<SEC-DOCUMENT>0000950103-20-020028.txt : 20201014
<SEC-HEADER>0000950103-20-020028.hdr.sgml : 20201014
<ACCEPTANCE-DATETIME>20201014162844
ACCESSION NUMBER:		0000950103-20-020028
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20201014
FILED AS OF DATE:		20201014
DATE AS OF CHANGE:		20201014

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:		201239300

	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>dp138701_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<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>

<P STYLE="font: 14pt 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"><FONT STYLE="font-size: 18pt"><B>FORM 6-K</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.75pt; text-align: center; text-indent: -4.5pt"><B>REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.75pt; text-align: center; text-indent: -4.5pt">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 29%; text-align: center">Form 20-F</TD>
    <TD STYLE="vertical-align: top; width: 14%; border-bottom: black 1pt solid; text-align: center">X</TD>
    <TD STYLE="vertical-align: bottom; width: 15%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 28%; text-align: center">Form 40-F</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 29%; text-align: center">Yes</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 28%; text-align: center">No</TD>
    <TD STYLE="vertical-align: top; width: 14%; border-bottom: black 1pt solid; text-align: center">X</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 29%; text-align: center">Yes</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 28%; text-align: center">No</TD>
    <TD STYLE="vertical-align: top; width: 14%; border-bottom: black 1pt solid; text-align: center">X</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: black 2.25pt solid">&nbsp;</TD></TR>
</TABLE>

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


<P STYLE="font: 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;<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: 9%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM</B></FONT></TD>
    <TD STYLE="width: 91%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="padding-left: 0.1in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release dated October 14, 2020 titled &ldquo;Arcos Dorados
Announces Expiration of Exchange Offer for Any and All of its 6.625% Senior Notes due 2023&rdquo;</P>


<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;<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;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Arcos Dorados Holdings Inc.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Juan David Bastidas</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Juan David Bastidas</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Legal Counsel</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: October 14, 2020</P>

