<SEC-DOCUMENT>0000950103-18-009505.txt : 20180808
<SEC-HEADER>0000950103-18-009505.hdr.sgml : 20180808
<ACCEPTANCE-DATETIME>20180808081110
ACCESSION NUMBER:		0000950103-18-009505
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180808
FILED AS OF DATE:		20180808
DATE AS OF CHANGE:		20180808

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:		18999879

	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>dp94359_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
</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: 14pt"><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</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>OR
15d-16 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"><FONT STYLE="font-size: 11pt">For the month
of August, 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Commission
File Number: 001-35129</B></FONT></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: 44%; 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: 44%; 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: 44%; 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">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt 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">&nbsp;</P>

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

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

<P STYLE="font: 10pt 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">&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>

</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-align: center; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM</B></FONT></TD>
    <TD STYLE="width: 91%; text-align: center; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release dated August 8, 2018 titled &ldquo;Arcos
    Dorados Reports Second Quarter 2018 Financial Results&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><TD STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt 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>&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: 30%"><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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Date: August 8,
2018</P>

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

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


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><TD STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_006.jpg" ALT=""><B>&nbsp;</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: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>FOR IMMEDIATE RELEASE</U></B></P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Comparable sales growth of 5.9% coupled
with a 7.0% rise in consolidated revenues on a constant currency basis<SUP>1</SUP></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Net income increased to $10.7 million from
$1.1 million in prior year<SUP>1</SUP></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Achieved a 7<SUP>th</SUP> consecutive quarter of traffic growth</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Montevideo, Uruguay, August 8, 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 second quarter ended
June 30, 2018.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 12pt">On
                                         a constant currency basis<SUP>2</SUP>, consolidated revenues grew 7.0%. As reported consolidated
                                         revenues decreased 5.7% to $734.5 million versus the second quarter of 2017. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 12pt">Systemwide comparable sales<SUP>2</SUP> rose 5.9% year-over-year.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 12pt">As reported, Adjusted EBITDA<SUP>2</SUP> decreased 17.1% to $48.8 million compared with the prior-year
quarter. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 12pt">Consolidated Adjusted EBITDA margin contracted 100 basis points year-over-year to 6.6%. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 12pt">As reported, General and Administrative (G&amp;A) expenses decreased by 1.7% versus the prior
year quarter. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 12pt">As reported, net income increased to $10.7 million, from $1.1 million in the second quarter of
2017.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;Value-driven pricing, a compelling product mix,
and the best restaurant experience in the QSR industry continued to draw more customers to our stores for the seventh consecutive
quarter. While a prolonged truck drivers&rsquo; strike impacted our ability to fully leverage our scale, the Company&rsquo;s performance
in the second quarter underscores the strength of our business, enabling us to deliver steady results even in the face of short-term
spikes in volatility.</P>

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

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

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

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

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

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

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

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



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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></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"><SUP>1
</SUP></FONT>Excluding Venezuela</P>

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

<P STYLE="margin: 0pt 0"><SUP>2</SUP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For definitions
please refer to page 13 of this document.</FONT></P>

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


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Despite the difficult economic climate in some of our key markets,
our strategy to drive top-line growth delivered a 7.0% increase in consolidated revenues on a constant currency basis, and we continue
to believe that we will expand our Adjusted EBITDA margin by 100 to 200 basis points over the next two to three years.</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">We remain focused on bringing more guests to our restaurants
more often and, looking forward, our strong restaurant portfolio, popular menu items and outstanding team continue to be our strategic
pillars to drive long term shareholder value,&quot; said Sergio Alonso, Chief Executive Officer of Arcos Dorados.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Second Quarter 2018 Results</U></B></P>

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="8" STYLE="font-weight: bold; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; text-align: left; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Figure
    1. AD Holdings Inc Consolidated: Key Financial Results<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><I>(In millions of U.S. dollars, except as noted)</I></FONT></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; width: 35%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 9%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2Q17<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 8%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Currency
    Translation - Excl. Venezuela<BR>
    (b)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 10%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Constant<BR>
    Currency<BR>
    Growth - Excl. Venezuela<BR>
    (c)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 10%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Venezuela<BR>
    (d)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; width: 8%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2Q18<BR>
    (a+b+c+d)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #1F497D 1pt solid; text-align: center; width: 8%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #1F497D 1pt solid; text-align: center; width: 12%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">%
    Constant Currency</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total
    Restaurants (Units)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2,160</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2,191</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1.4%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Sales by
    Company-operated Restaurants</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">762.2</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(94.3)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">51.3</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(0.8)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">718.5</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-5.7%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">259.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Revenues
    from franchised restaurants</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">36.5</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(4.7)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">3.4</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">0.3</FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">35.5</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-2.6%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">705.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total
    Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">798.7</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(99.0)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">54.7</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(0.5)</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">754.0</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-5.6%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">279.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Systemwide
    Comparable Sales</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">363.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">56.6</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(4.6)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(5.5)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(1.1)</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">45.4</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-19.8%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2857.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7.1%</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">6.0%</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Net
    income (loss) attributable to AD</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(4.1)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(0.4)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(4.5)</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">125.9%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">37454.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">No. of
    shares outstanding (thousands)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">210,881</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">210,580</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">EPS
    (US$/Share)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(0.02)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">0.01</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 12pt"><B></B></FONT> <FONT STYLE="font-size: 10pt"><I>(2Q18 = 2Q17 + Currency
Translation Excl. Venezuela + Constant Currency Growth Excl. Venezuela + Venezuela). Refer to &ldquo;Definitions&rdquo; section
for further detail.</I></FONT></P>

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

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

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


<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="7" STYLE="font-weight: bold; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; text-align: left; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Figure
    2. AD Holdings Inc Consolidated - Excluding Venezuela: Key Financial Results<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><I>(In millions of U.S. dollars, except as noted)</I></FONT></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; border-top-color: #1F497D; border-top-width: 1.5pt; width: 38%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2Q17<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 10%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Currency
    Translation<BR>
    (b)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Constant<BR>
    Currency<BR>
    Growth<BR>
    (c)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1.5pt; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2Q18<BR>
    (a+b+c)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #1F497D 1pt solid; text-align: center; width: 9%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #1F497D 1pt solid; text-align: center; width: 10%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">%
    Constant Currency</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2,030</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2,061</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1.5%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Sales by Company-operated Restaurants</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">744.3</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(94.3)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">51.3</FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">701.3</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-5.8%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">6.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">34.5</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(4.7)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">3.4</FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">33.2</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-3.8%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">9.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">778.8</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(99.0)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">54.7</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">734.5</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-5.7%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Systemwide Comparable Sales</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">5.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">58.9</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(4.6)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(5.5)</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">48.8</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-17.1%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-9.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7.6%</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">6.6%</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Net income (loss) attributable
    to AD</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(0.4)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">10.7</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">905.1%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">944.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">No. of shares outstanding (thousands)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">210,881</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">210,580</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">EPS
    (US$/Share)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">0.01</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">0.05</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Excluding the Company&rsquo;s Venezuelan operation, as reported
revenues decreased 5.7% year-over-year, primarily due to the negative impact of the 50% and 12% year-over-year average depreciations
of the Argentine peso and the Brazilian real, respectively. This was partially offset by constant currency revenue growth of 7.0%.
Constant currency revenue growth was supported by a 5.9% increase in systemwide comparable sales, largely driven by average check
growth combined with positive traffic.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Adjusted EBITDA</B> ($ million)</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: 12pt"><B><I>Breakdown
of main variations contributing to 2Q18 Adjusted EBITDA</I></B></FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B><I><IMG SRC="image_008.gif" ALT="">&nbsp;</I></B></FONT> </P>

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


<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Second quarter consolidated as reported Adjusted EBITDA, excluding
Venezuela, decreased 17.1% or 9.3% in constant currency terms. The Adjusted EBITDA margin contracted by 100 basis points to 6.6%,
mainly driven by the step up in Royalty Fees as well as higher G&amp;A and Occupancy and Other Operating Expenses as a percentage
of revenues. These were partially offset by efficiencies in Payroll and Food and Paper (F&amp;P). Refranchising activity was also
higher during the same quarter of last year. Excluding the Royalty Fee and refranchising comparisons, the Adjusted EBITDA margin
would have been nearly flat, year-over-year.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported, consolidated G&amp;A decreased by 1.7% year-over-year
and increased by 30 basis points as a percentage of revenues largely due to the timing of certain IT project expenses.</P>

