<SEC-DOCUMENT>0000950103-21-012164.txt : 20210811
<SEC-HEADER>0000950103-21-012164.hdr.sgml : 20210811
<ACCEPTANCE-DATETIME>20210811074208
ACCESSION NUMBER:		0000950103-21-012164
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20210811
FILED AS OF DATE:		20210811
DATE AS OF CHANGE:		20210811

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:		211161993

	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>dp156059_6k-2.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>UNITED STATES&nbsp;</B></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>
</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt"><B>REPORT OF FOREIGN
PRIVATE ISSUER PURSUANT TO RULE 13a-16 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 August, 2021&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"><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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Exact name of
registrant as specified in its charter)</B></FONT></P>

<P STYLE="font: 12pt 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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Address of principal
executive office)</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Indicate by check
mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form 40-F:</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; 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"><B>Form 20-F</B></FONT></TD>
    <TD STYLE="width: 14%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>X&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Form 40-F</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; width: 14%"><FONT STYLE="font-size: 10pt"><B></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>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):</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; 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"><B>Yes</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; width: 14%"><FONT STYLE="font-size: 10pt"><B></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>No</B></FONT></TD>
    <TD STYLE="width: 14%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>X</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>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):</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; 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"><B>Yes</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; width: 14%"><FONT STYLE="font-size: 10pt"><B></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>No</B></FONT></TD>
    <TD STYLE="width: 14%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>X</B></FONT></P></TD></TR>
</TABLE>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>ARCOS DORADOS
HOLDINGS INC.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>TABLE OF CONTENTS</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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 August 11, 2021 titled &ldquo;Arcos Dorados Reports
    Second Quarter 2021 Financial Results<FONT STYLE="text-transform: uppercase">&rdquo;</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>SIGNATURE</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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><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">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%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">Juan David Bastidas</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Legal Counsel</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Date:
August 11, 2021</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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



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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: rgb(252,221,136) 10pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

<P STYLE="font: 12pt 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 SECOND QUARTER 2021 FINANCIAL
RESULTS</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Systemwide comparable sales<SUP>1</SUP> grew 98.7% versus the prior
year and were nearly flat on a 2-year basis, as operating conditions improved throughout the quarter</I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Total revenues<SUP>1</SUP> rebounded strongly in constant currency,
rising 104.5% versus 2020 and 4.2% on a 2-year basis</I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>The three D&rsquo;s added strong Drive-thru and record Delivery sales,
up 29% and 94% in constant currency, respectively, with Digital generating 39% of total sales<SUP>1</SUP></I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Consolidated<SUP>1</SUP> Adjusted EBITDA reached $48.3 million, up 12.6%
in constant currency on a 2-year basis</I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Net Income of $5.3 million, or $0.03 per share, rebounded strongly from
a $(0.42) per share loss in the prior year quarter.</I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Net Debt to Adjusted EBITDA declined sharply to 3.5x, benefitting from
a consistent sequential recovery in trailing-twelve-month Adjusted EBITDA</I></B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Montevideo, Uruguay, August 11, 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 and six months ended June 30, 2021.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Second Quarter 2021 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<SUP>1</SUP> revenues totaled $591.3 million, rising 102.4% in US dollars and 104.5% on a constant currency basis versus
2020, and 4.2% in constant currency on a 2-year basis.</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 increased 98.7% versus the prior year quarter and were nearly flat on a 2-year basis.</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<SUP>1</SUP> Adjusted EBITDA totaled $48.3 million, benefitting from strong positive results in all four divisions and
a tax credit in Brazil.</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<SUP>1</SUP> Adjusted EBITDA margin reached 8.2% in the quarter, reflecting operating leverage in all line items versus
2020 and up 40 basis points 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>Basic net income per share was $0.03, compared to a basic net loss per share of $(0.42) in the prior year quarter.</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>Net Debt to Adjusted EBITDA ratio was 3.5x at the end of the second quarter 2021, versus 7.4x at year-end 2020, remaining on track
to meet the Company&rsquo;s full year guidance.</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>Substantially all the Company&rsquo;s restaurants were operating at least one sales segment as of the date of this release, with approximately
75% operating all sales segments.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></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; width: 50%; vertical-align: bottom"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><SUP>1</SUP> Excluding the results of
the Venezuelan operation.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">For definitions, please refer to page
15 of this document.&nbsp;</FONT></P>

</TD>
  <TD STYLE="text-align: right; width: 50%"><IMG SRC="m_logo.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<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"></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;A consistent, strategic approach to building a sustainable business
model has been the hallmark of Arcos Dorados&rsquo; growth in local currency for fourteen years. Our performance in this last quarter
and, indeed, over the last eighteen months is a reflection of that philosophy. The Latin American QSR industry&rsquo;s largest free-standing
restaurant portfolio, a strong balance sheet and superior cash flows are the foundation of the competitive advantages we are now leveraging
through our Three D&rsquo;s strategy of Drive-thru, Delivery and Digital, while at the same time contributing to the wellbeing of our
people, guests and the communities we serve,&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;Second quarter 2021 systemwide comparable sales rebounded strongly
versus the prior year and were essentially flat on a 2-year basis despite the fact that the on-premise business in our street-facing and
mall-based stores has not yet fully recovered and is still subject to government-imposed operating restrictions. Profitability in the
quarter also came very close to pre-pandemic levels, overcoming significant challenges related to the government-imposed operating restrictions
and higher input costs. As we transition into the Full Revival Phase of our plan, we will enhance convenience, improve personalization
and increase frequency by expanding our Digital capabilities and loyalty programs to allow our guests to move seamlessly across our on-premise,
take-away and delivery sales segments.&rdquo;</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;With the continued normalization of operating conditions, we
now have enough visibility to resume planning for the long-term and are developing a new plan that will go well beyond just the next year.
The opportunity for growth in our main markets remains robust, both organically with the emergence of new sales segments such as our record-setting
McDelivery and inorganically through new, free-standing unit openings. We will focus on the factors we can control to capture these local
growth opportunities while continuing to provide our guests with the best restaurant experience in Latin America and the Caribbean,&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>Second Quarter 2021 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="7" 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
    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 STYLE="background-color: #FFF0BD">
    <TD STYLE="font-weight: bold; vertical-align: bottom; width: 34%"><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; width: 11%"><FONT STYLE="font-size: 10pt">2Q20<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; width: 11%"><FONT STYLE="font-size: 10pt">Currency
    Translation - Excl. Venezuela<BR>
    (b)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; width: 11%"><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; 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; width: 11%"><FONT STYLE="font-size: 10pt">2Q21<BR>
    (a+b+c+d)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 11%"><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">2,291</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">2,255</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; background-color: #FFF0BD">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; 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;</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;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; 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;</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">279.7</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(7.0)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">292.4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9</FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">566.1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">102.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD><FONT STYLE="font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">12.8</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.8</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">12.8</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.2</FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">26.6</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">107.6%</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">292.5</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(6.2)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">305.3</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">592.7</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">102.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; 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"><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">(42.9)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">86.8</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">0.1</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">47.2</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">NM</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-style: italic"><FONT STYLE="font-size: 10pt">Adjusted EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-14.7%</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">8.0%</FONT></TD>
    <TD STYLE="font-style: italic; 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"><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">(89.5)</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;&nbsp;&nbsp;&nbsp;3.4</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">89.3</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1.7</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4.9</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">NM</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD><FONT STYLE="font-size: 10pt">No. of shares outstanding (thousands)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">207,278</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="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">210,360</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 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">(0.43)</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">0.02</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"><FONT STYLE="font-size: 10pt">(2Q21 = 2Q20 + Currency Translation Excl.
Venezuela + Constant Currency Growth Excl. Venezuela + Venezuela). Refer to &ldquo;Definitions&rdquo; section for further detail.</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">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 continues to be focused on consolidated results that exclude Venezuela.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Main variations in Other Operating Income / (Expenses), net </B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Included in Adjusted EBITDA</U>: The positive variation in other
operating income / (expense) is mainly explained by an $11.9 million net tax credit in Brazil in this year&rsquo;s second quarter, compared
with the negative impact of the recognition of food donations related to COVID-19 in the second quarter last year.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Excluded from Adjusted EBITDA</U>: The positive variation is mainly
explained by impairment charges of $3.8 million in the prior year quarter&rsquo;s result.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Second quarter net income attributable to the Company totaled $4.9 million,
compared to a net loss of $89.5 million in the same period of 2020. Arcos Dorados&rsquo; recorded earnings of $0.02 per share in the second
quarter of 2021 compared to a loss of $(0.43) per share in the corresponding 2020 period. Total weighted average shares for the second
quarter of 2021 amounted to 210,359,930 compared to 207,278,249 in the prior year&rsquo;s quarter.</P>

