<SEC-DOCUMENT>0000950103-20-015683.txt : 20200812
<SEC-HEADER>0000950103-20-015683.hdr.sgml : 20200812
<ACCEPTANCE-DATETIME>20200812075459
ACCESSION NUMBER:		0000950103-20-015683
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20200812
FILED AS OF DATE:		20200812
DATE AS OF CHANGE:		20200812

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:		201094103

	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>dp134311_6k-1.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></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>

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

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<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>

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<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>

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

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

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#9746;</P></TD>
    <TD STYLE="width: 14%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center">Form 40-F</TD>
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&#9744;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(1):</P>

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

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

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&#9744;</TD>
    <TD STYLE="width: 14%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 29%; 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"><B>ARCOS DORADOS HOLDINGS INC.</B></P>

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

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

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

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    <TD STYLE="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 March 22, 2020 titled &ldquo;Arcos Dorados Reports Second 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: 5%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 5%">&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: August 12, 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>


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    <TD STYLE="text-align: left; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; width: 50%; vertical-align: middle"><B><U>FOR IMMEDIATE RELEASE</TD>
    <TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="item1_nyse.jpg" ALT=""></TD></TR>
</TABLE>

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

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

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&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: 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>Strong sequential monthly systemwide comparable sales and Adjusted
EBITDA recovery throughout the quarter</I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>Latin America&rsquo;s largest Free-standing restaurant base and
most extensive Delivery network supported the sales recovery during the quarter</I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>Digital platform generated 40% of sales in the quarter, including
strong growth in orders through the Delivery Hub on the Company&rsquo;s Mobile App</I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>Strengthened customer trust with robust McProtegidos, or McSafe,
Program to ensure employee, customer and food safety in all restaurants</I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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>Implemented proactive cost, expense and investment reduction
as well as cash management initiatives that stabilized operating cash flows by the end of April</I></B></FONT></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: 0pt 0">Montevideo, Uruguay, August 12, 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 three months ended
June 30, 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>Second 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 59.5% lower in US dollars versus the second quarter of 2019. On a constant currency basis<SUP>1</SUP>,
consolidated revenues declined 49.9%.</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 51.0% versus the prior-year quarter, which included strong sequential monthly
improvement after the 63.8% decline in April.</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> margin contracted to negative (14.3)% compared to 7.8% in the prior-year quarter due
to the abrupt and significant sales decline, particularly in April.</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 $(0.43) per share, compared to basic net income of $0.05 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 3.4x at the end of the second 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 91% of the Company&rsquo;s systemwide restaurants were operating as of the date of this release, with approximately
40% operating all sales segments.</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">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;The resilience of the Arcos Dorados System was on full
display during the second quarter of 2020. Working closely with our partners, we quickly adapted to the abrupt interruption to
our business across the region. We gradually re-opened Latin America and the Caribbean&rsquo;s largest quick service restaurant
(&ldquo;QSR&rdquo;) portfolio, including the highest number of Free-standing locations, and leveraged the Three D&rsquo;s of Drive-thru,
Delivery and Digital to generate a significant recovery in sales and profitability trends.</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">Both the Drive-thru and Delivery segments experienced impressive
growth and, together generated 80% of second quarter sales. Our Digital Platform, which includes our Delivery segment, industry-leading
Mobile App, self-ordering kiosks in our 710 Experience of the Future restaurants, growing CRM capabilities and increasingly sophisticated
digital marketing tools, generated 40% of second quarter sales.</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 rapid improvement in topline translated into a strong rebound
in profitability as well. Our proactive cost and expense reduction initiatives combined with important improvements in operational
efficiency generated nearly breakeven EBITDA at the divisional level in June. In fact, eight of our markets generated positive
EBITDA in the last month of the quarter, including Brazil and several of our &lsquo;hard currency&rsquo; markets, especially in
NOLAD and the Caribbean. The recovery continued in July, with consolidated EBITDA already in positive territory.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our supply chain operated without interruptions thanks to the
hard work of our team and our supportive supplier network, which has kept cost increases well under control. We have also successfully
converted a significant portion of our fixed costs into variable costs. These measures, combined with other cash management actions,
allowed us to stabilize our cash flows by the end of April, thus limiting the amount of short-term borrowing we will need to navigate
the crisis.</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">Consumers across Latin America and the Caribbean remain concerned
with the health risks associated with the COVID-19 virus, and we addressed their worries with our McProtegidos, or McSafe, Program.
Every one of our more than 2,200 restaurants in the region features signage designed to communicate safety, employees outfitted
with appropriate personal protective equipment as well as acrylic barriers and other social distancing mechanisms to ensure all
who enter feel safe. Not surprisingly, weekly consumer surveys in all our main markets show McDonald&rsquo;s is by far the most
trusted brand in the QSR industry.</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 confident that we have the best brand, restaurant portfolio,
employees and System to emerge in an even stronger competitive position than we entered the crisis. Our focus will remain on investing
in our existing restaurants and expanding our digital capabilities to accelerate the future growth of our business,&rdquo; said
Marcelo Rabach, Chief Executive Officer of Arcos Dorados.</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">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Second 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"><B></B></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="padding: 2pt; 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 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: 2pt; white-space: nowrap; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="padding: 2pt; width: 10%; border-left: #FFBC0D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q19<BR>
(a)</B></FONT></TD>
    <TD STYLE="padding: 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: 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;&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 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="padding: 2pt; width: 10%; border-right: #FFBC0D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q20<BR>
(a+b+c+d)</B></FONT></TD>
