018 and December 31, 2017, respectively).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(iii) Total financial debt less
cash and cash equivalents.</FONT></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Net cash used in operating activities
totaled $25.9 million for the quarter, and cash used in net investing activities totaled $21.5 million, which included capital
expenditures of $23.8 million. Cash used in financing activities amounted to $1.7 million.</FONT></P>

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


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>Recent accounting pronouncements
&ndash; Revenue recognition</U></I></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Effective January 1, 2018, the
Company adopted the guidance issued in Accounting Standards Codification 606, &quot;Revenue Recognition - Revenue from Contracts
with Customers.&quot; This standard changed the way initial fees from franchisees for new restaurant openings and new franchise
terms are recognized. Under the new guidance, initial franchise fees are being recognized evenly over the franchise term rather
than immediately upon receipt. For further information, please refer to Note #3 of our quarterly financial statements (Form 6-K),
filed today with the SEC.</FONT></P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company held its Annual Shareholders&rsquo;
Meeting on April 24, 2018. All proposals were approved.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>Election of Class I Directors</U></I></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Mr. Woods Staton, Mr. Ricardo
Guti&eacute;rrez, Mr. Sergio Alonso and Mr. Francisco Staton have been duly elected as Class I Directors of the Board of Directors
of the Company, to hold office until the conclusion of the Annual General Shareholders&rsquo; Meeting held in the calendar year
2021. Mr. Francisco Staton was elected to the Board of Directors for the first time. Mr. Staton graduated with a Bachelor&rsquo;s
Degree from Princeton University and an MBA from Columbia University, and is currently the Managing Director of Arcos Dorados&rsquo;
Colombia, Aruba, Cura&ccedil;ao, and Trinidad markets.</FONT></P>

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

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

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

<DIV STYLE="float: left; width: 60%">

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #5B9BD5"><FONT STYLE="font-size: 10pt"><U>daniel.schleiniger@ar.mcd.com</U></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #5B9BD5"></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #5B9BD5"><FONT STYLE="font-size: 10pt"><U>www.arcosdorados.com/ir</U></FONT></P></P>

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

</DIV>

<DIV STYLE="float: right; width: 40%">

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

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

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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; color: #5B9BD5"><FONT STYLE="font-size: 10pt"><U>barbara@inspirgroup.com</U>&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">+1
646 452 2334</FONT></P>

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

</DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

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


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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I><U>Adjusted
EBITDA</U>:</I> In addition to financial measures prepared in accordance with the general accepted accounting principles (GAAP),
within this press release and the accompanying tables, we use a non-GAAP financial measure titled &lsquo;Adjusted EBITDA&rsquo;.
We use Adjusted EBITDA to facilitate operating performance comparisons from period to period.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Adjusted
EBITDA is defined as our operating income plus depreciation and amortization plus/minus the following losses/gains included within
other operating income (expenses), net, and within general and administrative expenses in our statement of income: gains from
sale or insurance recovery of property and equipment; write-offs of property and equipment; impairment of long-lived assets and
goodwill; and incremental compensation related to the modification of our 2008 long-term incentive plan.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We believe Adjusted EBITDA facilitates
company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital
structures (affecting net interest expense and other financial charges), taxation (affecting income tax expense) and the age and
book depreciation of facilities and equipment (affecting relative depreciation expense), which may vary for different companies
for reasons unrelated to operating performance. Figure 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.</FONT></P>

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


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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Arcos Dorados
is the world&rsquo;s largest 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 2,190
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: #5B9BD5"><U>www.arcosdorados.com/ir</U></FONT></FONT></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This press
release contains forward-looking statements. The forward-looking statements contained herein include statements about the Company&rsquo;s
business prospects, its ability to attract customers, its affordable platform, its expectation for revenue generation and its
outlook and guidance for 2018. These statements are subject to the general risks inherent in Arcos Dorados' business. These expectations
may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect.
In addition, Arcos Dorados' business and operations involve numerous risks and uncertainties, many of which are beyond the control
of Arcos Dorados, which could result in Arcos Dorados' expectations not being realized or otherwise materially affect the financial
condition, results of operations and cash flows of Arcos Dorados. Additional information relating to the uncertainties affecting
Arcos Dorados' business is contained in its filings with the Securities and Exchange Commission. The forward-looking statements
are made only as of the date hereof, and Arcos Dorados does not undertake any obligation to (and expressly disclaims any obligation
to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect
the occurrence of unanticipated events.</FONT></P>