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


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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="7" STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left">Figure 2. AD Holdings Inc Consolidated - Excluding Venezuela: Key Financial Results<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: 400"><I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
  <TR STYLE="background-color: #FFF0BD">
    <TD STYLE="font-weight: bold; vertical-align: bottom; width: 34%">&nbsp;</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; width: 11%">2Q20<BR>
(a)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; width: 11%">Currency Translation<BR>
(b) <BR></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; width: 11%">Constant<BR>
Currency<BR>
Growth<BR>
(c)&nbsp;&nbsp;</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; width: 11%">2Q21<BR>
(a+b+c)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 11%">% US Dollars</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 11%">% Constant Currency</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid">Total Restaurants (Units)</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right">2,173</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; text-align: right">2,151</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Sales by Company-operated Restaurants</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; text-align: right">279.4</TD>
    <TD STYLE="text-align: right">(7.0)</TD>
    <TD STYLE="text-align: right">292.4</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; text-align: right">564.9</TD>
    <TD STYLE="text-align: right">102.2%</TD>
    <TD STYLE="text-align: right">104.7%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD>Revenues from franchised restaurants</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; text-align: right">12.8</TD>
    <TD STYLE="text-align: right">0.8</TD>
    <TD STYLE="text-align: right">12.8</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; text-align: right">26.4</TD>
    <TD STYLE="text-align: right">106.8%</TD>
    <TD STYLE="text-align: right">100.4%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Total Revenues</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right">292.2</TD>
    <TD STYLE="font-weight: bold; text-align: right">(6.2)</TD>
    <TD STYLE="font-weight: bold; text-align: right">305.3</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right">591.3</TD>
    <TD STYLE="font-weight: bold; text-align: right">102.4%</TD>
    <TD STYLE="font-weight: bold; text-align: right">104.5%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-style: italic">Systemwide Comparable Sales</TD>
    <TD STYLE="font-style: italic; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">98.7%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right">(41.7)</TD>
    <TD STYLE="font-weight: bold; text-align: right">3.2</TD>
    <TD STYLE="font-weight: bold; text-align: right">86.8</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right">48.3</TD>
    <TD STYLE="font-weight: bold; text-align: right">NM</TD>
    <TD STYLE="font-weight: bold; text-align: right">NM</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-style: italic">Adjusted EBITDA Margin</TD>
    <TD STYLE="font-style: italic; border-left: #FFBC0D 1.5pt solid; text-align: right">-14.3%</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; text-align: right">8.2%</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Net income (loss) attributable to AD</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right">(87.4)</TD>
    <TD STYLE="font-weight: bold; text-align: right">3.4</TD>
    <TD STYLE="font-weight: bold; text-align: right">89.3</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right">5.3</TD>
    <TD STYLE="font-weight: bold; text-align: right">NM</TD>
    <TD STYLE="font-weight: bold; text-align: right">NM</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD>No. of shares outstanding (thousands)</TD>
    <TD STYLE="border-left: #FFBC0D 1.5pt solid; text-align: right">207,278</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #FFBC0D 1.5pt solid; text-align: right">210,360</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid">EPS (US$/Share)</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right">(0.42)</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right">0.03</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Excluding Arcos Dorados&rsquo; Venezuelan operation, total revenues
in US dollars increased 102.4% year-over-year. The Company&rsquo;s Three D&rsquo;s strategy across Drive-thru, Delivery and Digital, along
with reduced government-imposed operating restrictions, drove the rebound from the prior year&rsquo;s pandemic-impacted results. Constant
currency revenues grew 104.5% in the quarter, with strong results in all the Company&rsquo;s divisions. In fact, constant currency revenues
were in line with or already above the second quarter of 2019 in three of four divisions, despite the still-recovering, on-premise segments
and restaurant formats.</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 of the date of this press release, substantially all the Company&rsquo;s
restaurants are operating at least one sales segment and approximately 75% are operating all sales segments. Operating hours and on-premise
sales segments continue to be subject to government-imposed restrictions in most markets.</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 for the second quarter increased 98.7% versus
the second quarter of 2020 and were down only 0.6% on a 2-year basis, including positive 2-year systemwide comparable sales in both May
and June. SLAD and NOLAD contributed the highest levels of growth with both the Caribbean and Brazil also performing strongly. The Drive-thru
and Delivery sales segments grew on top of a strong prior year, rising 29% and 94% in constant currency, 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">Sustained growth in the Delivery segment demonstrates the Company&rsquo;s
success in generating an additional consumption occasion among guests, which is expected to remain after operating conditions are fully
normalized. Sales growth and margin performance have been further boosted by expanding Digital capabilities, especially in the segmentation
of guests to increase loyalty, thus driving frequency of visit and average check growth in the long term. The Company is also leveraging
the significant competitive advantage of its historical commitment to building an unmatched and growing footprint of free-standing restaurants.</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 &ndash; Excluding Venezuela</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 2Q21 Adjusted EBITDA</I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="image_001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Second quarter consolidated Adjusted EBITDA reached $48.3 million, with
all four divisions contributing to the strong rebound in profitability. Consolidated Adjusted EBITDA margin was up 22.4 percentage points,
or 20.4 percentage points when adjusted for the $11.9 million net tax credit in Brazil. Margin expansion was highlighted by a 50 basis
point improvement in Food &amp; Paper (F&amp;P) costs as a percentage of sales and significant operating leverage in both Payroll and
Occupancy and Other Operating Expenses due to the rebound in sales performance.</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 General &amp; Administrative (G&amp;A) expenses declined
by 380 basis points as a percentage of sales despite rising 32.3% in US dollars and 41.0% in constant currency terms versus the same period
in 2020. The prior year&rsquo;s low base of comparison resulted from the extraordinary cost saving measures the Company implemented to
stabilize its operating cash flow at the peak of the 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"><B>Non-operating Results</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Arcos Dorados&rsquo; non-operating results for the second quarter included
a $15.0 million non-cash foreign currency exchange gain, compared to a non-cash loss of $4.1 million in the same period of 2020. The Company
also recorded a $4.2 million loss from derivative instruments in the second quarter of 2021 and a gain of $8.7 million related to transactions
with certain securities in the second quarter of 2020. Net interest expense was $1.4 million lower year-over-year. The Company estimated
income tax expense of $10.3 million in the second quarter, compared to income tax expense of $2.4 million in the prior-year period.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Second quarter net income attributable to the Company totaled $5.3 million,
compared to a net loss of $87.4 million in the prior year period. Earnings per share was $0.03 in the second quarter 2021 compared to
loss per share of $(0.42) in the prior year quarter.</P>

