<SEC-DOCUMENT>0000950103-21-004148.txt : 20210317
<SEC-HEADER>0000950103-21-004148.hdr.sgml : 20210317
<ACCEPTANCE-DATETIME>20210317074249
ACCESSION NUMBER:		0000950103-21-004148
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20210317
FILED AS OF DATE:		20210317
DATE AS OF CHANGE:		20210317

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:		21748451

	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>dp147903_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3.5pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B>&nbsp;</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: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K<BR>
&nbsp;</B></P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of March, 2021&nbsp;&nbsp;</P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 21%; color: black">

<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>&nbsp;</P>

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

<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>&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Montevideo, Uruguay, 11300 WTC Free
Zone </B>&nbsp;</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="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 44%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X&nbsp;</P></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 40-F</FONT></TD>
    <TD STYLE="width: 14%">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 44%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="width: 14%">
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    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X&nbsp;</P></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="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 44%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="width: 14%">
&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X&nbsp;</P></TD></TR>
</TABLE>
<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"><B>ARCOS DORADOS HOLDINGS INC.</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>ITEM</B></FONT></TD>
    <TD STYLE="width: 91%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Press Release dated March 17, 2021 titled &ldquo;Arcos Dorados Reports Fourth Quarter and Full Year 2020 Financial Results<FONT STYLE="text-transform: uppercase">&rdquo;</FONT></FONT></TD></TR>
</TABLE>

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

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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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Arcos Dorados Holdings Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Juan David Bastidas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">Juan David Bastidas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Legal Counsel</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Date: March 17, 2021</P>

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


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

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

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

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

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

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 65.45pt; width: 65.45pt"></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><U>FOR IMMEDIATE RELEASE</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">&nbsp;</P>

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

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></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: Arial, Helvetica, Sans-Serif"><B>&bull;</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Solid
                                         finish to a challenging year with fourth quarter consolidated revenue at almost 95% of
                                         the prior year period in constant currency, despite a tough comparison</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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: Arial, Helvetica, Sans-Serif"><B>&bull;</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Drive-Thru
                                         and Delivery up 49% and 171% in constant currency, respectively, versus the prior year
                                         quarter, capturing market share in the Company&rsquo;s largest markets</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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: Arial, Helvetica, Sans-Serif"><B>&bull;</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted
                                         EBITDA reached $58.4 million in the fourth quarter, excluding Venezuela, building sequentially
                                         on each Division&rsquo;s positive results in the prior quarter</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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: Arial, Helvetica, Sans-Serif"><B>&bull;</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Strong
                                         cash flow from operations drove an increase of nearly $30 million in cash and equivalents
                                         versus the prior quarter-end</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, March 17, 2021 &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
December 31, 2020, and audited results for the full year 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>Fourth 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 totaled $605.7 million, 19.5% lower in US dollars, or 5.3% lower on a constant currency basis<SUP>1</SUP>,
versus the prior year period.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Systemwide comparable sales<SUP>1</SUP> declined 7.9% versus the prior year quarter, despite a tough comparison, reflecting
another strong sequential quarterly improvement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Food and Paper costs declined by nearly 35 basis points as a percentage of sales at company-operated restaurants, compared
with the prior year period.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>All four Divisions added to a positive Consolidated Adjusted EBITDA<SUP>1</SUP> margin of 9.6%, compared to 5.5% in 3Q20 and
13.5% in 4Q19, which included a 130 basis point contribution from a non-cash bad debt reserve reversal in Puerto Rico.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Basic net income per share was $0.12, compared to basic net income of $0.18 per share in the prior year quarter.</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"></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Full Year 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 totaled $2.0 billion, a 32.9% decrease in US dollars, due to the impact of the COVID-19 pandemic and
the depreciation of several local currencies. On a constant currency basis, consolidated revenues declined 20.0%.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Systemwide comparable sales declined 22.3% versus 2019.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Food and Paper costs were 10 basis points lower as a percentage of sales at company-operated restaurants versus 2019, successfully
off-setting significant cost pressures.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Consolidated Adjusted EBITDA of $72.5 million was 75.5% and 75.9% lower in US dollars and on a constant currency basis, respectively,
impacted by the COVID-19 pandemic.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Consolidated Adjusted EBITDA margin contracted 6.3 percentage points to 3.7%, primarily due to the impact of the pandemic on
the Company&rsquo;s ability to leverage its fixed costs.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>G&amp;A expenses decreased 19.2% in US dollars and 2.0% in constant currency terms.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Basic net loss per share was $(0.69), compared to net income per share of $0.43 in the previous year.</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">&ldquo;In 2020 we faced the most unexpected and unprecedented
crisis of our lifetimes, forcing us to find new ways to work in our restaurants and offices while managing a business with an enormous
geographic footprint and a vast network of suppliers and sub-franchisees. We met the challenge because of our proactive and aggressive
responses to the crisis. But also because we have historically taken a long-term, strategic approach to growth. Our best-in-class
free-standing restaurant footprint supported the strong growth of Drive-thru, Delivery and Digital throughout the year. We strengthened
the McDonald&rsquo;s brand through significant market share gains in many key markets. The McProtegidos program also contributed
to Brand trust, consolidating McDonald&rsquo;s as the safest restaurant experience in the QSR industry. Financial results improved
steadily during the second half of 2020 and our disciplined financial management ensured a relatively modest increase in financial
leverage despite the material impact of the pandemic on full year results,&rdquo; said Marcelo Rabach, Chief Executive Officer
of Arcos Dorados.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;Looking ahead, we are increasing our commitment to make
a positive influence on the communities we serve. I am proud to announce that Arcos Dorados is the first major restaurant operator
in Latin America and the Caribbean to incorporate ESG indicators in its executive variable compensation program. Starting this
year, in order to reach their full variable compensation targets, our bonus-eligible employees will need to meet objectives related
to youth opportunity as well as responsible and ethical business practices. With respect to this year&rsquo;s financial results,
we expect some uncertainty in the short-term, but we firmly believe Arcos Dorados is poised for long-term success as market conditions
normalize over the course of 2021,&rdquo; he concluded.</P>