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 12pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="background-color: rgb(250,188,17); width: 100%">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>I<FONT STYLE="font-family: Times New Roman, Times, Serif">tem
1</FONT></B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B><U>FOR IMMEDIATE RELEASE</U></B></FONT></TD>
    <TD STYLE="text-align: right; width: 46%; font-size: 10pt"><IMG SRC="image_013.jpg" ALT=""></TD></TR>
</TABLE>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Arcos Dorados
Announces Expiration of Exchange Offer for Any and All of its 6.625% Senior Notes due 2023</B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Montevideo, Uruguay, October
14, 2020</B> &ndash; In connection with its previously-announced offer to exchange (the &ldquo;Exchange Offer&rdquo;) any and
all of its outstanding 6.625% Senior Notes due 2023 (the &ldquo;Old Notes&rdquo;) for 5.875% notes due 2027 (the &ldquo;New Notes&rdquo;),
Arcos Dorados Holdings Inc. (the &ldquo;Company&rdquo;) (NYSE: ARCO) announces the results as of the Expiration Date (as defined
below).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Expiration Date Results</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Expiration Date with respect
to the Exchange Offer occurred at 11:59 PM, New York City time, on October 13, 2020. According to information provided by Global
Bondholder Services Corporation, the exchange agent and information agent for the Exchange Offer, US$131,476,000 aggregate principal
amount of the Old Notes were validly tendered and not validly withdrawn prior to or at the Expiration Date. Such aggregate amount
represents 37.77% of the outstanding aggregate principal amount of the Old Notes. US$126,601,000 of such amount was validly tendered
and not validly withdrawn prior to the Early Participation Date (as defined in the Exchange Offer Offering Memorandum dated September
15, 2020).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Holders of the Old Notes validly
tendered and not validly withdrawn prior to the Early Participation Date will receive US$1,055.00 in principal amount of the New
Notes per US$1,000.00 principal amount of the Old Notes validly tendered and accepted for exchange pursuant to the terms of the
Exchange Offer Offering Memorandum, of which US$50.00 in aggregate principal amount constitutes the Early Participation Payment.
Holders of the Old Notes validly tendered after the Early Participation Date and prior to or at the Expiration Date are eligible
to receive US$1,005.00 in principal amount of New Notes per US$1,000.00 principal amount of the Old Notes validly tendered and
accepted for exchange pursuant to the terms of the Exchange Offer Offering Memorandum. On the Exchange Date (as defined in the
Exchange Offer Offering Memorandum), the Company expects to issue US$138,354,000 aggregate principal amount of New Notes (plus
cash in lieu of any fractional notes) in exchange for the Old Notes validly tendered and not validly withdrawn prior to the Expiration
Date, subject to the terms and conditions described in the Exchange Offer Offering Memorandum.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="image_014.jpg" ALT="">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="background-color: rgb(250,188,17); width: 100%">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Further Information</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Exchange Offer is being made
only to holders of 2023 Existing Notes who have properly completed, executed and delivered to the information and exchange agent
an eligibility letter, whereby such holder has represented to the Company that it is (i) a &ldquo;qualified institutional buyer,&rdquo;
or &ldquo;QIB,&rdquo; as defined in Rule 144A under the Securities Act and under applicable state securities laws; or (ii) a &ldquo;non-US
Person&rdquo; (as defined in Regulation S under the Securities Act) (the &ldquo;Eligible Holders&rdquo;).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>This press release is for informational
purposes only and does not constitute an offer or an invitation to participate in the Exchange Offer. The Exchange Offer is being
made pursuant to the Exchange Offer Documents (and, to the extent applicable, the local offering documents in Argentina), copies
of which were delivered to holders of the Old Notes, and which set forth the complete terms and conditions of the Exchange Offer.
Eligible Holders are urged to read the Exchange Offer Documents carefully before making any decision with respect to their Old
Notes. The Exchange Offer is not being made to, nor will the Company accept exchanges of Old Notes from holders in any jurisdiction
in which it is unlawful to make such an offer.</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Global Bondholder Services Corporation
has been appointed as the information and exchange agent for the Exchange Offer. Holders may contact the information and exchange
agent to request the eligibility letter. Banks and brokers call: 212-430-3774. All others call toll free: (866) 470-3900. Email:
<FONT STYLE="color: Blue"><U>contact@gbsc-usa.com</U></FONT>. Alternatively, the Eligible Holders may execute the eligibility
letter online at the following link: <FONT STYLE="color: Blue"><U>https://gbsc-usa.com/eligibility/arco</U></FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This press release is not an offer
to sell or a solicitation of an offer to buy any security. The Exchange Offer is being made solely by the Exchange Offer Memorandum
and only to such persons and in such jurisdictions as are permitted under applicable law.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">*****</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Investor Relations Contact</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Daniel Schleiniger</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Vice President of Investor Relations</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">daniel.schleiniger@ar.mcd.com</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>About Arcos Dorados</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">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).</FONT></P>

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

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="background-color: rgb(250,188,17); width: 100%">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Cautionary Statement About
Forward-Looking Statements </B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This press release contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often are proceeded
by words such as &ldquo;believes,&rdquo; &ldquo;expects,&rdquo; &ldquo;may,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;plans,&rdquo;
&ldquo;intends,&rdquo; &ldquo;assumes,&rdquo; &ldquo;will&rdquo; or similar expressions. The forward-looking statements contained
herein include statements about the Exchange Offer. 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&rsquo; business and operations
involve numerous risks and uncertainties, many of which are beyond the control of Arcos Dorados, which could result in Arcos Dorados&rsquo;
expectations not being realized or otherwise materially affect the financial condition, results of operations and cash flows of
Arcos Dorados. Some of the factors that could cause future results to materially differ from recent results or those projected
in forward-looking statements are described in Arcos Dorados&rsquo; filings with the United States Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">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. In light of the risks and uncertainties described above, and the potential for variation
of actual results from the assumptions on which certain of such forward-looking statements are based, investors should keep in
mind that the results, events or developments disclosed in any forward-looking statement made in this document may not occur,
and that actual results may vary materially from those described herein, including those described as anticipated, expected, targeted,
projected or otherwise.</FONT></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 105.3pt; width: 579.4pt"></P>