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


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Included in Adjusted EBITDA</U>: In the second quarter of
2018, the Company recorded an inventory write down of $14.7 million in Venezuela, compared to an inventory write down of $3.5 million
in the second quarter of 2017. Proceeds from refranchising were less than $0.2 million in the second quarter of 2018, compared
to $3.1 million in the prior year comparable quarter.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Excluded from Adjusted EBITDA</U>: In the second quarter
of 2018, the Company did not record proceeds from its re-development initiative, compared with $4.2 million recorded in the
second quarter of 2017.</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Non-operating results for the second quarter reflected a
$3.0 million non-cash foreign currency exchange loss, versus a non-cash loss of $15.6 million in 2017. Net interest expense
was $10.6 million lower year-over-year, largely explained by the incurrence, in the second quarter of last year, of certain
transaction costs in connection with the debt restructuring completed in April of 2017.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company reported an income tax expense of $2.2 million in
the quarter, compared to an income tax benefit of $6.0 million in the prior year period.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Second quarter net income attributable to the Company
totaled $10.7 million ($1.1 million, including Venezuela), compared to net income of $1.1 million (net loss of $4.1 million,
including Venezuela) in the same period of 2017. Last year&rsquo;s higher operating income, which included $4.2 million from
the Company&rsquo;s re-development initiative compared with no re-development proceeds in 2018, combined with a negative variance
in income tax expenses, was more than offset by positive variances in net interest expenses, derivative instruments and
foreign exchange results.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company reported earnings per share of $0.05 ($0.01, including
Venezuela) in the second quarter of 2018, compared to earnings per share of $0.01 (loss per share of $0.02, including Venezuela)
in the previous corresponding period. Total weighted average shares for the second quarter of 2018 were 210,579,612, as compared
to 210,881,194 in the prior year quarter.</P>

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


<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="7" STYLE="font-weight: bold; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; text-align: left; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Figure
    3. Brazil Division: Key Financial Results<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><I>(In millions of U.S. dollars, except as noted)</I></FONT></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; border-top-color: #1F497D; border-top-width: 1.5pt; width: 38%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2Q17<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 10%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Currency
    Translation<BR>
    (b) </FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Constant<BR>
    Currency<BR>
    Growth<BR>
    (c)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1.5pt; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2Q18<BR>
    (a+b+c)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #1F497D 1pt solid; text-align: center; width: 9%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #1F497D 1pt solid; text-align: center; width: 10%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">%
    Constant Currency</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">910</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">933</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2.5%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">354.9</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(38.1)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">0.1</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">317.0</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-10.7%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">0.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Systemwide Comparable Sales</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-1.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">45.9</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(4.1)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(7.3)</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">34.5</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-24.8%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-15.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">12.9%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">10.9%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Brazil&rsquo;s as reported revenues decreased by 10.7%,
impacted by the 12% year-over-year average depreciation of the Brazilian real, the truck drivers&rsquo; strike and, to a
lesser extent, the FIFA World Cup. Excluding currency translation, constant currency revenues remained flat while systemwide
comparable sales declined 1.0%.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Marketing activities in the quarter included the launch of
the FIFA World Cup-related &ldquo;Sandu&iacute;ches Campe&otilde;es&rdquo; campaign and the Player Escort program. Also
during the quarter, the Company launched the McFlurry and McShake &ldquo;Ouro Branco&rdquo; along with the &ldquo;Triplo
Chocolate Kopenhagen&rdquo; in the Dessert category. The &ldquo;Justice League Action&rdquo;
and &ldquo;Jurassic World&quot; Happy Meal also performed well.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported Adjusted EBITDA decreased 24.8%
year-over-year and 15.9% on a constant currency basis. The Adjusted EBITDA margin contracted 200 basis points to 10.9%, with
efficiencies in F&amp;P costs offset by increases in most other expense line items as a percentage of sales. The second
quarter of 2017 included $2.9 million from refranchising, compared with $0.2 million for the same period in 2018. Excluding
refranchising activity from both years, the Adjusted EBITDA margin would have declined 130 basis points.</P>

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


<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="7" STYLE="font-weight: bold; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; text-align: left; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Figure
    4. NOLAD Division: Key Financial Results<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><I>(In millions of U.S. dollars, except as noted)</I></FONT></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; border-top-color: #1F497D; border-top-width: 1.5pt; width: 38%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2Q17<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 10%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Currency
    Translation<BR>
    (b)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Constant<BR>
    Currency<BR>
    Growth<BR>
    (c)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1.5pt; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2Q18<BR>
    (a+b+c)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #1F497D 1pt solid; text-align: center; width: 9%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #1F497D 1pt solid; text-align: center; width: 10%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">%
    Constant Currency</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">515</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">522</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1.4%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">96.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(1.8)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">4.7</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">99.0</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">3.0%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">4.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Systemwide Comparable Sales</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">5.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">8.4</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">0.0</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(1.1)</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7.3</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-13.4%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-13.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">8.7%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7.3%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NOLAD&rsquo;s as reported revenues increased 3.0% year-over-year,
supported by constant currency growth of 4.9%, partially offset by a negative currency translation impact derived from a 5% year-over-year
average depreciation of the Mexican peso. Systemwide comparable sales increased 5.3%, driven by traffic growth. Despite the negative
effect of the Easter calendar shift, Mexico guest traffic continues to perform strongly, having recorded the fifth consecutive
quarter with positive comparable traffic growth. The Company&rsquo;s innovative marketing and digital initiatives as well as its
focus on delivering an enhanced guest experience, continue to drive the improved performance.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Marketing activities in the quarter included a new phase of the
affordability platform &ldquo;McTr&iacute;o 3x3&rdquo; in Mexico and the introduction of the &ldquo;Cheesy Italiana&rdquo; burger
in Costa Rica, among others. The dessert category performed well, with a new phase of the McFlurry Crunch Rocks and the McFlurry
Oreo. Also in the quarter, the Company included &ldquo;Justice League Action&rdquo; and &ldquo;The Amazing World of Gumball&rdquo;
in the Happy Meal.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported Adjusted EBITDA decreased by 13.4%, or by 13.6% on
a constant currency basis. The Adjusted EBITDA margin contraction of 140 basis points to 7.3% in the second quarter mainly reflects
the increase in Royalty Fees, which caused a 90 basis point margin reduction in the quarter. Additionally, efficiencies in F&amp;P
costs were offset by an increase in other expense line items as a percentage of revenues.</P>

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


<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="7" STYLE="font-weight: bold; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; text-align: left; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Figure
    5. SLAD Division: Key Financial Results<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><I>(In millions of U.S. dollars, except as noted)</I></FONT></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; border-top-color: #1F497D; border-top-width: 1.5pt; width: 38%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2Q17<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 10%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Currency
    Translation<BR>
    (b)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Constant<BR>
    Currency<BR>
    Growth<BR>
    (c)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1.5pt; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2Q18<BR>
    (a+b+c)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #1F497D 1pt solid; text-align: center; width: 9%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #1F497D 1pt solid; text-align: center; width: 10%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">%
    Constant Currency</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">386</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">390</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1.0%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">232.3</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(61.5)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">45.6</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">216.4</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-6.9%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">19.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Systemwide Comparable Sales</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">20.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">17.9</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(5.0)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">3.9</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">16.8</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-6.1%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">21.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7.7%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7.8%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">SLAD&rsquo;s as reported revenues decreased 6.9% as constant
currency growth of 19.6% was more than offset by negative currency translation impacts resulting from the 50% year-over-year average
depreciation of the Argentine peso. Systemwide comparable sales increased 20.0%, in line with blended inflation, driven by the
combination of average check growth and an increase in traffic.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Marketing activities in the quarter included the introduction
of the Blue Cheese &amp; Bacon premium burger in the Signature Line, among others. Also in the quarter, the Company launched the
FIFA World Cup-related campaign &ldquo;La Hinchada Pide Cuarto&rdquo;, built on the iconic Quarter Pounder burger. The dessert
category performed well with the introduction of the McFlurry Milka Almendras and McFlurry Milka Triolade. The Happy Meal featured
&ldquo;Justice League Action&rdquo; and &ldquo;The Amazing World of Gumball&rdquo; during the quarter.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Adjusted EBITDA decreased 6.1% on an as reported basis and rose
21.6% in constant currency terms, which was above the division&rsquo;s blended inflation. The Adjusted EBITDA margin expanded 10
basis points to 7.8%, as efficiencies in Payroll and Occupancy and Other Operating Expenses were partially offset by higher Royalty
Fees and F&amp;P costs as a percentage of revenues.</P>

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


<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="7" STYLE="font-weight: bold; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; text-align: left; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Figure
    6. Caribbean Division: Key Financial Results<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><I>(In millions of U.S. dollars, except as noted)</I></FONT></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; border-top-color: #1F497D; border-top-width: 1.5pt; width: 38%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2Q17<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 10%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Currency
    Translation<BR>
    (b)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Constant<BR>
    Currency<BR>
    Growth<BR>
    (c)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1.5pt; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2Q18<BR>
    (a+b+c)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #1F497D 1pt solid; text-align: center; width: 9%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #1F497D 1pt solid; text-align: center; width: 10%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">%
    Constant Currency</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">349</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">346</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-0.9%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">115.3</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(2,177.0)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2,183.2</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">121.6</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">5.4%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1893.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Systemwide Comparable Sales</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2735.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(1,623.6)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,625.0</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">3.5</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">67.1%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">76651.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1.8%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2.9%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

<!--EndFragment-->

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

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



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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Caribbean division&rsquo;s 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.</P>

