<SEC-DOCUMENT>0000950103-25-014570.txt : 20251112
<SEC-HEADER>0000950103-25-014570.hdr.sgml : 20251112
<ACCEPTANCE-DATETIME>20251112072515
ACCESSION NUMBER:		0000950103-25-014570
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20251112
FILED AS OF DATE:		20251112
DATE AS OF CHANGE:		20251112

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
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35129
		FILM NUMBER:		251468830

	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>6-K
<SEQUENCE>1
<FILENAME>dp237216_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K<BR>
<FONT STYLE="font-size: 10pt">&nbsp;</FONT></B></P>

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

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

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of November, 2025</P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 28pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Exact name of
registrant as specified in its charter)</B></FONT></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>R&iacute;o Negro 1338, First Floor</B>&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Montevideo, Uruguay, 11100</B>&nbsp;</P>

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

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

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


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    <TD STYLE="font-size: 10pt; width: 30%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Form 20-F</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 5%"><FONT STYLE="font-size: 10pt">X</FONT></TD>
    <TD STYLE="width: 8%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Form 40-F</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 30%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>ITEM</B></FONT></TD>
    <TD STYLE="width: 92%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-size: 10pt">Press Release dated November&nbsp;12, 2025 titled &ldquo;Arcos Dorados Reports Third Quarter 2025 Financial
Results&rdquo;</P>


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

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Arcos Dorados Holdings Inc.</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Roman Ajzen</P>

<P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 4%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 41%">Roman Ajzen</P>

<P STYLE="margin: 0pt 0; font: 12pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Chief Legal Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Date: November 12, 2025</P>


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

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

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

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

<TABLE CELLPADDING="2" CELLSPACING="2" STYLE="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 26pt; color: #262626">Arcos
Dorados</FONT></P>

<P STYLE="font: 36pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #262626">Third Quarter</P>

<P STYLE="font: 48pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #046F44">2025 Results</P>

<P STYLE="font: 48pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #046F44"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #262626">&nbsp;<IMG SRC="image_003.jpg" ALT="" STYLE="width: 108px; height: 5px"></FONT></P>
<P STYLE="font: 48pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #046F44"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #262626">&nbsp;</FONT></P>
<P STYLE="font: 48pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #046F44"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 20pt; color: #262626">November
12, 2025</FONT></P>
</TD>
  <TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="image_001.jpg" ALT=""></TD></TR>
</TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="image_002.jpg" ALT=""></P>

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  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 7%; vertical-align: middle"><IMG SRC="image_005.jpg" ALT=""></TD>
    <TD STYLE="text-align: left; width: 83%; vertical-align: middle"><P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #046F44"><B>ARCOS DORADOS REPORTS
THIRD QUARTER 2025 FINANCIAL RESULTS</B></P></TD>
    <TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="image_004.jpg" ALT=""></TD></TR>
  </TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; color: #2C2C2C; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Systemwide Comparable Sales<SUP>1</SUP>
grew 12.7% versus the prior year, contributing to total company revenues of $1.2 billion in the third quarter of 2025.</I></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; color: #2C2C2C; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Digital channel sales (from
Mobile App, Delivery and Self-order Kiosks) rose 11.2% year-over-year in US dollars and contributed 61% of systemwide sales in the quarter.</I></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; color: #2C2C2C; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Consolidated Adjusted EBITDA<SUP>1</SUP>
was $201.1 million and Net Income was $150.4 million, or $0.71 per share, in the third quarter of 2025.</I></FONT></TD>
</TR></TABLE>