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


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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Figure
    1. AD Holdings Inc Consolidated: Key Financial Results<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: 400"><I>(In millions of U.S. dollars, except as noted)</I></FONT></FONT></TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: #FFF0BD; width: 43%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-left: #FFBC0D 1.5pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">4Q19<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 9%"><FONT STYLE="font-size: 10pt">Currency
    Translation - Excl. Venezuela<BR>
    (b) <BR></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">Constant<BR>
    Currency<BR>
    Growth - Excl. Venezuela<BR>
    (c)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 11%"><FONT STYLE="font-size: 10pt">Venezuela<BR>
    (d)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #FFBC0D 1.5pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 8%"><FONT STYLE="font-size: 10pt">4Q20<BR>
    (a+b+c+d)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: #FFF0BD; width: 9%"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,293</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,236</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Sales by Company-operated Restaurants</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">715.3</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(100.3)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(34.3)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(0.3)</FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">580.4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-18.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">39.1</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">(6.6)</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">(5.5)</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">(0.1)</FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">27.0</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-30.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">754.4</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(106.9)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(39.7)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(0.4)</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">607.4</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-19.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">100.4</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(10.1)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(33.2)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">0.4</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">57.5</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-42.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Adjusted EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">13.3%</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">9.5%</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Net income (loss) attributable to AD</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">33.0</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.5)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(8.6)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">22.0</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-33.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">No. of shares outstanding (thousands)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">204,070</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">207,266</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">EPS (US$/Share)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0.16</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0.11</FONT></TD>
    <TD STYLE="font-weight: bold; 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; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>(4Q20 = 4Q19 + 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 has historically
led the Company to record significant non-cash accounting charges to operations in this market. As such, 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 year-over-year variation
is mainly explained by the positive impact of the recovery of a provision for contingencies in the fourth quarter of 2019 versus
the negative impact of a tax-related provision in the fourth quarter of 2020, both in Brazil.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Excluded from Adjusted EBITDA</U>: There were no material
variations.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fourth quarter net income attributable to the Company totaled
$22.0 million, compared to net income of $33.0 million in the same period of 2019. Arcos Dorados&rsquo; recorded earnings of $0.11
per share in the fourth quarter of 2020 compared to earnings of $0.16 per share in the corresponding 2019 period. Total weighted
average shares for the fourth quarter of 2020 amounted to 207,265,620 compared to 204,069,509 in the prior year&rsquo;s quarter.</P>

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;<FONT STYLE="font-size: 10pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white"></FONT><TD COLSPAN="7" STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Figure
    2. AD Holdings Inc Consolidated - Excluding Venezuela: Key Financial Results<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: 400"><I>(In millions of U.S. dollars, except as noted)</I></FONT></FONT></TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: #FFF0BD; width: 43%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-left: #FFBC0D 1.5pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">4Q19<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 9%"><FONT STYLE="font-size: 10pt">Currency
    Translation<BR>
    (b) <BR></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">Constant<BR>
    Currency<BR>
    Growth<BR>
    (c)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #FFBC0D 1.5pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 11%"><FONT STYLE="font-size: 10pt">4Q20<BR>
    (a+b+c)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: #FFF0BD; width: 8%"><FONT STYLE="font-size: 10pt">%
    US Dollars</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: #FFF0BD; width: 9%"><FONT STYLE="font-size: 10pt">%
    Constant Currency</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,173</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,126</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Sales by Company-operated Restaurants</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">713.5</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(100.3)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(34.3)</FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">578.9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-18.9%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-4.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">38.8</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">(6.6)</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">(5.5)</FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">26.8</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-31.0%</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-14.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">752.3</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(106.9)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(39.7)</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">605.7</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-19.5%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-5.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Systemwide Comparable Sales</FONT></TD>
    <TD STYLE="font-style: italic; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-7.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">101.7</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(10.1)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(33.2)</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">58.4</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-42.6%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-32.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Adjusted EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">13.5%</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">9.6%</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-3.9%</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Net income (loss) attributable to AD</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">37.2</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4.5)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(8.6)</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-35.3%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-23.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">No. of shares outstanding (thousands)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">204,070</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">207,266</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">EPS (US$/Share)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0.18</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0.12</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; 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; text-align: justify">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Excluding Arcos Dorados&rsquo; Venezuelan operation, total revenues
in US dollars decreased 19.5% year-over-year, heavily impacted by the significant average depreciation of key local currencies,
including the Brazilian real and the Argentine peso. Constant currency revenues declined 5.3% in the quarter, impacted by 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 percentage of restaurants operating at least one sales segment
continued to increase sequentially from 55% at the end of the first quarter to 88%, 95% and 99% at the end of the second, third
and fourth quarters, respectively. Importantly, 77% of restaurants were fully opened at the end of the fourth quarter, compared
to 59% at the end of the third quarter. The Company was also able to operate the vast majority of its dessert centers, throughout
most of the quarter.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The sequential improvement in quarterly sales performance established
during the third quarter continued during the fourth quarter, despite the difficult comparison with the strong finish in 2019.
Systemwide comparable sales for the fourth quarter were down 7.9%, following a decline of 27.2% and 51.0% in the third and second
quarters, 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">Systemwide comparable sales continued growing versus the prior
year in the Company&rsquo;s free-standing restaurants, including in Brazil and in many of the markets of the Caribbean division,
while sales and guest traffic in mall and food court restaurants remained challenging. The Drive-Thru and Delivery segments, which
benefit from the Company&rsquo;s unmatched and growing footprint of free-standing restaurants, continued supporting results and
important market share gains across many of its largest markets.</P>