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


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

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="7" STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left">Figure 3. Brazil Division: Key Financial Results<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: 400"><I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
  <TR STYLE="background-color: #FFF0BD">
    <TD STYLE="font-weight: bold; vertical-align: bottom; width: 34%">&nbsp;</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; width: 11%">2Q20<BR>
(a)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; width: 11%">Currency Translation<BR>
(b) <BR></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; width: 11%">Constant<BR>
Currency<BR>
Growth<BR>
(c)&nbsp;&nbsp;</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; width: 11%">2Q21<BR>
(a+b+c)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 11%">% As Reported</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 11%">% Constant Currency</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid">Total Restaurants (Units)</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right">1,024</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; text-align: right">1,044</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Total Revenues</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right">132.2</TD>
    <TD STYLE="font-weight: bold; text-align: right">4.2</TD>
    <TD STYLE="font-weight: bold; text-align: right">89.4</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right">225.7</TD>
    <TD STYLE="font-weight: bold; text-align: right">70.7%</TD>
    <TD STYLE="font-weight: bold; text-align: right">67.6%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-style: italic">Systemwide Comparable Sales</TD>
    <TD STYLE="font-style: italic; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">65.6%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right">(7.1)</TD>
    <TD STYLE="font-weight: bold; text-align: right">1.1</TD>
    <TD STYLE="font-weight: bold; text-align: right">39.8</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right">33.8</TD>
    <TD STYLE="font-weight: bold; text-align: right">NM</TD>
    <TD STYLE="font-weight: bold; text-align: right">NM</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid">Adjusted EBITDA Margin</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right">-5.4%</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right">15.0%</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">20.3%</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">After a challenging start to the quarter due to tightened government-imposed
operating restrictions in April, especially in Brazil, as reported revenues rose 70.7%, or 67.6% on a constant currency basis, including
65.6% growth in systemwide comparable sales. On a 2-year basis, total revenues were down only 7.8% in constant currency and systemwide
comparable sales in the quarter were down only 10.6%. Ongoing government-imposed operating restrictions have hampered the recovery of
the on-premise sales segments due to capacity and operating hour limits as well as having a negative impact on consumption patterns in
the country. Digital channels generated 49% of the division&rsquo;s systemwide sales in the quarter, including 13% from self-order kiosks
in the market&rsquo;s large network of Experience of the Future (EOTF) 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">Marketing activities in the second quarter focused on the Company&rsquo;s
strengths: core products, the Three D&rsquo;s and the unique emotional bond the McDonald&rsquo;s brand has with its guests. Aligned with
the local &ldquo;M&eacute;quizice&rdquo; campaign that encouraged guests to share their own special McDonald&rsquo;s orders, the Company
participated in the global famous orders platform with the launch of the BTS Meal. Guests were able to order a chicken McNuggets combo
with special sweet chili and Cajun dipping sauces, inspired by the K-pop boyband, BTS. This campaign was integrated with the Company&rsquo;s
Digital, Drive-thru and Delivery channels and produced record-breaking, triple-digit chicken sales growth as well as unprecedented levels
of digital engagement.</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">Additionally, Brazil introduced its first loyalty program, focused on
the Drive-thru segment to leverage the significant competitive advantage of its 483 free-standing restaurants. The &ldquo;M&eacute;qui
VIP Drive&rdquo; club surpassed one million registered members in just three months and has already become an important frequency driver,
supported by the Company&rsquo;s enhanced Customer Relationship Management (CRM) capabilities. Members of the program receive special
offers, early access to new product launches and other personalized experiences.</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">Delivery once again broke its sales record in local currency, growing
91% versus the prior year quarter and 11% sequentially. This growth came on top of the 152% year-over-year local currency growth recorded
in the second quarter 2020 versus the same period in 2019.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Growth in Delivery was supported by the industry&rsquo;s highest-rated
Mobile App, which has been downloaded 29 million times in Brazil, more than any other brand in the country according to AppAnnie, with
around twice as many active users as the next closest competitor.</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 in the division reached $33.8 million in
the quarter, after the negative $7.1 million result in the prior year period. This drove a 20.3 percentage point improvement in Adjusted
EBITDA margin versus the prior year quarter, or 15.1 percentage points excluding the $11.9 million net tax credit, which resulted from
the exclusion of ICMS from the Pis/Cofins calculation base. Profitability improved thanks to significant operating leverage across all
line items except F&amp;P costs, which saw an increase of less than 80 basis points as a percentage of sales versus 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">As of the date of this press release, more than 99% of Brazil&rsquo;s
restaurants are operating at least one sales segment and 56% are operating all sales segments. The operating environment is normalizing
after tightened government-imposed restrictions were once-again relaxed over the course of the second quarter in most parts of the country.
However, it is important to note that most restaurants remain subject to operating hour and capacity limits.</P>

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


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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="7" STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left">Figure 4. NOLAD Division: Key Financial Results<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: 400"><I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
  <TR STYLE="background-color: #FFF0BD">
    <TD STYLE="font-weight: bold; vertical-align: bottom; width: 34%">&nbsp;</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; width: 11%">2Q20<BR>
(a)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; width: 11%">Currency Translation<BR>
(b) <BR></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; width: 11%">Constant<BR>
Currency<BR>
Growth<BR>
(c)&nbsp;&nbsp;</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; width: 11%">2Q21<BR>
(a+b+c)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 11%">% As Reported</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 11%">% Constant Currency</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid">Total Restaurants (Units)</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right">530</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; text-align: right">507</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Total Revenues</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right">51.9</TD>
    <TD STYLE="font-weight: bold; text-align: right">5.6</TD>
    <TD STYLE="font-weight: bold; text-align: right">48.7</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right">106.2</TD>
    <TD STYLE="font-weight: bold; text-align: right">104.4%</TD>
    <TD STYLE="font-weight: bold; text-align: right">93.8%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-style: italic">Systemwide Comparable Sales</TD>
    <TD STYLE="font-style: italic; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">99.9%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right">(4.1)</TD>
    <TD STYLE="font-weight: bold; text-align: right">0.1</TD>
    <TD STYLE="font-weight: bold; text-align: right">12.3</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right">8.4</TD>
    <TD STYLE="font-weight: bold; text-align: right">NM</TD>
    <TD STYLE="font-weight: bold; text-align: right">NM</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid">Adjusted EBITDA Margin</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right">-7.8%</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right">7.9%</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">15.7%</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported revenues rose 104.4%, or 93.8% on a constant currency basis,
including a doubling of systemwide comparable sales versus the prior year quarter. Importantly, the quarter&rsquo;s topline results reflect
a return to pre-pandemic sales levels with the steady, sequential improvement of the last four quarters leading to a 1.2% increase in
systemwide comparable sales on a 2-year basis.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Marketing activities in the second quarter continued to focus on the
Company&rsquo;s core products and brand building activities. All three markets introduced the BTS Meal on June 1<SUP>st</SUP>, selling
out within just a few days and enhancing the unique emotional bond the McDonald&rsquo;s brand has with guests in Mexico, Panama, and Costa
Rica.</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">Sales results in Mexico, which opened its first EOTF restaurant in the
quarter, reached double-digit growth compared with the same period in 2019 helped by accelerating Drive-thru sales boosted by the mobility
campaign. Panama launched Spicy McNuggets on the &ldquo;McNuggetear&rdquo; platform, doubling the unit sales of chicken McNuggets and
strengthening this item with younger guests. Finally, Delivery accelerated sales supported by co-branded campaigns with the delivery aggregators
and product bundles to celebrate various occasions and special dates.</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 $8.4 million in the second quarter
compared with negative $4.1 million in the prior year quarter. Adjusted EBITDA margin rose 15.7 percentage points, reflecting operating
leverage in all cost and expense line items, especially Payroll, Occupancy and Other Operating expenses as well as G&amp;A. Adjusted EBITDA
in constant currency reached 95% of 2019&rsquo;s level in US dollars.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As of the date of this release, substantially all the division&rsquo;s
restaurants were operating all sales segments. However, all three markets remain subject to government-imposed operating restrictions
to varying degrees.</P>

