<SEC-DOCUMENT>0000950103-24-016640.txt : 20250122
<SEC-HEADER>0000950103-24-016640.hdr.sgml : 20250122
<ACCEPTANCE-DATETIME>20241122083321
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-24-016640
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20241122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arcos Dorados Holdings Inc.
		CENTRAL INDEX KEY:			0001508478
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		RIO NEGRO 1338, FIRST FLOOR
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			11300
		BUSINESS PHONE:		598 2626-3000

	MAIL ADDRESS:	
		STREET 1:		RIO NEGRO 1338, FIRST FLOOR
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			11300
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #140B7F"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Maurice Blanco&nbsp;</FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">+1-212-450-4086&nbsp;</FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">maurice.blanco@davispolk.com&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Davis Polk &amp; Wardwell
    <FONT STYLE="font-variant: small-caps">llp&nbsp;</FONT></FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">450 Lexington Avenue<BR>
    New York, NY 10017&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt; color: #140BE3; text-transform: uppercase">&nbsp;</TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">November 22, 2024</P>

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

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    <TD STYLE="width: 0.5in; font-size: 10pt"><B>Re:</B></TD>
    <TD STYLE="font-size: 10pt"><B>Arcos Dorados Holdings Inc.<BR>
Form 20-F for Fiscal Year Ended December 31, 2023<BR>
Form 6-K Submitted August 14, 2024<BR>
File No. 001-35129</B></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Office of Trade &amp; Services<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

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

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    <TD STYLE="width: 0.5in; font-size: 10pt">Attn:</TD>
    <TD STYLE="font-size: 10pt">Keira Nakada</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Rufus Decker</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Dear Keira Nakada and Rufus Decker:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">On behalf of our client, Arcos Dorados Holdings
Inc. (the &ldquo;<B>Company</B>&rdquo;), this letter sets forth the Company&rsquo;s responses to the comment letter of the staff (the
&ldquo;<B>Staff</B>&rdquo;) of the Division of Corporation Finance of the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;)
dated November 8, 2024, relating to the Company&rsquo;s annual report on Form 20-F for the fiscal year ended December 31, 2023 (the &ldquo;<B>20-F</B>&rdquo;)
and the Company&rsquo;s current report on Form 6-K submitted on August 14, 2024 (the &ldquo;<B>6-K</B>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">For your convenience, we have reproduced the Staff&rsquo;s
comments preceding the Company&rsquo;s responses below. All capitalized terms used and not defined herein shall have the meaning given
to them in the 20-F. All references to page numbers in the Company&rsquo;s responses are to pages in the as-filed version of the 20-F,
unless noted otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Form 20-F for Fiscal Year Ended December 31, 2023</U></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Item 3. Key Information</U></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>A. Selected Financial Data, page 2</U></P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>1.</I></TD><TD><I>When you present and/or discuss non-GAAP measures, please also present and/or discuss the comparable GAAP measures. Please present
net income attributable to Arcos Dorados Holdings Inc. and its margin on page 5 of your Form 20-F, where total adjusted EBITDA and its
margin are presented. Also, both the Form 6-K submitted August 14, 2024 and the investor presentation on your website dated August 14,
2024 should be revised, as applicable, to:</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Present year-over-year growth in net income attributable to Arcos Dorados Holdings Inc., if you present year-over-year growth in
consolidated adjusted EBITDA;</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Present the net debt to net income attributable to Arcos Dorados Holdings Inc. ratio, if you present the net debt to adjusted EBITDA
leverage ratio;</I></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Present and discuss net income attributable to Arcos Dorados Holdings Inc. and its margin, if you present and discuss total adjusted
EBITDA and its margin; and</I></TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Start the adjusted EBITDA reconciliation with net income attributable to Arcos Dorados Holdings Inc., rather than operating income.</I></TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><I>Refer to Item 10(e)(1)(i) of Regulation S-K, Rule 100(a)
of Regulation G and Question 103.02 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations, as applicable.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">The Company respectfully acknowledges the Staff&rsquo;s
comment and informs the Staff that it will revise its disclosure in future filings of the Company&rsquo;s annual report on Form 20-F to
present net income attributable to the Company and its margin, wherever total adjusted EBITDA and its margin are presented (presently
contained on page 5 of the 20-F), as indicated below (with the underlined text and highlighted rows marking new text), updated as applicable
for any changes after the date of this letter:</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Years Ended December&nbsp;31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center">(in thousands of U.S. dollars, except percentages)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Other Data:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total Revenues</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%">Brazil</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,701,547</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,429,105</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,002,781</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>NOLAD</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,132,912</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">920,189</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">780,866</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">SLAD</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,497,419</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,269,608</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">876,294</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,331,878</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,618,902</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,659,941</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Operating Income (Loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">230,024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">186,862</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">117,887</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>NOLAD</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,832</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,785</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>SLAD</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">121,683</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,520</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,614</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Corporate and others and purchase price allocation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(110,905</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(91,792</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(75,767</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">314,039</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">264,422</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">139,519</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Operating Margin</B><SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.8</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>NOLAD</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>SLAD</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: Yellow; text-align: left; padding-bottom: 1pt">Corporate and others and purchase price allocation</TD><TD STYLE="background-color: Yellow; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: Yellow; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="background-color: Yellow; border-bottom: Black 1pt solid; text-align: right">(2.6</TD><TD STYLE="background-color: Yellow; border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="background-color: Yellow; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: Yellow; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="background-color: Yellow; border-bottom: Black 1pt solid; text-align: right">(2.5</TD><TD STYLE="background-color: Yellow; border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="background-color: Yellow; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: Yellow; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="background-color: Yellow; border-bottom: Black 1pt solid; text-align: right">(2.8</TD><TD STYLE="background-color: Yellow; border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7.2</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7.3</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5.2</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Years Ended December&nbsp;31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">(in thousands of U.S. dollars, except percentages)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA</B><SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%">Brazil</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">300,177</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">242,346</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">175,603</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>NOLAD</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115,364</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,323</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>SLAD</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">160,380</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,253</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,573</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Corporate and others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(103,617</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(85,325</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(66,741</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">472,304</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">386,564</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">271,758</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: Yellow; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net Income attributable to Arcos Dorados Holdings Inc.