    <TD STYLE="padding: 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="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,229 </B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,291 </B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales by Company-operated Restaurants</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">688.4</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(64.4)</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(342.2)</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.1)</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">279.7</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-59.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.3</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4.3)</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17.9)</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.3)</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.8</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-63.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>723.7</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(68.7)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(360.1)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2.4)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>292.5</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-59.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>55.8</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13.9</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(112.1)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.4)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(42.9)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-176.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>7.7%</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-14.7%</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income (loss) attributable to AD</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10.4</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3 </B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(134.7)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1.5)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(89.5)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-959.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No. of shares outstanding (thousands)</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203,841</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204,317</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EPS (US$/Share)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.05</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.44)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>(2Q20 = 2Q19 + 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 may continue to be
impacted by Venezuela&rsquo;s macroeconomic volatility, including the ongoing hyperinflationary environment, which could lead the
Company to record significant non-cash accounting charges to operations in this market. As such, even though particularly in the
second quarter there are no material impacts, 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 negative variation in
other operating income / (expense) is mainly explained by the recognition of food donations related to COVID-19.</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>: The negative variation
is mainly explained by impairment charges of $3.8 million in this year&rsquo;s second 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">Second quarter net loss attributable to the Company totaled $(89.5)
million, compared to net income of $10.4 million in the same period of 2019. Arcos Dorados&rsquo; reported loss per share of $(0.44)
in the second quarter of 2020 compared to earnings of $0.05 in the corresponding 2019 period. Total weighted average shares for
the second quarter of 2020 amounted to 204,317,323 compared to 203,840,735 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">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></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="padding: 2pt; 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 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: 2pt; white-space: nowrap; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="padding: 2pt; width: 10%; border-left: #FFBC0D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q19<BR>
(a)</B></FONT></TD>
    <TD STYLE="padding: 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: 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="padding: 2pt; width: 10%; border-right: #FFBC0D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q20<BR>
(a+b+c)</B></FONT></TD>
    <TD STYLE="padding: 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: 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="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,109</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,173</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales by Company-operated Restaurants</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">686.0</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(64.4)</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(342.2)</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">279.4</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-59.3%</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-49.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.0</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4.3)</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17.9)</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.8</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-63.5%</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-51.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>721.0</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(68.7)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(360.1)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>292.2</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-59.5%</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-49.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-51.0%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>56.6</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13.8</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(112.1)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(41.7)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-173.6%</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-198.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>7.8%</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-14.3%</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income (loss) attributable to AD</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11.0</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>36.3</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(134.7)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(87.4)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-896.1%</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-1227.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No. of shares outstanding (thousands)</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203,841</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204,317</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EPS (US$/Share)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.05</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.43)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</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">Excluding Arcos Dorados&rsquo; Venezuelan operation, total revenues
in US dollars decreased 59.5% year-over-year, due to the strong decline in constant currency of 49.9%, from the impact of the COVID-19
pandemic, as well as the significant average depreciation of key local currencies, including the Brazilian real, the Argentine
peso and the Mexican peso.</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 percentage of restaurants operating at least one sales segment
increased sequentially from 55% at the beginning of the second quarter to 71%, 78% and 88% at the end of April, May and June, respectively.
The steady re-opening of restaurants across all divisions, combined with the strong growth in the Company&rsquo;s drive-thru and
delivery segments, drove the sequential improvement of systemwide comparable sales over the course of the quarter, which declined
by 63.8%, 49.1% and 40.7% in April, May and June, respectively. Systemwide comparable sales for the quarter were down 51.0%.</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">By the end of June, sales at many of the Company&rsquo;s Free-standing
restaurants had recovered to more than 90% of the prior year&rsquo;s levels, including in Brazil. In other markets, particularly
in the Caribbean, many Free-standing restaurants began generating positive sales growth versus the prior year, despite being unable
to re-open their dining rooms for most, or all, of the second quarter. Mall and Food Court restaurants also began to reopen toward
the end of the quarter, but sales and guest traffic remained significantly impacted by limited operating hours and closed seating
areas in most malls.</P>

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


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    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Breakdown of main variations contributing to 2Q20 Adjusted
EBITDA</I></B></P>

