<SEC-DOCUMENT>0000950103-18-013360.txt : 20181114
<SEC-HEADER>0000950103-18-013360.hdr.sgml : 20181114
<ACCEPTANCE-DATETIME>20181114081630
ACCESSION NUMBER:		0000950103-18-013360
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20181114
FILED AS OF DATE:		20181114
DATE AS OF CHANGE:		20181114

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:		181180499

	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>dp98309_6k-2.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B>&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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<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>

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    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X</P>
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    <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%">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(1):</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 66%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARCOS DORADOS HOLDINGS INC.</B></P>

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

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

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

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    <TD STYLE="width: 9%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>ITEM</B></FONT></TD>
    <TD STYLE="width: 91%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Press Release dated November 14, 2018 titled &ldquo;Arcos Dorados Reports Third Quarter 2018 Financial Results&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

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

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

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

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<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Arcos Dorados Holdings Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Juan David Bastidas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 27%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 28%"><FONT STYLE="font-size: 10pt">Juan David Bastidas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Legal Counsel</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Date: November 14, 2018</P>

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


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

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

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

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

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

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



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

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

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

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

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</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><I>Consolidated revenue growth of 8.3%,
on a constant currency basis, supported by a 7.4% increase in comparable sales<SUP>1</SUP>.</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><I>Adjusted EBITDA margin expanded 340
basis points to 12.3%<SUP>1</SUP>.</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><I>Net income increased 68% to $42.7 million<SUP>1</SUP>.</I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Montevideo, Uruguay, November 14, 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 third quarter
ended September 30, 2018.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Third Quarter 2018 Highlights &ndash;
Excluding Venezuela</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>On a constant currency basis<SUP>2</SUP>, consolidated revenues grew 8.3%. As reported, consolidated revenues decreased 12.9%
to $720.3 million versus the third quarter of 2017.</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">&bull;</TD><TD>Systemwide comparable sales<SUP>2</SUP> rose 7.4% year-over-year.</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">&bull;</TD><TD>As reported, Adjusted EBITDA<SUP>2</SUP> increased 19.7% to $88.2 million compared with the prior-year quarter.</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">&bull;</TD><TD>Consolidated Adjusted EBITDA margin expanded 340 basis points year-over-year to 12.3%.</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">&bull;</TD><TD>As reported, General and Administrative (G&amp;A) expenses decreased 16.2% versus the prior-year quarter.</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">&bull;</TD><TD>As reported, net income increased 68% to $42.7 million, from $25.3 million in the third quarter of 2017.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>1
</SUP></FONT>Excluding Venezuela.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>2
</SUP></FONT>For definitions please refer to page 14 of this document.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;Systemwide comparable sales grew 7.4% on top of the 10.4%
achieved last year, with strong contributions from most of our markets throughout Latin America and the Caribbean. Our operating
structure and disciplined approach to growth was supported by restaurant level, bottom line profitability and cash flow generation.
In Brazil, sales grew over 2% in constant currency terms as we focused on consistently growing in a profitable manner. We achieved
adjusted EBITDA margin expansion of 130 basis points, excluding other operating income mostly related to a tax credit, as we effectively
managed food and paper as well as labor costs.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our investments in innovative marketing and digital initiatives
and in enhancing the guest experience also contributed to comparable sales growth, as guest traffic continued rising in increasingly
important markets, such as Mexico and the Andean markets within the SLAD division. Comparable sales in our NOLAD division grew
6.7% in the quarter.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">With the uncertainty about Mexico&rsquo;s presidential election
and the US trade agreement behind us and the choice of Brazil&rsquo;s president decided, we are more optimistic about the macro
environments of these two important markets. However, even under improving market conditions, we will remain vigilant, protecting
and expanding our customer base across our markets while seeking to preserve and enhance our margins.</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">We are strong in a number of ways that support Arcos Dorados&rsquo;
long-term, financial sustainability. Through leveraging our scale, vast geographic footprint, compelling line-up of menu items,
and obsession with elevating our guests&rsquo; dining experience, we will successfully execute on our strategic plan,&rdquo; <FONT STYLE="color: windowtext">said
Sergio Alonso, Chief Executive Officer of Arcos Dorados.</FONT></P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Third Quarter 2018 Results</U></B></P>

