<SEC-DOCUMENT>0000950103-19-012374.txt : 20190917
<SEC-HEADER>0000950103-19-012374.hdr.sgml : 20190917
<ACCEPTANCE-DATETIME>20190917081211
ACCESSION NUMBER:		0000950103-19-012374
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190917
DATE AS OF CHANGE:		20190917
GROUP MEMBERS:		CHABLAIS INVESTMENTS S.A.

SUBJECT COMPANY:	

	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:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86210
		FILM NUMBER:		191096000

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Staton Woods
		CENTRAL INDEX KEY:			0001669285

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	MAIL ADDRESS:	
		STREET 1:		MANTUA NO. 6575 (ESQUINA POTOSI)
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			11500
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>dp112840_sc13da-2.htm
<DESCRIPTION>FORM SC 13D/A
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT><B><BR>
<FONT STYLE="font-size: 10pt">Washington, D.C. 20549</FONT></B></P>

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

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    <TD STYLE="width: 100%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 14pt"><B>SCHEDULE 13D/A<BR>
</B></FONT><B><FONT STYLE="font-size: 10pt">Under the Securities Exchange Act of 1934</FONT></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No. </B><U>2</U><B>&nbsp;)*</B>&nbsp;</P>

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

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><B>Arcos Dorados Holdings Inc.</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Issuer)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Class A Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(Title of Class of Securities)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>G0457F107</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(CUSIP Number)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ms. Annette Franqui</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Forrestal Capital Limited Company</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1450 Brickell Avenue</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Suite 2530</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Miami, FL 33131</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(305)-961-2853</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name, Address and Telephone Number of Person Authorized to<BR>
Receive Notices and Communications)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">September 4, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(Date of Event which Requires Filing of this Statement)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 24pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 24pt; text-align: justify"><FONT STYLE="font-size: 10pt">If the
filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule
13D, and is filing this schedule because of &sect;&sect;240.13d-1(e), 240.13d-l(f) or 240.13d-l(g), check the following box. </FONT>&#9744;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 24pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt; text-align: justify">*The remainder of this cover page shall
be filled out for a reporting person&rsquo;s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt; text-align: justify">The information required on the remainder
of this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of
1934 (&ldquo;Act&rdquo;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, see the Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt; text-align: justify">&nbsp;</P>


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    <TD STYLE="width: 14%; border: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CUSIP No. </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 86%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>G0457F107</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 91%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Names of Reporting Persons.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Woods Staton<BR>
        </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the Appropriate Box if a Member of a Group (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(a) </FONT>&#9744;&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(b) </FONT>&#9744;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC Use Only</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source of Funds (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PF</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check if Disclosure of Legal Proceedings Is Required Pursuant
        to Items 2(d) or 2(e)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt; text-align: right">&#9744;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizenship or Place of Organization</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Colombia</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 13%; border: Black 1pt solid; padding: 2pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 83%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">30,834 Class A Shares*</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,574,747 Class A Shares&dagger;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">30,834 Class A Shares*</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,574,747 Class A Shares&dagger;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">11.</FONT></TD>
    <TD STYLE="width: 91%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate Amount Beneficially Owned by Each Reporting Person</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,605,581 Class A Shares*&dagger;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">12.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check if the Aggregate Amount in Row (11) Excludes Certain Shares
        (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt; text-align: right">&#9744;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">13.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Percent of Class Represented by Amount in Row (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.52% Class A Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">14.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Type of Reporting Person (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN, HC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Includes 30,784 shares of common stock issuable upon exercise
of stock options that are exercisable within 60 days of this filing. Excludes 114,793 restricted share units granted to Mr. Staton
that are unvested and will not vest within 60 days of this filing. Through Los Laureles Ltd., Mr. Staton beneficially owns 100%
of the Issuer&rsquo;s Class B Shares. The Class A Shares are entitled to one vote per share and the Class B Shares are entitled
to five votes per share. By virtue of its ownership of 100% of the Issuer&rsquo;s Class B Shares, Los Laureles Ltd. currently owns
approximately 39.20% of the economic interests of the Issuer and approximately 76.33% of its voting interests. By virtue of his
beneficial ownership of Los Laureles Ltd., and his additional direct and indirect ownership of 4.52% of the Class A Shares, Mr.
Staton owns 41.94% of the economic interests of the Issuer and 77.39% of its voting interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&dagger; As further described in Item 6, all of these Class
A Shares have been pledged in connection with a financing transaction.</P>