</TD><TD STYLE="background-color: Yellow; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="background-color: Yellow; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="background-color: Yellow; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">181,274</TD><TD STYLE="background-color: Yellow; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: Yellow; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="background-color: Yellow; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="background-color: Yellow; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">140,343</TD><TD STYLE="background-color: Yellow; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: Yellow; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="background-color: Yellow; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="background-color: Yellow; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">45,486</TD><TD STYLE="background-color: Yellow; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA Margin</B><SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.5</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>NOLAD</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>SLAD</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: Yellow; text-align: left; padding-bottom: 1pt">Corporate and others</TD><TD STYLE="background-color: Yellow; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: Yellow; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="background-color: Yellow; border-bottom: Black 1pt solid; text-align: right">(2.4</TD><TD STYLE="background-color: Yellow; border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="background-color: Yellow; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: Yellow; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="background-color: Yellow; border-bottom: Black 1pt solid; text-align: right">(2.4</TD><TD STYLE="background-color: Yellow; border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="background-color: Yellow; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: Yellow; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="background-color: Yellow; border-bottom: Black 1pt solid; text-align: right">(2.5</TD><TD STYLE="background-color: Yellow; border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10.9</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10.7</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10.2</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: Yellow; font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Income attributable to Arcos Dorados Holdings Inc. Margin<SUP>(4)</SUP></B></FONT></TD><TD STYLE="background-color: Yellow; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="background-color: Yellow; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: Yellow; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4.2</TD><TD STYLE="background-color: Yellow; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD><TD STYLE="background-color: Yellow; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="background-color: Yellow; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: Yellow; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3.9</TD><TD STYLE="background-color: Yellow; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD><TD STYLE="background-color: Yellow; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="background-color: Yellow; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: Yellow; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1.7</TD><TD STYLE="background-color: Yellow; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Other Financial Data:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Working capital<SUP>(5)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(236,392</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(75,049</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(77,747</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditures<SUP>(6)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">362,178</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">221,915</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115,077</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash Dividends declared per common share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Stock Dividends declared per every 70 common shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<P STYLE="margin-top: 0; margin-bottom: 0">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></P></TD><TD>Operating margin is operating income divided by <U>revenues for each division, except for Corporate and others and purchase price
allocation which is calculated as Operating loss divided by Total Revenues, since there are no revenues assigned to this segment</U>,
expressed as a percentage. <U>Total Operating margin is calculated as Total Operating Income divided by Total Revenues, expressed as a
percentage.</U></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD><TD>Adjusted EBITDA is a measure of our performance that is reviewed by our management. Adjusted EBITDA does not have a standardized meaning
and, accordingly, our definition of Adjusted EBITDA may not be comparable to Adjusted EBITDA as used by other companies. Total Adjusted
EBITDA is a non-GAAP measure. For our definition of Adjusted EBITDA, see &ldquo;Item 5. Operating and Financial Review and Prospects&mdash;A.
Operating Results&mdash;Key Business Measures.&rdquo;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD><TD>Adjusted EBITDA margin is Adjusted EBITDA divided by <U>revenues for each division, except for Corporate and others which is calculated
as Adjusted EBITDA divided by Total Revenues, since there are no revenues assigned to this segment</U>, expressed as a percentage. <U>Total
Adjusted EBITDA margin is calculated as Total Adjusted EBITDA divided by Total Revenues, expressed as a percentage.</U></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(4)</FONT></TD><TD><U>Net Income attributable to Arcos Dorados Holdings Inc. margin is Net Income attributable to Arcos Dorados Holdings Inc. divided
by Total Revenues, expressed as a percentage.</U></TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(5)</FONT></TD><TD>Working capital equals current assets minus current liabilities.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(6)</FONT></TD><TD>Includes property and equipment expenditures and purchase of restaurant businesses paid at the acquisition date.</TD></TR></TABLE>

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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140B7F">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140BE3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140BE3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 40%; font-size: 10pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="white-space: nowrap; font-size: 10pt; color: #140B7F"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD><TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Maurice Blanco&nbsp;</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">+1-212-450-4086&nbsp;</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">maurice.blanco@davispolk.com&nbsp;</FONT></P></TD><TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Davis Polk &amp; Wardwell <FONT STYLE="font-variant: small-caps">llp&nbsp;</FONT></FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">450 Lexington Avenue<BR> New York, NY 10017&nbsp;</FONT></P></TD><TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt; color: #140BE3; text-transform: uppercase">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">The Company does not determine net income by each
division since net income is not a measure of segment profit or loss reviewed by the chief operating decision maker in accordance with
ASC 280-10-50-22.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">Additionally, the Company further advises the Staff
that it will revise its disclosure in future submissions of the Company&rsquo;s current reports on Form 6-K and investor presentations
included in the Company&rsquo;s website where required, to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>present year-over-year growth in net income attributable to the Company, wherever it presents year-over-year growth in consolidated
adjusted EBITDA.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">In line with the Staff&rsquo;s comment, the Company
has included year-over-year growth in Net Income in the &ldquo;3rd Quarter 2024 Results&rdquo; investor presentation included on the Company&rsquo;s
website dated November 13, 2024 on pages 24 and 26, as shown below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">i.</TD><TD>Page 24</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><IMG SRC="image_007.jpg" ALT="">&nbsp;</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140B7F">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140BE3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140BE3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 40%; font-size: 10pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="white-space: nowrap; font-size: 10pt; color: #140B7F"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD><TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Maurice Blanco&nbsp;</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">+1-212-450-4086&nbsp;</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">maurice.blanco@davispolk.com&nbsp;</FONT></P></TD><TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Davis Polk &amp; Wardwell <FONT STYLE="font-variant: small-caps">llp&nbsp;</FONT></FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">450 Lexington Avenue<BR> New York, NY 10017&nbsp;</FONT></P></TD><TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt; color: #140BE3; text-transform: uppercase">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">ii.</TD><TD>Page 26</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid; text-align: center"><B>For Three-Months ended</B></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; text-align: center"><B>September 30,</B></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; width: 70%; border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid; text-align: center"><B>2024</B></TD>
    <TD STYLE="width: 15%; border-bottom: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid; text-align: center"><B>2023</B></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><B>Adjusted EBITDA Reconciliation</B></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid">Net income attributable to Arcos Dorados Holdings Inc.</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">35.2</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">59.7</TD></TR>
  <TR>
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid">Net income attributable to non-controlling interests</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">0.1</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">0.4</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid">Income tax expense, net</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">39.6</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">28.1</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid">Other non-operating income (expenses), net</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">(0.8)</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">0.1</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid">Foreign currency exchange results</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">(3.3)</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">(1.3)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid">(Loss) gain from derivative instruments</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">0.5</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">(0.9)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid">Net interest expense and other financing results</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">8.5</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">5.0</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid">Depreciation and amortization</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">45.4</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">37.3</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid">Operating charges excluded from EBITDA computation</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">(0.2)</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">0.8</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><B>Adjusted EBITDA</B></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right"><B>125.0</B></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right"><B>129.1</B></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>present the net debt to net income attributable to the Company ratio, wherever it presents the net debt to adjusted EBITDA leverage