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

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Results included a $125.2
million net benefit from a federal tax credit in Brazil related to the period 2016-2023, which the Company
expects will contribute to its cash from operations beginning in 2026.</I></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; color: #2C2C2C; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Net Debt to Adjusted EBITDA
leverage ratio remained a comfortable 1.2x as of September 30, 2025.</I></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; color: #2C2C2C; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>The Company opened 22 restaurants
across the region in the quarter.</I></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Montevideo,
Uruguay, November 12, 2025 &ndash; Arcos Dorados Holdings Inc. (NYSE: ARCO) (&ldquo;Arcos Dorados&rdquo; or the &ldquo;Company&rdquo;),
the world&rsquo;s largest independent McDonald&rsquo;s franchisee, operating the largest quick service restaurant chain in Latin America
and the Caribbean, today reported unaudited results for the three and nine months ended September 30, 2025.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 34.55pt; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left; width: 7%; vertical-align: middle"><FONT STYLE="font-size: 10pt"><IMG SRC="image_006.jpg" ALT=""></FONT></TD>
  <TD STYLE="text-align: left; width: 93%; vertical-align: middle"><P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 48.25pt 0pt 0; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Message
                                            from Luis Raganato, Chief Executive Officer</FONT></P>
</TD></TR>
</TABLE>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">During
the third quarter of 2025, we successfully navigated challenging consumer dynamics to generate balanced US dollar revenue growth and
solid profitability. We are focused on exceeding guests&rsquo; expectations in today&rsquo;s business while modernizing and improving
our growth processes to support higher returns on investment and to ensure Arcos Dorados maintains its leadership position for many years
to come.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Total
revenue reached $1.2 billion, with balanced US dollar growth across the three divisions. Systemwide comparable sales rose 12.7%, in-line
with the Company&rsquo;s blended inflation for the period. Growth was particularly strong in SLAD and NOLAD, led by Argentina and Mexico,
respectively.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Marketing
and Digital have been an important differentiator for the McDonald&rsquo;s brand throughout the Arcos Dorados footprint. This important
competitive advantage has allowed us to protect, or expand, market share in the countries where we operate, almost without exception.
We believe this will help sustain strong performance as the operating environment normalizes and economic conditions improve.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">We produced
$201.1 million in Adjusted EBITDA in the third quarter, including the net impact of a federal tax credit in Brazil. In the underlying
business, we generated efficiencies in Payroll and Occupancy and other operating expenses, and we will leave no stone unturned to identify
and capture additional efficiencies this year and into the future.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">We opened
22 restaurants in the third quarter of 2025, 19 of which were free-standing locations. At the end of the quarter, 72% of restaurants
in our footprint welcomed guests with our most modernized and compelling experience.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">We are
pushing to have a solid finish to 2025, while positioning ourselves for a stronger performance next year, targeting sustainable topline
growth and improved operational efficiency to drive profitability, generate free cash flow and create shareholder value.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt"></FONT></P>