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


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    <TD STYLE="width: 14%; border: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CUSIP No. </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 86%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>G0457F107</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 91%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Names of Reporting Persons.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chablais Investments S.A.<BR>
        </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the Appropriate Box if a Member of a Group (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(a) </FONT>&#9744;&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(b) </FONT>&#9744;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC Use Only</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source of Funds (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check if Disclosure of Legal Proceedings Is Required Pursuant
        to Items 2(d) or 2(e)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt; text-align: right">&#9744;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizenship or Place of Organization</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">British Virgin Islands</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="4" STYLE="width: 13%; border: Black 1pt solid; padding: 2pt; text-align: left; vertical-align: middle">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
        WITH</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 4%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD STYLE="width: 83%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0 Class A Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,574,747 Class A Shares&dagger;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0 Class A Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,574,747 Class A Shares&dagger;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">11.</FONT></TD>
    <TD STYLE="width: 91%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate Amount Beneficially Owned by Each Reporting Person</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,574,747 Class A Shares&dagger;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">12.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check if the Aggregate Amount in Row (11) Excludes Certain Shares
        (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt; text-align: right">&#9744;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">13.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Percent of Class Represented by Amount in Row (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.49% of Class A Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">14.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Type of Reporting Person (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

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

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&dagger; As further described in Item 6, all
of these Class A Shares have been pledged in connection with a financing transaction.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>Preliminary Note</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Amendment No. 2 (the &ldquo;<B>Amendment</B>&rdquo;)
constitutes the second amendment to the Schedule 13D originally filed by Mr. Staton and Chablais Investments S.A. (&ldquo;<B>Chablais</B>&rdquo;
and, together with Mr. Staton, the &ldquo;<B>Reporting Persons</B>&rdquo;) on March 11, 2016 (as amended through the date here,
the &ldquo;<B>Schedule 13D</B>&rdquo;) with respect to the class A shares, no par value per share (the &ldquo;<B>Class A Shares</B>&rdquo;)
of Arcos Dorados Holdings Inc. (the &ldquo;<B>Issuer</B>&rdquo;). Except as specifically amended by this Amendment, the Schedule
13D remains in full force and effect. Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed to
them in the Schedule 13D.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Item 3. Source and Amount of Funds or
Other Consideration</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Item 3 of the Schedule 13D is hereby amended
by inserting the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Between September 4, 2019 and September
5, 2019, Chablais disposed of 2,123,816 Class A Shares in a series of open market transactions for an aggregate principal amount
of $13,350,908. See Item 5(c) for further information on such dispositions.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Item 5. Interest in Securities of the
Issuer<FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Item 5 of the Schedule 13D is hereby amended
and restated as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a) Mr. Staton has acquired, or has been
granted, and, for the purpose of Rule&nbsp;13d-3 of the Exchange Act, beneficially owns, as of September 17, 2019,&nbsp;5,605,581Class
A Shares, representing approximately 4.52% of the outstanding Class A Shares of the Issuer. Of these shares, 30,784 represent shares
that Mr. Staton has a right to acquire through his exercise of stock options that are exercisable within 60 days of this filing.
These amounts exclude 114,793 unvested restricted share units held by Mr. Staton, which provide him the right to receive one Class
A Share per unit upon vesting. These amounts also include the Class A Shares that Mr. Staton beneficially owns through Chablais.
Through Los Laureles Ltd., Mr. Staton beneficially owns 100% of the Issuer&rsquo;s Class B Shares. The Class A Shares are entitled
to one vote per share and the Class B Shares are entitled to five votes per share. By virtue of its ownership of 100% of the Issuer&rsquo;s
Class B Shares, Los Laureles Ltd. currently owns approximately 39.20% of the economic interests of the Issuer and approximately
76.33% of its voting interests. By virtue of his beneficial ownership of Los Laureles Ltd., and his additional direct and indirect
ownership of 4.52% of the Class A Shares, Mr. Staton owns 41.94% of the economic interests of the Issuer and 77.39% of its voting
interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Chablais has acquired and, for the purpose
of Rule 13d-3 of the Exchange Act, beneficially owns, as of September 17, 2019, 5,574,747 Class A Shares, representing approximately
4.49% of the outstanding Class A Shares of the Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">None of the persons listed on Schedule
A attached hereto beneficially owns, as of September 17, 2019, any Class A Shares of the Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The percentages reported herein for Mr.
