<SEC-DOCUMENT>0001213900-23-044123.txt : 20230530
<SEC-HEADER>0001213900-23-044123.hdr.sgml : 20230530
<ACCEPTANCE-DATETIME>20230530172446
ACCESSION NUMBER:		0001213900-23-044123
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230530
DATE AS OF CHANGE:		20230530
GROUP MEMBERS:		CONTRATO DE FIDEICOMISO DE ADMINISTRACION CON DERECHO DE REVERSION NUMERO F/3989
GROUP MEMBERS:		FIDEICOMISO DE ADMINISTRACION CON DERECHO DE REVERSION IDENTIFICADO CON EL NUMERO F/3871

SUBJECT COMPANY:	

	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:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86210
		FILM NUMBER:		23977893

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Calvo David Coppel
		CENTRAL INDEX KEY:			0001899421

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	MAIL ADDRESS:	
		STREET 1:		AV. KIKI MURILLO 101-20
		STREET 2:		COL LA PRIMAVERA - CULICAN
		CITY:			SINALOA
		STATE:			O5
		ZIP:			80300
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>ea179509-13ga1calvo_arcos.htm
<DESCRIPTION>AMENDMENT NO. 1 TO SCHEDULE 13G
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.9pt; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.9pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.9pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.9pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.9pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.9pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 13G</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Under the Securities Exchange Act of 1934<BR>
(Amendment No. 1)*</B></P>

<P STYLE="font: 10pt 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; border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 14pt"><B>Arcos
Dorados Holdings Inc.</B></FONT></P>

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

<DIV STYLE="padding: 0in 0in 1.5pt; border-bottom: black 1.5pt solid">

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

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

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Title of Class of Securities)</P>

<DIV STYLE="padding: 0in 0in 1.5pt; border-bottom: black 1.5pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>G0457F107</B></P>

</DIV>

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

<DIV STYLE="padding: 0in 0in 1.5pt; border-bottom: black 1.5pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>February 22, 2023</B></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Date of Event Which Requires Filing of this Statement)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Rule 13d-1(b)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Rule 13d-1(c)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Rule 13d-1(d)</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">The remainder of this cover page shall be filled out for
a reporting person&rsquo;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing
information which would alter the disclosures provided in a prior cover page.</TD>
</TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information required in the remainder of this cover page shall
not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&ldquo;Act&rdquo;) or otherwise
subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</P>