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

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="item1_p05.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Second quarter consolidated Adjusted EBITDA, excluding Venezuela,
declined to a negative $(41.7) million. The 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. 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 22.1 percentage
points to negative (14.3)%.</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 29.9% year-over-year
in US dollars, or 11.5% in constant currency terms, but were up 5.3 percentage points as a percentage of revenues, due to the significant
decline in sales from the COVID-19 pandemic.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company continued taking proactive cost saving and cash management
initiatives throughout the second quarter, which stabilized operating cash flow by the end of April.</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 second quarter,
excluding Venezuela, contain a $4.1 million non-cash foreign currency exchange loss, compared to a non-cash gain of $4.3 million
in the same period of 2019. This result mainly reflects the impact of the depreciation of the Brazilian real from the previous
quarter-end, compared to an appreciation in the same period of last year, on intercompany balances. The Company also recorded a
non-cash gain of $8.7 million, related to transactions with certain securities. Net interest expense was $1.6 million higher year-over-year.
Excluding Venezuela, the Company estimated income tax expenses of $2.4 million in the second quarter, compared to $5.8 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">Second quarter net loss attributable to the Company, excluding
Venezuela, totaled $(87.4) million, compared to net income of $11.0 million in the prior year period. Net loss per share of $(0.43)
in the second quarter 2020, excluding Venezuela, compared to earnings per share of $0.05 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">&nbsp;</P>

<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"></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="padding: 2pt; 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
    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: 2pt; white-space: nowrap; vertical-align: bottom; width: 40%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; width: 10%; border-left: #FFBC0D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q19<BR>
    (a)</B></FONT></TD>
    <TD STYLE="padding: 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: 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="padding: 2pt; width: 10%; border-right: #FFBC0D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q20<BR>
    (a+b+c)</B></FONT></TD>
    <TD STYLE="padding: 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: 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="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Restaurants (Units)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>975</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,024</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>329.3</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(48.9)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(148.2)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>132.2</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-59.8%</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-45.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable
    Sales</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-46.3%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>44.2</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.8</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(54.1)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(7.1)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-116.1%</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-122.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted
    EBITDA Margin</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>13.4%</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-5.4%</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-18.8%</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<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 59.8%, due to the impact of the
COVID-19 pandemic, in addition to the 27% year-over-year average depreciation of the Brazilian real against the US dollar. Systemwide
comparable sales decreased 46.3%, with a strong sequential improvement over the course of the quarter, from declines of 54.2% to
45.7% to 39.1% in April, May and June, respectively.</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">Almost 55% of the division&rsquo;s restaurants are street-facing,
which includes more than 460 Free-standing restaurants, or 2.5 times as many Free-standing units than its closest competitor. Nearly
all Free-standing restaurants remained open throughout the quarter and had recovered to more than 90% of the prior year&rsquo;s
levels, by the end of June. Shopping malls began slowly re-opening over the course of the quarter, but performance in the Company&rsquo;s
mall-based restaurants continued to underperform due to limited mall operating hours and capacity restrictions, along with consumer
concerns related to health and safety. The Brazil division was operating over 85% of its restaurants at the end of the quarter,
and 91% as of the date of this press release.</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 for the second quarter included the launch
of the McProtegidos Program, which aims to ensure a safe environment for guests and employees. Also during the quarter, the Company
strengthened the Drive-thru channel by offering exclusive promotions and increasing media exposure to promote it as the safest,
most convenient and contactless way to enjoy the McDonald&acute;s experience. Delivery continued to be a key sales driver, through
strong partnerships with the most important 3PO&rsquo;s in the country and significant improvements in the speed of service, generating
higher customer satisfaction. Digital sales continued growing through segmented offers and promotions within the McDonald&rsquo;s
App, reaching the highest level of penetration so far, and clearly ahead of any other brand in the industry.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported Adjusted EBITDA was negative $(7.1) million as the
decline in sales outpaced the reduction in costs and expenses during the quarter.</P>

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


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    <!-- Field: /Page -->

<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>NOLAD</B></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="padding: 2pt; 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 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: 2pt; white-space: nowrap; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="padding: 2pt; width: 10%; border-left: #FFBC0D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q19<BR>
(a)</B></FONT></TD>
    <TD STYLE="padding: 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: 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="padding: 2pt; width: 10%; border-right: #FFBC0D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q20<BR>
(a+b+c)</B></FONT></TD>
    <TD STYLE="padding: 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: 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="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>525</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>530</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>107.4</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3.3)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(52.1)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>51.9</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-51.7%</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-48.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-50.7%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9.0</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.2</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(14.3)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4.1)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-145.2%</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-158.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; 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="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-7.8%</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-16.2%</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>