ratio.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">In line with the Staff&rsquo;s comment, the Company
has presented Net Financial Debt to LTM Net Income attributable to the Company&rsquo;s ratio in the Company&rsquo;s report on Form 6-K
related to &ldquo;3Q 2024 Results&rdquo; dated November 13, 2024 on page 12, as indicated below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 64%; border-bottom: #B6B6B6 1pt solid"><B>Figure 7. Consolidated Debt and Financial Ratios<BR>
</B><I>(In thousands of U.S. dollars, except ratios)</I></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD ROWSPAN="2" STYLE="border-right: #BFBFBF 1pt solid; border-left: #B6B6B6 1pt solid; border-bottom: #BFBFBF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><B>September 30,</B></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><B>December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; text-align: center"><B>2024</B></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; text-align: center"><B>2023</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid; background-color: white">Total Cash &amp; cash equivalents (i)</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center">120,807</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; background-color: white; text-align: center">246,767</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid">Total Financial Debt (ii)</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center">719,068</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center">728,093</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid; background-color: white">Net Financial Debt (iii)</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center">598,261</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; background-color: white; text-align: center">481,326</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid">LTM Adjusted EBITDA </TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center">485,340</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center">472,304</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid">Total Financial Debt / LTM Adjusted EBITDA ratio</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center">1.5</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center">1.5</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #B6B6B6 1pt solid">Net Financial Debt / LTM Adjusted EBITDA ratio</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center">1.2</TD>
    <TD STYLE="border-right: #B6B6B6 1pt solid; text-align: center">1.0</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid">LTM Net income attributable to AD</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center">146,133</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center">181,274</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid">Total Financial Debt / Net income attributable to AD</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center">4.9</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center">4.0</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: rgb(191,191,191) 1pt solid; border-bottom: rgb(191,191,191) 1pt solid; border-left: rgb(191,191,191) 1pt solid">Net Financial Debt / Net income attributable to AD</TD>
    <TD STYLE="border-bottom: Silver 1pt solid; border-right: rgb(191,191,191) 1pt solid; text-align: center">4.1</TD>
    <TD STYLE="border-bottom: Silver 1pt solid; border-right: rgb(191,191,191) 1pt solid; text-align: center">2.7</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 8pt">(i) Total cash &amp; cash equivalents includes short-term investment</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">(ii)Total financial debt includes short-term debt, long-term debt, accrued interest payable and
    derivative instruments (including the asset portion of derivatives amounting to $68.2 million and $46.5 million as a reduction of
    financial debt as of September 30, 2024 and December 31, 2023, respectively).</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-size: 8pt">(iii) Net financial debt equals total financial debt less total cash &amp; cash equivalents.</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0">&nbsp;</P><P STYLE="margin: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: right; border-top: rgb(20,11,227) 1pt solid; width: 100%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140B7F">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140BE3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140BE3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 40%; font-size: 10pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="white-space: nowrap; font-size: 10pt; color: #140B7F"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD><TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Maurice Blanco&nbsp;</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">+1-212-450-4086&nbsp;</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">maurice.blanco@davispolk.com&nbsp;</FONT></P></TD><TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Davis Polk &amp; Wardwell <FONT STYLE="font-variant: small-caps">llp&nbsp;</FONT></FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">450 Lexington Avenue<BR> New York, NY 10017&nbsp;</FONT></P></TD><TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt; color: #140BE3; text-transform: uppercase">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">In addition, the Company has also presented Net
Debt to Net Income (leverage ratio) in the &ldquo;3rd Quarter 2024 Results&rdquo; investor presentation included in the Company&rsquo;s
website dated November 13, 2024 on page 25, as shown below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in"><IMG SRC="image_006.jpg" ALT=""></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>present and discuss net income attributable to the Company and its margin, wherever it presents and discusses total adjusted EBITDA
and its margin.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">In line with the Staff&rsquo;s comment, the Company
has presented Net Income and its margin in the Company&rsquo;s report on Form 6-K related to &ldquo;3Q 2024 Results&rdquo; dated November
13, 2024 on pages 2, 5 and 17, as shown below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140B7F">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140BE3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140BE3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 40%; font-size: 10pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="white-space: nowrap; font-size: 10pt; color: #140B7F"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD><TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Maurice Blanco&nbsp;</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">+1-212-450-4086&nbsp;</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">maurice.blanco@davispolk.com&nbsp;</FONT></P></TD><TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Davis Polk &amp; Wardwell <FONT STYLE="font-variant: small-caps">llp&nbsp;</FONT></FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">450 Lexington Avenue<BR> New York, NY 10017&nbsp;</FONT></P></TD><TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt; color: #140BE3; text-transform: uppercase">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">i.</TD><TD>Page 2</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: bottom"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 31px; width: 102px"></TD>
    <TD><FONT STYLE="color: #2C2C2C"><B>Third Quarter 2024 Highlights</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="color: #2C2C2C">&bull;</FONT></TD>
    <TD><FONT STYLE="color: #2C2C2C">Consolidated revenues totaled $1.1 billion, rising in US dollars despite weaker local currencies.</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="color: #2C2C2C">&bull;</FONT></TD>
    <TD><FONT STYLE="color: #2C2C2C">Systemwide comparable sales rose 32.1% versus the third quarter of 2023, including the impact of high inflation in Argentina over the last 12 months.</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="color: #2C2C2C">&bull;</FONT></TD>
    <TD><FONT STYLE="color: #2C2C2C">Consolidated Adjusted EBITDA&sup1; reached $125.0 million, with an 11.0% margin.</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="color: #2C2C2C">&bull;</FONT></TD>
    <TD><FONT STYLE="color: #2C2C2C">Net Income was $35.2 million, with a 3.1% margin.</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="color: #2C2C2C">&bull;</FONT></TD>
    <TD><FONT STYLE="color: #2C2C2C">Net Debt to Adjusted EBITDA leverage ratio ended the third quarter at 1.2x, unchanged from the end of the previous quarter.</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="color: #2C2C2C">&bull;</FONT></TD>
    <TD><FONT STYLE="color: #2C2C2C">The Company opened 19 Experience of the Future (EOTF) restaurants in the quarter, all of them free-standing, including 11 in Brazil.</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="color: #2C2C2C">&bull;</FONT></TD>
    <TD><FONT STYLE="color: #2C2C2C">Digital channel sales grew 16%, including strong performances in Mobile App and Delivery as well as the continued growth of the Loyalty Program.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">ii.</TD><TD>Page 5</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid"><FONT STYLE="font-size: 10pt"><B>Figure 1. AD Holdings Inc Consolidated: Key Financial Results<BR>
<I>(In millions of U.S. dollars, except as noted)</I></B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: bottom; border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>3Q23<BR>
(a)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Currency Translation<BR>
(b) </B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Constant<BR>
Currency<BR>
Growth<BR>
(c)&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>3Q24<BR>