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


<!-- Field: Page; Sequence: 6; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" #& ED# 2(  A$! Q$!_\0
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M][_ZU2Z?I^<33#W53_,T 7;(%;*($$';WJQ110 4444 %%%% !1110 4444
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M)+WS3EL [F-;5,BB2",1H, ?K3Z "BBB@ HHHH **** "BBB@ HHHH ****
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MU5M0U#;F&%N?XF'\A0!;%XKWHMTYP#N;WJS61I5L_F>>1A,$#/>M>@ HHHH
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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MH"$&*(YD[G^[_P#7JC96373[WR(P>3ZT 7](S]E<G/+FK](JJBA5 "CH!2T
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110!E7VH87R83
MSC#,.WL*AL+#[0?,DR(QT']ZG6=B9YFDD'[H,>/[W-7[NZ2SB  &XC"J* "[
MNTLX@% WX^516/%%+?7!R22>68]J(XYKZX/))/WF/85MHD-E <851R2>] !'
M'#96YQ\JCDD]ZQKN[DNY< '9GY5%+=W;W<@500F?E4=ZT;"Q$"B209E/_CM
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M;BA#*0Q&W'2JEM$DUS&DTFWS"=N>KXZXI#)+*R:Z?>^1$#R?6MU55%"J %'
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MV\==V[^6*(O/\R7S?+\O/[O;G./>@!L4^^&1_(E3:2-C+@MCN/K33<XL?/\
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M96D"X=L;CZT44 (D,<8<(N Y);GJ32?9XA;^1L_=8QMS110 YX8W149<JI!
MSZ=*&C1W1V&63[I]*** #RD\[S=OSXVY]J$B2-W95PSG+'UHHH (XDA39&NU
M<YQ2)#''%Y2+A.>,^M%%  ;>(P>04_=XQMS2O#')LWKG8<KST-%% !Y2"8R[
M?G(VY]J$B2-W95PSG+'UHHH 1((XT9%7"L22,]<]:0V\1@\@I^ZQC;FBB@!S
MQ(^S<N=AROL:#$C2K(5^=00#Z444 'E)YWF[?WF-N?:A(D1W=5PSG+'UHHH
M1((TC:-5PK9R,^O6D-O$8! 4_=CC;FBB@!SQ))MWKG:=P]C08D:592OSJ" ?
M2BB@ $2+*TH7YV&"?6A(8X]^Q<;SEN>IHHH (X8XHO*1<)Z9I!#&L/DA<1XQ
MM]J** !K>)X1$R91<8&?3I2O$DC(S+DH<J?0T44 'E)YWF[?WF-N?:A8D21W
C5<,_WCZT44 (D,<:NJK@.26YZDU!_9EG_P \!^9HHH __]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_013.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_013.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !: % # 2(  A$! Q$!_\0
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MW]G8-G(!;L*N32"&%Y#T4$US(M&N+">\<Y?=GZCO_.O&S7&UZ#C##J\M9/\
MPQW^\Z</2A.[GMM\V=--*(87E()"C)Q69_;T!Z0R_I_C4B7 N=#=R<L(RK?4
M5GZ=?V]K:[98BQW$Y !KGQF9356DJ=10A*/-=JY=.@N67-&[3L:UIJ<%XQ1<
MJ_\ =;O3;O58+5S'@NXZA>U9MOFYU)KR&(QQ(I/3KQ4NA1+*T\[@,^['/:LZ
M.8XNNH48M<TG*TK:.,>J7GL5*C3C>3V5M/-ENTU:&YE\HJT;GH&[U->:A#9@
M!R6<]%7K27&G07,RRN"'7NO&:S+%!=ZS/)*-P4G /;GBNBKB,=0Y:$FG*<K1
MEY6NVUW7J1&%*=YJ]DM46HM<@=PLD;Q@]SR*TP0P!!R#WJGJ=O')I\N5&44L