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






<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #2C2C2C"><FONT STYLE="font-size: 8pt"><I><SUP>1</SUP>
For definitions, please refer to page 7 of this document.</I></FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt"></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="text-align: left; width: 7%; vertical-align: middle"><IMG SRC="image_006.jpg" ALT=""></TD>
    <TD STYLE="text-align: left; width: 83%; vertical-align: middle"><P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 48.25pt 0pt 0; color: #2C2C2C"><FONT STYLE="font-size: 10pt">AD
    Holdings Inc. &ndash; Consolidated Key Financial Results</FONT></P></TD>
    <TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="image_007.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 32.6pt; color: #2C2C2C"><FONT STYLE="font-size: 10pt; font-weight: normal"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 32.6pt; color: #2C2C2C"><FONT STYLE="font-size: 10pt; font-weight: normal"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt; font-weight: normal">Figure
1</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt"><I>(In millions
of U.S. dollars, except as noted)</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 85%; border-collapse: collapse; margin-left: 0.7in">
  <TR STYLE="background-color: #DBDBDB">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border: #B6B6B6 0.5pt solid; width: 38%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt; width: 11%"><FONT STYLE="font-size: 10pt">3Q24<BR>
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt">Currency
Translation<BR>
(b) </FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt">Constant<BR>
    Currency<BR>
    Growth<BR>
    (c)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; width: 10%"><FONT STYLE="font-size: 10pt">3Q25<BR>
    (a+b+c)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt; width: 10%"><FONT STYLE="font-size: 10pt">%
    As Reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; width: 9%"><FONT STYLE="font-size: 10pt">%
    Constant Currency</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; border-top-color: #B6B6B6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Total
    Restaurants (Units)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: #B6B6B6; border-top-width: 0.5pt; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,410</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: #B6B6B6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: #B6B6B6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-top-color: #B6B6B6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,479</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: #B6B6B6; border-top-width: 0.5pt; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-top-color: #B6B6B6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 11pt; font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Sales by Company-operated
    Restaurants</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">1,083.4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(107.4)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">163.3</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,139.3</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">5.2%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">15.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Revenues from franchised
    restaurants</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">50.2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(4.9)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8.1</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">53.5</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">6.5%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">16.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">1,133.7</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(112.3)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">171.4</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,192.8</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">5.2%</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">15.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-style: italic; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Systemwide
    Comparable Sales</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">12.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">125.0</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(5.9)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">82.0</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">201.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">60.9%</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">65.6%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-style: italic; vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin</FONT></TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">11.0%</FONT></TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">16.9%</FONT></TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">5.9 p.p.</FONT></TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Net
    income attributable to AD</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">35.2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">111.8</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">150.4</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">327.2%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">317.4%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-style: italic; vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Net
    income attributable to AD Margin</FONT></TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">3.1%</FONT></TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">12.6%</FONT></TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">9.5 p.p.</FONT></TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">No.
    of shares outstanding (thousands)</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">210,663</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">210,663</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #DBDBDB 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">EPS
    (US$/Share)</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #DBDBDB 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">0.17</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #DBDBDB 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #DBDBDB 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-right: #B6B6B6 0.5pt solid; border-bottom: #DBDBDB 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0.71</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #DBDBDB 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-right: #B6B6B6 0.5pt solid; border-bottom: #DBDBDB 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Arcos