<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 51.7%, due to the impact of the
COVID-19 pandemic on all three of the division&rsquo;s countries. Systemwide comparable sales decreased 50.7% in the quarter, however
there was a strong sequential improvement over the course of the quarter, from declines of 61.6%, 46.5% and 43.9% in April, May
and June, respectively.</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">Almost 90% of the division&rsquo;s restaurants were operational
at the end of the second quarter. As of the date of this press release, NOLAD was operating 91% 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">During the quarter, marketing activities were focused on the
implementation of the McProtegidos Program, which has helped position the McDonald&rsquo;s brand as the leading QSR restaurant
in terms of safety for guests and employees. In Mexico, Panama and Costa Rica, the Drive-thru channel became a strong sales engine
with dedicated promotions and improved operations. Also in the quarter, the Company continued to enhance the value proposition
in all three countries, by promoting family bundles, such as the Family Box, which is an attractive option for families, as they
can mix and match combos at an attractive price.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported Adjusted EBITDA was negative $(4.1) million as the
decline in sales outpaced the reduction in costs and expenses during the quarter.</P>

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


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    <!-- Field: /Page -->

<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>SLAD</B></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="padding: 2pt; 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 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: 2pt; white-space: nowrap; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="padding: 2pt; width: 10%; border-left: #FFBC0D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q19<BR>
(a)</B></FONT></TD>
    <TD STYLE="padding: 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: 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="padding: 2pt; width: 10%; border-right: #FFBC0D 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q20<BR>
(a+b+c)</B></FONT></TD>
    <TD STYLE="padding: 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: 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="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>393</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>402</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>185.2</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(14.8)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(125.7)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>44.7</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-75.9%</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-67.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-68.2%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14.1</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6.2</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(37.9)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(17.5)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-224.3%</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-268.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>7.6%</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-39.2%</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-46.8%</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>

<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 75.9%, due to the impact of the
COVID-19 pandemic, in addition to the 35% year-over-year average depreciation of the Argentine peso against the US dollar. Systemwide
comparable sales decreased 68.2%, with a strong sequential improvement over the course of the quarter, with declines of 85.9%,
65.8% and 54.4% in April, May and June, respectively.</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, almost 85% of the division&rsquo;s
restaurants, out of which 60% are street-facing, were operating, with all restaurants open in Ecuador and Uruguay. Since the beginning
of the crisis, SLAD has seen the region&rsquo;s longest-lasting and most restrictive government measures to control the spread
of the virus. However, as of the date of this press release, 87% of the restaurants in SLAD were operating some or all sales 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 included the launch of the McProtegidos
Program, which was well received by customers and employees, as it gives them a true sense of the commitment from Arcos Dorados
to ensure a safe environment for everyone. This program was highlighted by several news outlets as an example of how restaurants
should prepare for the new normal, and it was also used by government officials, in some countries, as the standard for the industry.
Digital sales continued performing well with segmented offers within the McDonalds App. During the quarter, the Company launched,
for the first time, the Mobile Order and Pick-up functionality in Argentina, which gives customers unprecedented convenience and
safety. In the Dessert category, the Company launched a line of family size ice cream, which is an ideal option for a family dessert
or snack available through the Delivery and Drive-thru channels.</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 was negative $(17.5) million for the quarter
as the decline in sales outpaced the reduction in costs and expenses during the quarter.</P>

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


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    <!-- Field: /Page -->

<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</B></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: 2pt; border-bottom: #FFBC0D 1.5pt solid"><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: 2pt; white-space: nowrap; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q19<BR>
(a)</B></FONT></TD>
    <TD STYLE="padding: 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: 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;&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 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: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q20<BR>
(a+b+c+d)</B></FONT></TD>
    <TD STYLE="padding: 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: 2pt; white-space: nowrap"><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; border-left: #FFBC0D 1.5pt solid; padding: 2pt; white-space: nowrap; 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: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>335</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><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: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>101.8</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1.6)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(34.1)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2.5)</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>63.7</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-37.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><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: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4.3</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.7</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(7.9)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; 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: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3.3)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-176.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding: 2pt; white-space: nowrap"><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; border-left: #FFBC0D 1.5pt solid; padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>4.2%</I></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-5.2%</I></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-9.4%</I></FONT></TD></TR>
</TABLE>

<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 may continue to be impacted
by Venezuela&rsquo;s macroeconomic volatility, including the ongoing hyperinflationary environment, which could lead the Company
to record significant non-cash accounting charges to operations in this market. As such, even though particularly in the second
quarter there are no material impacts, 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"></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: 2pt; border-bottom: #FFBC0D 1.5pt solid"><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: 2pt; white-space: nowrap; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q19<BR>
(a)</B></FONT></TD>
    <TD STYLE="padding: 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: 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: 2pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q20<BR>
(a+b+c)</B></FONT></TD>
    <TD STYLE="padding: 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: 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: 2pt; white-space: nowrap"><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; border-left: #FFBC0D 1.5pt solid; padding: 2pt; white-space: nowrap; 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: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>215</B></FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><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: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>99.0</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1.6)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(34.1)</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>63.3</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-36.1%</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-34.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap"><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: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-40.4%</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><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: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.1</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.7</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(7.9)</B></FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2.1)</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-140.6%</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-154.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding: 2pt; white-space: nowrap"><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; border-left: #FFBC0D 1.5pt solid; padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>5.1%</I></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>-3.3%</I></FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; padding: 2pt; white-space: nowrap; 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: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
</TABLE>