MIQTQ46AR&33\$YVL1_7^M;X>OB*6*6%Q$E*ZNFE;;=-$3A"5/VD%:SL,UR8B
MW6!.LAY^E1KH3"(*;I@,<J!Q_.K=YJ-O:S".5"6P#G J'^W;7^Z_Z5Q8F.73
MQ4YXNHF]$E=JUM]M[W-8.LJ:5./_  2C:L]M'>6<@/W6VG'<5:TBW2;37CD4
M'+$=.13CK=H2<Q,?? I5URT X1AGD@ 5SX9X&E4BY5XRC%22371N]OD74]K)
M.T&F[/[BM:/)87CV<Y)A?Y0>PST-);2/HUS)',A:)R"&%66URU//ELW'H*&U
MNT<$/&Q&>A -3%X.FE[/$I.#;BVKV3WB^Z&_:.]X;[_YD9OKB^OHUM-Z1CAF
M]L]:9*DFEZFUR$+0R9)QVS5A=:LT&%C91[ "C^W+5E(9&(/8XJI3PDX\T\4G
M4OS)]$[6LEV[B2J)V5/W;6(;S5?M5N8+:)R\@P?\*OZ9:FTLE1OOD[F'H:J+
MK-DGW8BOT %:%K=)=P^9&"%SCFNW 2HU<3[65=5*EK))62770RJJ48<JC9&#
MKW_'^/\ <%5KT((K<I&JEHPQ([FK.O?\?Z_[@J*8P3"W5IP!&@5L U\SCTGB
ML3'2[:M>W=7W\COHNU.#(X AL+AS&I9-N"?<U)'"%LXYXXQ*,GS0>H_R*9$\
M2V5PGF8+D;0?8TZU>.!HYDF*X'[Q>N>?ZUC3]G>"=OAWTNGS/77?2UT];%2O
MK;O^G]?,CM7C>6&$Q*=TG)/7!QQ23O&'>/RU!5^,#MZ4D$B?;TE8A$#[\>G.
M<4RXV&Y8JX*,V0<5SN?[BR:O>W3:WW[EV]_Y%VXAV,2+=3%Y88GT) _K4,(0
M:?-(8T+(Z@$^^?\ "I+AX9)@RSXCV*K<$$X _P *CB>+[#-$7"L[ @'/09KJ
MJ.'MI<K5K2M\/96M\]K]3-7Y5?R[B&..XLGF5=DD1 8#H0>];>@_\@\_[YK#
M>9(K5K>([MY!=\>G:MS0O^0=_P #->CD;@\=&V_([V[_ /#6OYF.+O[%^I-=
MV-I<S;YF(?&/O8J+^P[/T?\ [ZK-UL,VI*JYRR@5IZ-=_:+/8QS)'P<]QVKT
MZ53!XG'U,/5HJ]W9]VM_G8YY1JPHJ<9.PS^R-/&?F/'7YQ2KHMBPRI8CV:J&
MGQB?5+J.3)!#CG_>%+I\LFGZFUK,QV,<<],]C7-2J823A*IAXJ$I.-^S3LK^
MII*-172F[I7+S:+9*,MO ]VH_L:QV[LMM]=U5=2F>^OX[*$_*I^8CU[_ )5%
MJS-%+!9HQ6)5'XGUJJ]7 T_:2CAXN,&HI]Y/IZ+JQ0C5ERIS=WK\BZ-*TXMM
M#DGTWBG-HMBHRQ8#U+4U=$AVJ5F<G@Y[&GZYQIW''S#I72\-3IX>I6KX:"Y5
M=6=[_P"1'/*4U&,WJ,_LG3O[Y_[[%7K2WBMH=D))3.>N:RK#2HKFRCE>1]S9
MS@^]:UK;+:P^6C,1G/S5OEE)N2J^PC!-:-/77R(KRWCSMF-J/&NP?5>^.]/F
M!TO5A*!^YFZ@4^^MII-7BE2-B@*Y('O5[4K7[59LH&77YE^M<7U2I.6(J034
MXSYH^=EKZIJZ-?:12A%[-69EZ3C^V;C!!&&Z?458UVU#VXN!PR<$^H-0Z-:7
M$%Z[RQLH*$98=\BM#58GFL'2-2S$C 'UHPM!U,HJ1J0=VY-*SO>]UYA4FEB8
MM/L5-!MP(6NF.7<D?05;U#3DO@#NVR+T:DTF&2"P5)%*L&/!^M,U">]@F5K>
M(R1[>0%SSS773I4*65PA7@W%I723;N^MM]S.4I2KMQ>IF&2]T>50Y+1'H,Y!
MJ]J\@FTA)5!PY5A[54GCO]5D57@:)%/\0(Q[\U?U*T8Z6D$*%BF, #G@5YU&
M%7ZOB84E)TN7W>9.]^MKZV-I.//!RMS7UL4+/3KJ>UCD2Y9%.?EW'BMNTBDA
MMDCD?>XZMG-8]O)JEM D4=N-J\#*G_&M"VGO'$?G0X))#<$5UY2\/2<;0FIV
I2=U*W2]KZ;F>(YY7U5K^1>HHHKZ,X@HHHH **** "BBB@ HHHH __]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_014.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_014.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  \ $(# 2(  A$! Q$!_\0
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K1IY^SOV^@[5=HJH8."DI3;DU_,[_ (:+\!.M)JR27H%%%%=9D%%%% '_V0$!

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