(a+b+c)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>% Constant Currency</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-left: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt"><B>Total Restaurants (Units)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>2,339</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,410</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-left: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-left: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt">Sales by Company-operated Restaurants</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,075.3</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(416.5)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">424.6</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,083.4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.8%</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">39.5%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-left: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">49.8</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(14.1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">14.6</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">50.2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.9%</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">29.3%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-left: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>1,125.1</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>(430.7)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>439.2</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,133.7</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>0.8%</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>39.0%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-left: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt"><I>Systemwide Comparable Sales</I></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>32.1%</I></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-left: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>129.1</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>(33.7)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>29.6</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>125.0</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>-3.2%</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>22.9%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-left: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt"><I>Adjusted EBITDA Margin</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>11.5%</I></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>11.0%</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>-0.5 p.p.</I></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt">Net income (loss) attributable to AD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">59.7</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(27.3)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">35.2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-41.0%</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-45.7%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-left: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt"><I>Net income attributable to AD Margin</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>5.3%</I></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><I>3.1%</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>-2.2 p.p.</I></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-left: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt">No. of shares outstanding (thousands)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">210,655.0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">210,663.1</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt"><B>EPS (US$/Share)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>0.28</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>0.17</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140B7F">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140BE3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140BE3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 40%; font-size: 10pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="white-space: nowrap; font-size: 10pt; color: #140B7F"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD><TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Maurice Blanco&nbsp;</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">+1-212-450-4086&nbsp;</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">maurice.blanco@davispolk.com&nbsp;</FONT></P></TD><TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Davis Polk &amp; Wardwell <FONT STYLE="font-variant: small-caps">llp&nbsp;</FONT></FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">450 Lexington Avenue<BR> New York, NY 10017&nbsp;</FONT></P></TD><TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt; color: #140BE3; text-transform: uppercase">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">iii.</TD><TD>Page 17</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 48.25pt 0pt 0; color: #2C2C2C"><B>Third Quarter 2024 Consolidated Results</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 48.25pt 0pt 0; color: #2C2C2C">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 48.25pt 0pt 0.5in; color: #2C2C2C">Figure 8. Third Quarter 2024 Consolidated
Results&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; color: #2C2C2C"><I>(In thousands of U.S. dollars, except
per share data)&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid; background-color: #D9D9D9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid; background-color: #D9D9D9; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>For Three-Months ended</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #B6B6B6 1pt solid; border-right: #B6B6B6 1pt solid; background-color: #DBDBDB; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>For Nine-Months ended</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid; background-color: #D9D9D9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D9D9D9; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #DBDBDB; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>September 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 57%; border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid; background-color: #D9D9D9">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid; background-color: #D9D9D9; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>2024</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid; background-color: #D9D9D9; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; border-right: #B6B6B6 1pt solid; background-color: #DBDBDB; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>2024</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; background-color: #DBDBDB; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">REVENUES</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Sales by Company-operated restaurants</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">1,083,447</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">1,075,328</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">3,175,578</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">3,016,212</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Revenues from franchised restaurants</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">50,238</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">49,782</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">150,364</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">140,211</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>1,133,685</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>1,125,110</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>3,325,942</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>3,156,423</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">OPERATING COSTS AND EXPENSES</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Company-operated restaurant expenses:</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Food and paper</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(381,175)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(376,023)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(1,115,088)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(1,061,634)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Payroll and employee benefits</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(207,894)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(200,904)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(603,392)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(580,286)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Occupancy and other operating expenses</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(315,571)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(300,456)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(930,182)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(843,176)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Royalty fees</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(67,163)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(65,058)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(198,527)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(180,317)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Franchised restaurants - occupancy expenses</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(20,720)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(21,424)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(62,995)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(60,053)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">General and administrative expenses</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(68,070)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(67,806)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(209,682)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(202,924)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Other operating income (expenses), net</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">6,733</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(2,364)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">15,519</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">4,219</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black"><B>Total operating costs and expenses</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>(1,053,860)</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>(1,034,035)</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>(3,104,347)</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>(2,924,171)</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black"><B>Operating income</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>79,825</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>91,075</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>221,595</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>232,252</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Net interest expense and other financing results</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(8,480)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(4,973)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(39,059)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(26,960)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt; color: black">(Loss) gain from derivative instruments</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(516)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">900</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">733</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(13,220)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Foreign currency exchange results</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">3,292</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">1,286</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(15,823)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">22,231</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Other non-operating income (expenses), net</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">758</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(106)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">106</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(100)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>74,879</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>88,182</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>167,552</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>214,203</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Income tax expense, net</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(39,589)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(28,072)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(76,695)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(87,922)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black"><B>Net income</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>35,290</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>60,110</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>90,857</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>126,281</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Net income attributable to non-controlling interests</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(76)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(389)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(502)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(785)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black"><B>Net income&nbsp;&nbsp;attributable to Arcos Dorados Holdings Inc.