<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
36.1% in US dollars mainly due to the impact of the COVID-19 pandemic and the 17% year-over-year average depreciation of the Colombian
peso against the US dollar. Systemwide comparable sales decreased 40.4%, with a material sequential improvement over the course
of the quarter, from declines of 69.2%, 36.0% and 17.2% in April, May and June, respectively.</P>

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">All but five restaurants were operating at the end of the
quarter, with 77% being street-facing. Free-standing restaurants began generating positive sales growth versus the prior
year, despite being unable to re-open dining rooms for most, or all, of the second quarter. As of the date of this press
release, 96% of the division&rsquo;s restaurants were operating.</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 included the introduction of the &ldquo;Incondicionales&rdquo;
value platform in Colombia and family bundles in Puerto Rico, promoting and driving traffic in the breakfast daypart. Also in the
quarter, the Company continued focusing on the Drive-thru segment, with significant improvements in operations and reduced service
time, enhancing the customer experience. Delivery was another key contributor to sales growth in the quarter. Like in the other
three divisions, the Company launched the McProtegidos Program, which was very well received by customers and employees.</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 in the quarter was negative $(2.1) million as
the decline in sales outpaced the reduction in costs and expenses during the 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">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap; width: 40%; 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 8. Total Restaurants (eop)*</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom; width: 12%; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom; width: 12%; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom; width: 12%; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom; width: 12%; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom; width: 12%; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June<BR>
2020</B></FONT></TD>
    <TD STYLE="padding: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>March<BR>
2020</B></FONT></TD>
    <TD STYLE="padding: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December<BR>
2019</B></FONT></TD>
    <TD STYLE="padding: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>September<BR>
2019</B></FONT></TD>
    <TD STYLE="padding: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June<BR>
2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,024 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,025 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,023 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">984 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">975 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">530 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">531 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">530 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">525 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">525 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">406 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">404 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">395 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">393 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">335 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">336 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">336 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">335 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">336 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,291 </B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,298 </B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,293 </B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,239 </B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,229 </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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap; width: 28%; 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 9. Current Footprint</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom; width: 12%; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom; width: 12%; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom; width: 12%; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom; width: 12%; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom; width: 12%; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom; width: 12%; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 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: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ownership</B></FONT></TD>
    <TD STYLE="padding: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>McCafes</B></FONT></TD>
    <TD STYLE="padding: 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: 2pt; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-top: #FFBC0D 1pt solid; 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="padding: 2pt; border-top: #FFBC0D 1pt solid; 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="padding: 2pt; border-top: #FFBC0D 1pt solid; 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="padding: 2pt; border-top: #FFBC0D 1pt solid; 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: 2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 2pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">554 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">470 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">612 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">412 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">81 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,004 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">323 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">207 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">368 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">162 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">638 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">237 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">165 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">127 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; 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: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">260 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">75 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">283 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37 </FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">349 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,374 </B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>917 </B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,613 </B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>678 </B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>258 </B></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,390 </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">The Company opened 84 new restaurants during the twelve-month
period ended June 30, 2020. At the end of the second quarter, the Company had 710 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 $122.1 million as of June 30,
2020. The Company&rsquo;s total financial debt (including derivative instruments) was $667.4 million. Net debt (Total Financial
Debt <I>minus</I> Cash and cash equivalents) was $545.3 million, while the Net Debt/Adjusted EBITDA ratio was 3.4x at the end of
the reporting period.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 94%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="padding: 2pt; width: 60%; 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></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom; width: 20%; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom; width: 20%; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="padding: 2pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30</B></FONT></TD>
    <TD STYLE="padding: 2pt; 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 STYLE="padding: 2pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="padding: 2pt; 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: 2pt; white-space: nowrap; 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="padding: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">122,103</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; 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 STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Financial Debt (ii)</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">667,382</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; 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 STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Financial Debt (iii)</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">545,279</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; 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 STYLE="padding: 2pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Financial Debt / LTM Adjusted EBITDA ratio</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; 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="padding: 2pt; white-space: nowrap; 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="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.4</FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.6</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 94%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; width: 100%; padding-left: 2pt"><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 STYLE="padding-right: 2pt; padding-left: 2pt"><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 $116.6 million and $57.8 million as a reduction of financial debt as of June 30, 2020 and December 31, 2019, respectively).</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt"><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">&nbsp;</P>