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



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

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

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-top: 3.25pt; padding-right: 3.25pt; padding-left: 3.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP No. G0457F107</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt; border-bottom: black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Names of Reporting Persons</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fideicomiso de Administraci&oacute;n con Derecho de Reversi&oacute;n
    Identificado con el N&uacute;mero F/3871</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; width: 7%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 3pt; font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: black 1.5pt solid; font-size: 10pt; width: 88%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt; border-bottom: black 1.5pt solid; vertical-align: bottom; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC Use Only</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt; border-bottom: black 1.5pt solid; vertical-align: bottom; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Citizenship or Place of Organization</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United Mexican States</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="7" STYLE="padding: 3pt; text-align: center; font-size: 10pt; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of<BR>
Shares<BR>
Beneficially<BR>
Owned by<BR>
Each<BR>
Reporting<BR>
Person With</FONT></TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: black 1.5pt solid; vertical-align: bottom; font-size: 10pt; width: 75%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sole Voting Power</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,492,701 (1)(2)</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: black 1.5pt solid; vertical-align: bottom; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shared Voting Power</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0-</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: black 1.5pt solid; vertical-align: bottom; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sole Dispositive Power</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,492,701 (1)(2)</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: black 1.5pt solid; vertical-align: bottom; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shared Dispositive Power</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0-</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; width: 7%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: black 1.5pt solid; vertical-align: bottom; font-size: 10pt; width: 93%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate Amount Beneficially Owned by Each Reporting Person</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,492,701 (1)(2)</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: black 1.5pt solid; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: black 1.5pt solid; vertical-align: bottom; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percent of Class Represented by Amount in Row (9)</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.97%
(2)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 3pt; vertical-align: bottom; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: black 1.5pt solid; vertical-align: top; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Type of Reporting Person (See Instructions)</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OO</FONT></P></TD></TR>
  </TABLE>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">All shares of Class A Common Stock of Arcos Dorados Holdings
Inc. (the &ldquo;Issuer&rdquo;) held by Fideicomiso de Administraci&oacute;n con Derecho de Reversi&oacute;n Identificado con el N&uacute;mero
F/3871 (&ldquo;Trust F/3871&rdquo;) may be deemed to be beneficially owned by David Coppel Calvo as administrator of Trust F/3871.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">As of February 22, 2023, 6,492,701 shares of the Issuer&rsquo;s
Class A Common Stock are held by Trust F/3871, representing 4.97% of the total number of shares of the Issuer&rsquo;s Class A Common
Stock outstanding as of March 31, 2023, as reported in the Issuer&rsquo;s Form 6-K filed on May 17, 2023. On December 31, 2022, 5,290,143
shares of the Issuer&rsquo;s Class A Common Stock were held by Trust F/3871, which represented 4.05% of the total number of shares of
the Issuer&rsquo;s Class A Common Stock outstanding on December 31, 2022, as reported in the Issuer&rsquo;s Form 6-K filed on March 15,
2023.</TD>
</TR></TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-top: 3.25pt; padding-right: 3.25pt; padding-left: 3.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP No. G0457F107</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Names of Reporting Persons</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Contrato de Fideicomiso de Administraci&oacute;n con Derecho de Reversi&oacute;n N&uacute;mero F/3989</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; width: 7%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 3pt; font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; font-size: 10pt; width: 88%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: bottom; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC Use Only</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: bottom; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Citizenship or Place of Organization</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United Mexican States</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="7" STYLE="padding: 3pt; text-align: center; font-size: 10pt; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of<BR>
Shares<BR>
Beneficially<BR>
Owned by<BR>
Each<BR>
Reporting<BR>
Person With</FONT></TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: bottom; font-size: 10pt; width: 75%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sole Voting Power</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">302,419
(1)</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: bottom; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shared Voting Power</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0-</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: bottom; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sole Dispositive Power</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">302,419
(1)</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: bottom; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shared Dispositive Power</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0-</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; width: 7%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: bottom; font-size: 10pt; width: 93%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate Amount Beneficially Owned by Each Reporting Person</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">302,419
(1)</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: bottom; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percent of Class Represented by Amount in Row (9)</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.23%</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 3pt; vertical-align: bottom; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: top; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Type of Reporting Person (See Instructions)</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OO</FONT></P></TD></TR></TABLE>


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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">All shares of Class A Common Stock of the Issuer held by
Contrato de Fideicomiso de Administraci&oacute;n con Derecho de Reversi&oacute;n N&uacute;mero F/3989 (&ldquo;Trust F/3989&rdquo;) may
be deemed to be beneficially owned by David Coppel Calvo as he holds sole power to decide and give investment orders or instructions
on Trust F/3989.</TD>
</TR></TABLE>

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

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-top: 3.25pt; padding-right: 3.25pt; padding-left: 3.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP No. G0457F107</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Names of Reporting Persons</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">David Coppel Calvo</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; width: 7%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 3pt; font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; font-size: 10pt; width: 88%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: bottom; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC Use Only</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: bottom; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Citizenship or Place of Organization</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United Mexican States</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="7" STYLE="padding: 3pt; text-align: center; font-size: 10pt; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of<BR>
Shares<BR>
Beneficially<BR>
Owned by<BR>
Each<BR>
Reporting<BR>
Person With</FONT></TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: bottom; font-size: 10pt; width: 75%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sole Voting Power</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,795,120
(1)(2)</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: bottom; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shared Voting Power</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0-</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: bottom; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sole Dispositive Power</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">6,795,120
(1)(2)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: bottom; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shared Dispositive Power</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0-</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; width: 7%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: bottom; font-size: 10pt; width: 93%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate Amount Beneficially Owned by Each Reporting Person</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,795,120
(1)(2)</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: bottom; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percent of Class Represented by Amount in Row (9)</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.20%
(2)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 3pt; vertical-align: bottom; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 3pt; vertical-align: top; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Type of Reporting Person (See Instructions)</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN</FONT></P></TD></TR></TABLE>