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

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

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<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"></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Figure 1. AD Holdings Inc Consolidated: Key Financial Results</B></P>

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

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

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<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; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency Translation - Excl. Venezuela</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Growth - Excl. Venezuela</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Venezuela</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(d)</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3Q18</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(a+b+c+d)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,160 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,195 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales by Company-operated Restaurants</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">803.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(167.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">65.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">691.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-14.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">684.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-15.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1832.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>842.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(175.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>68.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(11.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>724.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-14.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>737.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>942.2%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>74.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(22.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>37.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>87.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>18.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4672.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>8.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>12.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income (loss) attributable to AD</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>23.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(9.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>27.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(14.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>26.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-19580.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">No. of shares outstanding (thousands)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">211,072 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">208,628 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EPS (US$/Share)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.11 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.12 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>(3Q18 = 3Q17 + 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: 10pt 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 may contain significant non-cash accounting charges to operations in this
market. In this quarter, we recorded a long-lived asset impairment charge of $11.1 million. Accordingly, the discussion of the
Company&rsquo;s operating performance is focused on consolidated results that exclude Venezuela.</P>

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

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



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

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

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 10pt; width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure
    2. AD Holdings Inc Consolidated - Excluding Venezuela: Key Financial Results</B><BR>
    <I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
</TABLE>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3Q18</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,030 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,067 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales by Company-operated Restaurants</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">789.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(167.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">65.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">687.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-12.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">37.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-13.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>827.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(175.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>68.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>720.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-12.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>7.4%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>73.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(22.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>37.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>88.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>19.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>50.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>8.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>12.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income (loss) attributable to AD</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>25.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(9.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>27.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>42.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>68.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>106.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">No. of shares outstanding (thousands)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">211,072 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">208,628 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EPS (US$/Share)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.12 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.20 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Excluding the Company&rsquo;s Venezuelan operation, as reported
revenues decreased 12.9% year-over-year, primarily due to the negative impact of the 85% and 25% year-over-year average depreciations
against the US dollar of the Argentine peso and the Brazilian real, respectively. This impact was partially offset by constant
currency revenue growth of 8.3%. Constant currency revenue growth was supported by a 7.4% increase in systemwide comparable sales,
largely driven by average check growth.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Breakdown of main variations contributing to 3Q18 Adjusted
EBITDA</I></B></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Third quarter consolidated as reported Adjusted EBITDA, excluding
Venezuela, increased 19.7%, or 50.1% in constant currency terms. Adjusted EBITDA included a one-time amount of $23.2 million in
other operating income, mostly related to a tax credit in the Brazil division. The Adjusted EBITDA margin expanded by 340 basis
points to 12.3%. Excluding the aforementioned one-time other income amount, the Adjusted EBITDA margin would have expanded 10 basis
points year-over-year, mainly driven by efficiencies in Payroll and G&amp;A offset by a step up in Royalty Fees.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported, consolidated G&amp;A decreased by 30 basis points
as a percentage of revenues and was 16.2% lower year-over-year. On a constant currency basis, G&amp;A increased 6.2%, below the
blended inflation for the Company&rsquo;s G&amp;A.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Main variations in other operating income (expenses), net</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Included in Adjusted EBITDA</U>: In the third quarter of 2018,
the Company recorded a one-time income of $23.2 million, mostly related to a tax credit in the Brazil division. Proceeds from refranchising
were $2.2 million in the third quarter of 2018, compared to $1.7 million in the prior-year quarter.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Excluded from Adjusted EBITDA</U>: In the third quarter of
2018, the Company recorded an impairment charge of $11.1 million related to its operations in Venezuela.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Non-operating results for the third quarter, excluding Venezuela,
contain a $10.5 million non-cash foreign currency exchange gain, versus a non-cash gain of $6.0 million in 2017. Net interest expense
was $2.8 million lower year-over-year.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company reported an income tax expense, excluding Venezuela,
of $21.4 million in the quarter, compared to an income tax expense of $15.5 million in the prior year period.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Third quarter net income attributable to the Company totaled
$42.7 million ($26.0 million, including Venezuela), compared to net income of $25.3 million ($23.4 million, including Venezuela)
in the same period of 2017. This year&rsquo;s higher operating income, which included the $23.2 million one-time income, combined
with lower net interest expenses and a positive variance in foreign exchange results, was partially offset by higher income tax
expenses.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company reported earnings per share of $0.20 ($0.12, including
Venezuela) in the third quarter of 2018, compared to earnings per share of $0.12 ($0.11, including Venezuela) in the previous corresponding
period. Due to share repurchases, total weighted average shares for the third quarter of 2018 decreased to 208,628,186 from 211,072,340
in the prior-year quarter.</P>