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


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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="7" STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left">Figure 5. SLAD Division: Key Financial Results<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: 400"><I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
  <TR STYLE="background-color: #FFF0BD">
    <TD STYLE="font-weight: bold; vertical-align: bottom; width: 34%">&nbsp;</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; width: 11%">2Q20<BR>
(a)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; width: 11%">Currency Translation<BR>
(b) <BR></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; width: 11%">Constant<BR>
Currency<BR>
Growth<BR>
(c)&nbsp;&nbsp;</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; width: 11%">2Q21<BR>
(a+b+c)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 11%">% As Reported</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 11%">% Constant Currency</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid">Total Restaurants (Units)</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right">402</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; text-align: right">395</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Total Revenues</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right">44.7</TD>
    <TD STYLE="font-weight: bold; text-align: right">(18.7)</TD>
    <TD STYLE="font-weight: bold; text-align: right">116.1</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right">142.1</TD>
    <TD STYLE="font-weight: bold; text-align: right">217.8%</TD>
    <TD STYLE="font-weight: bold; text-align: right">259.6%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-style: italic">Systemwide Comparable Sales</TD>
    <TD STYLE="font-style: italic; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">254.3%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right">(17.5)</TD>
    <TD STYLE="font-weight: bold; text-align: right">(1.4)</TD>
    <TD STYLE="font-weight: bold; text-align: right">29.3</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right">10.3</TD>
    <TD STYLE="font-weight: bold; text-align: right">NM</TD>
    <TD STYLE="font-weight: bold; text-align: right">NM</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid">Adjusted EBITDA Margin</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right">-39.2%</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right">7.3%</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">46.5%</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As reported revenues increased 217.8%, despite the 28% year-over-year
average depreciation of the Argentine peso against the US dollar. The strong recovery in the division led to a constant currency revenue
increase of 259.6%. Systemwide comparable sales increased 254.3% versus the second quarter of 2020 and rose 17.1% on a 2-year basis.</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">Sales growth in the quarter was driven by the Chilean and Argentine
markets, where Delivery sales reached record levels and the &ldquo;Club VIP Automac&rdquo; program supported the Drive-thru segment. Operating
conditions in Uruguay, Ecuador and Peru are gradually improving but remain challenging due largely to government-imposed operating restrictions.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Marketing activities for the second quarter included the digital sponsorship
of the Argentine Soccer Association (A.F.A.) which helped boost digital sales and improve guest experience through promotional activities
in the restaurants during the Copa Am&eacute;rica, the region&rsquo;s most important international soccer tournament. In Chile the Company
launched the &ldquo;Quarter Pounder Lover&rdquo; program, growing total combo sales by more than 40%.</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 totaled $10.3 million, compared with negative
$17.5 million in the prior year. All cost and expense line items improved versus the prior year, with significant operating leverage of
Payroll, Occupancy and Other Operating expenses as well as G&amp;A. The Adjusted EBITDA result was up 8.7% in constant currency terms
on a 2-year basis.</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 at least one sales segment in substantially
all its restaurants, with 87% operating all sales segments, as of the date of this press release. Government-imposed operating restrictions
continue to limit the Company&rsquo;s ability to operate its restaurants under normal hours and capacity.</P>

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


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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="7" STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left">Figure 6. Caribbean Division: Key Financial Results<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: 400"><I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
  <TR STYLE="background-color: #FFF0BD">
    <TD STYLE="font-weight: bold; vertical-align: bottom; width: 34%">&nbsp;</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; width: 11%">2Q20<BR>
(a)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; width: 11%">Currency Translation - Excl. Venezuela<BR>
(b) <BR></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; width: 11%">Constant<BR>
Currency<BR>
Growth - Excl. Venezuela<BR>
(c)&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; width: 11%">Venezuela<BR>
(d)</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; width: 11%">2Q21<BR>
(a+b+c+d)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 11%">% As Reported</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid">Total Restaurants (Units)</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right">335</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; text-align: right">309</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Total Revenues</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right">63.7</TD>
    <TD STYLE="font-weight: bold; text-align: right">2.9</TD>
    <TD STYLE="font-weight: bold; text-align: right">51.1</TD>
    <TD STYLE="font-weight: bold; text-align: right">1.0</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right">118.7</TD>
    <TD STYLE="font-weight: bold; text-align: right">86.5%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right">(3.3)</TD>
    <TD STYLE="font-weight: bold; text-align: right">0.4</TD>
    <TD STYLE="font-weight: bold; text-align: right">14.3</TD>
    <TD STYLE="font-weight: bold; text-align: right">0.1</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right">11.4</TD>
    <TD STYLE="font-weight: bold; text-align: right">NM</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid">Adjusted EBITDA Margin</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right">-5.2%</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right">9.6%</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">14.8%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></B></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="7" STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left">Figure 7. Caribbean Division - Excluding Venezuela: Key Financial Results<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: 400"><I>(In millions of U.S. dollars, except as noted)</I></FONT></TD></TR>
  <TR STYLE="background-color: #FFF0BD">
    <TD STYLE="font-weight: bold; vertical-align: bottom; width: 34%">&nbsp;</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; width: 11%">2Q20<BR>
(a)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; width: 11%">Currency Translation<BR>
(b) <BR></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #FFBC0D; border-top-width: 1.5pt; width: 11%">Constant<BR>
Currency<BR>
Growth<BR>
(c)&nbsp;&nbsp;</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; width: 11%">2Q21<BR>
(a+b+c)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 11%">% US Dollars</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 11%">% Constant Currency</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid">Total Restaurants (Units)</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right">215</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; border-right: #FFBC0D 1.5pt solid; text-align: right">205</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Total Revenues</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right">63.3</TD>
    <TD STYLE="font-weight: bold; text-align: right">2.9</TD>
    <TD STYLE="font-weight: bold; text-align: right">51.1</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right">117.3</TD>
    <TD STYLE="font-weight: bold; text-align: right">85.2%</TD>
    <TD STYLE="font-weight: bold; text-align: right">80.7%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-style: italic">Systemwide Comparable Sales</TD>
    <TD STYLE="font-style: italic; border-left: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">77.3%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1.5pt solid; text-align: right">(2.1)</TD>
    <TD STYLE="font-weight: bold; text-align: right">0.4</TD>
    <TD STYLE="font-weight: bold; text-align: right">14.3</TD>
    <TD STYLE="font-weight: bold; border-right: #FFBC0D 1.5pt solid; text-align: right">12.6</TD>
    <TD STYLE="font-weight: bold; text-align: right">NM</TD>
    <TD STYLE="font-weight: bold; text-align: right">NM</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid">Adjusted EBITDA Margin</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1.5pt solid; text-align: right">-3.3%</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-right: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1pt solid; text-align: right">10.7%</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">14.0%</TD>
    <TD STYLE="font-style: italic; border-bottom: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Revenues in the Caribbean division, excluding Venezuela, increased 85.2%
in US dollars, or 80.7% in constant currency terms. Systemwide comparable sales increased 77.3% versus the prior year quarter and 9.3%
against the same period in 2019. Revenue growth was driven by continued strong performances in the US dollar Puerto Rico market, and the
euro-denominated French West Indies markets. Colombia delivered another quarter of sustained sales growth, generated primarily by the
Drive-thru and Delivery segments, benefitting from the implementation of a new CRM platform that enhanced the Company&rsquo;s eCommerce
capabilities in that market. Additionally, Colombia&rsquo;s revenues have benefitted from the suspension of VAT for the restaurant industry
since July of 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">Marketing activities for the second quarter in Puerto Rico and Colombia
included the launch of the BTS Meal, driving customer excitement and a significant increase in chicken McNuggets sales. Also on the chicken
platform, the Company maintained the momentum of the successful launch of its Crispy Chicken Sandwiches in Puerto Rico.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Dessert platform added the McFlurry Caramel Brownie in Puerto Rico
and the locally-relevant McFlurry &ldquo;Oblea&rdquo; in Colombia as these markets continue on the path to normalized operations. Finally,
Drive-Thru sales have accelerated thanks to improved service times, reduced menu complexity, focus on customer experience and growth in
the Club VIP Automac program.</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 $12.6 million, compared with a negative
$2.1 million result in the prior-year quarter and positive $5.1 million in the second quarter of 2019. The hard currency markets of Puerto
Rico and the French West Indies together with Colombia contributed most of the improvement. Operating leverage was relatively uniform
across most cost and expense line items, with the strongest performance coming from Occupancy and Other Operating expenses. Adjusted EBITDA
margin reached 10.7%, an improvement of 5.6 percentage points compared with the second quarter of 2019.</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 of the date of this release, 95% of restaurants were operating at
least one sales segment and 81% were operating all sales segments. The Caribbean division has the highest penetration of street-facing
restaurants, with 79% in either the free-standing or in-store format.</P>