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">All Class A Common Stock of the Issuer held by Trust F/3871
and Trust F/3989 (the &ldquo;Trusts&rdquo;) may be deemed to be beneficially owned by David Coppel Calvo as administrator of Trust F/3871
and as he holds sole power to decide and give investment orders or instructions on Trust F/3989.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">As of February 22, 2023, David Coppel Calvo may be deemed
to beneficially own 6,795,120 shares of Class A Common Stock of the Issuer, representing 5.20% of the total number of shares of the Issuer&rsquo;s
Class A Common Stock outstanding as of March 31, 2023, as reported in the Issuer&rsquo;s Form 6-K filed on May 17, 2023. As of December
31, 2022, David Coppel Calvo may be deemed to beneficially own 5,592,562 shares of Class A Common Stock of the Issuer, which he has sole
voting and sole dispositive power over, which represented 4.28% of the total number of Class A Common Stock of the Issuer outstanding
on December 31, 2022, as reported in the Issuer&rsquo;s Form 6-K filed on March 15, 2023.</TD>
</TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This amendment No. 1 to Schedule 13G (&ldquo;Amendment&rdquo;) is being
jointly filed by the Reporting Persons (as defined below) to amend the Schedule 13G filed on December 17, 2021. This Amendment constitutes
a combined amendment to report the Reporting Persons&rsquo; beneficial ownership as of December 31, 2022 and as of February 22, 2023.
As reported herein, the aggregate amount beneficially owned by each Reporting Person as of December 31, 2022 and as of February 22, 2023,
was 4.28% and 5.20%, respectively. As of December 31, 2022 and as of February 22, 2023, all shares of Class A Common Stock of the Issuer
held by the Trusts may be deemed to be beneficially owned by David Coppel Calvo as administrator of Trust F/3871 and as he holds sole
power to decide and give investment orders or instructions on Trust F/3989.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="3" STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 1.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; width: 8%">&nbsp;</TD>
    <TD STYLE="padding: 3pt; vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: black 1.5pt solid; width: 88%; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Name of Issuer</FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Arcos Dorados Holdings Inc. (the &ldquo;Issuer&rdquo;)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Address of Issuer&rsquo;s Principal Executive Offices</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dr. Luis Bonavita 1294, Office 501</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montevideo, Uruguay, 11300 WTC Free Zone</P></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 2.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="padding: 3pt; text-align: justify; border-bottom: black 1.5pt solid; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Name of Person Filing</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Fideicomiso de Administraci&oacute;n con Derecho de Reversi&oacute;n Identificado con el N&uacute;mero F/3871 (&ldquo;Trust F/3871&rdquo;), Contrato de Fideicomiso de Administraci&oacute;n con Derecho de Reversi&oacute;n N&uacute;mero F/3989 (&ldquo;Trust F/3989&rdquo;) and David Coppel Calvo (together, &ldquo;Reporting Persons&rdquo;)(1)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Address of Principal Business Office or, if none, Residence:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trust F/3871 &mdash; Banco Invex, S.A.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Blvd. Manuel Avila Camacho 40 - piso 9</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Col. Lomas de Chapultepec III secci&oacute;n</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Del. Miguel Hidalgo, C.P. 11000</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ciudad de M&eacute;xico, M&eacute;xico</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trust F/3989 &mdash; Banco Invex, S.A.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Blvd. Manuel Avila Camacho 40 - piso 9</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Col. Lomas de Chapultepec III secci&oacute;n</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Del. Miguel Hidalgo, C.P. 11000</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ciudad de M&eacute;xico, M&eacute;xico</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Coppel Calvo &mdash; Av. Kiki Murillo 101 - 20</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Col. La Primavera, C.P. 80300</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Culiac&aacute;n, Sinaloa, M&eacute;xico.</P></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizenship</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trusts are organized under the laws of the United Mexican States.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Coppel Calvo is a citizen of the United Mexican States.</P></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: black 1.5pt solid; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Title of Class of Securities</FONT></P>
                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                  <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Class A Common Stock, no par value.</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: black 1.5pt solid; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">CUSIP Number</FONT></P>
                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                  <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">G0457F107</FONT></P></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 3.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or (c), check whether the person filing is a:</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Not Applicable.</FONT></TD></TR>
  </TABLE>



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

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Neither the present filing nor anything contained herein
shall be construed as an admission that the Reporting Persons constitute a &ldquo;group&rdquo; for any purpose and each expressly disclaims
membership in a group.</TD>
</TR></TABLE>