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


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Breakdown of main variations contributing to 4Q20 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">&nbsp;<IMG SRC="image_004.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"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fourth quarter consolidated Adjusted EBITDA, excluding Venezuela,
reached $58.4 million, and was positive in all four divisions, as a result of the strong sales recovery and efficient cost management
during the COVID-19 pandemic. Adjusted EBITDA margin was down 390 basis points, or 260 basis points when adjusted for Puerto Rico&rsquo;s
$10 million non-cash bad debt reserve reversal included in the prior year result. Higher margins in the Caribbean and SLAD were
offset by margin contractions in Brazil and NOLAD. Notably, the sustained recovery in sales, combined with operational adjustments
and cost management actions, drove efficiency gains and generated margin expansion at the restaurant-level versus the prior year.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Consolidated G&amp;A expenses decreased 15.4% year-over-year
in US dollars, or 0.2% in constant currency terms, despite weighted inflation on G&amp;A of 9.1%.</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 fourth quarter,
excluding Venezuela, included a $13.5 million non-cash foreign currency exchange gain, compared to a non-cash gain of $2.7 million
in the same period of 2019. This year&rsquo;s gain mainly reflects the impact of the appreciation of the Brazilian real, from the
previous quarter end, on intercompany balances. The Company also recorded a gain of $7.6 million, related to transactions with
certain securities. Net interest expense was $0.9 million higher year-over-year. Excluding Venezuela, the Company estimated income
tax expenses of $6.2 million in the fourth quarter, compared to $14.8 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">Fourth quarter net income attributable to the Company, excluding
Venezuela, totaled $24.1 million, compared to net income of $37.2 million in the prior year period. Earnings per share was $0.12
in the fourth quarter 2020, excluding Venezuela, compared to earnings per share of $0.18 in the prior year quarter.<BR STYLE="clear: both">
</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>Analysis by Division</U>:</B></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;<FONT STYLE="font-size: 10pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white"></FONT><TD COLSPAN="7" STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Figure
    3. Brazil Division: Key Financial Results<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: 400"><I>(In millions of U.S. dollars, except as noted)</I></FONT></FONT></TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: #FFF0BD; width: 43%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-left: #FFBC0D 1.5pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">4Q19<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 9%"><FONT STYLE="font-size: 10pt">Currency
    Translation<BR>
    (b) <BR></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">Constant<BR>
    Currency<BR>
    Growth<BR>
    (c)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #FFBC0D 1.5pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 11%"><FONT STYLE="font-size: 10pt">4Q20<BR>
    (a+b+c)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: #FFF0BD; width: 8%"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: #FFF0BD; width: 9%"><FONT STYLE="font-size: 10pt">%
    Constant Currency</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,023</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,020</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">369.3</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(78.0)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(37.5)</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">253.7</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-31.3%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-10.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Systemwide Comparable Sales</FONT></TD>
    <TD STYLE="font-style: italic; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-10.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">79.3</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(10.0)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(36.7)</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">32.6</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-58.9%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-46.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">21.5%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">12.8%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-8.7%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported revenues decreased 31.3%, mainly due to the 24% year-over-year
average depreciation of the Brazilian real against the US dollar. Revenues declined 10.2% on a constant currency basis due to government-imposed
operating restrictions related to the pandemic. Systemwide comparable sales decreased 10.6%, with a solid sequential improvement
versus a decline of 26.2% in the third quarter and 46.3% in the 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">Almost 55% of the division&rsquo;s restaurants are street-facing,
including more than 460 free-standing restaurants, which generated positive systemwide comparable sales growth on a year-over-year
basis, on top of the prior year quarter&rsquo;s strong results. Mall-based restaurant performance remained challenging in the quarter
due to capacity restrictions impacting counter and dessert center sales. The Brazil division was operating substantially all its
restaurants at the end of the quarter with 65% of restaurants operating all sales segments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Marketing
                                         activities for the fourth quarter focused on the Company&rsquo;s iconic products, such
                                         as a Cheddar McMelt campaign, which received strong consumer response through digital
                                         and social media. Also during the quarter, the Company received the prestigious Effie
                                         Advertiser of the Year award across all industries, which recognizes the use of world
                                         class creativity to drive strong business results. The Company continued strengthening
                                         the Drive-thru segment through exclusive digital promotions and dedicated media. Delivery
                                         was also a key sales driver during the quarter, growing triple digits versus the prior
                                         year. Downloads of the McDonald&rsquo;s App outperformed the nearest competitor by 70%
                                         in the quarter.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">

<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 in the division reached $32.6 million
in the quarter, up around 50% versus the third quarter. Compared with the prior year period, Adjusted EBITDA margin was down 870
basis points. Last year&rsquo;s Adjusted EBITDA included the positive impact of the recovery of a provision for contingencies,
whereas this year&rsquo;s Adjusted EBITDA included the negative impact of a tax provision. Excluding these one-offs, Adjusted EBITDA
margin contracted 490 basis points versus the prior year quarter as the decline in sales outpaced the reduction in costs and expenses.<BR STYLE="clear: both">
</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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<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">&nbsp;<FONT STYLE="font-size: 10pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white"></FONT><TD COLSPAN="7" STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Figure
    4. NOLAD Division: Key Financial Results<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: 400"><I>(In millions of U.S. dollars, except as noted)</I></FONT></FONT></TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: #FFF0BD; width: 43%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-left: #FFBC0D 1.5pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">4Q19<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 9%"><FONT STYLE="font-size: 10pt">Currency
    Translation<BR>
    (b) <BR></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">Constant<BR>
    Currency<BR>
    Growth<BR>
    (c)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #FFBC0D 1.5pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 11%"><FONT STYLE="font-size: 10pt">4Q20<BR>
    (a+b+c)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: #FFF0BD; width: 8%"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: #FFF0BD; width: 9%"><FONT STYLE="font-size: 10pt">%
    Constant Currency</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">530</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">507</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">114.4</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4.4)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(14.5)</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">95.6</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-16.5%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-12.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Systemwide Comparable Sales</FONT></TD>
    <TD STYLE="font-style: italic; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-14.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">12.5</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(0.1)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(3.9)</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">8.4</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-32.7%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-31.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">11.0%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">8.8%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-2.2%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported revenues decreased 16.5%, or 12.6% on a constant
currency basis, primarily due to the ongoing effects of the pandemic. Systemwide comparable sales decreased 14.8%, with a strong
sequential improvement from declines of 35.6% in the third quarter and 50.7% in the 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">Substantially all of the division&rsquo;s restaurants were open
with most operating all sales segments at the end of the fourth quarter. Around one third of the restaurants in Panama were closed
in October, as shopping malls had not yet reopened in the country.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Marketing
                                         activities in the fourth quarter focused on the Company&rsquo;s core products in all
                                         three markets, all with strong customer response and engagement. Delivery was also a
                                         key sales driver for the Company, enhanced by activations with the delivery aggregators
                                         promoting family bundles and special packs for group occasions. Also in the quarter,
                                         the Company continued strengthening the Drive-thru segment with operational improvements,
                                         enhancing customer experience and the launch of the loyalty program &ldquo;Club VIP Automac&rdquo;
                                         in all three markets.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">