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


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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 80%; border-collapse: collapse; font: 10pt 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: 35%">Figure 8. Total Restaurants (eop)*</TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 13%">&nbsp;</TD></TR>
  <TR STYLE="background-color: #FFF0BD">
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">June<BR>
2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">March<BR>
2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">December<BR>
2020</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">September<BR>
2020</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">June<BR>
2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid">Brazil</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right">1,044</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right">1,030</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right">1,020</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right">1,023</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right">1,024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD>NOLAD</TD>
    <TD STYLE="text-align: right">507</TD>
    <TD STYLE="text-align: right">507</TD>
    <TD STYLE="text-align: right">507</TD>
    <TD STYLE="text-align: right">513</TD>
    <TD STYLE="text-align: right">530</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>SLAD</TD>
    <TD STYLE="text-align: right">395</TD>
    <TD STYLE="text-align: right">391</TD>
    <TD STYLE="text-align: right">391</TD>
    <TD STYLE="text-align: right">397</TD>
    <TD STYLE="text-align: right">402</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD>Caribbean</TD>
    <TD STYLE="text-align: right">309</TD>
    <TD STYLE="text-align: right">314</TD>
    <TD STYLE="text-align: right">318</TD>
    <TD STYLE="text-align: right">324</TD>
    <TD STYLE="text-align: right">335</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid">TOTAL</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right">2,255</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right">2,242</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right">2,236</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right">2,257</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right">2,291</TD></TR>
  </TABLE>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: #FFBC0D 1.5pt solid; font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1.5pt solid; text-align: left; width: 30%">Figure 9. Footprint as of June 30, 2021</TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 10%">&nbsp;</TD></TR>
  <TR STYLE="background-color: #FFF0BD">
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; text-align: center">Store Type*</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">Total Restaurants</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; text-align: center">Ownership</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">McCafes</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">Dessert Centers</TD></TR>
  <TR STYLE="background-color: #FFF0BD">
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: center">FS &amp; IS</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: center">MS &amp; FC</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: center">Company Operated</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1pt solid; border-bottom: #FFBC0D 1pt solid; text-align: center">Franchised</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid">Brazil</TD>
    <TD STYLE="text-align: right; border-top-color: #FFBC0D; border-top-width: 1pt">576</TD>
    <TD STYLE="text-align: right; border-top-color: #FFBC0D; border-top-width: 1pt">468</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: #FFBC0D; border-top-width: 1pt">1,044</TD>
    <TD STYLE="text-align: right; border-top-color: #FFBC0D; border-top-width: 1pt">625</TD>
    <TD STYLE="text-align: right; border-top-color: #FFBC0D; border-top-width: 1pt">419</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">83</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: right">2,003</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD>NOLAD</TD>
    <TD STYLE="text-align: right">315</TD>
    <TD STYLE="text-align: right">192</TD>
    <TD STYLE="font-weight: bold; text-align: right">507</TD>
    <TD STYLE="text-align: right">354</TD>
    <TD STYLE="text-align: right">153</TD>
    <TD STYLE="font-weight: bold; text-align: right">14</TD>
    <TD STYLE="font-weight: bold; text-align: right">565</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>SLAD</TD>
    <TD STYLE="text-align: right">232</TD>
    <TD STYLE="text-align: right">163</TD>
    <TD STYLE="font-weight: bold; text-align: right">395</TD>
    <TD STYLE="text-align: right">348</TD>
    <TD STYLE="text-align: right">47</TD>
    <TD STYLE="font-weight: bold; text-align: right">127</TD>
    <TD STYLE="font-weight: bold; text-align: right">389</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD>Caribbean</TD>
    <TD STYLE="text-align: right">245</TD>
    <TD STYLE="text-align: right">64</TD>
    <TD STYLE="font-weight: bold; text-align: right">309</TD>
    <TD STYLE="text-align: right">265</TD>
    <TD STYLE="text-align: right">44</TD>
    <TD STYLE="font-weight: bold; text-align: right">32</TD>
    <TD STYLE="font-weight: bold; text-align: right">314</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid">TOTAL</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right">1,368</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right">887</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right">2,255</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right">1,592</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right">663</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right">256</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right">3,271</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3"><FONT STYLE="font-size: 9pt">* FS: Free-Standing; IS: In-Store; MS: Mall Store; FC: Food Court.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Arcos Dorados opened 32 new restaurants during the twelve-month period
ended June 30, 2021. For the year-to-date, the Company opened 29 new restaurants, including 27 street-facing and 20 company-operated units.
At the end of the second quarter, the Company had 789 Experience of the Future Restaurants.</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>Balance Sheet &amp; Cash Flow Highlights</B></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 80%; border-collapse: collapse; font: 10pt 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%">Figure 10. Consolidated Financial Ratios<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: 400"><I>(In thousands of U.S. dollars, except ratios)</I></FONT></TD>
    <TD STYLE="color: red; vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 19%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; width: 19%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">June 30</TD>
    <TD STYLE="font-weight: bold; text-align: center">December 31</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">2021</TD>
    <TD STYLE="font-weight: bold; text-align: center">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid">Cash &amp; cash equivalents (i)</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right">161,867</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right">165,989</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD>Total Financial Debt (ii)</TD>
    <TD STYLE="text-align: right">698,019</TD>
    <TD STYLE="text-align: right">673,232</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Net Financial Debt (iii)</TD>
    <TD STYLE="text-align: right">536,152</TD>
    <TD STYLE="text-align: right">507,243</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFF0BD">
    <TD>Total Financial Debt / LTM Adjusted EBITDA ratio</TD>
    <TD STYLE="text-align: right">4.5</TD>
    <TD STYLE="text-align: right">9.9</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid">Net Financial Debt / LTM Adjusted EBITDA ratio</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; text-align: right">3.5</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; text-align: right">7.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-size: 9pt">(i) Cash &amp; cash equivalents includes Short-term investment</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-size: 9pt">(ii)Total financial debt includes long-term debt, short-term
    debt, and derivative instruments (including the asset portion of derivatives amounting to $100.2 million and $122.6 million as a
    reduction of financial debt as of June 30, 2021 and December&nbsp;31, 2020, respectively).</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 9pt">(iii) Total financial debt less cash and cash equivalents.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Cash and cash equivalents were $161.9 million and total financial
debt (including the value of derivative instruments) was $698.0 million, as of June 30, 2021. Net debt (Total Financial Debt <I>minus</I>
Cash and cash equivalents) was $536.2 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">During the quarter, the Company monetized the value of certain of its
derivative instruments, generating $23.2 million, which it used to repurchase $1.0 million of its outstanding 2023 Senior Notes and $5.5
million of its outstanding 2027 Senior Notes. The remainder was held in Cash and cash equivalents as of June 30, 2021.</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 Net Debt to Adjusted EBITDA ratio saw a pronounced improvement to
3.5x as of the end of the quarter, with the increase in its trailing-twelve-month Adjusted EBITDA, and remains on track to meet full year
guidance.</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 generated from operating activities for the six months ended
June 30, totaled $34.6 million, while cash used in net investing activities totaled $44.5 million. Capital expenditures totaled $47.5
million, compared with $52.6 million in the previous year&rsquo;s period. Net cash provided by financing activities was $13.0 million.</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>2023 and 2027 Senior Notes Repurchase&nbsp;</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Beginning in July 2021, the Company has repurchased an additional $2,105
and $8,977 of the outstanding nominal amount of 2023 Notes and 2027 Notes, respectively, for an amount equal to $11,815 plus accrued and
unpaid interest.</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>Stock Dividend Distribution&nbsp;</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Maintaining its commitment to provide shareholders a return in 2021,
on June 30 the Board of Directors approved a stock dividend distribution to all Class A and Class B shareholders. On July 23, 2021, the
Company distributed 2,960,926 repurchased shares as a stock dividend and paid $21 thousand in cash for fractional shares.</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>2020 Social Impact and Sustainable Development
Report&nbsp;</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On June 10, 2021, Arcos Dorados published its 7<SUP>th</SUP> Social
Impact and Sustainable Development Report for Latin America and the Caribbean. The Report, which was audited for the first time by EY,
can be downloaded at <FONT STYLE="color: #0563C1"><U>www.recetadelfuturo.com</U></FONT>, provides an update on the progress related to
the pillars of the Company&rsquo;s &ldquo;Recipe for the Future&rdquo; ESG Platform and the implementation of its associated initiatives
and policies.</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>Second Quarter 2021 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">A webcast to discuss the information contained in this press release
will be held today, August 11, 2021, at 10:00 a.m. ET. In order to access the webcast, members of the investment community should follow
this link <FONT STYLE="color: rgb(5,99,193)"><U>https://webcastlite.mziq.com/cover.html?webcastId=c911c3e3-c45b-4b2f-a832-094d7f589917</U></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">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A replay of the webcast will be available later today through November
9, 2021 in the investor section of the Company&rsquo;s website: <FONT STYLE="color: rgb(5,99,193)"><U>www.arcosdorados.com/ir</U></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">&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: 68%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Investor Relations Contact</B>&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: #0563C1"><U>daniel.schleiniger@ar.mcd.com</U></FONT></P>