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


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>First Quarter 2018 Consolidated
Results</B></FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Figure
    10. First Quarter 2018 Consolidated Results</B><BR>
    <I>(In thousands of U.S. dollars, except per share data)</I></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>For Three-Months ended</B></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>March 31,</B></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 72%; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; text-align: center; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">REVENUES</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales by Company-operated restaurants</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">807,061 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">745,408 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">42,826 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">36,072 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>849,887 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>781,480 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">OPERATING COSTS AND EXPENSES</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Company-operated restaurant expenses:</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Food and paper</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(285,267)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(263,464)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Payroll and employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(173,114)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(166,276)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Occupancy and other operating expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(216,622)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(202,803)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Royalty fees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(42,171)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(38,512)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Franchised restaurants - occupancy expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(19,155)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(16,111)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">General and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(57,650)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(54,903)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other operating (expenses) income, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(43,837)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">49,919 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total operating costs and expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(837,816)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(692,150)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>12,071 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>89,330 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net interest expense</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(14,640)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(16,415)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Loss from derivative instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(98)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(642)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Foreign currency exchange results</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,177 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(8,560)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other non-operating income (expense), net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">16 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(695)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>5,526 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>63,018 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(4,963)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(22,339)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>563 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>40,679 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Less: Net income attributable to non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(45)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(77)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net income attributable to Arcos Dorados Holdings Inc.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>518 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>40,602 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Earnings per share information ($ per share):</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Basic net income per common share</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Weighted-average number of common shares outstanding-Basic</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">211,072,508 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">210,711,224 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted EBITDA Reconciliation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Operating income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12,071 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">89,330 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">26,517 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">23,452 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Operating charges excluded from EBITDA computation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(50,098)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>38,606 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>62,684 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted EBITDA Margin as % of total revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>4.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>8.0%</B></FONT></TD></TR>
</TABLE>


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

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>First Quarter 2018 Consolidated
Results &ndash; Excluding Venezuela</B></FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Figure
    11. First Quarter 2018 Consolidated Results - Excluding Venezuela</B><BR>
    <I>(In thousands of U.S. dollars, except per share data)</I></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>For Three-Months ended</B></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>March 31,</B></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 72%; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; text-align: center; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">REVENUES</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales by Company-operated restaurants</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">764,956 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">727,018 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">37,799 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">33,922 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>802,755 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>760,940 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">OPERATING COSTS AND EXPENSES</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Company-operated restaurant expenses:</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Food and paper</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(264,110)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(255,863)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Payroll and employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(169,644)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(163,612)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Occupancy and other operating expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(207,260)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(197,416)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Royalty fees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(43,108)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(37,598)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Franchised restaurants - occupancy expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(17,779)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(15,480)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">General and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(55,574)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(52,853)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other operating (expenses) income, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2,225)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">50,492 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total operating costs and expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(759,700)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(672,330)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>43,055 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>88,610 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net interest expense</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(14,640)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(16,437)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Loss from derivative instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(98)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(642)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Foreign currency exchange results</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1,825)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(8,364)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other non-operating income (expense), net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(686)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>26,506 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>62,481 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(12,896)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(21,400)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>13,610 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>41,081 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Less: Net income attributable to non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(45)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(77)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net income attributable to Arcos Dorados Holdings Inc.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>13,565 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>41,004 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Earnings per share information ($ per share):</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Basic net income per common share</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Weighted-average number of common shares outstanding-Basic</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">211,072,508 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">210,711,224 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted EBITDA Reconciliation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 0pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Operating income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">43,055 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">88,610 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">24,956 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">21,920 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Operating charges excluded from EBITDA computation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(50,091)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>68,021 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>60,439 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted EBITDA Margin as % of total revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>8.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>7.9%</B></FONT></TD></TR>
</TABLE>