<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 reached $8.4 million in the fourth
quarter, up significantly from $0.7 million in the third quarter. The result represents a year-over-year decline of 32.7%, or 31.3%
in constant currency terms, due to the decline in revenue and a 2.2 percentage point contraction in the Adjusted EBITDA margin
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"><B>SLAD</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;<FONT STYLE="font-size: 10pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white"></FONT><TD COLSPAN="7" STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Figure
    5. SLAD Division: Key Financial Results<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: 400"><I>(In millions of U.S. dollars, except as noted)</I></FONT></FONT></TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: #FFF0BD; width: 43%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-left: #FFBC0D 1.5pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">4Q19<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 9%"><FONT STYLE="font-size: 10pt">Currency
    Translation<BR>
    (b) <BR></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">Constant<BR>
    Currency<BR>
    Growth<BR>
    (c)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #FFBC0D 1.5pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 11%"><FONT STYLE="font-size: 10pt">4Q20<BR>
    (a+b+c)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: #FFF0BD; width: 8%"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: #FFF0BD; width: 9%"><FONT STYLE="font-size: 10pt">%
    Constant Currency</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">404</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">391</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">169.3</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(24.3)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(6.9)</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">138.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-18.4%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-4.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Systemwide Comparable Sales</FONT></TD>
    <TD STYLE="font-style: italic; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-3.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">14.0</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(3.6)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">6.3</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">16.7</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">19.6%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">44.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">8.3%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">12.1%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">3.8%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported revenues decreased 18.4%, due largely to the 26%
year-over-year average depreciation of the Argentine peso against the US dollar. Continued operating restrictions led to a constant
currency revenue decline of 4.1%. Systemwide comparable sales decreased 3.0%, with another significant sequential improvement compared
with a decline of 37.8% in the third quarter and 68.2% in the 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">The SLAD division was operating 99% of its restaurants at the
end of the quarter, and 73% were operating all sales segments, versus only 30% at the end of the third quarter.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Marketing activities for the fourth
quarter focused on the Company&rsquo;s core products and on leveraging its competitive advantages. Activities included the launch
of a Drive-thru mobility campaign, focused on promoting the different kinds of mobility for the segment in Argentina. In Uruguay,
the Company continued innovating with the launch of the Triple Quarter Pounder with Cheese, as a line extension of this beloved
sandwich, driving incremental traffic. The Company also launched the McFlurry Crossover, with aspirational chocolate brands KitKat,
Oreo and M&amp;M&rsquo;s mixed simultaneously.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As reported Adjusted EBITDA totaled
$16.7 million, an increase of 19.6% versus the prior year, or 44.8% in constant currency terms. The growth was driven by a recovery
in the Chilean business compared with the fourth quarter of 2019, which was impacted by the country&rsquo;s social unrest, combined
with a solid result in Argentina. Adjusted EBITDA margin rose 3.8 percentage points, boosted by the strong recovery in sales that
helped drive cost and expense leverage.</FONT></P>

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;<FONT STYLE="font-size: 10pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white"></FONT><TD COLSPAN="7" STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Figure
    6. Caribbean Division: Key Financial Results<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: 400"><I>(In millions of U.S. dollars, except as noted)</I></FONT></FONT></TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: #FFF0BD; width: 43%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-left: #FFBC0D 1.5pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">4Q19<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 9%"><FONT STYLE="font-size: 10pt">Currency
    Translation - Excl. Venezuela<BR>
    (b) <BR></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">Constant<BR>
    Currency<BR>
    Growth - Excl. Venezuela<BR>
    (c)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 11%"><FONT STYLE="font-size: 10pt">Venezuela<BR>
    (d)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #FFBC0D 1.5pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 8%"><FONT STYLE="font-size: 10pt">4Q20<BR>
    (a+b+c+d)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: #FFF0BD; width: 9%"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">336</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">318</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">101.3</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(0.2)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">19.2</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(0.3)</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">120.0</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">18.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">13.0</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">0.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2.4</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">0.5</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">16.0</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">22.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">12.9%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">13.4%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">0.5%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&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 has historically led
the Company to record significant non-cash accounting charges to operations in this market. As such, the discussion of the Caribbean
division&rsquo;s operating performance focuses on results that exclude the Company&rsquo;s operations in this country.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;<FONT STYLE="font-size: 10pt"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white"></FONT><TD COLSPAN="7" STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Figure
    7. Caribbean Division - Excluding Venezuela: Key Financial Results<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: 400"><I>(In millions of U.S. dollars, except as noted)</I></FONT></FONT></TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: #FFF0BD; width: 43%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-left: #FFBC0D 1.5pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">4Q19<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 9%"><FONT STYLE="font-size: 10pt">Currency
    Translation<BR>
    (b) <BR></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">Constant<BR>
    Currency<BR>
    Growth<BR>
    (c)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #FFBC0D 1.5pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD; width: 11%"><FONT STYLE="font-size: 10pt">4Q20<BR>
    (a+b+c)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: #FFF0BD; width: 8%"><FONT STYLE="font-size: 10pt">%
    US Dollars</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: #FFF0BD; width: 9%"><FONT STYLE="font-size: 10pt">%
    Constant Currency</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">Total Restaurants (Units)</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">216</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">208</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Total Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">99.3</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(0.2)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">19.2</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">118.3</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">19.2%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">19.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Systemwide Comparable Sales</FONT></TD>
    <TD STYLE="font-style: italic; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">7.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">14.4</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">0.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2.4</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">16.9</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">17.4%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">16.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">14.5%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">14.3%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-0.2%</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Revenues in the Caribbean division, excluding Venezuela, increased
19.2% in US dollars, or 19.3% in constant currency terms. Systemwide comparable sales increased 7.4%, sustaining the sequential
improvement compared with the 1.0% increase in the third quarter and 40.4% decline in the second quarter. Total revenue growth
also reflects 100% company-operated restaurants in Puerto Rico in the fourth quarter of 2020, versus 67% in the prior year quarter.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">At the end of the quarter, 98% of the division&rsquo;s restaurants
were operational, with 90% operating all sales segments. Free-standing restaurants, which represent 72% of the division&rsquo;s
footprint, continued generating positive sales growth versus the prior year.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></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">Marketing activities for the fourth quarter in Puerto Rico focused
on celebrating the Company&rsquo;s iconic products such as the &ldquo;Spicy McNuggets&rdquo; campaign, which received strong consumer
response with inventories lasting just three weeks, compared to the original four-week plan. Also, the &ldquo;J Balvin Meal&rdquo;
campaign, that showcased three iconic products (Big Mac, McFries and McFlurry), and helped strengthen the Brand's ties with a younger
target audience. The Company continued offering product innovation to consumers with the launch of the &ldquo;Double Tasty&rdquo;
in Colombia and &ldquo;American BBQ&rdquo; in Puerto Rico, generating incremental sales in the Premium business. Also during the
quarter, sales in the Drive-thru segment benefitted from exclusive promotions and dedicated media, especially in Colombia.</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 reached $16.9 million, growing 17.4%
year-over-year, or 16.7% in constant currency terms, despite the fact that last year&rsquo;s Adjusted EBITDA included a $10 million
non-cash bad debt reserve reversal in Puerto Rico. Adjusted EBITDA margin contracted 20 basis points to 14.3%, but expanded 990
basis points excluding the non-cash reserve reversal from the prior year result. Notably, profitability benefitted from the growth
of Drive-thru sales in Colombia as well as better results in the US dollar and euro-generating markets of Puerto Rico and the French
West Indies, respectively.</P>