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<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 for the first six months
totaled $78.8 million, while cash used in net investing activities totaled $52.5 million. Capital expenditures for the first six
months totaled $52.6 million, compared to $93.6 million in the previous year&rsquo;s period. Net cash provided by financing activities
was $142.4 million, which included $154.7 million of net short-term borrowings.</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><U>First Half 2020</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Excluding the Venezuelan operation and for the six months ended
June 30, 2020, the Company&rsquo;s revenues, in US dollars, decreased by 37.3% to $908.1 million, heavily impacted by the COVID-19
pandemic. This led to a significant de-leveraging of the Company&rsquo;s costs and expenses and a negative adjusted EBITDA of $(11.7)
million.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Year-to-date consolidated net loss amounted to $(137.7) million,
compared with net income of $25.5 million in the first half of 2019.</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">&nbsp;</P>

<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>Royalty Payments</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 had previously 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. This deferral has been extended to include royalty payments
for July 2020 sales, which will now also be paid in 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>Dividends</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">On July 6, 2020, Arcos Dorados&rsquo; shareholders and its Board
of Directors approved a stock dividend for distribution on August 12, 2020, in lieu of the two remaining cash dividend payments
scheduled for August and December 2020. While prioritizing the Company&rsquo;s cash position during the unprecedented COVID-19
pandemic, the stock dividend allows the Board to maintain its commitment to shareholders.</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>Master Franchise Agreement (MFA) &ndash;
Debt Covenants</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">The MFA requires the Company, among other obligations, to maintain
a minimum fixed charge coverage ratio of at least equal to 1.50x as well as a maximum lease-adjusted, gross leverage ratio of 4.25x.
As of June 30, 2020, the Company was not in compliance with the ratio requirements mentioned above. However, McDonald&rsquo;s Corporation
granted the Company limited waivers from June 30 through and including December 31, 2020, during which time the Company is not
required to comply with the financial ratios set forth in the MFA.</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>Revolving Credit Facility Covenant</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 July 13, 2020 the Company received a
waiver for the Net Debt to EBITDA ratio requirement of the committed revolving credit facility with JP Morgan, which expires on
December 11, 2020, subject to certain conditions.</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 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>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: blue"></P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Media Contact</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">David Grinberg&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">VP of Corporate Communications</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">Arcos Dorados&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: blue"><U>david.grinberg@br.mcd.com</U></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: blue"></P></TD></TR>
</TABLE>

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<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>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">&nbsp;</P>

<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 more than 2,200 restaurants, operated by the Company or by its sub-franchisees, that together employ
over 100 thousand people (as of 06/30/2020). 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">&nbsp;</P>

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

<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="padding: 2pt; border-top: #FFBC0D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 11. Second Quarter 2020 Consolidated Results<BR>
</B><I>(In thousands of U.S. dollars, except per share data)</I></FONT></TD>
    <TD STYLE="padding: 2pt; border-top: #FFBC0D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; background-color: #FFF0BD; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1.5pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For Three-Months ended</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For Six-Months ended</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; background-color: #FFF0BD; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30,</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30,</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; width: 59%; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 10%; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 10%; border-left: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2019</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 1%; background-color: white; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 10%; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 10%; border-left: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><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; white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">REVENUES</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales by Company-operated restaurants</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">279,707</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">688,397</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">867,244</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,383,781</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,817</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,348</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42,784</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70,962</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>292,524</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>723,745</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>910,028</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,454,743</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">OPERATING COSTS AND EXPENSES</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Company-operated restaurant expenses:</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-indent: 20pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Food and paper</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(101,645)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(248,583)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(313,501)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(495,618)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-indent: 20pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payroll and employee benefits</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(71,785)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(142,759)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(205,984)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(284,815)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-indent: 20pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Occupancy and other operating expenses</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(125,617)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(197,242)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(313,722)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(397,146)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-indent: 20pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royalty fees</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16,545)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(38,433)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(50,669)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(77,763)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Franchised restaurants - occupancy expenses</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,171)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,834)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(19,952)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(35,708)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(37,249)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(53,500)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(86,047)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(105,859)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other operating (expenses) income, net</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,789)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,566)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(768)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total operating costs and expenses</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(369,801)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(698,000)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(994,441)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,397,677)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(77,277)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>25,745</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(84,413)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>57,066</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net interest expense</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,832)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,230)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(29,228)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(25,676)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gain (loss) from derivative instruments</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,199)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(462)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(430)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gain from securities</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,705</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,952</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency exchange results</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,806)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,110</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(36,440)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,648</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other non-operating expenses, net</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(20)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(97)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-top: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(87,155)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>15,414</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(137,611)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>36,511</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax expense</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,426)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,980)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,295)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,857)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(89,581)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10,434</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(141,906)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22,654</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net income attributable to non-controlling interests</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(69)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><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="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(89,543)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10,423</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(141,876)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22,585</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 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; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 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; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-0.44</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.05</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-0.69</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.11</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><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; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204,317,323</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203,840,735</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204,317,323</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203,937,437</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA Reconciliation</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating income</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(77,277)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,745</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(84,413)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57,066</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,277</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,321</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65,623</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59,268</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating charges excluded from EBITDA computation</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,096</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(250)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,406</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(42,904)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>55,816</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(14,384)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>116,433</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1.5pt solid; padding-left: 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="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1.5pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-14.7%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7.7%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1.5pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-1.6%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD></TR>
</TABLE>