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="7" STYLE="font-weight: bold; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; text-align: left; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Figure
    7. Caribbean Division - Excluding Venezuela: Key Financial Results<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><I>(In millions of U.S. dollars, except as noted)</I></FONT></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; border-top-color: #1F497D; border-top-width: 1.5pt; width: 38%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2Q17<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 10%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Currency
    Translation<BR>
    (b) </FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Constant<BR>
    Currency<BR>
    Growth<BR>
    (c)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1.5pt; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2Q18<BR>
    (a+b+c)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #1F497D 1pt solid; text-align: center; width: 9%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #1F497D 1pt solid; text-align: center; width: 10%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">%
    Constant Currency</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">219</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">216</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-1.4%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">95.4</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2.5</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">102.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7.1%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">4.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Systemwide Comparable Sales</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">5.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">0.3</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2.3</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7.0</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">56.8%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">51.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">4.7%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">6.8%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported revenues in the Caribbean division, excluding Venezuela,
increased 7.1%, driven by constant currency growth of 4.4% and a positive currency translation impact. Comparable sales increased
by 5.1%, well above blended inflation, driven by average check growth. Marketing activities in the quarter included the launch
of the Buttermilk Crispy Tenders and the Bistr&oacute; burger in the premium category, among others. Also in the quarter, the Company
introduced the Malteada and McFlurry MiniChips in the dessert category, and included &ldquo;Justice League Action&rdquo; in the
Happy Meal.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Adjusted EBITDA totaled $7.0 million, compared to $4.4 million
in the same period of 2017. The Adjusted EBITDA margin expanded 210 basis points to 6.8%, reflecting efficiencies in all cost line
items, except Royalty Fees. In addition, this quarter&rsquo;s results included an insurance recovery from the damages caused by
last year&rsquo;s hurricanes in Puerto Rico and the US Virgin Islands.</P>

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


<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 85%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: rgb(31,73,125) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: left; width: 40%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">Figure
    8. Total Restaurants (eop)*</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(31,73,125) 1.5pt solid; width: 12%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(31,73,125) 1.5pt solid; width: 12%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(31,73,125) 1.5pt solid; width: 12%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(31,73,125) 1.5pt solid; width: 12%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(31,73,125) 1.5pt solid; width: 12%; border-top: rgb(31,73,125) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">June<BR>
    2018</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">March<BR>
    2018</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">December<BR>
    2017</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September<BR>
    2017</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">June<BR>
    2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top-color: #1F497D; border-top-width: 1pt"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right; border-top-color: #1F497D; border-top-width: 1pt"><FONT STYLE="font-size: 10pt">933</FONT></TD>
    <TD STYLE="text-align: right; border-top-color: #1F497D; border-top-width: 1pt"><FONT STYLE="font-size: 10pt">929</FONT></TD>
    <TD STYLE="text-align: right; border-top-color: #1F497D; border-top-width: 1pt"><FONT STYLE="font-size: 10pt">929</FONT></TD>
    <TD STYLE="text-align: right; border-top-color: #1F497D; border-top-width: 1pt"><FONT STYLE="font-size: 10pt">910</FONT></TD>
    <TD STYLE="text-align: right; border-top-color: #1F497D; border-top-width: 1pt"><FONT STYLE="font-size: 10pt">910</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD><FONT STYLE="font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">522</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">522</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">519</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">514</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">515</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">390</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">391</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">390</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">386</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">386</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD><FONT STYLE="font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">346</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">348</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">350</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">350</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">349</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,191</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,190</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,188</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,160</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,160</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">* Considers Company-operated and franchised restaurants
    at period-end</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company opened 46 new restaurants during the twelve-month
period ended June 30, 2018, resulting in a total of 2,191 restaurants. Also during the period, the Company added 247 Dessert Centers,
bringing the total to 2,973. McCaf&eacute;s totaled 316 as of June 30, 2018.</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Cash and cash equivalents, including short-term investments,
were $218.9 million at June 30, 2018. The Company&rsquo;s total financial debt (including derivative instruments) was $583.7 million.
Net debt (Total Financial Debt <I>minus</I> Cash and cash equivalents) was $364.8 million and the Net Debt/Adjusted EBITDA ratio
was 1.4x at June 30, 2018.</P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 75%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; text-align: left; width: 60%"><FONT STYLE="font-size: 10pt">Figure
    9. Consolidated Financial Ratios<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><I>(In thousands of U.S. dollars, except ratios)</I></FONT></FONT></TD>
    <TD STYLE="color: red; vertical-align: bottom; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; width: 20%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; width: 20%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">June 30</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">December 31</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD STYLE="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Cash &amp; cash equivalents (i)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">218,937</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">328,079</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD><FONT STYLE="font-size: 10pt">Total Financial Debt (ii)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">583,728</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">621,460</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Net Financial Debt (iii)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">364,791</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">293,381</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD><FONT STYLE="font-size: 10pt">Total Financial Debt / LTM Adjusted EBITDA ratio</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2.2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">Net Financial Debt / LTM Adjusted EBITDA ratio</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1.4</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">(i) Cash &amp; cash equivalents includes
    Short-term investment</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">(ii)Total financial debt includes
    long-term debt and derivative instruments (including the asset portion of derivatives amounting to $57.3 million and $35.1
    million as a reduction of financial debt as of June 30, 2018 and December 31, 2017, respectively).</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(iii) Total financial debt less cash and cash equivalents.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Net cash provided by operating activities totaled $57.5 million
for the quarter, and cash used in net investing activities totaled $29.3 million, which included capital expenditures of $39.4
million. Cash used in financing activities amounted to $32.6 million including $20.0 million of treasury stock purchases and $10.6
million of dividend payments.</P>

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


<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>First Half 2018</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Excluding the Venezuelan operation and for the six months ended
June 30, 2018, the Company&rsquo;s as reported revenues decreased by 0.2% to $1,537.3 million, as constant currency growth of 8.8%
was offset by negative currency translation. As reported Adjusted EBITDA was $116.8 million, a 2.1% decrease compared to the first
half of 2017. On a constant currency basis, Adjusted EBITDA increased by 3.4%. The reported Adjusted EBITDA margin contracted by
20 basis points to 7.6%, as efficiencies in F&amp;P and Payroll mostly offset the increase in Royalty Fees.</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">Year-to-date consolidated net income amounted to $24.3 million,
compared with net income of $42.1 million in the first half of 2017. The prior year result included $56.1 million from the Company&rsquo;s
re-development initiative compared with $0.2 million this year. The result also reflects lower net interest expenses, lower losses
from derivative instruments, lower income tax and a positive variance in foreign currency exchange results in the first half of
2018.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">During the first half of 2018, capital expenditures totaled $63.1
million.</P>

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


<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On May 22, 2018, the Board of Directors approved the adoption
of a share repurchase program, pursuant to which the Company may repurchase from time to time up to $60 million of issued and outstanding
Class A shares of no par value of the Company. The repurchase program began on May 22, 2018 and will expire at the close of business
on May 22, 2019. As of June 30, 2018, the Company purchased 2,656,552 shares with a total cost of $20 million.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I><U>Argentina accounting developments &ndash; highly inflationary
status</U></I></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Effective July 1, 2018, Argentina is considered to be highly
inflationary. Under U.S. GAAP, an economy is considered to be highly inflationary when the three-year cumulative rate of inflation
meets or exceeds 100%. Under the highly inflationary basis of accounting, the financial statements of the Company&rsquo;s Argentine
subsidiaries will be remeasured in accordance with ASC 830 &quot;Foreign Currency Matters&quot;.</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On April 5, 2018, the Company paid the first of the two equal
installments of $0.05 per share to all Class A and Class B shareholders of record as of April 2, 2018. The second installment will
be paid on October 5, 2018 to shareholders of record as of October 2, 2018.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 58%; padding: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Investor Relations Contact</B></FONT></TD>
    <TD STYLE="width: 42%; padding: 1pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Media Contact</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Daniel Schleiniger</FONT></TD>
    <TD STYLE="padding: 1pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">InspIR Group</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Vice President of Corporate Communications &amp; Investor Relations</FONT></TD>
    <TD STYLE="padding: 1pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">Barbara Cano</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Arcos Dorados</FONT></TD>
    <TD STYLE="padding: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(106,162,218)"><U>barbara@inspirgroup.com</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(106,162,218)"><U>daniel.schleiniger@ar.mcd.com</U></FONT></TD>
    <TD STYLE="padding: 1pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">+1 646 452 2334</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">+54 11 4711 2675</FONT></TD>
    <TD STYLE="padding: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding: 1pt"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: rgb(106,162,218)"><U>www.arcosdorados.com/ir</U></FONT></P>

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



</TD>
    <TD STYLE="text-align: justify; padding: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding: 1pt"></TD>
    <TD STYLE="text-align: justify; padding: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding: 1pt"></TD>
    <TD STYLE="text-align: justify; padding: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding: 1pt"></TD>
    <TD STYLE="text-align: justify; padding: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding: 1pt"></TD>
    <TD STYLE="text-align: justify; padding: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding: 1pt"></TD>
    <TD STYLE="text-align: justify; padding: 1pt">&nbsp;</TD></TR>
</TABLE>