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


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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: left; width: 39%"><FONT STYLE="font-size: 10pt">Figure
    8. Total Restaurants (eop)*</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 12%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 12%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 13%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 12%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 12%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">December<BR>
    2020</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">September<BR>
    2020</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">June<BR>
    2020</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">March<BR>
    2020</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">December<BR>
    2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,020</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,023</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,024</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,025</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,023</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">507</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">513</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">530</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">531</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">530</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">391</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">397</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">402</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">406</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">404</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">318</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">324</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">335</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">336</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">336</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,236</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,257</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,291</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,298</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,293</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">* Considers Company-operated and franchised restaurants
    at period-end</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><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">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="background-color: white">
    <TD STYLE="border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: left; width: 37%"><FONT STYLE="font-size: 10pt">Figure
    9. Current Footprint</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 9%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 9%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 9%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 9%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 9%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 8%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Store
    Type*</FONT></TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Total
    Restaurants</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Ownership</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">McCafes</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Dessert
    Centers</FONT></TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">FS
    &amp; IS</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">MS
    &amp; FC</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Company
    Operated</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Franchised</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right; border-top-color: #FFBC0D; border-top-width: 1pt"><FONT STYLE="font-size: 10pt">553</FONT></TD>
    <TD STYLE="text-align: right; border-top-color: #FFBC0D; border-top-width: 1pt"><FONT STYLE="font-size: 10pt">467</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: #FFBC0D; border-top-width: 1pt"><FONT STYLE="font-size: 10pt">1,020</FONT></TD>
    <TD STYLE="text-align: right; border-top-color: #FFBC0D; border-top-width: 1pt"><FONT STYLE="font-size: 10pt">610</FONT></TD>
    <TD STYLE="text-align: right; border-top-color: #FFBC0D; border-top-width: 1pt"><FONT STYLE="font-size: 10pt">410</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">77</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,012</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">314</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">193</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">507</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">353</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">154</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">588</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">229</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">162</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">391</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">344</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">47</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">122</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">390</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">251</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">67</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">318</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">269</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">49</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">31</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">324</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,347</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">889</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,236</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,576</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">660</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">243</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">3,314</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">* FS: Free-Standing; IS: In-Store; MS: Mall Store; FC:
    Food Court.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><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"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company opened 9 new restaurants during the twelve-month
period ended December 31, 2020. In-line with its guidance, excluding Venezuela, the Company optimized its footprint by closing
56 restaurants in 2020, with about 60% of closings between Mexico and Argentina. At the end of the fourth quarter, the Company
had 733 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 $166.0 million and total financial
debt (including the value of derivative instruments) was $673.2 million, as of December 31, 2020. Net debt (Total Financial Debt
<I>minus</I> Cash and cash equivalents) was $507.2 million, up $33.4 million versus the prior year end, as cash provided by operating
activities and the Company&rsquo;s hedging strategy mostly offset the issuance of an additional $150 million of the 2027 Notes.
The Net Debt/Adjusted EBITDA ratio was 7.4x at the end of the reporting period.</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 77%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left; width: 62%"><FONT STYLE="font-size: 10pt">Figure
    10. Consolidated Financial Ratios<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: 400"><I>(In thousands of U.S. dollars, except ratios)</I></FONT></FONT></TD>
    <TD STYLE="color: red; vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 19%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 19%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">December 31</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">December 31</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">2020</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">Cash &amp; cash equivalents (i)</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">165,989</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">121,905</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Total Financial Debt (ii)</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">673,232</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">595,781</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Net Financial Debt (iii)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">507,243</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">473,876</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Total Financial Debt / LTM Adjusted EBITDA ratio</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">9.9</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">2.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">Net Financial Debt / LTM Adjusted EBITDA ratio</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">7.4</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">(i) Cash &amp; cash equivalents includes
    Short-term investment</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">(ii)Total financial debt includes
    long-term debt, short-term debt, and derivative instruments (including the asset portion of derivatives amounting to $122.6
    million and $57.8 million as a reduction of financial debt as of December 31, 2020 and December 31, 2019, respectively).</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(iii) Total financial debt less cash and cash equivalents.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><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"></P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Net cash generated from operating activities for the three months
ended December 31, totaled $66.2 million, while cash used in net investing activities totaled $25.0 million. Capital expenditures
in the quarter totaled $21.5 million, compared to $98.1 million in the previous year&rsquo;s period. Net cash used in financing
activities was $15.1 million.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Full Year 2020 &ndash; Excluding Venezuela</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 year ended December
31, 2020, the Company&rsquo;s revenues, in US dollars, decreased by 32.9% to $2.0 billion, impacted by the COVID-19 pandemic and
the depreciation of several of the region&rsquo;s key currencies. This led to a significant de-leveraging of the Company&rsquo;s
costs and expenses, resulting in a consolidated Adjusted EBITDA margin contraction of 6.3 percentage points to 3.7% versus the
prior year.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Consolidated net loss for full year 2020 amounted to $(141.8)
million, compared with net income of $88.5 million in 2019. The Company recorded net loss per share of $(0.69), compared to earnings
per share of $0.43 in the previous year.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Net cash provided by operating activities for 2020 totaled $16.0
million, while cash used in net investing activities totaled $88.7 million. Capital expenditures for full year 2020 totaled $86.3
million, compared to $265.2 million in the previous year. Net cash provided by financing activities was $125.6 million, which included
the issuance of an additional $153.4 million in 2027 Notes as part of a liability management transaction in September and October
2020.</P>