</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>35,214</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>59,721</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>90,355</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>125,496</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt">Net income attributable to Arcos Dorados Holdings Inc. Margin as a % of total revenues</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">3.1%</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">5.3%</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2.7%</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">4.0</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black"><B>Earnings per share information ($ per share):</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Basic net income per common share</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Weighted-average number of common shares outstanding-Basic</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">210,663,057</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">210,654,969</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">210,659,761</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">210,625,346</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black"><B>Adjusted EBITDA Reconciliation</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt">Net income&nbsp;&nbsp;attributable to Arcos Dorados Holdings Inc.</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">35,214</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">59,721</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">90,355</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">125,496</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt">Net income attributable to non-controlling interests</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">76</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">389</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">502</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">785</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Income tax expense, net</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">39,589</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">28,072</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">76,695</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">87,922</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Other non-operating income (expenses), net</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(758)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">106</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(106)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">100</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Foreign currency exchange results</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(3,292)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(1,286)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">15,823</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(22,231)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">(Loss) gain from derivative instruments</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">516</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(900)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(733)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">13,220</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Net interest expense and other financing results</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">8,480</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">4,973</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">39,059</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">26,960</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Depreciation and amortization</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">45,411</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">37,286</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">133,704</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">105,806</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black">Operating charges excluded from EBITDA computation</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(237)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">759</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(2,583)</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">1,622</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>124,999</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>129,120</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>352,716</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>339,680</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: black"><B>Adjusted EBITDA Margin as % of total revenues</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>11.0 %</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>11.5 %</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>10.6 %</B></FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>10.8 %</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0">&nbsp;</P><P STYLE="margin: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: right; border-top: rgb(20,11,227) 1pt solid; width: 100%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140B7F">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140BE3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140BE3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 40%; font-size: 10pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="white-space: nowrap; font-size: 10pt; color: #140B7F"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD><TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Maurice Blanco&nbsp;</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">+1-212-450-4086&nbsp;</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">maurice.blanco@davispolk.com&nbsp;</FONT></P></TD><TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Davis Polk &amp; Wardwell <FONT STYLE="font-variant: small-caps">llp&nbsp;</FONT></FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">450 Lexington Avenue<BR> New York, NY 10017&nbsp;</FONT></P></TD><TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt; color: #140BE3; text-transform: uppercase">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">In addition, the Company has also presented Net
Income and its margin in the &ldquo;3rd Quarter 2024 Results&rdquo; investor presentation included on the Company&rsquo;s website dated
November 13, 2024 on page 24, as noted previously in this letter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>start the adjusted EBITDA reconciliation with net income attributable to the Company, rather than operating income.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">In line with the Staff&rsquo;s comment, the Company
has presented the Adjusted EBITDA reconciliation starting with Net Income attributable to the Company in the Company&rsquo;s report on
Form 6-K related to &ldquo;3Q 2024 Results&rdquo; dated November 13, 2024 on page 17, as included previously in the response to &ldquo;present
and discuss net income attributable to the Company and its margin, wherever it presents and discusses total adjusted EBITDA and its margin&rdquo;
in Comment #1 of this letter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">The Company has also presented the Adjusted EBITDA
reconciliation starting with Net Income attributable to the Company commencing in the &ldquo;3rd Quarter 2024 Results&rdquo; investor
presentation included on the Company&rsquo;s website dated November 13, 2024 on page 26, as included previously in the response to &ldquo;present
year-over-year growth in net income attributable to the Company, wherever it presents year-over-year growth in consolidated adjusted EBITDA&rdquo;
in Comment #1 of this letter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>2.</I></TD><TD><I>Please present corporate and others (and purchase price allocation, when applicable) margin in the tables showing operating margins
and adjusted EBITDA margins.</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">The Company respectfully acknowledges the Staff&rsquo;s
comment and informs the Staff that it will revise its disclosure in future filings of the Company&rsquo;s annual report on Form 20-F to
present corporate and others margin in the tables showing operating margins and adjusted EBITDA margins.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">The Company has also reflected this change in the
selected financial data for the years ended December 31, 2023, 2022 and 2021, in the response to Comment #1 in this letter<I>.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Item 5. Operating and Financial Review and Prospects</U></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Results of Operations<BR>
Year Ended December 31, 2023 Compared to Year Ended December 31, 2022<BR>
Sales by Company-Operated Restaurants, page 73</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>3.</I></TD><TD><I>Please separately quantify the impact of increase in traffic and increase in average check to which you attribute a material increase
in revenue.</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">The Company respectfully acknowledges the Staff&rsquo;s
comment and advises the Staff that it will revise its disclosure under &ldquo;Item 5. Operating and Financial Review and Prospects&mdash;A.
Operating Results&mdash;Results of Operations&mdash;Year Ended December 31, 2023 Compared to Year Ended December 31, 2022&mdash;Sales
by Company-Operated Restaurants&rdquo; (presently contained on page 73 of the 20-F) in future filings of the Company&rsquo;s annual report
on Form 20-F as indicated below (with the underlined text marking new text):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140B7F">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140BE3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140BE3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 40%; font-size: 10pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="white-space: nowrap; font-size: 10pt; color: #140B7F"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD><TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Maurice Blanco&nbsp;</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">+1-212-450-4086&nbsp;</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">maurice.blanco@davispolk.com&nbsp;</FONT></P></TD><TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Davis Polk &amp; Wardwell <FONT STYLE="font-variant: small-caps">llp&nbsp;</FONT></FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">450 Lexington Avenue<BR> New York, NY 10017&nbsp;</FONT></P></TD><TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt; color: #140BE3; text-transform: uppercase">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 9pt; text-indent: 13.5pt">Sales by Company-operated Restaurants</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 9pt; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">Total sales by Company-operated restaurants increased
by $680.2 million, or 19.7%, from $3,457.5 million in 2022 to $4,137.7 million in 2023. This growth was mainly driven by an increase in
traffic in the Territories <U>of 6.2%</U>, together with an increase <U>of 29.2%</U> in average check in all divisions, both of which
led to an increase in comparable sales by Company-operated restaurants of $1,288.1 million. In addition, the opening of 107 Company-operated
restaurants, the closure of 36 Company-operated restaurants and the conversion of 28 franchised restaurants into Company-operated restaurants
since January 1, 2022, contributed $120.8 million to sales. This was partially offset by the depreciation of currencies against the U.S.
