<SEC-DOCUMENT>0000950103-20-009452.txt : 20200513
<SEC-HEADER>0000950103-20-009452.hdr.sgml : 20200513
<ACCEPTANCE-DATETIME>20200513074531
ACCESSION NUMBER:		0000950103-20-009452
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20200513
FILED AS OF DATE:		20200513
DATE AS OF CHANGE:		20200513

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:		20871056

	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>dp128063_6k-2.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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

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

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

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of May, 2020</P>


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

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

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

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

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

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

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

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

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

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

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

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    <TD STYLE="width: 29%; font-size: 10pt; text-align: center">Form 20-F</TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#9746;</P></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center">Form 40-F</TD>
    <TD STYLE="text-align: center; width: 14%">
&#9744;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">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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&#9744;</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center">No</TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#9746;</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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    <TD STYLE="text-align: center; width: 14%">
&#9744;</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center">No</TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#9746;</P></TD></TR>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; width: 9%; font-size: 10pt; text-align: center"><B>ITEM</B></TD>
    <TD STYLE="padding: 2pt; width: 91%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: center">1.</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt">Press Release dated May 13, 2020 titled &ldquo;Arcos Dorados Reports First Quarter
    2020 Financial Results&rdquo;</TD></TR>
</TABLE>

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

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

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

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

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<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>Arcos Dorados Holdings Inc.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Juan David Bastidas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:</TD>
    <TD STYLE="width: 41%">Juan David Bastidas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Legal Counsel</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Date: May 13, 2020</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: left">&nbsp;</P>

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

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="background-color: rgb(250,188,17); width: 100%">&nbsp;&nbsp;</TD></TR>
</TABLE>

<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: right"><IMG SRC="header.jpg" ALT="">&nbsp;</P>

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

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

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

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

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>ARCOS DORADOS REPORTS FIRST QUARTER 2020
FINANCIAL RESULTS</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Revenue and Adjusted EBITDA began the quarter with strong performances
but were materially impacted by the outbreak of COVID-19 in Latin America and the Caribbean</I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Drive-thru and Delivery became the leading revenue-generating
segments by quarter-end due to partial or total closure of a significant number of restaurants</I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Several measures were implemented to preserve the Company&rsquo;s
liquidity position, such as reducing expenses, deferring payments and limiting capital expenditures</I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>The Company withdrew its 2020 to 2022 Outlook for restaurant
openings and capital expenditures; the Outlook will be revised once the COVID-19 outbreak is controlled</I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>The Company supported the health and safety of employees and
guests, in accordance with all government guidelines and mandates</I></B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Montevideo, Uruguay, May 13, 2020 &ndash; Arcos Dorados Holdings,
Inc. (NYSE: ARCO) (&ldquo;Arcos Dorados&rdquo; or the &ldquo;Company&rdquo;), Latin America&rsquo;s largest restaurant chain and
the world&rsquo;s largest independent McDonald&rsquo;s franchisee, today reported unaudited results for the first quarter ended
March 31, 2020.</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>First Quarter 2020 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>Consolidated revenues were 15.4% lower in US dollars versus the first quarter of 2019, due to the operational impact of the
COVID-19 pandemic and the depreciation of several local currencies. On a constant currency basis<SUP>1</SUP>, consolidated revenues
declined 1.0%.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Systemwide comparable sales<SUP>1</SUP> declined 4.5% versus the prior-year quarter, with a 10.9% increase for the two months
ended February 29 and a 33.5% decrease in March.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Consolidated Adjusted EBITDA<SUP>1</SUP> in US dollars decreased 51.4% year-over-year, and 52.7% on a constant currency basis.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Basic net loss was $(0.25) per share, compared to basic net income of $0.07 per share in the prior year quarter.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Net Debt to Adjusted EBITDA ratio was 1.9x at the end of the first quarter, versus 1.6x at the end of 2019.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Approximately 74% of the Company&rsquo;s systemwide restaurants were open as of the date of this release, with most locations
focused on Drive-thru, Delivery and/or Take-away.</TD></TR></TABLE>