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


<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I><U>Constant currency basis:</U></I> refers
to amounts calculated using the same exchange rate over the periods under comparison to remove the effects of currency fluctuations
from this trend analysis. To better discern underlying business trends, this release uses non-GAAP financial measures that segregate
year-over-year growth into two categories: (i) currency translation, (ii) constant currency growth. (i) Currency translation reflects
the impact on growth of the appreciation or depreciation of the local currencies in which we conduct our business against the US
dollar (the currency in which our financial statements are prepared). (ii) Constant currency growth reflects the underlying growth
of the business excluding the effect from currency translation.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I><U>Excluding Venezuela basis:</U></I>
due to the ongoing political and macroeconomic uncertainty prevailing in Venezuela, and in order to provide greater clarity and
visibility on the Company&rsquo;s financial and operating overall performance, this release focuses on the results on an &ldquo;Excluding-Venezuela&rdquo;
basis, which is non-GAAP measure.</P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Adjusted EBITDA is defined as our operating
income plus depreciation and amortization plus/minus the following losses/gains included within other operating income (expenses),
net, and within general and administrative expenses in our statement of income: gains from sale or insurance recovery of property
and equipment; write-offs 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.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We believe Adjusted EBITDA facilitates company-to-company operating
performance comparisons by backing out potential differences caused by variations such as capital structures (affecting net interest
expense and other financial charges), taxation (affecting income tax expense) and the age and book depreciation of facilities and
equipment (affecting relative depreciation expense), which may vary for different companies for reasons unrelated to operating
performance. Figure 10 of this earnings release include a reconciliation for Adjusted EBITDA. For more information, please see
Adjusted EBITDA reconciliation in Note 9 of our quarterly financial statements (6-K Form) filed today with the S.E.C.</P>

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


<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Arcos Dorados is the world&rsquo;s largest
independent McDonald&rsquo;s franchisee in terms of systemwide sales and number of restaurants, operating the largest quick service
restaurant chain in Latin America and the Caribbean. It has the exclusive right to own, operate and grant franchises of McDonald&rsquo;s
restaurants in 20 Latin American and Caribbean countries and territories, including Argentina, Aruba, Brazil, Chile, Colombia,
Costa Rica, Cura&ccedil;ao, Ecuador, French Guyana, Guadeloupe, Martinique, Mexico, Panama, Peru, Puerto Rico, St. Croix, St.
Thomas, Trinidad &amp; Tobago, Uruguay and Venezuela. The Company operates or franchises over 2,190 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: rgb(106,162,218)"><U>www.arcosdorados.com/ir</U></FONT></P>

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

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

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

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

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


<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; text-align: left; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Figure
    10. Second Quarter &amp; First Half 2018 Consolidated Results<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><I>(In thousands of U.S. dollars, except per
    share data)</I></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: rgb(31,73,125) 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: rgb(31,73,125) 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top-color: #1F497D; border-top-width: 1.5pt; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">For
    Three-Months ended</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 1.5pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">For
    Six-Months ended</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">June
    30,</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">June
    30,</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">REVENUES</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Sales by Company-operated restaurants</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">718,454</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">762,221</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,525,515</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,507,630</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">35,516</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">36,477</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">78,342</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">72,548</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total
    Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">753,970</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">798,698</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,603,857</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,580,178</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">OPERATING COSTS AND EXPENSES</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Company-operated restaurant expenses:</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left; padding-left: 0.125in; padding-right: 1pt"><FONT STYLE="font-size: 10pt">Food and paper</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(249,569)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(272,741)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(534,836)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(536,205)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left; padding-left: 0.125in; padding-right: 1pt"><FONT STYLE="font-size: 10pt">Payroll and employee benefits</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(156,150)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(168,617)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(329,264)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(334,893)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left; padding-left: 0.125in; padding-right: 1pt"><FONT STYLE="font-size: 10pt">Occupancy and other operating expenses</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(199,923)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(206,944)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(416,545)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(409,747)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left; padding-left: 0.125in; padding-right: 1pt"><FONT STYLE="font-size: 10pt">Royalty fees</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(38,603)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(38,845)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(80,774)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(77,357)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Franchised restaurants - occupancy expenses</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(15,787)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(16,540)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(34,942)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(32,651)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(59,268)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(60,844)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(116,918)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(115,747)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Other operating (expenses) income, net</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(15,537)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,417</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(59,374)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">51,336</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total
    operating costs and expenses</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(734,837)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(763,114)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(1,572,653)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(1,455,264)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #1F497D 0.5pt solid; border-top-color: #1F497D; border-top-width: 0.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Operating
    income</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">19,133</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">35,584</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">31,204</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">124,914</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Net interest expense</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(12,457)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(23,043)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(27,097)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(39,458)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Loss from derivative instruments</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(233)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(6,589)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(331)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(7,231)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Foreign currency exchange results</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(3,049)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(15,552)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">5,128</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(24,111)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Other non-operating expenses, net</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(78)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(430)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(62)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(1,125)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Income
    (expense) before income taxes</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">3,316</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(10,030)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">8,842</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">52,989</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Income tax (expense) benefit</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(2,210)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">5,987</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(7,173)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(16,351)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Net
    income (loss)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,106</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(4,043)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,669</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">36,638</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(Less): Net income attributable to non-controlling interests</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(40)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(71)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(85)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(148)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Net
    income (loss) attributable to Arcos Dorados Holdings Inc.</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,066</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(4,114)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,584</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">36,490</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Earnings per share information ($ per share):</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 57%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Basic net income per common share</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; text-align: right; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; text-align: right; width: 10%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 10%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Weighted-average number of common shares outstanding-Basic</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">210,579,612</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">210,881,194</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">210,824,698</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">210,796,678</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Reconciliation</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Operating income</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">19,133</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">35,584</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">31,204</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">124,914</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">25,573</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">24,440</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">52,090</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">47,892</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Operating charges excluded from EBITDA computation</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">698</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(3,426)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">716</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(53,524)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">45,404</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">56,598</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">84,010</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">119,282</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted EBITDA Margin as %
    of total revenues</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">6.0%</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7.1%</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">5.2%</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7.5%</FONT></TD></TR>
</TABLE>


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

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

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

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


<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; text-align: left; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Figure
    11. Second Quarter &amp; First Half 2018 Consolidated Results - Excluding Venezuela<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><I>(In thousands of U.S. dollars, except per
    share data)</I></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt; border-top: rgb(31,73,125) 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top-color: #1F497D; border-top-width: 1.5pt; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">For
    Three-Months ended</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 1.5pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">For
    Six-Months ended</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">June
    30,</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">June
    30,</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">REVENUES</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Sales by Company-operated restaurants</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">701,294</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">744,252</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,466,250</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,471,271</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">33,240</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">34,546</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">71,039</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">68,467</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total
    Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">734,534</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">778,798</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,537,289</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,539,738</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">OPERATING COSTS AND EXPENSES</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Company-operated restaurant expenses:</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Food and paper</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(246,306)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(262,098)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(510,416)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(517,961)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Payroll and employee benefits</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(155,693)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(166,628)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(325,337)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(330,240)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Occupancy and other operating expenses</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(195,070)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(201,693)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(402,330)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(399,109)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Royalty fees</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(39,082)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(38,405)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(82,190)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(76,003)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Franchised restaurants - occupancy expenses</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(15,150)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(15,804)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(32,929)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(31,284)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(57,918)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(58,933)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(113,492)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(111,786)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Other operating (expenses) income, net</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(555)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">4,389</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(2,780)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">54,881</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total
    operating costs and expenses</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(709,774)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(739,172)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(1,469,474)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(1,411,502)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #1F497D 0.5pt solid; border-top-color: #1F497D; border-top-width: 0.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Operating
    income</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">24,760</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">39,626</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">67,815</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">128,236</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Net interest expense</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(12,426)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(23,048)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(27,066)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(39,485)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Loss from derivative instruments</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(233)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(6,589)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(331)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(7,231)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Foreign currency exchange results</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">755</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(12,679)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(1,070)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(21,042)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Other non-operating expenses, net</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(78)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(439)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(64)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(1,125)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Income
    (expense) before income taxes</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">12,778</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(3,129)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">39,284</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">59,353</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Income tax (expense) benefit</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(2,034)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">4,265</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(14,930)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(17,134)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Net
    income</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">10,744</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,136</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">24,354</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">42,219</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(Less): Net income attributable to non-controlling interests</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(40)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(71)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(85)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(148)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Net
    income attributable to Arcos Dorados Holdings Inc.</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">10,704</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,065</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">24,269</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">42,071</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Earnings per share information ($ per share):</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 57%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Basic net income per common share</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; text-align: right; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 11%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; text-align: right; width: 10%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 10%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Weighted-average number of common shares outstanding-Basic</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">210,579,612</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">210,881,194</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">210,824,698</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">210,796,678</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Reconciliation</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Operating income</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">24,760</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">39,626</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">67,815</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">128,236</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">24,367</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">22,722</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">49,323</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">44,642</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Operating charges excluded from EBITDA computation</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(301)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(3,428)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(291)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(53,519)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">48,826</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">58,920</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">116,847</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">119,359</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted EBITDA Margin as %
    of total revenues</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">6.6%</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7.6%</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7.6%</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7.8%</FONT></TD></TR>
</TABLE>