</TD>
  <TD STYLE="white-space: nowrap; width: 32%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><B>Media
Contact&nbsp;</B></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><FONT STYLE="color: #0563C1"><U>david.grinberg@mcd.com.uy</U></FONT></P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
</TABLE>

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

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="white-space: nowrap; text-align: left; vertical-align: middle; width: 1%"><FONT STYLE="font-size: 10pt">Follow us on: &nbsp;</FONT></TD>
  <TD STYLE="white-space: nowrap; width: 99%">&nbsp;<IMG SRC="image_002.jpg" ALT="" STYLE="width: 37px; height: 38px">&nbsp;<IMG SRC="image_003.jpg" ALT="" STYLE="width: 38px; height: 38px"> </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; color: Red"></P>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I><U>Systemwide comparable sales growth and Systemwide
comparable sales growth 2-year basis:</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 (year-over-year
basis) or for twenty-five months or longer (2-year basis). While sales by our franchisees are not recorded as revenues by us, we believe
the information is important in understanding our financial performance because these sales are the basis on which we calculate and record
franchised revenues and are indicative of the financial health of our franchisee base.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I><U>Constant currency basis:</U></I> refers to
amounts calculated using the same exchange rate over the periods under comparison to remove the effects of currency fluctuations from
this trend analysis (in this release, this could be calculated a one-year basis when comparing with the previous year or on a 2-year basis
when comparing with the same period in 2019). To better discern underlying business trends, this release uses non-GAAP financial measures
that segregate year-over-year growth into two categories: (i) currency translation, (ii) constant currency growth. (i) Currency translation
reflects the impact on growth of the appreciation or depreciation of the local currencies in which we conduct our business against the
US dollar (the currency in which our financial statements are prepared). (ii) Constant currency growth reflects the underlying growth
of the business excluding the effect from currency translation.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I><U>Excluding Venezuela basis:</U></I> due to
the ongoing political and macroeconomic uncertainty prevailing in Venezuela, and in order to provide greater clarity and visibility on
the Company&rsquo;s financial and operating overall performance, this release focuses on the results on an &ldquo;Excluding-Venezuela&rdquo;
basis, which is non-GAAP measure.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I><U>Adjusted EBITDA</U>:</I> In addition to financial
measures prepared in accordance with the general accepted accounting principles (GAAP), within this press release and the accompanying
tables, we use a non-GAAP financial measure titled &lsquo;Adjusted EBITDA&rsquo;. We use Adjusted EBITDA to facilitate operating performance
comparisons from period to period.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Adjusted EBITDA is defined as our operating income
plus depreciation and amortization plus/minus the following losses/gains included within other operating income (expenses), net, and within
general and administrative expenses in our statement of income: gains from sale or insurance recovery of property and equipment; write-offs
of property and equipment; impairment of long-lived assets and goodwill; and reorganization and optimization plan expenses.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We believe Adjusted EBITDA facilitates company-to-company
operating performance comparisons by backing out potential differences caused by variations such as capital structures (affecting net
interest expense and other financial charges), taxation (affecting income tax expense) and the age and book depreciation of facilities
and equipment (affecting relative depreciation expense), which may vary for different companies for reasons unrelated to operating performance.
Figure 11 of this earnings release include a reconciliation for Adjusted EBITDA. For more information, please see Adjusted EBITDA reconciliation
in Note 9 of our financial statements (6-K Form) filed today with the S.E.C.</P>

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


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Arcos Dorados is the world&rsquo;s largest independent
McDonald&rsquo;s franchisee, operating the largest quick service restaurant chain in Latin America and the Caribbean. It has the exclusive
right to own, operate and grant franchises of McDonald&rsquo;s restaurants in 20 Latin American and Caribbean countries and territories
with more than 2,250 restaurants, operated by the Company or by its sub-franchisees, that together employ over 100 thousand people (as
of 06/30/2021). The Company is also committed to the development of the communities in which it operates, to providing young people their
first formal job opportunities and to utilize its Scale for Good to achieve a positive environmental impact. Arcos Dorados is listed
for trading on the New York Stock Exchange (NYSE: ARCO). To learn more about the Company, please visit the Investors section of our website:
<FONT STYLE="color: #0563C1"><U>www.arcosdorados.com/ir</U></FONT>.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This press release contains forward-looking statements.
The forward-looking statements contained herein include statements about the Company&rsquo;s business prospects, its ability to attract
customers, its affordable platform, its expectation for revenue generation and its outlook and guidance for 2021. These statements are
subject to the general risks inherent in Arcos Dorados' business. These expectations may or may not be realized. Some of these expectations
may be based upon assumptions or judgments that prove to be incorrect. In addition, Arcos Dorados' business and operations involve numerous
risks and uncertainties, many of which are beyond the control of Arcos Dorados, which could result in Arcos Dorados' expectations not
being realized or otherwise materially affect the financial condition, results of operations and cash flows of Arcos Dorados. Additional
information relating to the uncertainties affecting Arcos Dorados' business is contained in its filings with the Securities and Exchange
Commission. The forward-looking statements are made only as of the date hereof, and Arcos Dorados does not undertake any obligation to
(and expressly disclaims any obligation to) update any forward-looking statements to reflect events or circumstances after the date such
statements were made, or to reflect the occurrence of unanticipated events.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Second Quarter and First Six Months 2021 Consolidated Results</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: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="3" STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; text-align: left">Figure 11. Second Quarter 2021 Consolidated Results<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: 400"><I>(In thousands of U.S. dollars, except per share data)</I></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; background-color: #FFF0BD">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; text-align: center; background-color: #FFF0BD">For Three-Months ended</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; text-align: center; background-color: #FFF0BD">For Six-Months ended</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFF0BD">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD">June 30,</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD">June 30,</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD">2021</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">2020</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD">2021</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">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>REVENUES</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Sales by Company-operated restaurants</TD>
    <TD STYLE="vertical-align: middle; text-align: right">566,092</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">279,707</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,103,981</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">867,244</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Revenues from franchised restaurants</TD>
    <TD STYLE="vertical-align: middle; text-align: right">26,604</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">12,817</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">49,831</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">42,784</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">Total Revenues</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">592,696</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">292,524</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">1,153,812</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">910,028</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">OPERATING COSTS AND EXPENSES</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Company-operated restaurant expenses:</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Food and paper</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(203,355)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(101,645)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(396,014)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(313,501)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Payroll and employee benefits</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(109,845)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(71,785)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(224,265)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(205,984)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Occupancy and other operating expenses</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(182,740)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(125,617)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(360,933)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(313,722)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Royalty fees</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(29,236)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(16,545)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(56,898)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(50,669)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Franchised restaurants - occupancy expenses</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(12,152)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(10,171)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(23,979)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(19,952)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">General and administrative expenses</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(49,352)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(37,249)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(94,318)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(86,047)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Other operating income / (expense), net</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,801</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(6,789)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">13,604</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(4,566)</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">Total operating costs and expenses</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">(574,879)</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">(369,801)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">(1,142,803)</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">(994,441)</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">Operating income / (loss)</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">17,817</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">(77,277)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</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">11,009</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">(84,413)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Net interest expense</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(13,425)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(14,832)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(25,707)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(29,228)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Income / (Loss) from derivative instruments</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4,232)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">29</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5,381)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(462)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Gain from securities</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">0</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right; background-color: white">8,705</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">0</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,952</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Foreign currency exchange results</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15,167</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(3,806)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,819</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(36,440)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Other non-operating expenses, net</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(77)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">26</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(220)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(20)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #FFBC0D 0.5pt solid">Income / (Loss) before income taxes</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; text-align: right">15,250</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right">(87,155)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; text-align: right">(14,480)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right">(137,611)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid">Income tax benefit / (expense)</TD>
    <TD STYLE="vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">(10,259)</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">(2,426)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">(10,188)</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">(4,295)</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">Net income / (loss)</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">4,991</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">(89,581)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</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">(24,668)</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">(141,906)</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">Net income / (loss) attributable to non-controlling interests</TD>
    <TD STYLE="vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt">(58)</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">38</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt">(112)</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">30</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #FFBC0D 0.5pt solid">Net income / (loss) attributable to Arcos Dorados Holdings Inc.</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right">4,933</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right">(89,543)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right">(24,780)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right">(141,876)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Earnings per share information ($ per share):</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 55%">Basic net income / (loss) per common share</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 11%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; width: 11%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43)</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 11%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12)</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; width: 11%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Weighted-average number of common shares outstanding-Basic</TD>
    <TD STYLE="vertical-align: middle; text-align: right">210,359,930</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">207,278,249</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">210,293,682</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">207,154,602</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">Adjusted EBITDA Reconciliation</TD>
    <TD STYLE="vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">&nbsp;</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">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">&nbsp;</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">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Operating income / (loss)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,817</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(77,277)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,009</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(84,413)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Depreciation and amortization</TD>
    <TD STYLE="vertical-align: middle; text-align: right">29,796</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">30,277</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">60,162</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">65,623</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Operating charges excluded from EBITDA computation</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(457)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">4,096</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(84)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">4,406</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">Adjusted EBITDA</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">47,156</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">(42,904)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">71,087</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">(14,384)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1.5pt solid">Adjusted EBITDA Margin as % of total revenues</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1.5pt solid; text-align: right">8.0%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right">-14.7%</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1.5pt solid; text-align: right">6.2%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1.5pt solid; border-left: #FFBC0D 1pt solid; text-align: right">-1.6%</TD></TR>
  </TABLE>