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


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure
    3. Brazil Division: Key Financial Results</B><BR>
    <I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3Q18</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>910 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>939 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>378.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(76.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>310.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-18.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>1.0%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>49.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(17.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>36.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>67.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>37.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>73.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>13.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>21.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Brazil&rsquo;s as reported revenues decreased 18.0%, impacted
by the 25% year-over-year average depreciation of the Brazilian real. Excluding currency translation, constant currency revenues
grew 2.1%, supported by systemwide comparable sales growth of 1.0%.</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">Marketing activities in the quarter included the launch of <FONT STYLE="color: #212121">Triplo
Quarter&atilde;o and Egg Quarter&atilde;o sandwiches, among others</FONT>. Other marketing campaigns in the quarter included the
launch of McFlurry Laka &amp; Black Diamond in the dessert category, and My Little Pony and Transformers in the Happy Meal. Also,
in the quarter, the Company commemorated 50 years of the Big Mac with a McCoin campaign and hosted McDia, which helps raise funds
for the Ronald McDonald House and the Ayrton Senna Institute.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported Adjusted EBITDA increased 37.0% year-over-year and
73.0% on a constant currency basis. Adjusted EBITDA was positively impacted by a one-time amount in other operating income of $23.2
million, mostly related to a tax credit resulting from the exclusion of ICMS from the Pis/Cofins calculation base. The Adjusted
EBITDA margin expanded from 13.0% to 21.8%, positively impacted by this one-time tax credit. Excluding the tax credit, the Adjusted
EBITDA margin would have expanded 130 basis points year-over-year to 14.3%, mainly driven by efficiencies in Payroll and Food and
Paper (F&amp;P) costs.</P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure
    4. NOLAD Division: Key Financial Results</B><BR>
    <I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3Q18</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>514 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>521 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>102.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(3.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>106.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>6.7%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-11.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-10.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>9.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>8.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NOLAD&rsquo;s as reported revenues increased 3.7% year-over-year,
supported by constant currency growth of 6.7%, partially offset by a negative currency translation impact resulting from the Mexican
peso&rsquo;s 6% year-over-year average depreciation against the US dollar. Systemwide comparable sales increased 6.7%, driven by
growth in guest traffic. Mexico traffic continues to perform strongly, recording a sixth consecutive quarter of positive comparable
sales growth. The Company&rsquo;s compelling menu, innovative marketing initiatives, as well as its focus on delivering an enhanced
guest experience, continue to drive this improved performance.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Third quarter movie tie-in promotions for the Happy Meal included
Hotel Transylvania 3, My Little Pony, Transformers and Super Mario. A new phase of the affordability platform &ldquo;McTr&iacute;o
3x3&rdquo; continued in Mexico with Hamburguesa Gourmet. Also during the quarter, the Company launched Chipotle Ranch in the Signature
Line and McFlurry Choco Roles in the dessert category.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported Adjusted EBITDA decreased 11.2%, or 10.9% on a constant
currency basis. The Adjusted EBITDA margin contracted by 140 basis points to 8.3%, or by 30 basis points when excluding refranchising
inflows recorded in the same quarter of last year. The margin contraction mainly reflects an increase in Royalty Fees, which accounted
for 40 basis points of the decrease in the quarter&rsquo;s margin.</P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure
    5. SLAD Division: Key Financial Results</B><BR>
    <I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3Q18</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>386 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>390 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>252.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(96.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>45.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>201.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-20.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>18.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>18.1%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>26.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(10.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>17.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-34.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>10.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>8.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">SLAD&rsquo;s as reported revenues decreased 20.2%, as constant
currency growth of 18.1% was more than offset by negative currency translation effects resulting from the 85% year-over-year average
depreciation of the Argentine peso against the US dollar. Systemwide comparable sales increased 18.1%, driven by average check
growth.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Marketing activities in the quarter included the introduction
of an Egg &amp; Bacon premium burger in the Signature Line and the continuation of the McCombo of the Day in the affordability
platform. The Happy Meal performed well with Hotel Transylvania 3 and Super Mario movie tie-ins. Also during the quarter, the