<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">&nbsp;</P>

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

<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="padding: 2pt; border-top: #FFBC0D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 12. Second Quarter 2020 Consolidated Results - Excluding Venezuela<BR>
</B><I>(In thousands of U.S. dollars, except per share data)</I></FONT></TD>
    <TD STYLE="padding: 2pt; border-top: #FFBC0D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; background-color: #FFF0BD; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1.5pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For Three-Months ended</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For Six-Months ended</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; background-color: #FFF0BD; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30,</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30,</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; width: 59%; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 10%; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 10%; border-left: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2019</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 1%; background-color: white; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 10%; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 10%; border-left: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><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; white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">REVENUES</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales by Company-operated restaurants</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">279,419</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">686,021</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">865,533</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,378,703</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,779</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,004</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42,573</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70,264</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>292,199</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>721,025</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>908,106</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,448,967</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">OPERATING COSTS AND EXPENSES</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Company-operated restaurant expenses:</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-indent: 20pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Food and paper</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(101,783)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(248,102)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(313,255)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(495,366)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-indent: 20pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payroll and employee benefits</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(71,606)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(142,470)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(205,340)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(284,247)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-indent: 20pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Occupancy and other operating expenses</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(125,080)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(196,037)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(312,157)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(394,691)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; text-indent: 20pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royalty fees</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16,545)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(38,433)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(50,669)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(77,763)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Franchised restaurants - occupancy expenses</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,101)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,712)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(19,729)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(35,460)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(36,720)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(52,348)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(84,524)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(103,612)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other operating (expenses) income, net</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,243)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">945</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,606)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,023</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total operating costs and expenses</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(367,079)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(694,157)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(988,280)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,389,116)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(74,880)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>26,868</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(80,174)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>59,851</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net interest expense</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,832)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,230)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(29,230)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(25,676)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gain (loss) from derivative instruments</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,199)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(462)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(430)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gain from securities</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,705</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,952</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency exchange results</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,080)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,336</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(36,551)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,783</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other non-operating expenses, net</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(20)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(97)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(85,032)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16,763</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(133,485)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>39,431</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax expense</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,412)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,775)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,279)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,847)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(87,445)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10,988</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(137,765)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>25,584</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net income attributable to non-controlling interests</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(69)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><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="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(87,407)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10,977</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(137,735)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>25,515</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 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; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 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; white-space: nowrap; padding-left: 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>$</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -12pt 0pt 0pt; text-align: right"><B>(0.43)</B></P></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>$</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -12pt 0pt 0pt; text-align: right"><B>0.05</B></P></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>$</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -12pt 0pt 0pt; text-align: right"><B>(0.67)</B></P></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>$</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -12pt 0pt 0pt; text-align: right"><B>0.13</B></P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><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; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204,317,323</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203,840,735</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204,317,323</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203,937,437</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA Reconciliation</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating income</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(74,880)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,868</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(80,174)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59,851</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,958</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,982</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64,932</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58,405</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating charges excluded from EBITDA computation</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,246</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(250)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,573</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(41,676)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>56,600</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(11,669)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>118,355</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; padding-left: 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="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-14.3%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7.8%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-1.3%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 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>