Staton&rsquo;s holdings are based on the 124,069,355 Class A Shares outstanding as of June 30, 2019 plus the 30,784 Class A Shares
Mr. Staton has a right to acquire through his exercise of stock options he holds for a total of 124,100,139 Class A Shares. All
other percentages are based only on the 124,069,355 Class A Shares outstanding as of June 30, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except as set forth in this Item 5(a),
none of the Reporting Persons, and, to the best of their knowledge, any persons named in Schedule A hereto beneficially owns any
Class A Shares.</P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; padding-right: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid">Reporting
        Person</P>
        </TD>
    <TD STYLE="width: 20%; padding-right: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid">Number of
        Shares with Sole Voting and Dispositive Power</P>
        </TD>
    <TD STYLE="width: 20%; padding-right: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid">Number of
        Shares with Shared Voting and Dispositive Power</P>
        </TD>
    <TD STYLE="width: 20%; padding-right: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid">Aggregate
        Number of Shares Beneficially Owned</P>
        </TD>
    <TD STYLE="width: 20%; padding-right: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid">Percentage
        of Class Beneficially Owned*</P>
        </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-size: 10pt; padding-right: 6pt">Mr. Staton</TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 30pt">30,834</TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 30pt">5,574,747</TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 30pt">5,605,581</TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 30pt">4.52%*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-size: 10pt; padding-right: 6pt">Chablais</TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 30pt">0</TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 30pt">5,574,747</TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 30pt">5,574,747</TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 30pt">4.49%**</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">* Based on 124,069,355 Class A Shares outstanding
as of June 30, 2019 plus the 30,784 Class A Shares Mr. Staton has a right to acquire through his exercise of stock options. Each
restricted share unit represents the right to receive one Class A Share when vested.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">** Based on 124,069,355 Class A Shares outstanding
as of June 30, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;During
the 60 days prior to this filing, Chablais disposed of Class A Shares in a series of open market transactions as set forth in the
summary table below.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-right: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding-right: 6pt">Range of Price per Class A Share ($)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 17%; padding-right: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Date of
        Transaction</P>
        </TD>
    <TD STYLE="width: 17%; padding-right: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Number
        of Class A Shares Sold</P>
        </TD>
    <TD STYLE="width: 25%; padding-right: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Weighted
        Average Price per Class A Share ($)</P>
        </TD>
    <TD STYLE="width: 21%; padding-right: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Low</P>
        </TD>
    <TD STYLE="width: 20%; padding-right: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">High</P>
        </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-right: 6pt">09/04/2019</TD>
    <TD STYLE="font-size: 10pt; padding-right: 6pt">201,974</TD>
    <TD STYLE="font-size: 10pt; padding-right: 6pt">6.45</TD>
    <TD STYLE="font-size: 10pt; padding-right: 6pt">6.40</TD>
    <TD STYLE="font-size: 10pt; padding-right: 6pt">6.54</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-right: 6pt">09/05/2019</TD>
    <TD STYLE="font-size: 10pt; padding-right: 6pt">1,921,842</TD>
    <TD STYLE="font-size: 10pt; padding-right: 6pt">6.73</TD>
    <TD STYLE="font-size: 10pt; padding-right: 6pt">6.30</TD>
    <TD STYLE="font-size: 10pt; padding-right: 6pt">6.74</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other than as described in this Item 5(c),
none of the Reporting Persons, and, to the best of the Reporting Persons&rsquo; knowledge, none of the persons listed on Schedule
A attached hereto, has effected any transactions involving the Class A Shares in the 60 days prior to the date hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(e)&nbsp;&nbsp;As
a result of the transactions described in Item 5(c), Mr. Staton and Chablais ceased to be beneficial owners of more than five percent
of the Class A Shares as of September 5, 2019.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Item 6. Contracts, Arrangements, Understandings
or Relationships with Respect to Securities of the Issuer</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Item 6 of the Schedule 13D is hereby amended
by inserting the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The cash settled put expired on June 21,
2019.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After reasonable inquiry and to the best
of my knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete
and correct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dated: September 17, 2019</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><B>WOODS STATON</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt">/s/ Woods Staton</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 4%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt">Name:</TD>
    <TD STYLE="width: 41%; font-size: 10pt">Woods Staton</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><B>CHABLAIS INVESTMENTS S.A.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt">/s/ Baraterre Limited</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 4%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt">Name:</TD>
    <TD STYLE="width: 41%; font-size: 10pt">Baraterre Limited</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="font-size: 10pt">Authorized Signor for Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt">/s/ Tarpumbay Limited</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="font-size: 10pt">Tarpumbay Limited</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="font-size: 10pt">Authorized Signor for Director</TD></TR>
</TABLE>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTROLLING PERSONS, DIRECTORS AND
EXECUTIVE OFFICERS OF CHABLAIS</P>