dollar, which resulted in a $728.7 million sales decline, mainly in Argentina and Venezuela<FONT STYLE="background-color: white">.&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">In Brazil, sales by Company-operated restaurants
increased by $254.9 million, or 19.3%, to $1,574.8 million in 2023. This was primarily due to an increase of comparable sales of 11.4%,
as <U>a result of an increase in traffic of 6.0%</U>, and an <U>average check growth of 5.1%</U> related to price increases and revenue
management strategies that improved product mix, which resulted in a sales increase of $150.2 million. In addition, 54 net restaurants
openings coupled with the conversion of 4 franchised restaurants into Company-operated restaurants since January 1, 2022 resulted in a
$50.3 million increase in sales and the appreciation of the <FONT STYLE="background-color: white">Brazilian <I>real</I> against the U.S.
dollar, resulted in a sales increase of $54.4 million.</FONT>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">In NOLAD, sales by Company-operat<FONT STYLE="background-color: white">ed
restaurants increased by $207.6 million, or 23.3%, to $1,098.0 million in 2023. This was due to a comparable sales growth of 10.5%, which
resulted in a sales increase of $95.4 million<U>, as a result in part of an increase in traffic of 6.2% and in average check of 4.1%</U>.
The conversion of 20 franchised restaurants into Company-operated restaurants, the opening of 24 Company-operated restaurants and the
closing of 3 Company-operated restaurants since January&#8239;1, 2022, had a positive impact of $34.9 million to sales, while the appreciation
of local currencies also had a $77.3 million positive impact on sales.</FONT>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">In SLAD, <FONT STYLE="background-color: white">sales
by Company-operated restaurants increased by $217.7 million, or 17.5%, to $1,464.9 million </FONT>in 2023. This was the result of <U>an
increase in traffic of 6.6%</U> and <U>in average check of 72.9%</U> in the SLAD division that led to an increase in comparable sales
of $1,042.5 million. In <FONT STYLE="background-color: white">addition, the opening of 22 Company-operated restaurants and the closure
of 26 Company-operated restaurants, coupled with the conversion of 4 franchised restaurants into Company-operated restaurants, since January
1, 2022 contributed $35.6 million to the increase in sales. This was partially offset by the depreciation of currencies against the U.S.
dollar, in particular the Argentine <I>peso, </I>the Venezuelan <I>bol&iacute;var </I>and Colombian <I>Peso</I>, which caused sales to
decrease by $860.4 million in 2023.&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>B. Liquidity and Capital Resources, page 86</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>4.</I></TD><TD><I>Please revise to discuss with quantification the liquidity and capital resources implications related to your material operations
in highly inflationary environments (i.e., Venezuela and Argentina). If there are restrictions on cash remittances to you from your operations
in these highly inflationary environments, please also discuss these restrictions (or refer here to disclosure provided elsewhere in the
filing, as applicable) and quantify the amounts of cash and cash equivalents (and other highly- liquid assets) in each highly inflationary
country. Refer to FRR Section 501.09.b and Item 303 of Regulation S-K, including, but not limited to, Instruction 9 to paragraph (b).</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">The Company respectfully acknowledges the Staff&rsquo;s
comment and advises the Staff that the Company has operations in Argentina and Venezuela, which are considered highly inflationary environments;
however, the Company&rsquo;s operations in Venezuela are not material (they represent less than 1% of the Company&rsquo;s total cash and
cash equivalents and short-term investments), and as a result, the Company will quantify the amounts jointly.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">The Company will revise its disclosure under &ldquo;Item
5. Operating and Financial Review and Prospects&mdash;B. Liquidity and Capital Resources&rdquo; (presently contained on page 86 of the
20-F) in future filings of the Company&rsquo;s annual report on Form 20-F to add the additional disclosure as indicated below (with the
underlined text marking new text):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><U>As of December 31, 2023 our cash position (cash
and cash equivalents and short-term investments) in highly inflationary markets (Argentina and Venezuela) represented 14% of our consolidated
cash position. Although these markets are subject to restrictions on cash remittances, these limitations did not materially affect our
operations, as both countries have in place alternative legal mechanisms to obtain U.S. dollars. See &ldquo;Item 3. Key Information&mdash;A.
Selected Financial Data&mdash;Exchange Rates and Exchange Controls&rdquo; for further information regarding exchange controls for Argentina.