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

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


<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="background-color: white">
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 1.5pt solid; text-align: left; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Figure
    12. Second Quarter &amp; First Half 2018 Consolidated Results by Division<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><I>(In thousands of U.S. dollars)</I></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: rgb(31,73,125) 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: rgb(31,73,125) 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: rgb(31,73,125) 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: rgb(31,73,125) 1.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1F497D 1.5pt solid; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2Q</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1H</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Three-Months
    ended</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">% Incr.</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Constant</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-right: rgb(31,73,125) 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Six-Months
    ended</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">% Incr.</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Constant</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">June
    30,</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">/</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Currency</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">June
    30,</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">/</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Currency</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; width: 27%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1pt; background-color: #C5D9F1; width: 9%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 9%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1pt; background-color: #C5D9F1; width: 9%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(Decr)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 9%; padding-right: 1pt; padding-left: 1pt; white-space: nowrap"><FONT STYLE="font-size: 10pt">Incr/(Decr)%</FONT></TD>
    <TD STYLE="background-color: white; width: 1%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1pt; background-color: #C5D9F1; width: 9%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 9%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1pt; background-color: #C5D9F1; width: 9%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(Decr)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: center; background-color: #C5D9F1; width: 9%; padding-right: 1pt; padding-left: 1pt; white-space: nowrap"><FONT STYLE="font-size: 10pt">Incr/(Decr)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-decoration: underline; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Revenues</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">316,973</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">354,939</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-10.7%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">0.0%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">681,656</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">714,934</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-4.7%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">121,568</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">115,297</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">5.4%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1893.6%</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">268,442</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">222,515</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">20.6%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1292.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Caribbean - Excl. Venezuela</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">102,132</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">95,397</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7.1%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">4.4%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">201,874</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">182,075</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">10.9%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">99,009</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">96,126</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">3.0%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">4.9%</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">196,160</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">180,468</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">8.7%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">8.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">216,420</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">232,336</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-6.9%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">19.6%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">457,599</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">462,261</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-1.0%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">19.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">753,970</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">798,698</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-5.6%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">279.7%</FONT></TD>
    <TD STYLE="font-weight: bold; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,603,857</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,580,178</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1.5%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">189.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">TOTAL - Excl. Venezuela</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">734,534</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">778,798</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-5.7%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7.0%</FONT></TD>
    <TD STYLE="font-weight: bold; background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,537,289</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,539,738</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-0.2%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">8.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-decoration: underline; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Operating Income (loss)&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">21,926</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">32,652</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-32.8%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-25.0%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">56,987</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">63,959</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-10.9%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-5.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(3,124)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(4,039)</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">22.7%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">40240.6%</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(34,891)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(4,305)</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-710.5%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">46802.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Caribbean - Excl. Venezuela</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2,503</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">83333.3%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">78300.0%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,720</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(983)</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">275.0%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">234.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2,004</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7,052</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-71.6%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-73.2%</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">3,954</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">58,208</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-93.2%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-92.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">12,137</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">14,084</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-13.8%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">14.3%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">30,007</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">30,942</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-3.0%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">18.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Corporate and Other</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(13,810)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(14,165)</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2.5%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-31.2%</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(24,853)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(23,890)</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-4.0%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-34.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">19,133</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">35,584</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-46.2%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">4523.4%</FONT></TD>
    <TD STYLE="font-weight: bold; background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">31,204</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">124,914</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-75.0%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1564.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">TOTAL - Excl. Venezuela</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">24,760</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">39,626</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-37.5%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-33.7%</FONT></TD>
    <TD STYLE="font-weight: bold; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">67,815</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">128,236</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-47.1%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-45.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-decoration: underline; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">34,502</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">45,892</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-24.8%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-15.9%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">83,229</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">90,654</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-8.2%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-2.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">3,542</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2,120</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">67.1%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">76651.1%</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(22,109)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7,758</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-385.0%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">25958.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Caribbean - Excl. Venezuela</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">6,964</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">4,442</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">56.8%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">51.1%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">10,728</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7,835</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">36.9%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">28.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7,251</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">8,369</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-13.4%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-13.6%</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">14,546</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">13,575</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7.2%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">7.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">16,799</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">17,881</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-6.1%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">21.6%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">39,784</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">38,501</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">3.3%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">24.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Corporate and Other</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(16,690)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(17,664)</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">5.5%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-18.1%</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(31,440)</FONT></TD>
    <TD STYLE="border-right: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(31,206)</FONT></TD>
    <TD STYLE="border-right: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-0.7%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-21.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">45,404</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">56,598</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-19.8%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2857.4%</FONT></TD>
    <TD STYLE="font-weight: bold; background-color: white; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">84,010</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">119,282</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-29.6%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #DCE6F1; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1689.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">TOTAL - Excl. Venezuela</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">48,826</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">58,920</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-17.1%</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-9.3%</FONT></TD>
    <TD STYLE="font-weight: bold; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">116,847</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">119,359</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #1F497D 0.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">-2.1%</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">3.4%</FONT></TD></TR>
</TABLE>


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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 70%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">Figure
    13. Average Exchange Rate per Quarter*</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: middle; background-color: #C5D9F1">
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1.5pt; width: 36%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1.5pt; width: 16%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1.5pt; width: 16%"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1.5pt; width: 16%"><FONT STYLE="font-size: 10pt">Mexico</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: center; border-top-color: #1F497D; border-top-width: 1.5pt; width: 16%"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">2Q18</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3.61</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">19.40</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23.51</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">2Q17</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">3.21</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">18.55</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">15.72</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 10pt">* Local $ per 1 US$</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
</TABLE>


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

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


<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; text-align: left; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Figure
    14. Summarized Consolidated Balance Sheets<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><I>(In thousands of U.S. dollars)</I></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: middle; background-color: #C5D9F1">
    <TD STYLE="border-top-color: #1F497D; border-top-width: 1.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top-color: #1F497D; border-top-width: 1.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top-color: #1F497D; border-top-width: 1.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">June
    30</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top-color: #1F497D; border-top-width: 1.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">December
    31</FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #1F497D 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2017</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">ASSETS</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; width: 15%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Current assets</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 55%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 15%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 15%; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Cash and cash equivalents&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">208,932</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">308,491</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Short-term investment</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">10,005</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">19,588</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Accounts and notes receivable, net</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">73,637</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">111,302</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Other current assets (1)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">147,505</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">213,656</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total
    current assets&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">440,079</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">653,037</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Non-current assets</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Property and equipment, net&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">813,389</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">890,736</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Net intangible assets and goodwill&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">38,898</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">47,729</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Deferred income taxes&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">70,765</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">74,299</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Other non-current assets (2)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">149,468</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">137,942</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total
    non-current assets&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,072,520</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,150,706</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 0.5pt solid; border-top-color: #1F497D; border-top-width: 0.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total
    assets&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 0.5pt solid; border-top-color: #1F497D; border-top-width: 0.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,512,599</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,803,743</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">LIABILITIES AND EQUITY</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Current liabilities</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Accounts payable&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">195,928</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">303,452</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Taxes payable (3)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">84,172</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">136,918</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Accrued payroll and other liabilities&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">100,294</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">119,088</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Other current liabilities (4)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">21,771</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">23,715</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Provision for contingencies&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2,197</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">2,529</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Financial debt (5)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">14,453</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">19,881</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total
    current liabilities&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">418,815</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">605,583</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Non-current liabilities</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Accrued payroll and other liabilities&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">33,074</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">29,366</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Provision for contingencies&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">26,172</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">25,427</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Financial debt (6)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">626,597</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">636,648</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Deferred income taxes&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">10,639</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">10,577</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total
    non-current liabilities&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">696,482</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">702,018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total
    liabilities&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,115,297</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 0.5pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,307,601</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Class A shares of common stock</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">379,693</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">376,732</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Class B shares of common stock</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">132,915</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">132,915</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Additional paid-in capital&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">13,165</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">14,216</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Retained earnings&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">377,774</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">401,134</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Accumulated other comprehensive losses</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(486,644)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(429,347)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Common stock in treasury</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">(20,000)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total
    Arcos Dorados Holdings Inc shareholders&rsquo; equity</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">396,903</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">495,650</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Non-controlling interest in subsidiaries</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">399</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">492</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total
    equity</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">397,302</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #1F497D 0.5pt solid; border-bottom: #1F497D 0.5pt solid; text-align: right; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">496,142</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: rgb(31,73,125) 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">Total
    liabilities and equity&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,512,599</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #1F497D 1pt solid; text-align: right; border-top-color: #1F497D; border-top-width: 0.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt">1,803,743</FONT></TD></TR>
</TABLE>