Dorados&rsquo; total revenues reached $1.2 billion, up 5.2% in US dollars versus the prior year quarter. Systemwide comparable sales
rose 12.7% in the quarter, which was in-line with the Company&rsquo;s blended inflation rate. Brazil&rsquo;s systemwide comparable sales
improved sequentially versus the second quarter of 2025, while Mexico and Argentina supported the consolidated result with systemwide
comparable sales growth of 1.8x and 1.3x local inflation, respectively.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">The
Company&rsquo;s Digital strategy continued to support sales growth. Digital channel sales rose 11.2% in the period, generating 61% of
the third quarter&rsquo;s systemwide sales. Digital sales growth was strongest in Brazil and SLAD, where Argentina capitalized on a modernized
restaurant base and a tech-savvy consumer to drive growth in Delivery and Self-order kiosk sales.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">By the
end of the third quarter of 2025, the Company&rsquo;s Loyalty Program reached more than 70% of all restaurants in its footprint. Puerto
Rico began offering the Program during the third quarter, joining the six other markets that already offered Loyalty to their guests:
Argentina, Brazil, Colombia, Costa Rica, Ecuador and Uruguay. The Loyalty Program reached 23.6 million registered members at the end
of the third quarter, growing by nearly 50% versus the end of 2024. The Loyalty Program, which is now in the pilot phase in Mexico, remains
on target to be available in all main markets by year-end 2025.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Marketing
in the quarter focused on brand strength across all platforms. The family segment deepened the emotional connection with the brand and
created memorable experiences with the Hello Kitty and Tiny TAN licenses. Value platforms offered good value for money to guests and
remained a strategic priority given the operating environment. Several markets leveraged the McCrispy Chicken platform to introduce new
sandwiches and bundles in this key growth category. Dessert sales were boosted by particularly strong and localized McFlurry flavors
and popular licenses such as Hello Kitty. Finally, the Company leveraged its exclusive regional sponsorship agreement with Formula One
to drive sales and strengthen brand love.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.45in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; color: #2C2C2C">&nbsp;<IMG SRC="image_007.jpg" ALT=""></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">In
the third quarter, Arcos Dorados recognized a federal tax credit in Brazil, with a total net benefit of $125.2 million, including an
$85.6 million positive impact within Operating income and a $39.6 million positive impact on Interest income and other financing
results. The credit arose from a judgment regarding the treatment of certain government-related tax incentives for the period 2016
to 2023. The tax credit is expected to provide a positive cash impact since the Company plans to use it to
offset federal tax obligations, beginning in 2026. The Company expects to recover the taxes over the next five years.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Consolidated
Adjusted EBITDA increased strongly versus the prior year in US dollars due to the abovementioned benefit in Brazil. Consolidated Adjusted
EBITDA margin was 16.9% and 11.0% in the third quarter of 2025 and third quarter of 2024, respectively.&nbsp;&nbsp;In addition to the
benefit within Operating income due to the federal tax credit in Brazil, efficiencies in payroll as well as occupancy and other operating
expenses also contributed positively to the margin comparison while food &amp; paper costs remained above prior year levels.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Net
income attributable to Arcos Dorados reflected the full impact of the abovementioned federal tax credit, generating a net income margin
of 12.6% in the third quarter of 2025 compared with 3.1% in the third quarter of 2024.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Arcos
Dorados recorded earnings of $0.71 per share in the third quarter of 2025 compared to $0.17 per share in the prior year period. Total
weighted average shares were 210,663,057 in both periods.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.45in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR>
    <TD STYLE="width: 7%"><IMG SRC="image_006.jpg" ALT=""></TD>
    <TD STYLE="width: 93%"><P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 47.9pt 0pt 0; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Notable
    Items</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.5pt 0pt 34.85pt; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.5pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt"><U>Included
in Adjusted EBITDA</U>: The result in the third quarter of 2025 included $85.6 million related to the aforementioned federal tax credit
in Brazil.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.5pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.5pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Additionally,
the result for the third quarter of 2024 included a $5.6 million positive impact from a recovery related to social security contributions
in Brazil.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.5pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt"><U>Excluded
from Adjusted EBITDA</U>: There were no notable items excluded from Adjusted EBITDA in either the third quarter of 2025 or the third
quarter of 2024.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 34.55pt; color: #2C2C2C"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 34.55pt; color: Red"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0; color: Red"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 7%"><IMG SRC="image_006.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 83%"><P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 47.9pt 0pt 0; color: #2C2C2C"><FONT STYLE="font-size: 10pt">New
    Unit Development: Total and by Format<SUP>1</SUP></FONT></P></TD>