In addition, over the years we have been able to mitigate cost increases tied to inflation in these markets through our revenue management
strategy. Moreover, in case we need to incur indebtedness in these markets, we also have available sufficient instruments to fund such
incurrence.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Consolidated Financial Statements<BR>
Consolidated Statements of Cash Flows, page F-9</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>5.</I></TD><TD><I>Please present changes in inventories separately in your reconciliation to net cash provided by operating activities. Refer to
ASC 230-10-45-29. Also, present financing cash flows related to derivative instruments on a gross, rather than net, basis. Refer to ASCs
230-10-45-7 through 45-9 and ASCs 230-10-45-14(d) and 45-15(d).</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">The Company respectfully acknowledges the Staff&rsquo;s
comment and advises the Staff that it will revise its disclosure under its Consolidated Statements of Cash Flows in future filings of
the Company&rsquo;s annual report on Form 20-F as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">Regarding changes in inventories, the Company presents
below a presentation of the operating activities section of the consolidated statements of cash flows for the fiscal years ended December
31, 2023, 2022, and 2021 reflecting this change (with the highlighted rows marking new text):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140B7F">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140BE3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140BE3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 40%; font-size: 10pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="white-space: nowrap; font-size: 10pt; color: #140B7F"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD><TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Maurice Blanco&nbsp;</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">+1-212-450-4086&nbsp;</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">maurice.blanco@davispolk.com&nbsp;</FONT></P></TD><TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Davis Polk &amp; Wardwell <FONT STYLE="font-variant: small-caps">llp&nbsp;</FONT></FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">450 Lexington Avenue<BR> New York, NY 10017&nbsp;</FONT></P></TD><TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt; color: #140BE3; text-transform: uppercase">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; color: #2C2C2C"><I>(In thousands of U.S. dollars)</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; color: #2C2C2C"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2022</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt; color: black"><B>Operating activities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-size: 10pt; color: black">Net income attributable to Arcos Dorados Holdings Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">$ 181,274 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">$ 140,343 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">$ 45,486 </FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt; color: black">Adjustments to reconcile net income attributable to Arcos Dorados Holdings Inc. to cash provided by operating activities:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-indent: 27pt"><FONT STYLE="font-size: 10pt; color: black">Non-cash charges and credits:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-indent: 45pt"><FONT STYLE="font-size: 10pt; color: black">Depreciation and amortization&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">149,268</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">119,777</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">120,394</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-indent: 45pt"><FONT STYLE="font-size: 10pt; color: black">Loss from derivative instruments</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">13,183</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">10,490</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">5,183</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt; color: black">Amortization and accrual of letter of credit fees and deferred financing costs</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">4,268</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">5,342</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">4,247</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2022</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-indent: 45pt"><FONT STYLE="font-size: 10pt; color: black">Deferred income taxes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(4,310)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(15,449)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(16,066)</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-indent: 45pt"><FONT STYLE="font-size: 10pt; color: black">Foreign currency exchange results</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">3,162</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(6,940)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">4,031</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-indent: 45pt"><FONT STYLE="font-size: 10pt; color: black">Accrued net share-based compensation expense</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">14,337</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">6,089</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">758</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-indent: 45pt"><FONT STYLE="font-size: 10pt; color: black">Impairment of long-lived assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">2,626</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,171</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,573</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-indent: 45pt"><FONT STYLE="font-size: 10pt; color: black">Write-off of long-lived assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">8,401</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">3,143</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">3,095</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-indent: 45pt"><FONT STYLE="font-size: 10pt; color: black">Gain on sale and exchange of restaurants businesses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(4,008)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(577)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">&mdash; </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-size: 10pt; color: black">Gain on contribution of businesses in equity method investment</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">&mdash; </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">&mdash; </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(8,501)</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-indent: 45pt"><FONT STYLE="font-size: 10pt; color: black">Others, net&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(8,853)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(2,268)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">5,279</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-indent: 27pt"><FONT STYLE="font-size: 10pt; color: black">Changes in assets and liabilities:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-indent: 45pt"><FONT STYLE="font-size: 10pt; color: black">Accounts payable&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">70,003</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">111,958</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">78,201</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-indent: 45pt"><FONT STYLE="font-size: 10pt; color: black">Accounts and notes receivable and other receivables</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(61,244)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(56,790)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(4,689)</FONT></TD></TR>
  <TR STYLE="background-color: yellow">
    <TD STYLE="text-indent: 45pt"><FONT STYLE="font-size: 10pt; color: black">Prepaid expenses and other assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(40,509)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(27,131)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(33,649)</FONT></TD></TR>
  <TR STYLE="background-color: yellow">
    <TD STYLE="text-indent: 45pt"><FONT STYLE="font-size: 10pt; color: black">Inventories</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">4,827</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(6,042)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(5,006)</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-indent: 45pt"><FONT STYLE="font-size: 10pt; color: black">Income taxes payable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">7,755</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">18,637</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">41,530</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: 45pt"><FONT STYLE="font-size: 10pt; color: black">Other taxes payable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">25,452</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">8,874</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">14,211</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt; color: black">Accrued payroll, other liabilities and provision for contingencies</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">17,272</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">32,873</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">29,992</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: 45pt"><FONT STYLE="font-size: 10pt; color: black">Royalties payable to McDonald&rsquo;s Corporation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(719)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">5,457</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(27,167)</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-indent: 45pt"><FONT STYLE="font-size: 10pt; color: black">Others</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(220)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(3,520)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(858)</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt; color: black"><B>Net cash provided by operating activities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>381,965</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>345,437</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>258,044</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">Regarding cash flows related to derivative instruments,
the Company presents below a presentation of financing activities section of the consolidated statement of cash flows for the fiscal years
ended December 31, 2023, 2022 and 2021 reflecting this change (with the highlighted rows marking new text and the strikethrough text in
red marking deletions):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; color: #2C2C2C"><I>(In thousands of U.S. dollars)</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; color: #2C2C2C"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="width: 19px">&nbsp;</TD>
    <TD STYLE="width: 66px; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="width: 19px">&nbsp;</TD>
    <TD STYLE="width: 60px; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt; color: black"><B>Financing activities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: yellow">
    <TD><FONT STYLE="font-size: 10pt; color: black">Collection of derivative instruments</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">30,880</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">&mdash; </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">23,240</FONT></TD></TR>
  <TR STYLE="background-color: yellow">