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

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

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

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

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

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

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

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

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

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




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

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

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

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

<!-- Field: Page; Sequence: 21; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_006.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_006.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" #( G@# 2(  A$! Q$!_\0
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M* L?5%%?*_\ PN#QW_T'?_)2#_XBC_A<'CO_ *#O_DI!_P#$4!8^J**^5_\
MA<'CO_H._P#DI!_\11_PN#QW_P!!W_R4@_\ B* L?5%%?*__  N#QW_T'?\
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MM,"#;2[:FVT;: (-M&VI]M&V@"#;2[:FVT;: (=M)MJ?;1MH @VT;:GVT;:
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MHE% '(VWPS\*VZ@-8/,1_%+,^?T(%;UMH.D61)MM+LX2>Z0*/Z5H44 ( %&
M !Z"EHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M3U)J4I4_B0M%%%=1F%%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %,ED$43R'HH)I]9.O3[+581UD.3]!7)CL2L-AYUGT7X]/Q-
M*4.>:B4+6S:]MKNX89<_=/<GJ:T=#N#+9F)B2T9P/I56+09?+4_:BA(Y 7].
MM16@.EZMY,AW(PV[L>O0U\OA(UL#6HU:M-Q3]V3NG=R=TW;;7N=]1QJQE&+O
MU7R([:\2SU*>1D+@E@,')Z^IJ:]OSJ<8@@MV)W Y/44[2@#J]QG&/FX)]_?K
M1J=N]A=K=V_RJQY ['_Z]916)6 E)2_=.4E))*Z7-J[O^D4W#VJ5O>LK?<0W
M\126SM';(50#SW)YKI%550(!A0, 5@ZDAO((;^$9"KAU[K5I=>MS!O97$G]P
M#O\ 6O2P.(P^$Q%;VLDE)1<6^L4K:,PJPG4A'E5[7OZA>VD%E8SO A5G&TG<
M>A/2ET*)5L/, &YV.3W^E5[-;O4+.X$TAV,,)N'4YS4>GZA_9V^UNE<8;@CM
M6=.O0ABZ6*<.2G*+2NK)._EM<J4)NG*G>\DRYKL2-9"0CYE;@U8TIS)IL))S
MQCIZ'%9>HZ@=0VVUJCL"<DXZULV<'V:TCB[J.?K79@ZD:^9U*U'6'*DWT;O^
M)E43A0C&6]_P)Z***]XY HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ JG<SV"2[;@Q^8!W7)'XU<KF-=_Y"/\ P 5Y6<XN6$PW
MM(Q3U2UVZG1AJ:J3Y6[&W_:EE_SW'Y'_  J.2^TR1P7:-FQ]XH<C\<5S]Q!#
M%;0R*7+2+G!Q@8XHLH([B1DD9AA2WR^PS7@RSS&3J*BX0;=N]M5='8L)34>:
M[.@2_P!-60NCHK]"P0@G]*=)J6GNA#RJZ^A4G^E<Y#;K(DTIW&.+JHZ\T@6U
M,RY:01E23Z@\^WTJ%GV*4%[D$GZJ^MK^G]6#ZI3ON]#HDU+3HAMC=4!/14(_
MI49GTAGWGRBQY^X?\*QF@MUMXIB9,2,1C(XQBD@MH99)U+,1&I<%2.0/_P!=
M-YOBI.-.5.F^J^Z_Y!]6IJ[4F=#_ &I8HH F  X "GC]*CEO-,GQYKH^.F5/
M^%<Y(L/EJR%\DX(;%3SV]M D+$RD2(&ZCBAY[BJD9)P@XJU][:[?UT#ZI335
MF[F[%>Z9#_JFC3W5"/Z5=BE2:,21G*GH<5R%S:^0(Y%</%(,JW3\ZZ;2O^09
M#TZ=OK7IY1F5:O7E0J044E?3Y?+9F&)H1A!3BV[ERBBBOHCB"BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "N7UW_D(G_=%=16'
MJFFW-U>^9$@*[0,[A7A\04:E;"<M.+;NMOF=>#E&-2\G;0HW4;M8V>V-S\IR
M<'UI=/@DCO)$93N$; X'0XZ4_P#LK4LYP<_[X_QI!I&H#.%QGK\X_P :^96'
MQ"K1K>PG=6Z=E;\3NYX<KCS(@MC<6_F3P]%.V12,\>_MQ1J"1!HI(T\MI$W-
M'V6ITTG44;<@VMZAP/ZTC:-?L<L@)/<L/\:R>$Q?L/9>QE\UMKNNJNM&MNOI
M7M*?/S<R&3QN-)MB5. [<[?7'>ETM7S<NJD@0D9QGGBG_P!D:AC&WCIC>/\
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
..*** "BBB@ HHHH __]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_008.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_008.gif
M1TE&.#EAI (. ?<  /______S/__F?__9O__,___ /_,___,S/_,F?_,9O_,
M,__, /^9__^9S/^9F?^99O^9,_^9 /]F__]FS/]FF?]F9O]F,_]F /\S__\S
MS/\SF?\S9O\S,_\S /\ __\ S/\ F?\ 9O\ ,_\  ,S__\S_S,S_F<S_9LS_
M,\S_ ,S,_\S,S,S,F<S,9LS,,\S, ,R9_\R9S,R9F<R99LR9,\R9 ,QF_\QF
MS,QFF<QF9LQF,\QF ,PS_\PSS,PSF<PS9LPS,\PS ,P _\P S,P F<P 9LP
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M,S.9 #-F_S-FS#-FF3-F9C-F,S-F #,S_S,SS#,SF3,S9C,S,S,S #, _S,
MS#, F3, 9C, ,S,   #__P#_S #_F0#_9@#_,P#_  #,_P#,S #,F0#,9@#,
M,P#,  "9_P"9S "9F0"99@"9,P"9  !F_P!FS !FF0!F9@!F,P!F   S_P S
MS  SF0 S9@ S,P S    _P  S   F0  9@  ,P
M
M
M                     "P     I (. 0 (_P !"!Q(L*#!@P@3*ES(L*'#
MAQ C2IQ(L:+%BQ@S:MS(L:/'CR!#BAQ)LJ3)DRA3JES)LJ7+ES!CRIQ)LZ;-
MFSASZMS)LZ?/GT"#"AU*M*C1HTB3*EW*M*G3IU"C2IU*M:K5JUBS\K1RK:L5
M5M<":1U+MJS9LV@I6ED+(-"*M'#CRIU+%^F*M6_OUMW+MZ_?OR2MM,TKF.!=
M*V\!*U[,N''=%6(1 ]!K> 5EQY@S:][<5*]>MP<M<QY-NK1IFY(!@!4;.O'I
MU[!CRU8I>K;MV[AS2ZRMN[?OW[9Y Q].O'ACX<:3*U^.%CGSY]"C/W4NO;KU