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

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

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        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>1</SUP> For definitions please refer to page 13
of this document.&nbsp;</P></TD>
    <TD STYLE="text-align: right; width: 50%; font-size: 10pt"><IMG SRC="footer.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;As we face the most challenging global crisis of our lifetimes,
our primary focus and attention remains directed toward the wellbeing and safety of our restaurant crew, staff, sub-franchisees,
suppliers and guests. It is during times like these that we look to our core Values to guide our decisions. I am enormously proud
of how the entire Arcos Dorados family has put these Values on display with the support we are providing to the communities we
serve throughout Latin America and the Caribbean,&rdquo; said Marcelo Rabach, Chief Executive Officer of Arcos Dorados.</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">&ldquo;We began 2020 on the same positive trajectory that we
ended 2019, with strong sales and profitability trends through February. The outbreak of the COVID-19 virus caused governments
throughout the region to implement quarantine measures as well as the closure of a large number of our restaurants, and nearly
all our dining rooms, in response. The resulting decline in guest traffic and limited operating segments significantly impacted
our business in March and, therefore, first quarter results were not what we expected.</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 leveraging the region&rsquo;s largest free-standing restaurant
portfolio to continue serving our guests primarily through Drive-thru, Delivery and/or Take-away. Our Digital capabilities, supported
by over 39 million downloads of our Mobile App, offer our guests more ways to order and enjoy their McDonald&rsquo;s menu favorites.
And customers are recognizing our industry-benchmark cleanliness and hygiene procedures, which we further enhanced to help contain
the spread of the virus, in line with recommendations from local health authorities and learnings from around the global McDonald&rsquo;s
system.</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 have taken proactive steps to maximize sales, reduce costs
and expenses, limit investments and prioritize our financial liquidity. Additionally, McDonald&rsquo;s has provided support through
the temporary deferral of franchise fee payments and allowing for a reduction in our advertising and promotion spending requirement.
Although we do not have enough visibility to reasonably estimate the negative financial impact of the pandemic on our long-term
future results, we do expect our second quarter 2020 results to be materially worse than our first quarter results. Nonetheless,
we are confident in our ability to access sufficient sources of funding to meet our cash needs and we are prepared to continue
making difficult business decisions to meet the challenges ahead.</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 managing through an unprecedented crisis after which we
expect to face a new reality. Our focus is on navigating our company through this turbulent and unpredictable environment so that
we emerge from this pandemic in an even stronger competitive position. The strength of our Brand and business model, along with
our demonstrated ability to satisfy changing customer needs and preferences, position us to continue pursuing our long-term objective
of generating shareholder value once this crisis has passed.&rdquo;</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>First Quarter 2020 Results</U></B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #FFBC0D 1.5pt solid; padding-top: 3pt; padding-right: 2pt; border-bottom: #FFBC0D 1.5pt solid; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 1. AD Holdings Inc Consolidated: Key Financial Results<BR>
</B><I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q19<BR>
(a)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation - Excl. Venezuela<BR>
(b) </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant<BR>
Currency<BR>
Growth - Excl. Venezuela<BR>
(c) &nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Venezuela<BR>
(d)</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q20<BR>
(a+b+c+d)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% As Reported</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,225</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,298</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales by Company-operated Restaurants</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">695.4</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(99.8)</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6.8)</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.3)</FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">587.5</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-15.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.6</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4.9)</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.6)</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.1)</FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30.0</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-15.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>731.0</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(104.7)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(7.4)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1.4)</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>617.5</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-15.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60.6</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.7</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(32.5)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.3)</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>28.5</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-52.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>8.3%</I></FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>4.6%</I></FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income (loss) attributable to AD</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12.2</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9.0</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(73.8)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.3</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(52.3)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-530.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No. of shares outstanding (thousands)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204,035</FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204,070</FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EPS (US$/Share)</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.06</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.26)</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>(1Q20 = 1Q19 + Currency Translation Excl.
Venezuela + Constant Currency Growth Excl. Venezuela + Venezuela). Refer to &ldquo;Definitions&rdquo; section for further detail.</I></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 impacted
by Venezuela&rsquo;s macroeconomic volatility, including the ongoing hyperinflationary environment. As such, reported results may
contain significant non-cash accounting charges to operations in this market. 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"><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>: The positive variation in
other operating income / (expense) is mainly explained by a lower inventory write-down in Venezuela compared to last 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"><U>Excluded from Adjusted EBITDA</U>: There were no significant
variations.</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">First quarter net loss attributable to the Company totaled $52.3
million, compared to net income of $12.2 million in the same period of 2019. Arcos Dorados&rsquo; reported loss per share of $(0.26)
in the first quarter of 2020 compared to earnings of $0.06 in the corresponding 2019 period. Total weighted average shares for
the first quarter of 2020 amounted to 204,070,029 compared to 204,035,213 in the prior year&rsquo;s 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; text-align: justify"><B>Consolidated &ndash; excluding Venezuela</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #FFBC0D 1.5pt solid; padding-top: 3pt; padding-right: 2pt; border-bottom: #FFBC0D 1.5pt solid; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 2. AD Holdings Inc Consolidated - Excluding Venezuela: Key Financial Results<BR>
</B><I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q19<BR>
(a)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation<BR>
(b) </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant<BR>
Currency<BR>
Growth<BR>
(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q20<BR>
(a+b+c)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% US Dollars</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,105</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,178</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales by Company-operated Restaurants</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">692.7</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(99.8)</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6.8)</FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">586.1</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-15.4%</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-1.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.3</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4.9)</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.6)</FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29.8</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-15.5%</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-1.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>727.9</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(104.7)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(7.4)</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>615.9</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-15.4%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-1.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-4.5%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>61.8</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.7</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(32.5)</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>30.0</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-51.4%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-52.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>8.5%</I></FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>4.9%</I></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income (loss) attributable to AD</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14.5</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9.0</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(73.8)</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(50.3)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-446.2%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-507.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No. of shares outstanding (thousands)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204,035</FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204,070</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EPS (US$/Share)</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.07</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.25)</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Excluding Arcos Dorados&rsquo; Venezuelan operation, total revenues
in US dollars decreased 15.4% year-over-year, due to the impact of the COVID-19 pandemic and the significant average depreciation
of many local currencies, including the Argentine peso and the Brazilian real. Total revenue declined by 1.0% in constant currency
terms.</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 second half of March 2020, in response to the spread
of the COVID-19 virus, governments throughout Latin America and the Caribbean implemented various quarantine measures and the Company
closed a significant number of its restaurants and substantially all of its dining rooms. Despite generating systemwide comparable
sales growth of 10.9% through the first two months of the quarter, the impact of the quarantine measures and restaurant closures
caused a 33.5% contraction in March. As a result, systemwide comparable sales for the first quarter were down 4.5% versus the prior
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">At the end of the first quarter, with four of its five SLAD markets
and several more of its Caribbean division markets completely closed, the Company was operating about 55% of its restaurants. As
of the date of this press release, with the gradual reopening of nearly all markets in its footprint, the Company was operating
about 74% of its restaurants. Starting shortly after the inception of the crisis, the majority of the Company&rsquo;s operational
restaurants adapted to focus on the Drive-thru, Delivery and/or Take-away segments.</P>