Company launched Chicken Sticks, the first product in its new Snacks platform.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Adjusted EBITDA decreased 34.1% on an as reported basis and rose
5.6% in constant currency terms. The Adjusted EBITDA margin contracted 180 basis points to 8.6%, as efficiencies in Payroll costs
were more than offset by higher F&amp;P costs, Occupancy and Other Operating Expenses, and Royalty Fees as a percentage of revenues.</P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 6. Caribbean Division: Key Financial Results</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3Q18</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>350 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>345 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-1.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>109.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(6,158.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,155.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>106.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-2.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5625.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>8297.0%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(3,432.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,433.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>17.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>61151.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>5.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>6.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Caribbean division&rsquo;s 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 may contain significant non-cash accounting charges to operations in this
market. In this quarter we recorded a long-lived asset impairment charge of $11.1 million Due to the distortive effects that Venezuela
represents, the discussion of the Caribbean division&rsquo;s operating performance is focused on results that exclude the Company&rsquo;s
operations in this country.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 7. Caribbean Division - Excluding Venezuela: Key Financial Results</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3Q17</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency Translation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(b) </B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Constant</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Growth</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3Q18</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(a+b+c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>220 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>217 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-1.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>94.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>102.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>12.7%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>35.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>36.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>5.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>6.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported revenues in the Caribbean division, excluding Venezuela,
increased 8.8%, or 8.9% in constant currency terms. Comparable sales increased 12.7%, well above the division&rsquo;s blended inflation,
driven by guest traffic and average check growth. The division&rsquo;s comparable base positively benefitted from prior year impacts
from natural disasters in Puerto Rico and the USVI. Marketing activities in the quarter included Hotel Transylvania 3 and My Little
Pony for the Happy Meal and the launch of the McFlurry Pirulin Coco in the dessert category, among others. In addition, the 50<SUP>th</SUP>
anniversary of the Big Mac was celebrated in Colombia with a McCoin campaign.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Adjusted EBITDA totaled $7.0 million, compared to $5.1 million
in the same period of 2017. The Adjusted EBITDA margin expanded 140 basis points to 6.8%, mainly driven by efficiencies in G&amp;A,
F&amp;P and Payroll costs.</P>

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt"><B>Figure 8. Total Restaurants (eop)*&#9;</B>&nbsp;&#9;&nbsp;&#9;&nbsp;&#9;&nbsp;&#9;&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 40%; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>September</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2018</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>June</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2018</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>March</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2018</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>December</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2017</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>September</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">939 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">933 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">929 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">929 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">910 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NOLAD</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">521 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">522 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">522 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">519 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">514 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SLAD</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">390 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">390 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">391 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">390 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">386 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Caribbean</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">345 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">346 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">348 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">350 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">350 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,195 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,191 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,190 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,188 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,160 </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt"><FONT STYLE="font-size: 8pt">* Considers Company-operated
and franchised restaurants at period-end&#9;&nbsp;&#9;&nbsp;&#9;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.4pt">&nbsp;</P>