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

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




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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>
    <TD STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 4.</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ownership</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide
    the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item
    1. </FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt; border-bottom: black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    beneficially owned:</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
    the responses to Item 9 on the attached cover pages.</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt; border-bottom: black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percent
    of class:</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
    the responses to Item 11 on the attached cover pages.</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt; border-bottom: black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
    of shares as to which the person has:</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt; vertical-align: top; width: 5%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: Black 1.5pt solid; width: 82%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sole
    power to vote or to direct the vote</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
    the responses to Item 5 on the attached cover pages.</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shared
    power to vote or to direct the vote</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
    the responses to Item 6 on the attached cover pages.</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sole
    power to dispose or to direct the disposition of</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
    the responses to Item 7 on the attached cover pages.</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shared
    power to dispose or to direct the disposition of</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
    the responses to Item 8 on the attached cover pages.</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 5.</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ownership
    of 5 Percent or Less of a Class</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial
    owner of more than 5 percent of the class of securities, check the following &#9744;.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 6.</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ownership
    of More than 5 Percent on Behalf of Another Person</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    7.</B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: justify; padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Identification
    and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 8.</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Identification
    and Classification of Members of the Group</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 9.</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
    of Dissolution of Group</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>
    <TD STYLE="width: 9%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 10.</B></FONT></TD>
    <TD STYLE="width: 91%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certification</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By signing
    below, I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held
    for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired
    and are not held in connection with or as a participant in any transaction having that purpose or effect.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>Signature
page to follow</I>]</FONT>&nbsp;</P>

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: <U>May 30, 2023</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">FIDEICOMISO DE ADMINISTRACI&Oacute;N CON DERECHO DE REVERSI&Oacute;N IDENTIFICADO CON EL N&Uacute;MERO F/3871</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 31%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">INVEX S.A., as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/</FONT> <FONT STYLE="font-size: 10pt">Francisco Javier Mart&iacute;nez Garc&iacute;a</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Francisco Javier Mart&iacute;nez Garc&iacute;a </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delegado Fiduciario</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/</FONT> <FONT STYLE="font-size: 10pt">Pedro Izquierdo Rueda</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pedro Izquierdo Rueda </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delegado Fiduciario</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">CONTRATO DE FIDEICOMISO DE ADMINISTRACI&Oacute;N CON DERECHO DE REVERSI&Oacute;N N&Uacute;MERO F/3989</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">INVEX S.A., as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/</FONT> <FONT STYLE="font-size: 10pt">Francisco Javier Mart&iacute;nez Garc&iacute;a</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Francisco Javier Mart&iacute;nez Garc&iacute;a </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delegado Fiduciario</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/</FONT> <FONT STYLE="font-size: 10pt">Pedro Izquierdo Rueda</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pedro Izquierdo Rueda </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delegado Fiduciario</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">DAVID COPPEL CALVO</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/</FONT> <FONT STYLE="font-size: 10pt">David Coppel Calvo </FONT></TD></TR>
  </TABLE>

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

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We, the signatories of the statement to which this
Joint Filing Agreement is attached, hereby agree that such statement is filed, and any amendments thereto filed by any or all of us, will
be filed, on behalf of each of us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: <U>May 30, 2023</U></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">FIDEICOMISO DE ADMINISTRACI&Oacute;N CON DERECHO DE REVERSI&Oacute;N IDENTIFICADO CON EL N&Uacute;MERO F/3871</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 31%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">INVEX S.A., as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Francisco Javier Mart&iacute;nez Garc&iacute;a</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Francisco Javier Mart&iacute;nez Garc&iacute;a </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delegado Fiduciario</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Pedro Izquierdo Rueda</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pedro Izquierdo Rueda </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delegado Fiduciario</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">CONTRATO DE FIDEICOMISO DE ADMINISTRACI&Oacute;N CON DERECHO DE REVERSI&Oacute;N N&Uacute;MERO F/3989</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">INVEX S.A., as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Francisco Javier Mart&iacute;nez Garc&iacute;a</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Francisco Javier Mart&iacute;nez Garc&iacute;a </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delegado Fiduciario</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Pedro Izquierdo Rueda</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pedro Izquierdo Rueda </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delegado Fiduciario</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">DAVID COPPEL CALVO</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ David Coppel Calvo </FONT></TD></TR>
  </TABLE>
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></P>

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