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


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Breakdown of main variations contributing to 1Q20 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: 0pt 0; text-align: center"><IMG SRC="page5.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">First quarter consolidated Adjusted EBITDA, excluding Venezuela,
decreased 51.4% in US dollars. The slightly positive currency translation figure in the quarter reflects the impact of the depreciation
of various currencies in the region on those countries&rsquo; negative Adjusted EBITDA results in March 2020. Sales declines in
all the Company&rsquo;s markets, as a consequence of the COVID-19 pandemic, drove a consolidated Adjusted EBITDA margin contraction
of 360 basis points to 4.9%. Margins contracted in Brazil, NOLAD and SLAD, but expanded in the Caribbean division, where the Company
recorded a non-cash bad debt reserve reversal in Puerto Rico.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Consolidated G&amp;A expenses decreased 6.7% year-over-year in
US dollars but were up 70 basis points as a percentage of revenues due to the impact of COVID-19 on sales. On a constant currency
basis, G&amp;A increased 11.7%, below the Company&rsquo;s blended inflation rate for G&amp;A.</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">Arcos Dorados&rsquo; non-operating results for the first quarter,
excluding Venezuela, contain a $28.2 million non-cash foreign currency exchange loss, compared to a non-cash gain of $1.4 million
in the same period of 2019. The variation mainly reflects the impact of the depreciation of the Brazilian real on intercompany
balances and the impact of the depreciation of the Argentine peso relative to the Brazilian real, due to Argentina&rsquo;s highly
inflationary status. Net interest expense was $2.0 million higher 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">Excluding Venezuela, the Company recorded income tax expenses
of $1.9 million in the first quarter, compared to $8.1 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">First quarter net loss attributable to the Company, excluding
Venezuela, totaled $50.3 million, compared to net income of $14.5 million in the prior year period. Operating losses, a negative
variance in foreign currency exchange results and higher net interest expense, were partly offset by lower income tax expenses.
Net loss per share of $(0.25) in the first quarter 2020, excluding Venezuela, compared to earnings per share of $0.07 in the prior
year quarter.</P>