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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company opened 54 new restaurants during the twelve-month
period ended September 30, 2018, resulting in a total of 2,195 restaurants. Also during the period, the Company added 285 Dessert
Centers, bringing the total to 2,951 units. McCaf&eacute;s totaled 285, as of September 30, 2018.</P>

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


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Cash and cash equivalents were $207.6 million at September 30,
2018. The Company&rsquo;s total financial debt (including derivative instruments) was $566.8 million. Net debt (Total Financial
Debt <I>minus</I> Cash and cash equivalents) was $359.2 million and the Net Debt/Adjusted EBITDA ratio was 1.3x at September 30,
2018.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 86%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Figure 9. Consolidated
        Financial Ratios</B><BR>
        <I>(In thousands of U.S. dollars, except ratios)</I></FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 14%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; width: 72%">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>September 30</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2018</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash &amp; cash equivalents (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">207,553</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">328,079</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Financial Debt (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">566,757</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">621,460</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net Financial Debt (iii)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">359,204</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">293,381</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DCE6F1">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Financial Debt / LTM Adjusted EBITDA ratio</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.0</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net Financial Debt / LTM Adjusted EBITDA ratio</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">(i) Cash &amp; cash equivalents
includes Short-term investment</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">(ii) Total financial debt includes
long-term debt and derivative instruments (including the asset portion of derivatives amounting to $70.7 million and $35.1 million
as a reduction of financial debt as of September 30, 2018 and December 31, 2017, respectively).</FONT></P>

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

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

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



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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Net cash provided by operating activities totaled $52.8 million
in the third quarter, while cash used in net investing activities totaled $40.8 million, which included capital expenditures of
$55.9 million, compared to $43.4 million in the previous year&rsquo;s quarter. Cash used in financing activities amounted to $9.3
million, including $8.3 million of treasury stock purchases.<BR STYLE="clear: both">
</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>First Nine Months of 2018</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Excluding the Venezuelan operation and for the nine months ended
September 30, 2018, the Company&rsquo;s as reported revenues decreased 4.6% to $2,257.6 million, as constant currency growth of
8.6% was offset by negative currency translation.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported Adjusted EBITDA was $205.1 million, a 6.2% increase
compared to the same period of last year. On a constant currency basis, Adjusted EBITDA increased 21.3%. The reported Adjusted
EBITDA margin expanded by 90 basis points to 9.1%, mainly driven by the tax credit. Excluding the tax credit, the Adjusted EBITDA
margin would have declined by 40 basis points, mostly a result of higher Royalty Fees and Occupancy and other operating expenses
as a percentage of revenues.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Year-to-date consolidated net income amounted to $66.9 million,
compared to net income of $67.4 million in the first nine months of 2017. The prior year&rsquo;s result included $56.1 million
from the Company&rsquo;s re-development initiative compared to $0.2 million this year. The nine-month result also reflects lower
net interest expenses, lower losses from derivative instruments, a positive variance in foreign currency exchange results, and
higher income tax.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">During the first nine months of 2018, capital expenditures totaled
$119.0 million versus $108.6 million in the comparable period.</P>

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


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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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 this date and will expire at the close of business
on May 22, 2019. As of September 30, 2018, the Company had purchased 3,900,103 shares at a total cost of $28.3 million.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investor Relations Contact</B></FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Media Contact</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Patricio I&ntilde;aki Esnaola</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">InspIR Group</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Director of Investor Relations</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Barbara Cano</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Arcos Dorados</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">barbara@inspirgroup.com</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">patricio.esnaola@ar.mcd.com</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+1 646 452 2334</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+54 11 4711 2561</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">www.arcosdorados.com/ir</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Adjusted EBITDA is defined as our operating
income plus depreciation and amortization plus/minus the following losses/gains included within other operating income (expenses),
net, and within general and administrative expenses in our statement of income: gains from sale or insurance recovery of property
and equipment; write-offs 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>About Arcos Dorados</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Arcos Dorados is the world&rsquo;s largest
independent McDonald&rsquo;s franchisee in terms of systemwide sales and number of restaurants, operating the largest quick service
restaurant chain in Latin America and the Caribbean. It has the exclusive right to own, operate and grant franchises of McDonald&rsquo;s
restaurants in 20 Latin American and Caribbean countries and territories, including Argentina, Aruba, Brazil, Chile, Colombia,
Costa Rica, Cura&ccedil;ao, Ecuador, French Guyana, Guadeloupe, Martinique, Mexico, Panama, Peru, Puerto Rico, St. Croix, St. Thomas,
Trinidad &amp; Tobago, Uruguay and Venezuela. The Company operates or franchises over 2,190 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:
www.arcosdorados.com/ir</P>