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


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I><U>Executive Variable Compensation Program</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">Arcos Dorados will incorporate Environmental, Social and Governance
(ESG) indicators, beginning in 2021, for determining a portion of the variable compensation of its bonus-eligible employees. For
the first year, the Company selected indicators related to youth opportunity as well as responsible and ethical business practices.</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>2021 Annual General Shareholders&rsquo;
Meeting (AGM)</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 March 12, 2021, the Company announced the date for its AGM,
which will be held on April 28,</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">2021, in Bogota, Colombia, at 10:00 a.m. (local time), for all
shareholders of record as of March 26, 2021. AGM materials are available on the investor relations website: www.arcosdorados.com/ir</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"><B><U>Fourth Quarter and Full Year 2020 Earnings Webcast</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"><FONT STYLE="font-size: 10pt">A webcast to discuss the information
contained in this press release will be held today, March 17, 2021, at 10 a.m. ET. In order to access the webcast, members of the
investment community should follow this link </FONT><FONT STYLE="font-size: 11pt">Arcos Dorados Investor Update</FONT><FONT STYLE="font-size: 10pt">.
</FONT></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">A replay of the webcast will be available later today through
May 11, 2021 in the investor section of the Company&rsquo;s website: www.arcosdorados.com/ir.</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>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; vertical-align: middle; width: 12%">Follow us on: &nbsp;&nbsp;</TD>
    <TD STYLE="width: 88%"><IMG SRC="image_005.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

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

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

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

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


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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">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 21 of our financial statements (6-K
Form) filed today with the S.E.C.</FONT></P>

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


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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><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 12/31/2020). The Company is also committed to the development
of the communities in which it operates, to providing young people their first formal job opportunities and to utilize its Scale
for Good to achieve a positive environmental impact. Arcos Dorados is listed for trading on the New York Stock Exchange (NYSE:
ARCO). To learn more about the Company, please visit the Investors section of our website: www.arcosdorados.com/ir.</FONT></P>

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

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

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

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

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


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Fourth Quarter &amp; Full Year
2020 Consolidated Results</B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(In thousands of U.S. dollars,
except per share data)</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Figure
    11. Fourth Quarter &amp; Full Year 2020 Consolidated Results<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: 400"><I>(In thousands of U.S. dollars, except per share
    data)</I></FONT></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">For
    Three-Months ended</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">For
    Twelve-Months ended</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">December
    31,</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">December
    31,</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; width: 59%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">2020</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1pt; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">2019</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">2020</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1pt; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">REVENUES</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Sales by Company-operated restaurants</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">580,397</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">715,300</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">1,894,618</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,812,287</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">26,996</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">39,066</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">89,601</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">146,790</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">607,392</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">754,366</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,984,219</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,959,077</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">OPERATING COSTS AND EXPENSES</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Company-operated restaurant expenses:</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-left: 0.25in; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Food and paper</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(205,296)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(255,776)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(677,087)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,007,584)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-left: 0.25in; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Payroll and employee benefits</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(111,546)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(140,364)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(413,074)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(567,653)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-left: 0.25in; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Occupancy and other operating expenses</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(166,094)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(201,081)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(624,154)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(799,633)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-left: 0.25in; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Royalty fees</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(33,886)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(38,969)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(110,957)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(155,388)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Franchised restaurants - occupancy expenses</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(12,736)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(7,777)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(43,512)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(61,278)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(46,774)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(55,302)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(171,382)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(212,515)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Other operating income (expenses), net</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(9,340)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5,528</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(10,807)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4,910</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    operating costs and expenses</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(585,672)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(693,741)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(2,050,973)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(2,799,141)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #FFBC0D 0.5pt solid; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Operating
    (loss) income</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">21,720</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">60,625</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">(66,754)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">159,936</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Net interest expense</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(14,816)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(13,879)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(59,068)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(52,079)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Gain (loss) from derivative instruments</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(1,915)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,350)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(2,297)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">439</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Gain from securities</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">7,606</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right; background-color: white"><FONT STYLE="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="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">25,676</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right; background-color: white"><FONT STYLE="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="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Foreign currency exchange results</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">13,288</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,639</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(31,707)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">12,754</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Other non-operating expenses, net</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">2,427</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">216</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">2,296</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(2,097)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">Income
    before income taxes</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">28,310</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">48,251</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(131,854)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">118,953</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">Income
    tax expense</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(6,188)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(15,187)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(17,532)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(38,837)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #FFBC0D 0.5pt solid; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Net
    (loss) income</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">22,122</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">33,064</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">(149,386)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">80,116</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: #FFBC0D 0.5pt solid; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Net
    (loss) income attributable to non-controlling interests</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">(86)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">(105)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">(65)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">(220)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">Net
    (loss) income attributable to Arcos Dorados Holdings Inc.</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">22,036</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">32,959</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(149,451)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">79,896</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Earnings per share information ($ per share):</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Basic net income per common share</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73)</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Weighted-average number of common shares outstanding-Basic</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">207,265,620</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">204,069,509</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">205,417,516</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">204,003,977</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Reconciliation</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Operating income</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">21,720</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">60,625</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(66,754)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">159,936</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">30,390</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">33,548</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">126,853</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">123,218</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Operating charges excluded from EBITDA computation</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">5,353</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">6,204</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">8,012</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">8,621</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">57,463</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">100,377</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">68,111</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">291,775</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted EBITDA Margin as
    % of total revenues</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">9.5%</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">13.3%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">3.4%</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">9.9%</FONT></TD></TR>
</TABLE>