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


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #FFBC0D 1.5pt solid; padding-top: 3pt; padding-right: 2pt; border-bottom: #FFBC0D 1.5pt solid; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 3. Brazil Division: Key Financial Results<BR>
</B><I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q19<BR>
(a)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation<BR>
(b) </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant<BR>
Currency<BR>
Growth<BR>
(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q20<BR>
(a+b+c)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>968</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,025</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>340.8</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(47.5)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(9.0)</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>284.4</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-16.5%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-2.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-6.0%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>46.9</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2.9)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(14.8)</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>29.2</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-37.8%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-31.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>13.8%</I></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>10.3%</I></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported revenues decreased 16.5%, impacted by the 15% year-over-year
average depreciation of the Brazilian real against the US dollar and the impact of the COVID-19 pandemic. Systemwide comparable
sales decreased 6.0% in the quarter, in line with the country&rsquo;s food service sector, with a strong 7.9% increase for the
first two months of the quarter more than offset by a 32.5% decline in March.</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">Having the largest free-standing restaurant footprint in the
country, which is 2.5 times larger than that of its closest competitor, allowed the division to continue operating about 60% of
its restaurants at the end of the quarter. As of the date of this press release, the Brazil division was operating about 70% of
its restaurants, with the majority having adapted to focus on Drive-thru, Delivery and/or Take-away. Most of the operating restaurants
were free-standing or in-store formats. For the safety of its employees and guests, the Brazil division proactively closed all
restaurant dining rooms.</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 prior to COVID-19 included a strong push
of its value platforms leveraging the strength and scale of the Company&rsquo;s Mobile App, including the execution of personalized
digital experiences during the Carnaval season. The launch of Pok&eacute;mon Go, which enabled customers to interact between the
real and virtual world using the Mobile App inside its restaurants, also drove traffic 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">As reported Adjusted EBITDA decreased 37.8% year-over-year and
31.6% on a constant currency basis, on the strong sales decline and a 350 basis point Adjusted EBITDA margin contraction from the
deleveraging of all cost line items.</P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #FFBC0D 1.5pt solid; padding-top: 3pt; padding-right: 2pt; border-bottom: #FFBC0D 1.5pt solid; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 4. NOLAD Division: Key Financial Results<BR>
</B><I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q19<BR>
(a)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation<BR>
(b) </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant<BR>
Currency<BR>
Growth<BR>
(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q20<BR>
(a+b+c)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>526</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>531</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>99.4</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.7</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4.1)</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>96.1</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-3.3%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-4.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-6.3%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6.7</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.3</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2.9)</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.1</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-24.6%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-42.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>6.8%</I></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>5.3%</I></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported revenues decreased 3.3%, mainly due to the impact
of the COVID-19 pandemic on all three of the division&rsquo;s countries. Systemwide comparable sales decreased 6.3% in the quarter,
with a strong 5.5% increase for the first two months of the quarter more than offset by a 27.9% decline in March.</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">More than 80% of the division&rsquo;s restaurants were operational
at the end of the quarter, having adapted to focus on Drive-thru, Delivery and Take-away, despite the closure of all restaurants
in Panama, which resumed partial operations during the week of April 13, 2020. As of the date of this press release, NOLAD was
operating about 83% of its restaurants.</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">Prior to COVID-19, strong momentum from 2019 had continued into
January and February, with marketing initiatives in the division designed to stimulate top-line growth. Key initiatives were focused
on promoting core products such as Quarter Pounder in Mexico, Big Mac in Panama and McNuggets in Costa Rica as well as desserts
across the 3 countries.</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 for the division decreased 24.6%,
or 42.8% on a constant currency basis. The Adjusted EBITDA margin contracted 150 basis points to 5.3%, with deleverage in most
cost line items, partially offset by lower food and paper (&ldquo;F&amp;P&rdquo;) costs as a percentage of revenue.</P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #FFBC0D 1.5pt solid; padding-top: 3pt; padding-right: 2pt; border-bottom: #FFBC0D 1.5pt solid; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 5. SLAD Division: Key Financial Results<BR>
</B><I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q19<BR>
(a)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation<BR>
(b) </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant<BR>
Currency<BR>
Growth<BR>
(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q20<BR>
(a+b+c)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>394</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>406</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>193.2</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(55.1)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9.8</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>147.9</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-23.5%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>3.2%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16.2</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.4</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(17.2)</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.4</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-91.2%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-106.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>8.4%</I></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>1.0%</I></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported revenues decreased 23.5%, as constant currency growth
of 5.0% was more than offset by the impact of the COVID-19 pandemic and a negative currency effect resulting from the 37% year-over-year
average depreciation of the Argentine peso against the US dollar. Systemwide comparable sales increased 3.2% in the quarter, with
a 23.6% increase for the first two months of the quarter partly offset by a decline of 37.7% in March. In addition to the impact
of the COVID-19 outbreak, the division&rsquo;s systemwide comparable sales continued to be affected by the weak consumer environment
in Argentina.</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">At the end of the quarter, only 7% of the division&rsquo;s restaurants
were operating. Four of five countries had completely closed all restaurants to comply with government-imposed quarantine guidelines
and Uruguay was operating only about two-thirds of its restaurants, mostly free-standing and in-stores formats. Argentina, Chile
and Ecuador were able to slowly resume the operation of the Drive-thru, Delivery and/or Take-away segments in some regions. As
of the date of this press release, about 69% of the restaurants in SLAD were operating some or all of these three segments.</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, pre COVID-19, included a strong digital
push of the value platform with exclusive offers to remain relevant in Argentina, where the consumer environment continued soft.
Also in the quarter, the Company launched &ldquo;Pok&eacute;mon&rdquo; and the new Disney license &ldquo;Unidos&rdquo; in the Happy
Meal along with a number of promotions built on McDonald&rsquo;s core products. Argentina also launched the #GanasDeMc campaign
focusing on core and iconic products such as the Big Mac, Quarter Pounder and McFries.</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 91.2% on an as reported basis and 106.4%
in constant currency terms. The Adjusted EBITDA margin contracted 740 basis points to 1.0%, with deleverage in most cost line items,
partially offset by lower F&amp;P costs as a percentage of revenue.</P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #FFBC0D 1.5pt solid; padding-top: 3pt; padding-right: 2pt; border-bottom: #FFBC0D 1.5pt solid; font-size: 12pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 6. Caribbean Division: Key Financial Results<BR>
</B><I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 40%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; width: 10%; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q19<BR>
(a)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 10%; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation - Excl. Venezuela<BR>