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

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

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

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


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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 10. Third Quarter &amp; First Nine Months of 2018 Consolidated Results</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(In thousands of U.S. dollars, except per share data)</I></FONT></TD>
    </TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #C5D9F1">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #1F497D 1.5pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>For Three-Months ended</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #1F497D 1.5pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>For Nine-Months ended</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #C5D9F1">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>September 30,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>September 30,</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2017</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">REVENUES</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales by Company-operated restaurants</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">691,270 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">803,351 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,216,785 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,310,980 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33,102 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39,115 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">111,444 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">111,664 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>724,372 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>842,466 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,328,229 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,422,644 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OPERATING COSTS AND EXPENSES</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Company-operated restaurant expenses:</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Food and paper</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(245,141)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(283,892)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(779,977)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(820,097)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payroll and employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(141,439)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(174,023)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(470,703)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(508,914)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Occupancy and other operating expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(190,964)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(213,467)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(607,509)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(623,215)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Royalty fees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(37,851)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(40,092)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(118,625)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(117,450)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Franchised restaurants - occupancy expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15,382)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(17,000)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(50,324)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(49,651)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">General and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(50,155)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(60,203)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(167,073)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(175,950)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other operating (expenses) income, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,959 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,021)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(49,415)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45,314 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total operating costs and expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(670,973)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(794,698)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,243,626)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,249,963)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>53,399 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>47,768 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>84,603 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>172,681 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net interest expense</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(12,229)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15,045)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(39,326)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(54,503)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Loss from derivative instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">140 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">195 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(191)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,036)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign currency exchange results</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,523 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,635 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,651 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18,476)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other non-operating expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">517 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(607)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income (expense) before income taxes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>51,886 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>39,070 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>60,728 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>92,059 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income tax (expense) benefit</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(25,805)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15,537)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(32,978)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(31,888)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>26,081 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>23,533 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>27,750 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>60,171 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Less): Net income attributable to non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(55)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(128)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(140)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(277)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income (loss) attributable to Arcos Dorados Holdings Inc.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>26,026 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>23,405 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>27,610 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>59,894 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Earnings per share information ($ per share):</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Basic net income per common share</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Weighted-average number of common shares outstanding-Basic</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">208,628,186 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">211,072,340 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">210,084,482 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">210,889,576 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA Reconciliation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53,399 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">47,768 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">84,603 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">172,681 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,195 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,298 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">77,285 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">73,190 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating charges excluded from EBITDA computation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,293 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,170 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,009 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(52,354)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>87,887 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>74,236 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>171,897 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>193,517 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA Margin as % of total revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.0%</B></FONT></TD></TR>
</TABLE>