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


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>First Quarter 2018 Results
by Division</B></FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="5" STYLE="border-top: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Figure
    12. First Quarter 2018 Consolidated Results by Division</B><BR>
    <I>(In thousands of U.S. dollars)</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1Q</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Three-Months ended</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>% Incr.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Constant</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>March 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>/</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; width: 52%; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; text-align: center; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; text-align: center; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; text-align: center; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Decr)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Incr/(Decr)%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Revenues</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">364,683 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">359,995 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Caribbean</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">146,874 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">107,218 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">37.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">646.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NOLAD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">97,151 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">84,343 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SLAD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">241,179 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">229,924 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TOTAL</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>849,887 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>781,480 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>8.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>97.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Operating Income (loss) </U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">35,061 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31,307 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Caribbean</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(31,767)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(266)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-11842.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">146436.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NOLAD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,950 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">51,157 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-96.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-95.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SLAD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17,870 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">16,857 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">21.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Corporate and Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(11,043)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(9,725)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-13.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-39.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TOTAL</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>12,071 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>89,330 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-86.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>386.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Adjusted EBITDA</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">48,727 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">44,762 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Caribbean</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(25,651)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,638 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-555.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6896.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NOLAD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,295 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,207 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">40.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">41.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SLAD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">22,985 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20,619 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">26.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Corporate and Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(14,750)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(13,542)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-8.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-24.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TOTAL</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>38,606 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>62,684 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>-38.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>635.6%</B></FONT></TD></TR>
</TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Figure
    13. Average Exchange Rate per Quarter*</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; width: 55%; border-bottom: #1F497D 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%; border-bottom: #1F497D 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Mexico</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Argentina</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1Q18</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.25</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18.71</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19.70</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1Q17</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20.29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15.67</FONT></TD>
    </TR>
</TABLE>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">* Local $ per 1 US$</FONT></P>

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

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


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="4" STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Figure
    14. Summarized Consolidated Balance Sheets</B><BR>
    <I>(In thousands of U.S. dollars)</I></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; width: 16%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 55%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>March 31</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>December 31</B></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ASSETS</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Current assets</B>&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cash and cash equivalents </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">237,041 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">308,491 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Short-term investment</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19,783 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19,588 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Accounts and notes receivable, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">90,554 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">111,302 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other current assets (1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">173,407 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">213,656 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total current assets </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>520,785 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>653,037 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Property and equipment, net </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">897,261 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">890,736 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net intangible assets and goodwill </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">45,697 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">47,729 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Deferred income taxes </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">84,054 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">74,299 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other non-current assets (2)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">121,142 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">137,942 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total non-current assets </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,148,154 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,150,706 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total assets &nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,668,939 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,803,743 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">LIABILITIES AND EQUITY</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Accounts payable </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">227,265 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">303,452 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Taxes payable (3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">101,806 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">136,918 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Accrued payroll and other liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">117,565 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">119,088 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other current liabilities (4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">22,490 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">23,715 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Provision for contingencies </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,549 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,529 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial debt (5)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20,031 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19,881 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total current liabilities </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>491,706 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>605,583 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Accrued payroll and other liabilities&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">34,368 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">29,366 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Provision for contingencies </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">28,863 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">25,427 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial debt (6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">638,877 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">636,648 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Deferred income taxes </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,978 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,577 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total non-current liabilities </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>713,086 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>702,018 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total liabilities </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,204,792 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,307,601 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Equity</B>&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Class A shares of common stock</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">376,732 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">376,732 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Class B shares of common stock</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">132,915 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">132,915 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Additional paid-in capital </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15,215 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14,216 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Retained earnings </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">376,575 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">401,134 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Accumulated other comprehensive losses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(437,819)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(429,347)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Arcos Dorados Holdings Inc shareholders&rsquo; equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>463,618 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>495,650 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Non-controlling interest in subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">529 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">492 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>464,147 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>496,142 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total liabilities and equity </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,668,939 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,803,743 </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt">(1) Includes &quot;Other receivables&quot;,
&quot;Inventories&quot;, &quot;Prepaid expenses and other current assets&quot;, and &quot;McDonald's Corporation's indemnification
for contingencies&quot;.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt">(3) Includes &quot;Income taxes
payable&quot; and &quot;Other taxes payable&quot;.</FONT></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"><FONT STYLE="font-size: 9pt">(4) Includes &quot;Royalties payable
to McDonald&acute;s Corporation&quot; and &quot;Interest payable&quot;.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt">(5) Includes &quot;Short-term debt&quot;,
&quot;Current&nbsp;portion&nbsp;of&nbsp;long-term&nbsp;debt&quot; and &quot;Derivative instruments&quot;.</FONT></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"><FONT STYLE="font-size: 9pt">(6) Includes &quot;Long-term debt,
excluding current portion&quot; and &quot;Derivative instruments&quot;.</FONT></P>

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



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

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