(b) </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 10%; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant<BR>
Currency<BR>
Growth - Excl. Venezuela<BR>
(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 10%; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Venezuela<BR>
(d)</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; width: 10%; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q20<BR>
(a+b+c+d)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 10%; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% As Reported</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1.5pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>337</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-right: #FFBC0D 1.5pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>336</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>97.7</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2.9)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4.1)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1.5)</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>89.2</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-8.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3.9</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.2</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.4</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.4)</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.1</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>32.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1.5pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>3.9%</I></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>5.7%</I></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Caribbean division&rsquo;s results continue to be impacted
by Venezuela&rsquo;s macroeconomic volatility, including the ongoing hyperinflationary environment. As such, reported results may
contain significant non-cash accounting charges to operations in this market. Due to distortions created by results of the Venezuelan
operation, the discussion of the Caribbean division&rsquo;s operating performance focuses 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">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #FFBC0D 1.5pt solid; padding-top: 3pt; padding-right: 2pt; border-bottom: #FFBC0D 1.5pt solid; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 7. Caribbean Division - Excluding Venezuela: Key Financial Results<BR>
</B><I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q19<BR>
(a)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency Translation<BR>
(b) </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant<BR>
Currency<BR>
Growth<BR>
(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q20<BR>
(a+b+c)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% US Dollars</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>217</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>216</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>94.6</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2.9)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4.1)</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>87.6</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-7.4%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-4.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-10.2%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.0</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.2</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.4</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6.6</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>31.8%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>5.3%</I></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>7.5%</I></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Revenues in the Caribbean division, excluding Venezuela, decreased
7.4% in US dollars and 4.3% in constant currency terms. Revenues in US dollars were mainly impacted by the onset of the COVID-19
pandemic and the 11% year-over-year average depreciation of the Colombian peso against the US dollar. Systemwide comparable sales
decreased 10.2% in the quarter, with a 5.0% increase for the first two months of the quarter more than offset by a decline of 37.5%
in March.</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">Although all restaurants in the French West Indies were fully
closed, more than 60% of the division&rsquo;s restaurants were operational at the end of the quarter. As of the date of this press
release, about 82% of the division&rsquo;s restaurants were operating largely focused on the Drive-thru, Delivery and/or Take-away
segments.</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">Marketing activities, prior to COVID-19, included programs designed
to stimulate traffic growth, as well as campaigns to generate excitement around the Company&rsquo;s Core products through music
with &quot;McNuggetear&quot;. Also, during the quarter, the new Happy Family Box was launched successfully in the division&rsquo;s
main markets to reinforce the family-oriented nature of the McDonald&rsquo;s brand and drive topline 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">Adjusted EBITDA increased 31.8% in US dollars and 7.9% in constant
currency terms and included a $4.7 million non-cash bad debt reserve reversal in Puerto Rico. The Adjusted EBITDA margin expanded
to 7.5%. Excluding the bad debt reserve reversal, the margin contracted 320 basis points to 2.1%, due to the deleveraging of most
cost line items.</P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="border-top: #FFBC0D 1.5pt solid; padding-top: 3pt; padding-right: 2pt; border-bottom: #FFBC0D 1.5pt solid; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 8. Total Restaurants (eop)*</B>&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>March<BR>
2020</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December<BR>
2019</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>September<BR>
2019</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June<BR>
2019</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>March<BR>
2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,025</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,023</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">984</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">975</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">968</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">531</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">530</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">525</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">525</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">526</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">406</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">404</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">395</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">393</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">394</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">336</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">336</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">335</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">336</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">337</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,298</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,293</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,239</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,229</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,225</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">* Considers Company-operated and franchised restaurants at period-end</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="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #FFBC0D 1.5pt solid; padding-top: 3pt; padding-right: 2pt; border-bottom: #FFBC0D 1.5pt solid; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 9. Current Footprint</B>&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Store Type*</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ownership</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>McCafes</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Dessert Centers</B></FONT></TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 28%">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; width: 12%; border-bottom: #FFBC0D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FS &amp; IS</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; width: 12%; border-bottom: #FFBC0D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>MS &amp; FC</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; width: 12%; border-bottom: #FFBC0D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Company Operated</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; width: 12%; border-bottom: #FFBC0D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Franchised</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 12%; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; width: 12%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">555</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">470</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">612</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">413</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">81</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">324</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">207</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">369</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">162</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">633</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">241</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">165</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">354</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">127</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">399</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">260</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">76</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">271</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">347</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,380</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>918</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,606</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>692</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>258</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,393</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">* FS: Free-Standing; IS: In-Store; MS: Mall Store; FC: Food Court.</P>