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

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

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

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


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Fourth Quarter &amp; Full Year
2020 Consolidated Results &ndash; Excluding Venezuela</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">(In thousands of U.S. dollars,
except per share data)</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Figure
    12. Fourth Quarter &amp; Full Year 2020 Consolidated Results - Excluding Venezuela<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: 400"><I>(In thousands of U.S. dollars, except per share
    data)</I></FONT></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">For
    Three-Months ended</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">For
    Twelve-Months ended</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">December
    31,</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">December
    31,</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; width: 59%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">2020</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1pt; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">2019</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">2020</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1pt; background-color: #FFF0BD; width: 10%"><FONT STYLE="font-size: 10pt">2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">REVENUES</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Sales by Company-operated restaurants</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">578,929</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">713,521</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">1,890,645</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,803,363</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">26,784</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">38,806</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">89,081</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">145,532</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">605,713</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">752,327</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,979,725</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,948,895</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">OPERATING COSTS AND EXPENSES</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Company-operated restaurant expenses:</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-left: 0.25in; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Food and paper</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(205,192)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(255,369)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(676,707)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,006,551)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-left: 0.25in; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Payroll and employee benefits</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(111,513)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(140,065)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(412,228)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(566,581)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-left: 0.25in; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Occupancy and other operating expenses</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(165,300)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(199,921)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(621,039)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(794,870)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-left: 0.25in; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Royalty fees</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(33,886)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(38,969)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(110,957)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(155,388)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Franchised restaurants - occupancy expenses</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(12,648)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(7,633)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(43,136)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(60,766)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(45,690)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(54,001)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(168,036)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(207,992)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Other operating (expenses) income, net</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(7,870)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">8,129</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(6,664)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">11,433</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    operating costs and expenses</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(582,099)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(687,829)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(2,038,767)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(2,780,715)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #FFBC0D 0.5pt solid; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Operating
    (loss) income</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">23,615</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">64,498</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">(59,042)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">168,180</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Net interest expense</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(14,817)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(13,879)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(59,072)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(52,078)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Gain (loss) from derivative instruments</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(1,915)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,350)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(2,297)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">439</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Gain from financial instruments</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">7,606</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right; background-color: white"><FONT STYLE="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="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">25,676</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right; background-color: white"><FONT STYLE="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="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Foreign currency exchange results</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">13,451</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,696</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(31,734)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">13,337</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Other non-operating (loss) expenses, net</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">2,427</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">216</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">2,296</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(2,097)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">Income
    before income taxes</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">30,367</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">52,181</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(124,173)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">127,781</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: #FFBC0D 0.5pt solid; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Income
    tax expense</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">(6,183)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">(14,839)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">(17,586)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">(39,053)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #FFBC0D 0.5pt solid; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Net
    (loss) income</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">24,184</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">37,342</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">(141,758)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">88,728</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: #FFBC0D 0.5pt solid; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Net
    (loss) income attributable to non-controlling interests</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">(86)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">(105)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">(65)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">(220)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #FFBC0D 0.5pt solid; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Net
    (loss) income attributable to Arcos Dorados Holdings Inc.</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">24,098</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">37,237</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">(141,823)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">88,508</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Earnings per share information ($ per share):</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Basic net income per common share</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69)</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Weighted-average number of common shares outstanding-Basic</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">207,265,620</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">204,069,509</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">205,417,516</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">204,003,977</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Reconciliation</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Operating income</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">23,615</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">64,498</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">(59,042)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">168,180</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">30,169</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">33,171</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">125,450</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">121,554</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">Operating charges excluded from
    EBITDA computation</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">4,568</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4,080</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">6,118</FONT></TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">6,498</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">58,352</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">101,749</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">72,526</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">296,232</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">Adjusted EBITDA Margin as %
    of total revenues</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">9.6%</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">13.5%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">3.7%</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">10.0%</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Fourth Quarter &amp; Full Year
2020 Results by Division</B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(In thousands of U.S. dollars)</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="background-color: white">
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Figure
    13. Fourth Quarter &amp; Full Year 2020 Consolidated Results by Division<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: 400"><I>(In thousands of U.S. dollars)</I></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #FFBC0D 1.5pt solid; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">4Q</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">FY</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Three-Months
    ended</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">%
    Incr.</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Constant</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Twelve-Months
    ended</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">%
    Incr.</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Constant</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">December
    31,</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">/</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Currency</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">December
    31,</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">/</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Currency</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; width: 33%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD; width: 9%"><FONT STYLE="font-size: 10pt">2020</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 0.5pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1pt; background-color: #FFF0BD; width: 9%"><FONT STYLE="font-size: 10pt">2019</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD; width: 9%"><FONT STYLE="font-size: 10pt">(Decr)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 0.5pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1pt; background-color: #FFF0BD; width: 9%"><FONT STYLE="font-size: 10pt">Incr/(Decr)%</FONT></TD>
    <TD STYLE="background-color: white; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD; width: 7%"><FONT STYLE="font-size: 10pt">2020</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 0.5pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1pt; background-color: #FFF0BD; width: 7%"><FONT STYLE="font-size: 10pt">2019</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD; width: 7%"><FONT STYLE="font-size: 10pt">(Decr)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 0.5pt solid; text-align: center; border-top-color: #FFBC0D; border-top-width: 1pt; background-color: #FFF0BD; width: 9%"><FONT STYLE="font-size: 10pt">Incr/(Decr)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-decoration: underline"><FONT STYLE="font-size: 10pt">Revenues</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">253,729</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">369,302</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-31.3%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-10.2%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">862,748</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">1,385,566</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-37.7%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-20.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">119,983</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">101,329</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">18.4%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">381,090</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">399,251</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-4.5%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Caribbean - Excl. Venezuela</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">118,304</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">99,290</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">19.2%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">19.3%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">376,596</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">389,069</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-3.2%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-1.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">95,583</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">114,438</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-16.5%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-12.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">311,887</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">431,266</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-27.7%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-25.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">138,097</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">169,297</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-18.4%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-4.1%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">428,494</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">742,994</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-42.3%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-26.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">607,392</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">754,366</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-19.5%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,984,219</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,959,077</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-32.9%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">TOTAL - Excl. Venezuela</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">605,713</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">752,327</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-19.5%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-5.3%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">1,979,725</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">2,948,895</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-32.9%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-20.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-decoration: underline"><FONT STYLE="font-size: 10pt">Operating Income (loss)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">18,491</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">62,131</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-70.2%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-61.2%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">16,121</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">164,342</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-90.2%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-90.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9,740</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,003</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">870.1%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4,494</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,101)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-508.6%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Caribbean - Excl. Venezuela</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">11,634</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">4,876</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">138.7%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">136.8%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">12,206</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">7,143</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">71.0%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">44.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(944)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5,929</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-115.9%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-119.7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(16,680)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">16,539</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-200.8%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-217.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">11,221</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">10,100</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">11.1%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">49.1%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">(16,626)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">42,410</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-139.2%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-152.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Corporate and Other</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(16,789)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(18,538)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">9.4%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-10.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(54,063)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(62,254)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-13.2%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-9.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">21,719</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">60,625</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-64.2%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">(66,754)</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">159,936</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-141.7%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-size: 10pt">TOTAL - Excl. Venezuela</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">23,613</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">64,498</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">-63.4%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-54.9%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">(59,042)</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">168,180</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">-135.1%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">-149.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-decoration: underline"><FONT STYLE="font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">32,575</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">79,262</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-58.9%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-46.3%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">76,155</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">227,844</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-66.6%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-58.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Caribbean</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">16,033</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">13,043</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">22.9%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28,847</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">24,955</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">15.6%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">Caribbean - Excl. Venezuela</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">16,922</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">14,416</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">17.4%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">16.7%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">33,263</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">29,412</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">13.1%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">8.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8,447</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">12,545</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-32.7%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-31.3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10,207</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">39,027</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-73.8%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-77.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">16,709</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">13,968</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">19.6%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">44.8%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">3,272</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">63,120</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-94.8%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-100.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Corporate and Other</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(16,305)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(18,442)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">11.6%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-7.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(50,370)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(63,171)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-20.3%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">57,459</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">100,376</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-42.8%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">68,111</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">291,775</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">-76.7%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; background-color: white"><FONT STYLE="font-size: 10pt">TOTAL
    - Excl. Venezuela</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">58,348</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">101,749</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-42.6%</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">-32.7%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">72,527</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">296,232</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">-75.5%</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">-75.9%</FONT></TD></TR>
</TABLE>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 77%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid"><FONT STYLE="font-size: 10pt">Figure
    14. Average Exchange Rate per Quarter*</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: #FFF0BD; width: 40%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: #FFF0BD; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: #FFF0BD; width: 15%"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: #FFF0BD; width: 15%"><FONT STYLE="font-size: 10pt">Mexico</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: #FFF0BD; width: 15%"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">4Q20</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5.40</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">20.53</FONT></TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">80.03</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">4Q19</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4.12</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">19.23</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">59.36</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 10pt">* Local $ per 1 US$</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