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

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


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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 11. Third Quarter &amp; First Nine Months of 2018 Consolidated Results - Excluding Venezuela</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(In thousands of U.S. dollars, except per share data)</I></FONT></TD>
    </TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #C5D9F1">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #1F497D 1.5pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>For Three-Months ended</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #1F497D 1.5pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>For Nine-Months ended</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #C5D9F1">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>September 30,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>September 30,</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2017</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">REVENUES</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales by Company-operated restaurants</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">687,679 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">789,836 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,153,929 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,261,106 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32,628 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">37,604 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">103,667 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">106,072 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>720,307 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>827,440 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,257,596 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,367,178 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OPERATING COSTS AND EXPENSES</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Company-operated restaurant expenses:</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Food and paper</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(244,453)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(276,184)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(754,869)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(794,145)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payroll and employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(141,262)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(173,008)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(466,599)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(503,246)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Occupancy and other operating expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(189,279)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(208,885)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(591,609)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(607,995)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-indent: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Royalty fees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(37,897)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(39,884)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(120,087)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(115,888)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Franchised restaurants - occupancy expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15,194)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16,444)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(48,123)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(47,728)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">General and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(49,115)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(58,592)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(162,607)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(170,378)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other operating (expenses) income, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,567 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,203)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,787 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49,677 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total operating costs and expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(654,633)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(778,200)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,124,107)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,189,703)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>65,674 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>49,240 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>133,489 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>177,475 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net interest expense</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(12,240)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15,052)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(39,306)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(54,537)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Loss from derivative instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">140 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">195 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(191)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,036)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign currency exchange results</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,521 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,033 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,451 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15,009)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other non-operating expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">537 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(587)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income (expense) before income taxes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>64,148 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>40,953 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>103,432 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>100,306 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income tax (expense) benefit</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(21,437)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15,491)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(36,367)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(32,625)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>42,711 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>25,462 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>67,065 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>67,681 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Less): Net income attributable to non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(55)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(128)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(140)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(277)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income attributable to Arcos Dorados Holdings Inc.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>42,656 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>25,334 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>66,925 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>67,404 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Earnings per share information ($ per share):</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Basic net income per common share</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Weighted-average number of common shares outstanding-Basic</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">208,628,186 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">211,072,340 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">210,084,482 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">210,889,576 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA Reconciliation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">65,674 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49,240 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">133,489 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">177,475 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,047 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,346 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">73,370 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67,988 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating charges excluded from EBITDA computation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,479)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,154 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,770)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(52,365)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>88,242 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>73,740 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>205,089 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>193,098 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA Margin as % of total revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.2%</B></FONT></TD></TR>
</TABLE>


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 100%; border-top: #1F497D 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 12. Third Quarter &amp; First Nine Months of 2018 Consolidated Results by Division</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(In thousands of U.S. dollars)</I></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1.5pt solid; background-color: #C5D9F1">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3Q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>YTD</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #C5D9F1">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Three-Months ended</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>% Incr.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Constant</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Nine-Months ended</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>% Incr.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Constant</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #C5D9F1">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>September 30,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>/</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>September 30,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>/</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2017</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Decr)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Incr/(Decr)%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2017</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #1F497D 1pt solid; border-right: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Decr)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Incr/(Decr)%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Revenues</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">310,129 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">378,404 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-18.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">991,785 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,093,338 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Caribbean</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">106,747 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">109,426 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-2.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5625.7%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">375,190 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">331,941 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2721.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Caribbean - Excl. Venezuela</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">102,682 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">94,400 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">304,557 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">276,475 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NOLAD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">106,122 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">102,301 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.7%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">302,282 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">282,770 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SLAD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">201,374 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">252,335 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-20.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">658,972 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">714,595 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-7.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>724,372 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>842,466 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-14.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>737.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,328,229 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,422,644 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-3.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>380.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL - Excl. Venezuela</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>720,307 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>827,440 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-12.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,257,596 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,367,178 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-4.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Operating Income (loss) </U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54,740 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35,073 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">56.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">97.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">111,726 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">99,032 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Caribbean</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8,804)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(448)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-1865.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">765096.0%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(43,693)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,754)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-819.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">114482.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Caribbean - Excl. Venezuela</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,471 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,024 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">239.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">233.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,193 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12882.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11757.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NOLAD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,762 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,396 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-14.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-17.3%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,715 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">62,606 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-87.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-87.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SLAD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,793 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,684 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-39.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">43,800 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53,625 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-18.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Corporate and Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10,092)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(13,937)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-19.4%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(34,945)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(37,828)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-28.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>53,399 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>47,768 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7242.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>84,603 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>172,681 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-51.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3135.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL - Excl. Venezuela</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>65,674 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>49,240 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>33.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>70.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>133,489 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>177,475 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-24.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-13.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Adjusted EBITDA</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67,508 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49,258 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">37.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">73.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">150,736 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">139,912 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Caribbean</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,599 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,615 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">61151.6%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15,508)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,372 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-216.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40738.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Caribbean - Excl. Venezuela</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,954 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,119 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,684 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,953 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NOLAD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,774 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,879 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-11.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-10.9%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,319 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,456 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SLAD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,328 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,290 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-34.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">57,112 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">64,790 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-11.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Corporate and Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(12,322)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16,806)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-7.5%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(43,762)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(48,013)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-16.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>87,887 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>74,236 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>18.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4672.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>171,897 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>193,517 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-11.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2834.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL - Excl. Venezuela</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>88,242 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>73,740 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>19.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>50.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>205,089 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>193,098 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>21.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 92%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 13. Average Exchange Rate per Quarter*</B></FONT></TD>
    </TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 77%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Mexico</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1F497D 1pt solid; background-color: #C5D9F1; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Argentina</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3Q18</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.95</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.94</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32.05</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3Q17</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17.81</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17.27</FONT></TD>
    </TR>
</TABLE>