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



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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company opened 92 new restaurants during the twelve-month
period ended March 31, 2020. At the end of the first quarter, the Company had 709 Experience of the Future Restaurants.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Cash and cash equivalents were $142.1 million as of March 31,
2020. The Company&rsquo;s total financial debt (including derivative instruments) was $648.0 million. Net debt (Total Financial
Debt <I>minus</I> Cash and cash equivalents) was $505.9 million, while the Net Debt/Adjusted EBITDA ratio was 1.9x at the end of
the reporting 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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 70%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 10. Consolidated Financial Ratios<BR>
</B><I>(In thousands of U.S. dollars, except ratios)</I>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="width: 66%">&nbsp;</TD>
    <TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>March 31</B></FONT></TD>
    <TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash &amp; cash equivalents (i)</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">142,067</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121,905</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Financial Debt (ii)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">647,966</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">595,781</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Financial Debt (iii)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,899</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">473,876</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Financial Debt / LTM Adjusted EBITDA ratio</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.5</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Financial Debt / LTM Adjusted EBITDA ratio</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.9</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) Cash &amp; cash equivalents includes Short-term investment</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)Total financial debt includes long-term debt and derivative instruments (including the asset portion of derivatives amounting to $113.5 million and $57.8 million as a reduction of financial debt as of March 31, 2020 and December 31, 2019, respectively).</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii) Total financial debt less cash and cash equivalents.&nbsp;</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Net cash used in operating activities totaled $56.1 million in
the first quarter, while cash used in net investing activities totaled $41.2 million, mostly capital expenditures, compared to
$36.0 million in the previous year&rsquo;s quarter. Net cash provided by financing activities was $127.0 million, which included
$128.3 million of net short-term borrowings.</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>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; text-align: justify"><I><U>Long-term Outlook, Restaurant Opening
Plan and Reinvestment Plan</U></I></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">On April 22, 2020, the Company withdrew
its 2020-2022 outlook for restaurant openings and total capital expenditures provided on March 18, 2020. Additionally, as a result
of the business disruptions caused by the COVID-19 outbreak, the Company has agreed with McDonald&rsquo;s to withdraw its previously-approved
2020-2022 restaurant opening plan and reinvestment plan and it does not expect to finalize a revised 2020-2022 plan at least until
the COVID-19 outbreak is under control.</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">For the full year 2020, the Company expects
to limit total capital expenditures to $80 million.</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>Growth Support</U></I></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">McDonald&rsquo;s Corporation had previously
agreed to provide growth support, which the Company planned to use to support its ambitious restaurant opening plan and reinvestment
plan for the 2020-2022 period. Until the Company is able to finalize a revised 2020-2022 restaurant opening plan and reinvestment
plan, it can make no assurances related to receiving growth support for 2020-2022.</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>Franchise Fees</U></I></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">In connection with the COVID-19 pandemic,
McDonald's has agreed to defer all royalty payments, whether they are related to Company-operated or sub-franchisee-operated restaurants,
for March, April, May and June 2020 sales, until 2021.</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>Advertising and Promotion Spending
Requirement</U></I></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">In connection with the COVID-19 outbreak,
McDonald&rsquo;s provided the Company with the flexibility to reduce its advertising and promotion spending requirement down to
4%, from 5%, of its gross sales for the full year 2020.</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">&nbsp;</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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Investor Relations Contact</B></P>

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

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

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

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

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

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

</TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>Media
Contact</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify"></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">VP
of Corporate Communications</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Arcos
Dorados</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: blue; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><U>david.grinberg@br.mcd.com</U></P>