MZSZI8]_.O7M+[=[#B_\?SQ$\^?/HTR\TK[Z]^_/LW\N??ST^_?OXD]O/S[]_
M[OW^!2B@:0 .:."!Q[F&X((,9E9@@Q!&:-:#$E9H(5447JCAADIE2%9A'(;8
MGH=:@<6*@B86M)J(+$)'(E96! *B0%^U!>)7*YRXTXQ-\=ABB"]>]15K!K'"
M8XX*VF2B:V!=\U:* ZVXTY($-8EB5TG^Z%^05P5R#2L&<94D*T3>%..,.0Y4
MHXX Q*A:EC2=65":<X*IY7LI2FD0EUT::=@U/JH6J$Q#_OGE9&"RZ::?.15J
MJ)T"K= 5I'>>)YF<H.T))UV!R"CC0)*6V:98C.+D):4"^:FG:E[M=.I!I4;_
M.6BEW'WUI6275:88E#1V!2B2K(IZ4R"QCKHHCY^Z6NRH80I+:W>@24I806NQ
MM=&L26$;5*=RMIEHC*06AB.;IGIZX[=JHOOL>(5).YF/EFTZ$9518MG6H02]
MZANOP:;Z);"KXL1OOXCF&-:ZY.'Z::9SRAM1MZ!"FB:Y$SL<F[9&88QP>WD>
MW)I&CH(Z*;/4.KOQR2SR*9"^*L;(+['XLG1 !337;//-..>L<\X.C.3$'$ '
M+?301!=M=-%.D+3STDPW3?,!*(NG\LK+GAFNFE>S5,$(7'?M]==@ARUVV!R,
ME,<Q:*>M]MILM^UVVYV0-/;<=-?--=11>Z<RM\EZ_RLH9(*"FO5*6]MM^.%E
MBW3VVXPW[GC<(QTNN=UXY\W=U -+J2^2+!,^^>=B)Q[2XHZ7;CK:D(L$^NI?
M5VXY=E.W253AK*\N.DBDGZ[[VZF'5'OMKK]N7>Q%T?[[Y+=_E/ONS*O=.TC'
MKQZ\\-(1/WOTGR?OT?+--__\1]A_/CWU+EILD KHIZ_^^NRW[[[[)#G P?ST
MUV___?CGCW\%9G?O/^IR"Y_DQD<^YA2(!/_[GPHPP[T$FNY['A'@ &&BL0)J
MY8 .[-X"'=/ ##8.@AV1X.$(>!)Z1:P@G;-@5##HP=UML#$=;*';0,@1$1J.
MA"6!6)4H53$53H6%,C3="_\9$\,@KHV&&[$AY5P2LG11RDT^Q)#Y"() (Y9N
MB(LIHA4!&#DET@V')4FAC"@%,U1%L3-3'$@5M\@X+"I&BUM$HD:\^$68$.M&
MB'GBX,Z(1HBLD8UN<R-@X&A%.6:$CG,#XTCX!J(FQ0QPR^)C4H (R+8)\B^$
M-*(A,8+(L2ER) -#5,'N949)3C*- OEC)==V2;]D,HB;O$@GQ?;)D530E"M$
M)0!4N<JTM;(OKY1A+"UR@&(:\YC(3*8RE[E,DNCOF=",YOQJB<N84+*7OF0@
M-H^(F0/,,FS4!,DM<7G-;?Z2+\%LX3#EXLUOMLXE)HS4B3(7,S/!1Y>\Q.8Y
M]Y+_3@^N,R[M=&?7PMD1'4:)3(ERS9ITB9)X!DR4RRFG/K6YS;3]$RX!%>@(
M",J1)M*(%49*Z G)%:>^?118.S0@/BNJMGW6I9\9O&A:,BI0CG)$C./R6+U,
M1D$RA8:D7RGE<"3:2Y?2!:8.E"E::.I.F]ZT5'@AT^".9:IZIDI48[R-E1X:
MJ96R%&U&G0M2$ZC4LS#UFT[-""/KY:O!=2IPIEH65/-XFW8)AF&Z>D@^BTI1
MEI;5+&>=95HS$DHDI0A@5IW)6FDT.$<*E322NM6T-.7'KX*UKQ7]:UD"V\G!
M9F2</J$G:X!%)]EXQDGOTI17OQI6N8SU?YHE"V<1Z=F]_X#V/ZC-59NJ55G+
MMC8NK_5?;,<R6SK6MIH64=A=X4345?X6+L'MWG"U4EPO'A>Y%5D15R>S6I8^
M-RW1]5XW-3I06MUV*,VMY'?1$E[F33<KU57B=?T33XA:J4X_22\@UWN6]N[N
MO>^9@V4!?!#CN9-_*C%HJL!46A4]UB;Z92-_S>)?W1&X/0+^ZH4+8N!O(C@E
M'O46@T=&D*#FM[L5G7!9*GRZ#:<GPWX=28=G^>&4X)12L<IJ=E!L3LQNT\7H
M@7%F94S>$=38QG-M,!1WV^"=1'B+*B8+BQ_((2'_F,CD/;))%LNJ2:VID;YZ
M,$V>;,4HCV7*I0/R>:R,334#8/_&G=2R20IK)RF15LQCYO%$.3C@*O=9)'!&
MI)Q-<EZAD-F(9M8*FA_G9PUC6:.#)I">^<IG1V^(S;UT<Z#I&.G2'#J(B<[*
MHC_8Z!@#NLB=ANRDG>OC-I=ZR)BQ[#%"?9%/RY#65QDUX]P\'DRODM=0D36N
M*V+K%@Z[*KKFW:NO'&O?RJ38'CPV59(]PV6[NMFL??:JU=OJ3%O;V]CVKK9[
MF^U*FUI#OJXDL)\B[''KM=WFAC6Z_^P8>,,$VAF4]E2H#;=O_SHS]GX)OAVH
M;ZGPFVWK]DZZ 9GPI@3<)0-/8,&C<G!N7IK>C7GX=[:]WV[_^^*6KK>SK<EQ
M"7M<W?[_1GFX4^QNA^R5U?%F]KQ#GO&1BP22.FT8N<4=\VO/_-PU+[=(0,H6
MO(*JY% ^.<-3OO25]U@DX,)5H"*N0*6SL>'<6?C5 6[SCT &,M$ZTF%VSO*>
M@_OG\@XZS\7IJ]R*W5HNU_@@,6XAK<>1ZT(7B8R6^[%W=SV+=*^0W0N)][7K
MG6"4]7O> 4_SN@=>,7)?"=7]-W&H5-QY3-^ZT_=\;Z27V>IW!SG0&1-YVG@>
MT: GO.C33OJ_;YSL3X?AXR,T>$T6ONR=ASWGB3A["-4>EK>/O<!/#^K4VW[U
M,E<[[H>O>TK+OO&"[[U?2I^2R6O0^,!'OL^5+WR($__6V!=F_^9#+_+%OU[Q
MAF?\Z*,/?<B[GB76;U[EGW)YBXY?]>5/__GC_GY,2I]!OR=^F^=\S(=^RZ=^
MK,=^Z^=^Y@=_WV=LX:=.]W=\^7> ^]<0+\=M9O=Q:)=\K=> DO> T1:!_C2!
MV5>!W7>!#)&!';>!*M>!V_>!^N> S0=SS[> M/=_?$%]*!%_S#-_3E%_7 2#
M9\=]N^=]-:B!-YB $A* $CB -EB _ >"KJ2#".*$)0B%2BB%&,B#_&2%!X*%
M,15\1ZB""\&")N>"34>$'&B$!(B$!IB"<]=^.4B'?^&%%Z%=.9=74SB#_F>'
M#2*&246&;]@1GU%TS"6"^4:"8ZA]1?\H@Q;X$3(R63H7AV4XASCH>V!(%WB8
MAYU"B5T%=UW8?U4(B "XB7/1B;7F=@TCBBNHBJZ%B@(BB&1%B%'H$;CB)T;7
M54G8@DOH@0K(A( !B_-R*-OE@R[$B(/HB&T(B7(8@KV8AK\8@\$(C SHAZ87
MC4FGAIK'AB_HAK=HA@J!AMLXC8]8C=1XC9$(C998B)@HC)IHBCM(BM6GB 2G
MC+7(C-_HC)?(CGVXCJ68B8$HBW%!C"&!C+H#A$TAA,> ==M!B[!EBUL(A__X
MC $)CP,ICWMAD""!D*>CD$S!D Z)'1 I7!+IBUSXBO2(3@3I'R4I72<IC2EY
MAAS)7BW9'R__*5Y:B)(4.8I4"$PWR1\YZ5XQ68XS.8XUV5]!F1]#^5]%^7DD
MIXU0:8[-B([GJ(X668]2B7K<2'X7TI06]I1<F7OM&([O:(UU*)!]D92&:(\2
MAX\1J8]K"(X3*8X)08Y3R7L:&89+:19L61YN675=B7]?V9=E\9<;X9%"!)<F
M*9?=2)<\:9<(@9=CJ9=JN2!@V6)B67Q1699U>9;IF)88N98K>1**>46,"9..
MZ97\Z([^Z)/8")1[:2"9264[*9,?L23'&)B4EYHZZ8USV9IF>2UO\15\EW@5
MV8\7B9;Q>)D;69H905I3QYO7-Y@46)BSF8K0B1&?F%K("9L *9O._\F7V2D7
MB,D08")UU,);GAF9H'F5HLF<T[>=%$$GGY&(6\F95+F/5EF56*F<:N4KMF(R
MI^DX(+D4(FF" HB" -J#U"E_ODF4JTF8POF9KZF2/\F2Y1D@M9EFFPE^G9F<
MKKF<H=F<HSF/&6J:#_J#$>J4$WJ=%>J>%TJ3]!F+&^J2ADD6YQF=*YJ,UGF"
MV#F>G%BC-]>C"=FB8?FB0!JCN"F9!T&9^FF9)WJ%.3H6.XH1!=HX!ZH4":JD
M"PJ934J#[1FF?RBD ]*AC':;1MF3&!J;&FJFLUBE6G&EM6:D'XFDFNFE3\B@
M(ZJ58[JF;R2G 2:H6$&G%I&E;82GM@F<C__)I( JIB(ZG"0*GR8JGZ29HB:!
MJ&^SI4G1I8S*FHMAJ,1FIXOYHU_J>#>:%J):GZ2*FJ:ZIT$ZI76QJA.AJ8&D