    <TD><FONT STYLE="font-size: 10pt; color: black">Payments related to derivative instruments and derivative premiums</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(3,296)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">&mdash; </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">&mdash; </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-size: 10pt; color: black">Issuance of 2029 Notes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">&mdash; </FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">349,969</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">&mdash; </FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt; color: black">Open Market Repurchases of 2029 Senior Notes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(2,813)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(12,014)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">&mdash; </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-size: 10pt; color: black">Cash Tender &amp; Open Market Repurchases of 2027 Senior Notes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(1,904)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(159,034)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(18,364)</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt; color: black">Settlement at maturity, Cash Tender, Partial Redemption &amp; Open Market Repurchases of 2023 Senior Notes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(18,224)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(192,380)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(16,231)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-size: 10pt; color: black">Dividend payments to Arcos Dorados Holdings Inc. shareholders</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(40,022)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(31,587)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(21)</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt; color: black">Net short-term borrowings</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">29,384</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">359</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">&mdash; </FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Net payments of derivative premiums</STRIKE></FONT></TD>
    <TD><FONT STYLE="font-size: 12pt; color: red"><STRIKE>&nbsp;</STRIKE></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>(2,581)</STRIKE></FONT></TD>
    <TD><FONT STYLE="font-size: 12pt; color: red"><STRIKE>&nbsp;</STRIKE></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>&mdash; </STRIKE></FONT></TD>
    <TD><FONT STYLE="font-size: 12pt; color: red"><STRIKE>&nbsp;</STRIKE></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>&mdash; </STRIKE></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt; color: black">Payments of other long term debt</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(800)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(8,327)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black">(2,573)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-size: 10pt; color: black">Other financing activities&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(5,028)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(6,964)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: black">(3,977)</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt; color: black"><B>Net cash used in financing activities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>(11,823)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>(59,978)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>(17,926)</B></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><U>Note 3. Summary of Significant Accounting Policies
Accounts Payable Outsourcing, page F-17</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>6.</I></TD><TD><I>Please tell us whether you pay any fees related to the supplier finance program. If so, disclose the nature, frequency and amounts
of the fees. Also, provide a rollforward of the obligations in the footnote. Refer to ASC 405-50-50-3.</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">The Company respectfully acknowledges the Staff&rsquo;s
comment and advises the Staff that it will revise its disclosure in future filings of the Company&rsquo;s annual report on Form 20-F as
follows, with the underlined text marking new text:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">The Company offers its suppliers access to an accounts
payable services arrangement provided by third party financial institutions. This service allows the Company&rsquo;s suppliers to view
its scheduled payments online, enabling them to better manage their cash flow and reduce payment processing costs. Independent from the
Company, the financial institutions also allow suppliers to sell their receivables to the financial institutions in an arrangement separately
negotiated by the supplier and the financial institution. The Company has no economic interest in the sale of these receivables and no
direct relationship with the financial institutions concerning the sale of receivables. <U>As a result, the Company does not pay any fee
to financial institutions for purchasing the suppliers' receivables and it does not receive any incentive from the financial institutions
to persuade suppliers to participate in their programs</U>. All of the Company&rsquo;s obligations, including amounts due, remain to the
Company&rsquo;s suppliers as stated in the supplier agreements. These obligations require payment in full within 180 days of the invoice
date. As of December 31, 2023 and 2022, $13,650 and $24,149, respectively, of the Company&rsquo;s total accounts payable (included within
&ldquo;Accounts payable&rdquo; in the Balance Sheet) are available for this purpose.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">With respect to the rollforward of the obligations,
as indicated in ASC 405-50-50-3(b)(2), the Company will disclose this in its future filings commencing with the Company&rsquo;s annual
report on Form 20-F for the fiscal year ending December 31, 2024, since the Company has not early adopted the paragraph in accordance
with the transition and effective date noted in ASC 405-50-65-1.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><U>Note 21. Segment and Geographic Information, page F-47</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>7.</I></TD><TD><I>Please disclose the amounts of revenues and long-lived assets for each country that is material (e.g., Argentina, Mexico and/or
Chile). Refer to ASC 280-10-50-41.</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">The Company respectfully acknowledges the Staff&rsquo;s
comment and advises the Staff that it will revise its disclosure under its &ldquo;Notes to the Consolidated Financial Statements&mdash;21.
Segment and geographic information&rdquo; in future filings of the Company&rsquo;s annual report on Form 20-F.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140B7F">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140BE3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #140BE3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 40%; font-size: 10pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="white-space: nowrap; font-size: 10pt; color: #140B7F"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD><TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Maurice Blanco&nbsp;</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">+1-212-450-4086&nbsp;</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">maurice.blanco@davispolk.com&nbsp;</FONT></P></TD><TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Davis Polk &amp; Wardwell <FONT STYLE="font-variant: small-caps">llp&nbsp;</FONT></FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">450 Lexington Avenue<BR> New York, NY 10017&nbsp;</FONT></P></TD><TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt; color: #140BE3; text-transform: uppercase">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">The Company will provide the revenues and long-lived
assets by individual country that are material, which the Company interprets to be in excess of 10% of its consolidated revenue and long-lived
assets, respectively, in accordance with ASC 280-10-50-41.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">The Company presents below a presentation of revenues
and long-lived assets for each country that is material reflecting this change (with the underlined text and highlighted rows marking
new text):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">The Company&rsquo;s revenues are derived from two
sources: sales by Company-operated restaurants and revenues from restaurants operated by franchisees. All of the Company&rsquo;s revenues
are derived from foreign operations. <U>The following table presents information about revenues by geographic area for fiscal years ended
December 31, 2023, 2022 and 2021:</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; color: #2C2C2C"><I><U>(In thousands of U.S. dollars)</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; color: #2C2C2C"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; background-color: yellow; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>For the fiscal years ended December 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 18%"><FONT STYLE="font-size: 10pt; color: black"><B>Revenues:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: black">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: black">1,701,547</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: black">1,429,105</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: black">1,002,781</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt; color: black">Argentina</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black">683,231</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black">604,347</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black">351,685</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: black">Other countries</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">1,947,100</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">1,585,450</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">1,305,475</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt; color: black"><B>Total revenues</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>4,331,878</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>3,618,902</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2,659,941</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">Long-lived assets consisting of property and equipment
totaled $1,119,885 and $856,085, as of December 31, 2023 and 2022, respectively. All of the Company&rsquo;s long-lived assets are related
to foreign operations. <U>The following table presents information about long-lived assets by geographic area as of December 31, 2023,
and 2022:</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; color: #2C2C2C"><I><U>(In thousands of U.S. dollars)</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; color: #2C2C2C"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; background-color: yellow; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: black"><B><U>Long-lived assets</U></B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>As of December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 26%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 30%; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 27%; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: black">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: black">431,360</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: black">345,138</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt; color: black">M&eacute;xico</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black">177,428</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black">123,944</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: black">Other countries</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">511,097</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black">387,003</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: black"><B>Total long-lived assets</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>1,119,885</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>856,085</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">***********************************</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">Please do not hesitate to contact me at (212) 450-4086
or maurice.blanco@davispolk.com if you have any questions regarding the foregoing or if I can provide any additional information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">cc: </TD>
    <TD>Mariano Tannenbaum, Chief Financial Officer </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Juan David Bastidas, General Counsel</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Gustavo Lazzati, Pistrelli, Henry Martin y Asociados S.A., member Firm of Ernst &amp; Young Global Limited</TD></TR>
  </TABLE>

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

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