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

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

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

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

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


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 100%; border-top: #1F497D 1.5pt solid; border-bottom: #1F497D 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 14. Summarized Consolidated Balance Sheets</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(In thousands of U.S. dollars)</I></FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>September
    30</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>December
    31</B></FONT></TD></TR>
<TR STYLE="background-color: #C5D9F1">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2017</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ASSETS</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Current assets</B>&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash
    and cash equivalents </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">207,553
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">308,491
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Short-term
    investment</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,588
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accounts
    and notes receivable, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">72,565
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">111,302
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    current assets (1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">164,861
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">213,656
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    current assets </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>444,979
    </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>653,037
    </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Property
    and equipment, net </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">806,061
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">890,736
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    intangible assets and goodwill </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38,208
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">47,729
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deferred
    income taxes </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">61,566
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">74,299
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    non-current assets (2)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">175,015
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">137,942
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    non-current assets </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,080,850
    </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,150,706
    </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    assets &nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,525,829
    </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,803,743
    </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LIABILITIES AND EQUITY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accounts
    payable </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">189,370
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">303,452
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Taxes
    payable (3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">92,793
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">136,918
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accrued
    payroll and other liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">105,285
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">119,088
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    current liabilities (4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,115
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,715
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Provision
    for contingencies </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,028
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,529
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial
    debt (5)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,310
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,881
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    current liabilities </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>419,901
    </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>605,583
    </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accrued
    payroll and other liabilities&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33,890
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,366
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Provision
    for contingencies </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31,284
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,427
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial
    debt (6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">624,194
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">636,648
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deferred
    income taxes </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,315
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,577
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    non-current liabilities </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>698,683
    </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>702,018
    </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    liabilities </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,118,584
    </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,307,601
    </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Equity</B>&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class
    A shares of common stock</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">379,697
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">376,732
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class
    B shares of common stock</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">132,915
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">132,915
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Additional
    paid-in capital </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,190
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,216
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Retained
    earnings </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">403,837
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">401,134
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated
    other comprehensive losses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(495,554)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(429,347)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Common
    stock in treasury</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(28,255)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    Arcos Dorados Holdings Inc shareholders&rsquo; equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>406,830
    </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>495,650
    </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-controlling interest
    in subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">415
    </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">492
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    equity&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>407,245
    </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>496,142
    </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    liabilities and equity </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,525,829
    </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,803,743
    </B></FONT></TD></TR>
</TABLE>


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

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">(1) Includes &quot;Other receivables&quot;,
&quot;Inventories&quot;, &quot;Prepaid expenses and other current assets&quot;, and &quot;McDonald's Corporation's indemnification
for contingencies&quot;.</FONT></P>

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

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

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

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

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

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

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

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

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



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

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



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

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

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

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