    <TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="image_007.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.5pt 0pt 32.6pt; color: #2C2C2C"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.5pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Figure
2</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.5pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 85%; border-collapse: collapse; font: 12pt Arial, Helvetica, Sans-Serif; margin-left: 0.7in">
  <TR STYLE="background-color: #DBDBDB">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; width: 16%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; width: 20%"><FONT STYLE="font-size: 10pt">Sep.
    30,<BR>
    2025</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right; width: 16%"><FONT STYLE="font-size: 10pt">Jun.
    30,<BR>
    2025</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right; width: 16%"><FONT STYLE="font-size: 10pt">Mar.
    31,<BR>
    2025</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right; width: 16%"><FONT STYLE="font-size: 10pt">Dec.
    31,<BR>
    2024</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right; width: 16%"><FONT STYLE="font-size: 10pt">Sep.
    30,<BR>
    2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; border-top-color: #B6B6B6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right; border-top-color: #B6B6B6; border-top-width: 0.5pt; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,202</FONT></TD>
    <TD STYLE="text-align: right; border-top-color: #B6B6B6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,191</FONT></TD>
    <TD STYLE="text-align: right; border-top-color: #B6B6B6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">1,179</FONT></TD>
    <TD STYLE="text-align: right; border-top-color: #B6B6B6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">1,173</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-top-color: #B6B6B6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,160</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666</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;658</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">657</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">654</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611</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;608</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">603</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">601</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,479</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,457</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,439</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,428</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,410</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.5pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: rgb(44,44,44)"><FONT STYLE="font-size: 9pt"><I><SUP>1</SUP>End
of period, including company operated and sub-franchised restaurants</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt; font-weight: normal">Figure
3</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 85%; border-collapse: collapse; font: 12pt Arial, Helvetica, Sans-Serif; margin-left: 0.7in">
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="font-size: 11pt; font-style: italic; border: #B6B6B6 0.5pt solid; text-align: right; background-color: #DBDBDB"><FONT STYLE="font-size: 10pt">as
    of<BR>
    Sep.30, 2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: #DBDBDB"><FONT STYLE="font-size: 10pt">Store
    Format*</FONT></TD>
    <TD ROWSPAN="2" STYLE="border: #B6B6B6 0.5pt solid; text-align: center; background-color: #DBDBDB"><FONT STYLE="font-size: 10pt">Total
    Restaurants</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: #DBDBDB"><FONT STYLE="font-size: 10pt">Ownership</FONT></TD>
    <TD ROWSPAN="2" STYLE="border: #BFBFBF 0.5pt solid; text-align: center; background-color: #D9D9D9"><FONT STYLE="font-size: 10pt">McCafes</FONT></TD>
    <TD ROWSPAN="2" STYLE="border: #BFBFBF 0.5pt solid; text-align: center; background-color: #D9D9D9"><FONT STYLE="font-size: 10pt">Dessert
    Centers</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #DBDBDB">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #B6B6B6; border-left-color: #B6B6B6; border-top-width: 0.5pt; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">FS</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #B6B6B6; border-left-color: #B6B6B6; border-top-width: 0.5pt; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;IS</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #B6B6B6; border-left-color: #B6B6B6; border-top-width: 0.5pt; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">MS
    &amp; FC</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #B6B6B6; border-left-color: #B6B6B6; border-top-width: 0.5pt; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">Company
    Operated</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #B6B6B6; border-left-color: #B6B6B6; border-top-width: 0.5pt; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">Franchised</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; border-top-color: #B6B6B6; border-top-width: 0.5pt; width: 10%"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-top-color: #B6B6B6; border-top-width: 0.5pt; border-left-color: #B6B6B6; border-left-width: 0.5pt; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-top-color: #B6B6B6; border-top-width: 0.5pt; width: 11%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; text-align: right; border-top-color: #B6B6B6; border-top-width: 0.5pt; width: 11%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; text-align: right; border-top-color: #B6B6B6; border-top-width: 0.5pt; border-left-color: #B6B6B6; border-left-width: 0.5pt; width: 11%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,202</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-top-color: #B6B6B6; border-top-width: 0.5pt; border-left-color: #B6B6B6; border-left-width: 0.5pt; width: 11%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; text-align: right; border-top-color: #B6B6B6; border-top-width: 0.5pt; width: 11%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #BFBFBF 0.5pt solid; border-left: #BFBFBF 0.5pt solid; text-align: right; border-top-color: #BFBFBF; border-top-width: 0.5pt; width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #BFBFBF 0.5pt solid; text-align: right; width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,023</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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;48</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #BFBFBF 0.5pt solid; border-left: #BFBFBF 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #BFBFBF 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #BFBFBF 0.5pt solid; border-left: #BFBFBF 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #BFBFBF 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,345</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,479</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,772</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #BFBFBF 0.5pt solid; border-bottom: #BFBFBF 0.5pt solid; border-left: #BFBFBF 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #BFBFBF 0.5pt solid; border-bottom: #BFBFBF 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,267</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt; font-weight: normal"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: rgb(44,44,44)"><FONT STYLE="font-size: 9pt"><I>*FS:
Free-Standing; IS: In-Store; MS: Mall Store; FC: Food Court.</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Arcos
Dorados added 22 new restaurants to its systemwide restaurant portfolio, including 19 free-standing locations, in the third quarter of
2025. As of the end of September 2025, 72% of the total portfolio was modernized.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR>
    <TD STYLE="width: 7%"><IMG SRC="image_006.jpg" ALT=""></TD>
    <TD STYLE="width: 93%"><P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 47.9pt 0pt 0"><FONT STYLE="font-size: 10pt">Consolidated Debt
    and Financial Ratios</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45in; color: #2C2C2C"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt; font-weight: normal">Figure
4</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt"><I>(In thousands
of U.S. dollars, except ratios)</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 85%; border-collapse: collapse; font: 12pt Arial, Helvetica, Sans-Serif; margin-left: 0.7in">
  <TR STYLE="vertical-align: bottom; background-color: #DBDBDB">
    <TD STYLE="border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; width: 66%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #B6B6B6 0.5pt solid; font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt; width: 17%"><FONT STYLE="font-size: 10pt">September
    30,</FONT></TD>
    <TD STYLE="border-top: #B6B6B6 0.5pt solid; font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt; width: 17%"><FONT STYLE="font-size: 10pt">December
    31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBDBDB">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-bottom: #DBDBDB 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-bottom: #DBDBDB 0.5pt solid; font-weight: bold; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">2025</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-bottom: #DBDBDB 0.5pt solid; font-weight: bold; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #DBDBDB 0.5pt solid; border-top-color: #DBDBDB; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Total
    Cash &amp; cash equivalents (i)</FONT></TD>
    <TD STYLE="border-right: #DBDBDB 0.5pt solid; text-align: center; border-top-color: #DBDBDB; border-top-width: 0.5pt; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">256,872</FONT></TD>
    <TD STYLE="border-right: #DBDBDB 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #DBDBDB; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">138,593</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #DBDBDB 0.5pt solid"><FONT STYLE="font-size: 10pt">Total Financial Debt
    (ii)</FONT></TD>
    <TD STYLE="border-right: #DBDBDB 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">932,798</FONT></TD>
    <TD STYLE="border-right: #DBDBDB 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">699,851</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #DBDBDB 0.5pt solid"><FONT STYLE="font-size: 10pt">Net Financial Debt
    (iii)</FONT></TD>
    <TD STYLE="border-right: #DBDBDB 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">675,926</FONT></TD>
    <TD STYLE="border-right: #DBDBDB 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">561,258</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #DBDBDB 0.5pt solid"><FONT STYLE="font-size: 10pt">LTM Adjusted EBITDA&nbsp;</FONT></TD>
    <TD STYLE="border-right: #DBDBDB 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">549,900</FONT></TD>
    <TD STYLE="border-right: #DBDBDB 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">500,100</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #DBDBDB 0.5pt solid"><FONT STYLE="font-size: 10pt">Total Financial Debt
    / LTM Adjusted EBITDA ratio</FONT></TD>
    <TD STYLE="border-right: #DBDBDB 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">1.7</FONT></TD>
    <TD STYLE="border-right: #DBDBDB 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1.4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #DBDBDB 0.5pt solid"><FONT STYLE="font-size: 10pt">Net Financial Debt
    / LTM Adjusted EBITDA ratio</FONT></TD>
    <TD STYLE="border-right: #DBDBDB 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">1.2</FONT></TD>
    <TD STYLE="border-right: #DBDBDB 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1.1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #DBDBDB 0.5pt solid"><FONT STYLE="font-size: 10pt">LTM Net income attributable
    to AD</FONT></TD>
    <TD STYLE="border-right: #DBDBDB 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">245,350</FONT></TD>
    <TD STYLE="border-right: #DBDBDB 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">148,759</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #DBDBDB 0.5pt solid"><FONT STYLE="font-size: 10pt">Total Financial Debt
    / LTM Net income attributable to AD ratio</FONT></TD>
    <TD STYLE="border-right: #DBDBDB 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">3.8</FONT></TD>
    <TD STYLE="border-right: #DBDBDB 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">4.7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-bottom: #DBDBDB 0.5pt solid; border-left: #DBDBDB 0.5pt solid"><FONT STYLE="font-size: 10pt">Net
    Financial Debt / LTM Net income attributable to AD ratio</FONT></TD>
    <TD STYLE="border-right: #DBDBDB 0.5pt solid; border-bottom: #DBDBDB 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">2.8</FONT></TD>
    <TD STYLE="border-right: #DBDBDB 0.5pt solid; border-bottom: #DBDBDB 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">3.8</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="font-size: 9pt; width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt"><I>(i)</I></FONT></TD><TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 9pt"><I>Total