</TD></TR>
</TABLE>

<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"></P>


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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; reorganization and optimization
plan expenses; 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; text-align: justify">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 11 of this earnings release include a reconciliation for Adjusted EBITDA. For more information,
please see Adjusted EBITDA reconciliation in Note 9 of our quarter-end financial statements (6-K Form) filed today with the S.E.C.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; 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, 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 with almost 2,300 restaurants, operated by the Company or by its sub-franchisees, that together employ
over 100 thousand people (as of 03/31/2020). The Company is also committed to the development of the communities in which it operates,
to providing young people their first formal job opportunities and to utilize its Scale for Good to achieve a positive environmental
impact. Arcos Dorados is listed for trading on the New York Stock Exchange (NYSE: ARCO). To learn more about the Company, please
visit the Investors section of our website: <FONT STYLE="color: blue"><U>www.arcosdorados.com/ir</U></FONT>.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This press release contains forward-looking
statements. The forward-looking statements contained herein include statements about the Company&rsquo;s business prospects, its
ability to attract customers, its affordable platform, its expectation for revenue generation and its outlook and guidance for
2020. These statements are subject to the general risks inherent in Arcos Dorados' business. These expectations may or may not
be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, Arcos
Dorados' business and operations involve numerous risks and uncertainties, many of which are beyond the control of Arcos Dorados,
which could result in Arcos Dorados' expectations not being realized or otherwise materially affect the financial condition, results
of operations and cash flows of Arcos Dorados. Additional information relating to the uncertainties affecting Arcos Dorados' business
is contained in its filings with the Securities and Exchange Commission. The forward-looking statements are made only as of the
date hereof, and Arcos Dorados does not undertake any obligation to (and expressly disclaims any obligation to) update any forward-looking
statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated
events.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>First Quarter 2020 Consolidated Results</B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="border-top: #FFBC0D 1.5pt solid; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 11. First Quarter 2020 Consolidated Results<BR>
</B><I>(In thousands of U.S. dollars, except per share data)</I></FONT></TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="border-top: #FFBC0D 1.5pt solid; padding-right: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For Three-Months ended</B></FONT></TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>March 31,</B></FONT></TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; vertical-align: bottom; width: 76%">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">REVENUES</FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales by Company-operated restaurants</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">587,537</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">695,384</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,967</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,615</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>617,504</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>730,999</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">OPERATING COSTS AND EXPENSES</FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Company-operated restaurant expenses:</FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; text-indent: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Food and paper</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(211,857)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(247,035)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; text-indent: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payroll and employee benefits</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(134,199)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(142,056)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; text-indent: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Occupancy and other operating expenses</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(188,104)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(199,904)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; text-indent: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royalty fees</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(34,124)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(39,329)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Franchised restaurants - occupancy expenses</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,780)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,874)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(48,798)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(52,359)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other operating (expenses) income, net</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,223</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,118)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total operating costs and expenses</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(624,639)</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(699,675)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(7,135)</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>31,324</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net interest expense</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,396)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12,446)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gain (loss) from derivative instruments</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(491)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">769</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency exchange results</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(28,387)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,538</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other non-operating expenses, net</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(46)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(85)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(50,455)</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>21,100</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax expense</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,869)</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8,876)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(52,324)</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12,224</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net income attributable to non-controlling interests</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(59)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income attributable to Arcos Dorados Holdings Inc.</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(52,332)</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12,165</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Earnings per share information ($ per share):</B></FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Basic net income per common share</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-0.26</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.06</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Weighted-average number of common shares outstanding-Basic</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204,070,029</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204,035,213</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA Reconciliation</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating income</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,135)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31,324</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,348</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28,948</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating charges excluded from EBITDA computation</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">310</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">347</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>28,523</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60,619</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1.5pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA Margin as % of total revenues</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4.6%</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1.5pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.3%</B></FONT></TD></TR>
</TABLE>


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

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>First Quarter 2020 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)</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="border-top: #FFBC0D 1.5pt solid; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 12. First Quarter 2020 Consolidated Results - Excluding Venezuela<BR>
</B><I>(In thousands of U.S. dollars, except per share data)</I></FONT></TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="border-top: #FFBC0D 1.5pt solid; padding-right: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For Three-Months ended</B></FONT></TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>March 31,</B></FONT></TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; vertical-align: bottom; width: 76%">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">REVENUES</FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales by Company-operated restaurants</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">586,114</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">692,683</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,793</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,260</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>615,907</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>727,943</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">OPERATING COSTS AND EXPENSES</FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Company-operated restaurant expenses:</FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; text-indent: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Food and paper</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(211,472)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(247,265)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; text-indent: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payroll and employee benefits</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(133,734)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(141,777)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; text-indent: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Occupancy and other operating expenses</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(187,076)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(198,654)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; text-indent: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royalty fees</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(34,123)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(39,329)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Franchised restaurants - occupancy expenses</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,627)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,748)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(47,804)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(51,264)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other operating (expenses) income, net</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,638</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,078</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total operating costs and expenses</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(621,200)</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(694,959)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(5,292)</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>32,984</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net interest expense</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,398)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12,446)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gain (loss) from derivative instruments</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(491)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">769</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency exchange results</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(28,224)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,447</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other non-operating expenses, net</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(46)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(85)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(48,451)</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22,669</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax expense</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,867)</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8,072)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(50,318)</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14,597</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net income attributable to non-controlling interests</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(59)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income attributable to Arcos Dorados Holdings Inc.</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(50,326)</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14,538</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Earnings per share information ($ per share):</B></FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Basic net income per common share</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>$</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt; text-align: right"><B>(0.25)</B></P></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; padding-left: 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>$</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 0pt 0pt; text-align: right"><B>0.07</B></P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Weighted-average number of common shares outstanding-Basic</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204,070,029</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204,035,213</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA Reconciliation</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating income</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,292)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,984</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,977</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28,424</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating charges excluded from EBITDA computation</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">328</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">347</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>30,013</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>61,755</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA Margin as % of total revenues</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4.9%</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.5%</B></FONT></TD></TR>
</TABLE>