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

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Second Quarter and First Six Months 2021 Consolidated Results &ndash;
Excluding Venezuela</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: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="3" STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; text-align: left">Figure 12. Second Quarter 2021 Consolidated Results - Excluding Venezuela<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: 400"><I>(In thousands of U.S. dollars, except per share data)</I></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; background-color: #FFF0BD">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; text-align: center; background-color: #FFF0BD">For Three-Months ended</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 1.5pt solid; text-align: center; background-color: #FFF0BD">For Six-Months ended</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFF0BD">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD">June 30,</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD">June 30,</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD">2021</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">2020</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD">2021</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">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>REVENUES</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Sales by Company-operated restaurants</TD>
    <TD STYLE="vertical-align: middle; text-align: right">564,852</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">279,419</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,101,618</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">865,533</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Revenues from franchised restaurants</TD>
    <TD STYLE="vertical-align: middle; text-align: right">26,424</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">12,779</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">49,494</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">42,573</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">Total Revenues</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">591,276</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">292,199</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">1,151,112</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">908,106</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">OPERATING COSTS AND EXPENSES</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Company-operated restaurant expenses:</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Food and paper</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(203,029)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(101,783)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(395,500)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(313,255)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Payroll and employee benefits</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(109,642)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(71,606)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(223,828)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(205,340)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Occupancy and other operating expenses</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(182,032)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(125,080)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(359,413)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(312,157)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Royalty fees</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(29,208)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(16,545)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(56,898)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(50,669)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Franchised restaurants - occupancy expenses</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(12,115)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(10,101)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(23,841)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(19,729)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">General and administrative expenses</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(48,573)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(36,720)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(92,854)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(84,524)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Other operating income / (expense), net</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,638</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(5,243)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14,604</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(2,606)</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">Total operating costs and expenses</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">(572,960)</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">(367,079)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">(1,137,729)</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">(988,280)</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">Operating income / (loss)</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">18,315</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">(74,880)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</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">13,383</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">(80,174)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Net interest expense</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(13,426)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(14,832)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(25,708)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(29,230)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Income / (Loss) from derivative instruments</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4,232)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">29</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5,381)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(462)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Gain from securities</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">0</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right; background-color: white">8,705</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">0</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,952</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Foreign currency exchange results</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15,047</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(4,080)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,487</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(36,551)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Other non-operating expenses, net</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(77)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">26</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(220)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(20)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #FFBC0D 0.5pt solid">Income / (Loss) before income taxes</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">15,628</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">(85,032)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">(12,439)</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">(133,485)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid">Income tax benefit / (expense)</TD>
    <TD STYLE="vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt">(10,260)</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">(2,412)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt">(10,172)</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">(4,279)</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">Net income / (loss)</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">5,368</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">(87,445)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</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">(22,611)</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">(137,765)</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">Net income / (loss) attributable to non-controlling interests</TD>
    <TD STYLE="vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt">(58)</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">38</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt">(112)</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">30</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #FFBC0D 0.5pt solid">Net income / (loss) attributable to Arcos Dorados Holdings Inc.</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">5,310</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">(87,407)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</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">(22,723)</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">(137,735)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Earnings per share information ($ per share):</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 55%">Basic net income / (loss) per common share</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 11%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; width: 11%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42)</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 11%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11)</TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; width: 11%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Weighted-average number of common shares outstanding-Basic</TD>
    <TD STYLE="vertical-align: middle; text-align: right">210,359,930</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">207,278,249</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">210,293,682</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">207,154,602</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">Adjusted EBITDA Reconciliation</TD>
    <TD STYLE="vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">&nbsp;</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">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">&nbsp;</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">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Operating income / (loss)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18,315</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(74,880)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">13,383</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">(80,174)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Depreciation and amortization</TD>
    <TD STYLE="vertical-align: middle; text-align: right">29,809</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">29,958</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">59,825</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">64,932</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Operating charges excluded from EBITDA computation</TD>
    <TD STYLE="vertical-align: middle; text-align: right">179</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">3,246</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(159)</TD>
    <TD STYLE="vertical-align: middle; border-left: #FFBC0D 1pt solid; text-align: right">3,573</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">Adjusted EBITDA</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">48,304</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">(41,676)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">73,049</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">(11,669)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1.5pt solid">Adjusted EBITDA Margin as % of total revenues</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right">8.2%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right">-14.3%</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right">6.3%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right">-1.3%</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Second Quarter and First Six Months 2021 Results by Division</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: 10pt 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: 9pt">Figure
    13. Second Quarter 2021 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: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #FFBC0D 1.5pt solid; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">&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: 9pt">2Q</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 9pt">&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: 9pt">YTD</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">&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: 9pt">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: 9pt">%
    Incr.</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">Constant</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 9pt">&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: 9pt">Six-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: 9pt">%
    Incr.</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">Constant</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">&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: 9pt">June
    30,</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: 9pt">/</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">Currency</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 9pt">&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: 9pt">June
    30,</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: 9pt">/</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: center; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">Currency</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; background-color: #FFF0BD; width: 27%"><FONT STYLE="font-size: 9pt">&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: 9pt">2021</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: 9pt">2020</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: 9pt">(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: 9pt">Incr/(Decr)%</FONT></TD>
    <TD STYLE="background-color: white; width: 1%"><FONT STYLE="font-size: 9pt">&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: 9pt">2021</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: 9pt">2020</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: 9pt">(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: 9pt">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: 9pt">Revenues</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">225,740</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">132,234</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">70.7%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">67.6%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">428,990</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">416,616</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">3.0%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">13.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 9pt">Caribbean</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">118,711</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">63,655</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">86.5%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">n/a</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">236,037</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">152,850</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">54.4%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">Caribbean - Excl. Venezuela</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">117,292</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">63,329</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">85.2%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">80.7%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">233,338</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">150,928</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">54.6%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">51.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 9pt">NOLAD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">106,160</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">51,927</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">104.4%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">93.8%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">195,942</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">147,978</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">32.4%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">30.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">SLAD</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">142,085</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">44,709</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">217.8%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">259.6%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">292,843</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">192,584</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">52.1%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">77.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">TOTAL</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">592,696</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">292,524</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">102.6%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">n/a</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">1,153,812</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">910,028</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">26.8%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">TOTAL - Excl. Venezuela</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">591,277</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">292,199</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">102.4%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">104.5%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">1,151,113</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">908,106</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">26.8%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">36.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-decoration: underline"><FONT STYLE="font-size: 9pt">Operating Income (loss)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">19,995</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">(21,135)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-194.6%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-190.2%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">20,174</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">(10,047)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-300.8%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-297.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 9pt">Caribbean</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">5,485</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(10,121)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">-154.2%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">n/a</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">10,568</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(10,205)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">-203.6%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">Caribbean - Excl. Venezuela</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">5,983</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">(7,725)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-177.5%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-174.5%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">12,942</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">(5,966)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-316.9%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-306.