<P STYLE="font: bold 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: 0in">The name, business address, title, present
principal occupation or employment of each of the directors and executive officers of Chablais that are natural persons are set
forth below. If no business address is given, the director&rsquo;s or officer&rsquo;s business address is Chablais&rsquo; address.
Unless otherwise indicated, each occupation set forth opposite an individual&rsquo;s name refers to Chablais.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">For each of the directors and executive officers
of Chablais that are entities, the name, place of organization, principal business and the address of the principal office of such
director or executive officer are set forth below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Mr. Staton controls all actions taken by Chablais
and disclaims beneficial ownership of any Class A Shares of the Issuer held by Baraterre Limited and Tarpumbay Limited.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 52%; padding-right: 6pt">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid">Name
        and Business Address</P>
        </TD>
    <TD STYLE="vertical-align: top; width: 24%; padding-right: 6pt">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid">Place
        of Organization</P>
        </TD>
    <TD STYLE="vertical-align: bottom; width: 24%; padding-right: 6pt">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid">Principal
        Business</P>
        </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-right: 6pt"><I>Directors</I></TD>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">Baraterre Limited, c/o J.P. Morgan Trust Company (Bahamas) Limited, Bahamas Financial Centre, 2<SUP>nd</SUP> Floor, Shirley &amp; Charlotte Streets, Nassau, The Bahamas</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt">The Bahamas</TD>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt">Serve as nominee shareholder or director of private investment companies on behalf of J.P. Morgan Trust Company (Bahamas) Limited</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">Tarpumbay Limited, c/o J.P. Morgan Trust Company (Bahamas) Limited, Bahamas Financial Centre, 2<SUP>nd</SUP> Floor, Shirley &amp; Charlotte Streets, Nassau, The Bahamas</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt">The Bahamas</TD>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt">Serve as nominee shareholder or director of private investment companies on behalf of J.P. Morgan Trust Company (Bahamas) Limited</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%; padding-right: 6pt">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid">Name
        and Business Address</P>
        </TD>
    <TD STYLE="width: 24%; padding-right: 6pt">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid">Citizenship</P>
        </TD>
    <TD STYLE="width: 24%; padding-right: 6pt">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid">Present
        Principal Occupation Including Name and<BR>
        Address of Employer</P>
        </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-right: 6pt"><I>Controlling Persons</I></TD>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-right: 6pt">Woods Staton, Mantua No. 6575 (esquina Potos&iacute;), Montevideo, Uruguay 11500</TD>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt">Colombia</TD>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt">Executive Chairman, Arcos Dorados Holdings Inc., Dr. Luis Bonavita 1294, Office 501, Montevideo, Uruguay 11300</TD></TR>
</TABLE>

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