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

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

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>First Quarter 2020 Results by Division</B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="5" STYLE="border-top: #FFBC0D 1.5pt solid; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 13. First Quarter 2020 Consolidated Results by Division<BR>
</B><I>(In thousands of U.S. dollars)</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="border-top: #FFBC0D 1.5pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: #FFBC0D 1.5pt solid; padding-right: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Three-Months ended</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Incr.</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>March 31,</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; width: 52%">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2019</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(Decr)</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Incr/(Decr)%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Revenues</U></B></FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">284,382</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">340,764</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-16.5%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-2.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">89,195</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97,694</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-8.7%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean - Excl. Venezuela</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">87,599</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94,638</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-7.4%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-4.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96,052</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99,356</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-3.3%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-4.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">147,875</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">193,185</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-23.5%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>617,504</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>730,999</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-15.5%</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>n/a</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL - Excl. Venezuela</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>615,907</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>727,943</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-15.4%</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-1.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Operating Income (loss) </U></B></FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,088</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,093</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-65.4%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-66.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(83)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,079)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-92.3%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean - Excl. Venezuela</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,760</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">581</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203.2%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-30.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(978)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,341</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-173.0%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-265.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,668)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,714</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-131.3%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-159.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate and Other</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,494)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12,745)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-5.9%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-39.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(7,135)</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>31,324</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-122.8%</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>n/a</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL - Excl. Venezuela</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(5,292)</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>32,984</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-116.0%</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-132.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Adjusted EBITDA</U></B></FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,171</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46,904</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-37.8%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-31.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,085</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,852</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.1%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean - Excl. Venezuela</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,575</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,988</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31.8%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,092</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,748</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-24.6%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-42.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,416</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,153</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-91.2%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-106.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate and Other</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12,241)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,038)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.1%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-22.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>28,523</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60,619</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-52.9%</B></FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>n/a</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL - Excl. Venezuela</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>30,013</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>61,755</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-51.4%</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; border-left: #FFBC0D 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-52.7%</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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="5" STYLE="border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 14. Average Exchange Rate per Quarter*</B></FONT></TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="width: 52%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Mexico</B></FONT></TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Argentina</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1Q20</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.46</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.97</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61.52</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1Q19</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.77</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.20</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.00</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>* Local $ per 1 US$</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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>


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="border-top: #FFBC0D 1.5pt solid; padding-top: 3pt; padding-right: 2pt; border-bottom: #FFBC0D 1.5pt solid; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 15. Summarized Consolidated Balance Sheets<BR>
</B><I>(In thousands of U.S. dollars)</I></FONT></TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt; width: 76%">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>March 31</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31</B></FONT></TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2019</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ASSETS</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current assets</B>&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents </FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">142,043</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121,880</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Short-term investment</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounts and notes receivable, net</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53,955</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99,862</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other current assets (1)</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">155,384</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">183,601</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total current assets </B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>351,406</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>405,368</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Property and equipment, net </FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">813,284</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">960,986</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net intangible assets and goodwill </FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37,230</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43,044</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred income taxes </FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,269</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68,368</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivative instruments</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">113,534</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57,828</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Leases right of use assets, net</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">774,957</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">922,165</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other non-current assets (2)</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">75,863</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99,926</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total non-current assets </B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,865,137</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,152,317</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total assets </B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,216,543</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,557,685</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LIABILITIES AND EQUITY</FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounts payable </FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">165,179</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">259,577</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Taxes payable (3)</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">74,004</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">123,805</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accrued payroll and other liabilities </FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">98,279</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">86,379</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other current liabilities (4)</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20,452</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,068</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provision for contingencies </FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,908</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,035</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial debt (5)</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">141,774</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,436</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating lease liabilities</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55,663</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70,147</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total current liabilities </B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>557,259</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>595,447</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accrued payroll and other liabilities&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,445</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,497</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provision for contingencies </FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20,301</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,123</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial debt (6)</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">619,959</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">627,173</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred income taxes </FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,068</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,297</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating lease liabilities</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">735,085</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">861,582</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total non-current liabilities </B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,397,858</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,540,672</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total liabilities </B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,955,117</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,136,119</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Equity</B></FONT></TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A shares of common stock</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383,204</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383,204</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class B shares of common stock</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132,915</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132,915</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional paid-in capital </FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,965</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,375</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Retained earnings </FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">396,083</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">471,149</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accumulated other comprehensive losses</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-605,132</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(519,505)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common stock in treasury</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-60,000</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(60,000)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Arcos Dorados Holdings Inc shareholders&rsquo; equity</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>261,035</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding-right: 2pt; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>421,138</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-controlling interest in subsidiaries</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">391</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">428</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total equity</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>261,426</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>421,566</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total liabilities and equity </B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,216,543</B></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,557,685</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(1) Includes &quot;Other receivables&quot;, &quot;Inventories&quot;,
&quot;Prepaid expenses and other current assets&quot;, and &quot;McDonald's Corporation's indemnification for contingencies&quot;.</P>

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

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

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

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

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

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

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

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



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

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

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


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