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

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

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

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


<!-- Field: Page; Sequence: 20; 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 -->17<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(In thousands of U.S. dollars)</FONT></P>

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


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 77%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Figure
    15. Summarized Consolidated Balance Sheets<BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: 400"><I>(In thousands of U.S. dollars)</I></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: #FFF0BD; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #FFF0BD; width: 55%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: #FFF0BD; width: 15%"><FONT STYLE="font-size: 10pt">December
    31</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: #FFF0BD; width: 15%"><FONT STYLE="font-size: 10pt">December
    31</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">2020</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 10pt">2019</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">ASSETS</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Current assets</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Cash and cash equivalents&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165,989</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">121,880</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Short-term investment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="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;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Accounts and notes receivable, net</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94,249</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">99,862</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Other current assets (1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155,293</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">183,601</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    current assets&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415,531</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">405,368</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Non-current assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Property and equipment, net&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796,532</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">960,986</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Net intangible assets and goodwill&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,046</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">43,044</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Deferred income taxes&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55,567</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">68,368</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Derivative instruments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121,901</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">57,828</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Leases right of use assets, net</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790,969</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">922,165</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Other non-current assets (2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76,408</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">99,926</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    non-current assets&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,878,423</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,152,317</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 0.5pt solid; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Total
    assets&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 0.5pt solid; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,293,954</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">2,557,685</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">LIABILITIES AND EQUITY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Current liabilities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Accounts payable&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209,535</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">259,577</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Taxes payable (3)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91,284</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">123,805</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Accrued payroll and other liabilities&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79,218</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">86,379</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Other current liabilities (4)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,726</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">27,068</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Provision for contingencies&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,024</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,035</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Financial debt (5)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,856</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">26,436</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Operating lease liabilities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,828</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">70,147</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    current liabilities&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503,471</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">595,447</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Non-current liabilities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Accrued payroll and other liabilities&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,884</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23,497</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Provision for contingencies&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,924</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">24,123</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Financial debt (6)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787,979</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">627,173</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Deferred income taxes&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,067</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4,297</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Operating lease liabilities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752,613</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">861,582</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    non-current liabilities&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,592,467</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,540,672</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    liabilities&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,095,938</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">2,136,119</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Class A shares of common stock</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386,603</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">383,204</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Class B shares of common stock</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132,915</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">132,915</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Additional paid-in capital&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,540</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">13,375</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Retained earnings&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290,895</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">471,149</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Accumulated other comprehensive losses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-584,860</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(519,505)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Common stock in treasury</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-39,547</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(60,000)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    Arcos Dorados Holdings Inc shareholders&rsquo; equity</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197,546</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">421,138</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 10pt">Non-controlling
    interest in subsidiaries</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470</FONT></TD>
    <TD STYLE="border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">428</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 0.5pt solid; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Total
    equity</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 0.5pt solid; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198,016</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">421,566</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 1pt solid"><FONT STYLE="font-size: 10pt">Total
    liabilities and equity&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,293,954</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">2,557,685</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></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 2in 0pt 0pt"><FONT STYLE="font-size: 10pt">(1) Includes "Other receivables",
"Inventories", "Prepaid expenses and other current assets", "McDonald's Corporation's indemnification for contingencies", and
"Derivative Intruments".</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">(2) Includes "Miscellaneous",
"Collateral deposits", and "McDonald&acute;s Corporation indemnification for contingencies".</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">(3) Includes "Income taxes payable"
and "Other taxes payable".</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">(4) Includes "Royalties payable
to McDonald&acute;s Corporation" and "Interest payable".</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">(5) Includes "Short-term debt",
"Current&nbsp;portion&nbsp;of&nbsp;long-term&nbsp;debt" and "Derivative instruments".</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">(6) Includes "Long-term debt,
excluding current portion" and "Derivative instruments".</FONT></P>

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

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

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

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

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

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