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 9pt">NOLAD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">3,634</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(9,531)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">-138.1%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">-138.7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">1,907</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(10,509)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">-118.1%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">-118.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">SLAD</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">5,428</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">(24,642)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-122.0%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-129.9%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">9,066</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">(28,309)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-132.0%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-147.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 9pt">Corporate and Other</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">(16,724)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(11,849)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">-41.1%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">67.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">(30,706)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(25,343)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">21.2%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">45.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">TOTAL</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">17,818</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">(77,278)</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-123.1%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">n/a</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">11,009</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">(84,413)</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-113.0%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-size: 9pt">TOTAL - Excl. Venezuela</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">18,316</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">(74,882)</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">-124.5%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">-121.5%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">13,383</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">(80,174)</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">-116.7%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">-113.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-decoration: underline"><FONT STYLE="font-size: 9pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">33,819</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">(7,099)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-576.4%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-560.4%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">47,357</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">22,072</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">114.6%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">126.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 9pt">Caribbean</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">11,434</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(3,288)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">-447.7%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">n/a</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">22,820</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">1,800</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">1167.6%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">Caribbean - Excl. Venezuela</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">12,582</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">(2,061)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-710.4%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-693.1%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">24,781</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">4,511</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">449.4%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">460.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 9pt">NOLAD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">8,363</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(4,069)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">-305.6%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">-302.9%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">11,553</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">1,023</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">1029.1%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">1031.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">SLAD</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">10,325</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">(17,544)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-158.9%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-166.7%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">19,191</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">(16,125)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-219.0%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-240.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 9pt">Corporate and Other</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">(16,785)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(10,907)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">-53.9%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">80.7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">(29,834)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(23,154)</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">28.8%</FONT></TD>
    <TD STYLE="border-left: #FFBC0D 0.5pt solid; text-align: right"><FONT STYLE="font-size: 9pt">54.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">TOTAL</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">47,156</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">(42,907)</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-209.9%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">n/a</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">71,087</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">(14,384)</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 1pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">-594.2%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: #FFBC0D 0.5pt solid; text-align: right; background-color: #FFF0BD"><FONT STYLE="font-size: 9pt">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: 9pt">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: 9pt">48,304</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: 9pt">(41,680)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; border-left: #FFBC0D 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">-215.9%</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: 9pt">-208.4%</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 9pt">73,048</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: 9pt">(11,673)</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: 9pt">-726.0%</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: 9pt">-720.0%</FONT></TD></TR>
  </TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 70%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="3" STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">Figure 14. Average Exchange Rate per Quarter*</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 1.5pt solid; border-bottom: #FFBC0D 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #FFF0BD">
    <TD STYLE="text-align: center; width: 36%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 16%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 16%">Brazil</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 16%">Mexico</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 16%">Argentina</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #FFBC0D 1pt solid">2Q21</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right">5.30</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right">20.03</TD>
    <TD STYLE="border-top: #FFBC0D 1pt solid; text-align: right">94.02</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #FFBC0D 1pt solid">2Q20</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; text-align: right">5.38</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; text-align: right">23.33</TD>
    <TD STYLE="border-bottom: #FFBC0D 1pt solid; text-align: right">67.64</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-style: italic">* Local $ per 1 US$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt; border-top: rgb(252,221,136) 10pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Summarized Consolidated Balance Sheets</B></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt 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">Figure 15. Summarized Consolidated Balance Sheets<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: 400"><I>(In thousands of U.S. dollars)</I></FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #FFF0BD">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">June 30</TD>
    <TD STYLE="font-weight: bold; text-align: center">December 31</TD></TR>
  <TR STYLE="background-color: #FFF0BD">
    <TD STYLE="vertical-align: bottom; border-bottom: #FFBC0D 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #FFBC0D 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center">2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #FFBC0D 1pt solid; text-align: center">2020</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left">ASSETS</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; width: 15%">Current assets</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 55%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 15%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 15%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Cash and cash equivalents&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161,867</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165,989</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Short-term investment</TD>
    <TD STYLE="text-align: right">&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;</TD>
    <TD STYLE="text-align: right">&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;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Accounts and notes receivable, net</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86,822</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94,249</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Other current assets (1)</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140,568</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155,293</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">Total current assets&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389,257</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415,531</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold">Non-current assets</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Property and equipment, net&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794,678</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796,532</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Net intangible assets and goodwill&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,016</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,046</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Deferred income taxes&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,449</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55,567</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Derivative instruments</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,185</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121,901</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Leases right of use assets, net</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824,945</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790,969</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Other non-current assets (2)</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79,463</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76,408</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">Total non-current assets&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,889,736</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,878,423</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">Total assets&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 0.5pt solid; border-top-color: #FFBC0D; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,278,993</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,293,954</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2">LIABILITIES AND EQUITY</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold">Current liabilities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Accounts payable&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197,936</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209,535</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Taxes payable (3)</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93,325</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91,284</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Accrued payroll and other liabilities&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87,832</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79,218</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Other current liabilities (4)</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,870</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,726</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Provision for contingencies&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,752</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Financial debt (5)</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,515</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,856</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Operating lease liabilities</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,248</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,828</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">Total current liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473,478</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503,471</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold">Non-current liabilities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Accrued payroll and other liabilities&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,381</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,884</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Provision for contingencies&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,045</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,924</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Financial debt (6)</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785,689</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787,979</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Deferred income taxes&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,217</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,067</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Operating lease liabilities</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787,203</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752,613</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">Total non-current liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,629,535</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,592,467</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">Total liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 0.5pt solid; border-top-color: #FFBC0D; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,103,013</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,095,938</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Equity</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Class A shares of common stock</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388,369</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386,603</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Class B shares of common stock</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132,915</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132,915</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Additional paid-in capital&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,331</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,540</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Retained earnings&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245,935</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290,895</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Accumulated other comprehensive losses</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-582,579</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-584,860</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Common stock in treasury</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-39,547</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-39,547</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">Total Arcos Dorados Holdings Inc shareholders&rsquo; equity</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175,424</TD>
    <TD STYLE="font-weight: bold; border-top: #FFBC0D 0.5pt solid; border-bottom: #FFBC0D 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197,546</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">Non-controlling interest in subsidiaries</TD>
    <TD STYLE="border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556</TD>
    <TD STYLE="border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470</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">Total equity</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 0.5pt solid; border-top-color: #FFBC0D; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175,980</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 0.5pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198,016</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">Total liabilities and equity&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,278,993</TD>
    <TD STYLE="font-weight: bold; border-bottom: #FFBC0D 1pt solid; text-align: right; border-top-color: #FFBC0D; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,293,954</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(2) Includes "Miscellaneous", "Collateral
deposits", and "McDonald&acute;s Corporation indemnification for contingencies".</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(3) Includes "Income taxes payable" and
"Other taxes payable".</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(4) Includes "Royalties payable to McDonald&acute;s
Corporation" and "Interest payable".</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(5) Includes "Short-term debt", "Current&nbsp;portion&nbsp;of&nbsp;long-term&nbsp;debt"
and "Derivative instruments".</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(6) Includes "Long-term debt, excluding
current portion" and "Derivative instruments".</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">&nbsp;</P>


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<DOCUMENT>
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<DOCUMENT>
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