<!-- Field: Page; Sequence: 17; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding: 8pt; background-color: rgb(250,188,17); width: 100%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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>Second 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="5" STYLE="padding: 2pt; border-top: #FFBC0D 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Figure 13. Second Quarter 2020 Consolidated Results by Division<BR>
</B><I>(In thousands of U.S. dollars)</I></FONT></TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom; border-top: #FFBC0D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1.5pt solid; background-color: #FFF0BD; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1.5pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>YTD</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Three-Months ended</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Incr.</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Six-Months ended</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% Incr.</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Constant</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30,</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30,</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 35%; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 8%; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 8%; border-left: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2019</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 8%; border-left: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(Decr)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 8%; border-left: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Incr/(Decr)%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 1%; background-color: white; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 8%; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 8%; border-left: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2019</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 8%; border-left: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(Decr)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 8%; border-left: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: center; padding-left: 2pt"><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; white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Revenues</U></B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132,234</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">329,298</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-59.8%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-45.0%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">416,616 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">670,063 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-37.8%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-23.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63,655</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">101,766</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-37.5%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">152,850 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">199,459 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-23.4%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean - Excl. Venezuela</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63,329</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99,047</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-36.1%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-34.4%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">150,928 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">193,684 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-22.1%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-19.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51,927</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">107,445</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-51.7%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-48.5%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">147,978 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">206,801 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-28.4%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-27.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44,709</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">185,235</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-75.9%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-67.9%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">192,584 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">378,420 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-49.1%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-30.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>292,524</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>723,744</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-59.6%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>n/a</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>910,028 </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,454,743 </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-37.4%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><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; white-space: nowrap; background-color: #FFF0BD; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL - Excl. Venezuela</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>292,199</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>721,025</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-59.5%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-49.9%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>908,107 </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,448,968 </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-37.3%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-25.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 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; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(21,135)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28,486</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-174.2%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-202.2%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,047)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60,581 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-116.6%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-130.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,121)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(256)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3838.2%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,205)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,337)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">663.8%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean - Excl. Venezuela</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,725)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">868</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-989.9%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-1115.3%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,966)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,448 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-512.0%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-618.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,531)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,756</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-353.8%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-398.1%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,509)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,096 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-306.2%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-345.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(24,642)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,186</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-368.2%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-453.6%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(28,309)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20,899 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-235.4%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-279.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate and Other</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11,849)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,428)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23.2%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.6%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(25,343)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(28,173)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.0%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(77,278)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>25,744</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-400.2%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>n/a</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(84,413)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>57,066 </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-247.9%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><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; white-space: nowrap; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL - Excl. Venezuela</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(74,882)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>26,868</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-378.7%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-460.2%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(80,174)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>59,851 </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-234.0%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-281.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 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; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,099)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44,198</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-116.1%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-122.3%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,072 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">91,102 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-75.8%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-75.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,288)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,289</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-176.7%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,800 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,139 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-77.9%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caribbean - Excl. Venezuela</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,061)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,075</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-140.6%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-154.8%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,511 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,062 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-55.2%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-65.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,069)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,003</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-145.2%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-158.7%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,023 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,751 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-93.5%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-103.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,544)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,111</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-224.3%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-268.2%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16,125)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,264 </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-153.3%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-175.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate and Other</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,907)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,785)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30.9%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.3%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,154)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(28,823)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.0%</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(42,907)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>55,816</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-176.9%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>n/a</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(14,384)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>116,433 </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-112.4%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-left: #FFBC0D 1pt solid; background-color: #FFF0BD; text-align: right; padding-left: 2pt"><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; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL - Excl. Venezuela</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(41,680)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>56,602</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-173.6%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-198.1%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; background-color: white; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(11,673)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>118,356 </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-109.9%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; background-color: white; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-123.3%</B></FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 67%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="padding: 2pt; white-space: nowrap; 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>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #FFF0BD">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 55%; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; width: 15%; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 15%; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Mexico</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 15%; text-align: center; padding-left: 2pt"><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="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2Q20</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.38</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23.33</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">67.64</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2Q19</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.92</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.11</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.93</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>* Local $ per 1 US$</I></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding: 8pt; background-color: rgb(250,188,17); width: 100%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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>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>

<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="padding: 2pt; 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 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; white-space: nowrap; width: 70%; padding-left: 2pt"></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 15%; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 30</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; width: 15%; text-align: center; padding-left: 2pt"><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="padding-right: 2pt; white-space: nowrap; vertical-align: bottom; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: center; padding-left: 2pt"><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; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ASSETS</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; vertical-align: bottom; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Current assets</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: center; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">122,103</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Short-term investment</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounts and notes receivable, net</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63,135</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other current assets (1)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">134,275</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total current assets </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>319,513</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><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; white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Property and equipment, net </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">787,524</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net intangible assets and goodwill </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,639</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred income taxes </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52,823</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivative instruments</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116,129</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Leases right of use assets, net</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">759,972</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other non-current assets (2)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">75,780</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total non-current assets </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,826,867</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><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="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Total assets </B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,146,380</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><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; white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LIABILITIES AND EQUITY</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounts payable </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">173,391</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Taxes payable (3)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">74,850</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accrued payroll and other liabilities </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">84,954</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other current liabilities (4)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39,088</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provision for contingencies </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,920</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial debt (5)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">163,556</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating lease liabilities</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54,388</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total current liabilities </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>592,147</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><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; white-space: nowrap; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><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; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,668</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provision for contingencies </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,178</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial debt (6)</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">620,480</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred income taxes </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,038</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating lease liabilities</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">721,142</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total non-current liabilities </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,387,506</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><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="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total liabilities </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,979,653</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><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; white-space: nowrap; padding-left: 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Equity</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A shares of common stock</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386,558</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class B shares of common stock</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132,915</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional paid-in capital </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,157</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Retained earnings </FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">306,539</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accumulated other comprehensive losses</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-610,794</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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; white-space: nowrap; text-indent: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common stock in treasury</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-60,000</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; text-align: right; padding-left: 2pt"><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="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><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="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>166,375</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><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="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-controlling interest in subsidiaries</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">352</FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><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="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Total equity</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>166,727</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><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="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total liabilities and equity </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,146,380</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; white-space: nowrap; border-bottom: #FFBC0D 1pt solid; text-align: right; padding-left: 2pt"><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;.&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">(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;.</P>

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

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


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