MJ!ZJIUG(IY+JIY%JH9/JG_%9HO.)J25AJY:$JVGZJ10:JD1ZD*UJH,I*:KK:
MB+P*K+X*GEGYIK)*FX1Z%;2Z&]&JI=.Z:PH*JXZ:E^+T)'MX=/D)HOL9G/W)
MG__9IP%J&<=9B;\JH\%*K\-*J<7JIEB*&.KYG6T:GMQJJ9CYK581KFKR==Y9
M&>.:J*^ZJ[&JL,]IK,EU%Z"X6ZY(HQIKHW#*H0Q;%0Y+(_@Z&'VWKV3:K_+:
MA"5+%2?;)NQ*H!/_NZGEJFS5NHS7RJ_9>K#;^H6I*I0Q.Q4SZQ#(RC:<BA2>
M>K'$>JD"FZDW>ZL5:ZU."[!0B[ J^JX06+4\>[7">H?/VI%3FZQ>FX_,"J/.
M&K)%RK4C>+9QF;9+NK91>ZQEJ[0Y6VT[B[9@^J@SBI1C:Y-#RY1%*Q5'VQ!)
MRTIYVV][&[=]JZY.:A!0"J]2BK'D.;)P<;@,D;@MM;@(=ZX6FZZ5R:8@6[=B
M5;B]AKK!%K@>P;G9!+>-*;>G2K=:*[5NNXBPJYJRBZZT&[2V^Z>0^YYAFY&8
MJZJLVY:W>X^Y^YM@ZZ]BR[;0FKQON;P2NKNAV[L-NK7 .[J!.KCX@:;4_]JS
M+?NSI5N[1Z6ZX0&^YJJFP?NW=ZFY(8F^"B>_#G>\@"F]@AFOC3JO+SN,]IN8
M=ZNXU.NBUFNUHANEI NXT M>])MU#;P4\*L0KGM9 YRD!?RU!TRY),%5$SQK
MGFMQ%\RW&=RUQYJO[KJ]"-R]Q4NTWGN8__L0!<N'VIJ]+_7 )&G#2:&Y8=>*
M\=+#/NS#I!#$0CS$1%S$1GS$1_P$/[S$3-S$3OS$4!S%4CS%3IP'2'S%6)S%
MI) '5-S%7OS%8!S&8CS&9$S%5:#%:)S&6US&;-S&;NS$:AS'6*S$5+RQ$?LN
MU9+'>KS'?-S'?OS'@!S(@CS(A%S(AGS(B)S(BO^\R(S<R([\R) <R9(\R91<
MR99\R9A<R(=JPKS81TY1:$[&4#UA/3$!RCIARCE!R@*7A^W*74ZARB^!RC@!
MRY%+%+)L3Z\LRCRAR]C5R[[\R\ <S,(\S,1<S,8<'&UG&6'F+\L<6?;2%L("
M)<Z<&%"B)Y<BH B1*8!CB%.7S,Y<9VTW8KZ2&&\%$<[L)-_,S"-SSN0L*NR<
M$+J%M.-\D/,,8?4<%.R<SEVVSLF\,N[<SZ$!6MK,4\36S?/\S5_G6._LSQ+L
MS<N\SX>RT.5<)?@RS?X"SJR1&JR"9R21*Y0!&JQ!)-NL&@Q=8L5)5Z)T*02K
MLEZB(+-B+1J=F%.')H7_ =(K(SA14M(/X=$U_18AC=.IHM.1HC'QW!"00E(+
M0= W'=2IPLM#%R5._1TTO3(^O=23021V,M%#O;F@!=-1C1!%K5L?/=*CA=4#
MH=5[,M4L;=4CG=6BHM+VF9XG?9\MO=4Q+7EJ7=-L320$BQ>MH=$:C:_3PK&@
M@BT_O=&306(IXB4'HQ=K(<V(4<\\32-++=)\?1AWO1YY7=E 3;/5HB"Y\E:=
M<EBW%<\FPA7XDB)<X4C*C"]<(19B+1B(D2,A-4^W0F(;S2@C7:M'(MN682+@
M;"2X#=SMHM0#:QCBPMF1<MF?C=SY(A:C?2NW==@;C=I'_26,#=N^C=@<*]F]
M_XVR1%+6#^NQ\C+9LM,6>_VPS:TI@.T:@GW5A)U:F5U]S?S0U#W2=^$6NWW6
M*KO5-[W#-*LF26T9D4$8@$.PD[7#.)):EY$:Z:S/]RW2,4+@YES?)!;AA:W?
M90+AGR@87W=;=\T6A8+@^9(8LUW@2WW7CDWA!YX7/J6>M$W5=NS<)[[-N8CB
MG@%2,GYS%HXO&#[4&FXH/M[AB3W=%![@.8+BZJG@A,VQ-Y(8^HS0X;W<A3T8
M^RWDXNSCZ0WD1XY"_1VQT#TM@ TH]Y;7=[7ENP70.1W@G6PG!>O@2GT8/MU6
M*\[8!Z/-LMUVVMUE4&[FZ/WG5ZTFJ/W,B.OG/Y[F]_\LUB<2V*4-(CZ=%V0N
M&?=%*EBRXDM]&6*>LI_1=MNMT4&^R: BWX)=TYP>X)[>Y0=IZ&B^%FJNZ/%=
MU)J=&G8>Z7/>%=TIZG;N%H)Q7W?LG>#"WX&.L@N=ULZ]6W]NV8*NYDP=V-2,
MLJ).([)]RZ!>Y0%^Z"#5YR<D3\8"4:F5*0Z.,>7,Z)ZM4(Y^5R25WX_NW_XM
M&=;.)K >T,7.[FA^[>JN6^;BX7LW+]0\=L;)YMT.TBDKZU#=U/?I&=O][)[A
M%K=N$6QR(@6_TFQNZ0D/=E]=Z/%>U8#>UNY>[BAT)AY.YA(QT=]NZB;.\;KN
MWA/>W[$-[5,>["2-YV"=UQC_C^P+ANW:KNUR4EKWR>8*(W"<#N%LG<PX=M;8
M?,Z=@LW6;.+F,]%-LM*2;NNL7=U-_RZ1E2SG'-D7'O3C//3R+*! G_%"7R4B
M(Z!^,B25?N85_LRG[=O6K<Z3>/ ^E=AJ_R\&S\QE3\[V@M;U6<]+XN1L=?<K
MD_?&'9T_;]]:CR5<+_=>4?9DXA5H_Q!:W22 #]'V0B5-W]UAT2ZE+N7 _LZ)
M/R>%G_5@O_5B'_BM8O1VONL>H]&A=,R @=0U ?NN/_N<$2JIW,JTG_NZO_M8
M(<U\G]HZ=<VMHE90/OCF/"N']?L8/=YM@LV(Z_P0\;&@?\_$#A&.M1N#\N[P
MK.QS_S(K ]VZ@^+[<[_\SH[8&R'^J&7^27_1LP_7=I(F<,UW=2W@(",N%=_]
M"'$IQ(+S<RW_Z4__1DW. +$"P$""!0T""&3%RD&#*Q8R;/@0XL1 $RT"<'BP
MXL6)&3EZ9*APH!6!'$T6!%F0) "%*U@-=,E28,N%@00&NB8PX\J3%U>V?(GQ
MY4^2-6_FQ+B09T^F39T^A1I5ZE2J5:FN<%A2)D&L*S-FY2JQZL:-K*ZQLG+M
M+$&S+W%>LZE48-ND*]0B;<A*Z]*N.A>"#7LRI5"]="N*/*P69U"&*0-5?$QW
M\,F-A.VJQ:HV:-N6=QW"S2A9<T>QCQ$&DBQ6X\#*G$</;/_[MN+.N6NS>FX(
M>"M,L%^]RK7*53??WG]_[PZ>7/ERYLV=/X>L%63TI"/W*K>YXK!.5MNW>LPN
M]S?(I00?2Y=(W6-YU1:]JB5Y6"G-N*RM#-7:\&[0Q_6U3S:I,NU4PFH[GD2R
M#J&D1&K)N\;V8^V\O^JCJ, $7?+N.)NJ*\HO\O)3<$.8TD/(KP19NJ8]JJ@;
MT;P2J]LM+16?H[%&&V_$$:J@B(/MPH=X&C YAU9Z"[ZMBE1/+B1#P\P@_(3K
M\;L?I:OL(XFR,@JCN!3B*2'@6%L+1J[TXFO&BP1\R*R<: - 39'4O"FI#?_[
M<K' 4"(3/8N&+*G(%(^\Z[P6XPO_E$F\HN2Q31\39-#,IW:4KB1(822*)4=S
MQ#1333>=*B:8ADI(J,!$!/+2ITS;C<VE$,PH+O0V%%%44:T(U=/J2-6S)[WL
MVVF^-A5BS$OD(C(H(6&U0[ I-%\,#SF7:+TISB'G8[,QU8P5"=E+44T5N .O
M-*I,6$NR-29:_V*LU9)^TJE*J<H%%=U1UYVI74[OQ3=??2$J\J^[X.JW3;@(
M.A#$L5K3[$LU4?.LK=I2O VN].XBZ=_'*!:XLE4-OLA-&.DJT5:SOCSH,OC0
M8JD[S%I5-K#+$J(MK;,ZD[C-^E(;%J5_[U-*Y35KHJA*-5'F2<U_:]O5S8A#
M10ACDP'&_]@LC24-<RRG+0Y8:H*I9FQ?K[\&.VRQQR:[;+//1CMMM==FNVVW
MWX8[;KGGIKMNN^_&.V^]]^:[;[__!CQPP0<GO'###\=7Q""%-!4[<MVM"D#$
M)Z>\<LOQ1K \JR1W+G...VW\<M%')[WTQ%F#S;;7#%.,P_O"C/A0Z% 7^*7+
M-EM+-M=!COUSTW\'/GCAI<K.NZP,-/'%G7;U;6L;BY=RP YAG+-G$S\</GOM
MM^<^(B(+53+0%SFTN#HX;>2S:<5H0W+\G<HWU/?NYZ>_?L)1+5.F5<%%:->P
MQKT1_O0TO9'P#S7Y<0@ [;= !C:0;]Q2&G 69C2DO>Y/2PO=BD@0!C$)*H:"
MM;.@<5Z600>6T(0G1&$*5;A"%K;0A2^$80QE.$,:UM"&-\1A#G6X0Q[VT(<_
6!&(0A3A$(A;1B$=$8A*5N$1,!00 .P$!

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