                                            cash &amp; cash equivalents include short-term investment.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font-size: 9pt; vertical-align: top">
<TD STYLE="font-size: 9pt; width: 0.75in"></TD><TD STYLE="font-size: 9pt; width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt"><I>(ii)</I></FONT></TD><TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 9pt"><I>Total
                                            financial debt includes short-term debt, long-term debt and derivative instruments (including
                                            the asset portion of derivatives amounting to $64.4 million and $80.3 million as a reduction
                                            of financial debt as of September 30, 2025 and December 31, 2024, respectively).</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font-size: 9pt; vertical-align: top">
<TD STYLE="font-size: 9pt; width: 0.75in"></TD><TD STYLE="font-size: 9pt; width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt"><I>(iii)</I></FONT></TD><TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 9pt"><I>Net
                                            financial debt equals total financial debt less total cash &amp; cash equivalents.</I></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">The
Company&rsquo;s net debt to Adjusted EBITDA leverage ratio ended the third quarter of 2025 at 1.2x, compared with 1.1x at year-end 2024.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">For
the nine-month period ended September 30, 2025, the Company&rsquo;s cash flows included net cash provided by operating activities of
$163.9 million with total property and equipment expenditures of $179.9 million. This compares with net cash provided by operating activities
in the same period of the prior year of $159.8 million and total property and equipment expenditures of $239.2 million.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.45in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <TD STYLE="width: 83%"><P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 48.25pt 0pt 0; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Recent
    Developments</FONT></P></TD>
    <TD STYLE="text-align: right; width: 10%"><IMG SRC="image_007.jpg" ALT="">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 65.2pt 0pt 32.3pt; color: #2C2C2C"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 65.2pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt"><B>Syndicated
Revolving Credit Facility</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 65.2pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.5pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">On September
30, 2025, Arcos Dorados entered into a new $200 million syndicated revolving credit facility with JP Morgan Chase Bank, N.A., Banco Bilbao
Vizcaya Argentaria, S.A. New York Branch, Banco Santander (Brasil) S.A. - Grand Cayman Branch, Bank of America, N.A., BNP Paribas, Banco
de Cr&eacute;dito del Per&uacute; and Firstbank Puerto Rico. The facility has a four-year maturity, with an optional one-year extension,
and an interest rate of SOFR + 2.10% to 2.40%.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.5pt 0pt 32.3pt; color: #2C2C2C"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR>
    <TD STYLE="width: 7%"><IMG SRC="image_006.jpg" ALT=""></TD>
    <TD STYLE="width: 93%"><P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 48.25pt 0pt 0; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Third
    Quarter 2025 Earnings Webcast</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.45in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in"><FONT STYLE="font-size: 10pt">A webcast to discuss
the information contained in this press release will be held today, November 12, 2025, at 10:00 a.m. ET. In order to access the webcast,
members of the investment community should follow this link: <FONT STYLE="color: #046F4E"><U>Arcos Dorados Third Quarter 2025 Earnings
Webcast</U></FONT>.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in"><FONT STYLE="font-size: 10pt">A replay of the webcast
will be available later today in the investor section of the Company&rsquo;s website: <FONT STYLE="color: #046F4E"><U>https://ir.arcosdorados.com/</U></FONT><FONT STYLE="color: #2C2C2C">.</FONT></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.45in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in"><FONT STYLE="font-size: 10pt"><B>Investor
                         Relations Contact</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in"><FONT STYLE="font-size: 10pt">Dan Schleiniger</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in"><FONT STYLE="font-size: 10pt">VP of Investor
Relations</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in"><FONT STYLE="font-size: 10pt">Arcos
Dorados</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in"><FONT STYLE="font-size: 10pt; color: #046F4E"><I>daniel.schleiniger@mcd.com.uy</I></FONT></P>

</TD>
  <TD STYLE="width: 50%"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in"><FONT STYLE="font-size: 10pt"><B>Media
                         Contact</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in"><FONT STYLE="font-size: 10pt">David Grinberg</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in"><FONT STYLE="font-size: 10pt">VP of Corporate
Communications</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in"><FONT STYLE="font-size: 10pt">Arcos
Dorados</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in"><FONT STYLE="font-size: 10pt; color: #046F4E"><I>david.grinberg@mcd.com.uy</I></FONT></P>
</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.45in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: Black"><FONT STYLE="font-size: 10pt; color: Black">Follow
us on:</FONT><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;</B></FONT>&nbsp;<FONT STYLE="font-size: 10pt; font-weight: normal"><IMG SRC="image_011.jpg" ALT="" STYLE="height: 14.1pt; width: 14.1pt"><IMG SRC="image_012.jpg" ALT="" STYLE="height: 14.1pt; width: 14.1pt"><IMG SRC="image_013.jpg" ALT="" STYLE="height: 14.1pt; width: 14.1pt"><IMG SRC="image_014.jpg" ALT="" STYLE="height: 14.1pt; width: 14.1pt"></FONT></P>

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

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  <TR>
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    <TD STYLE="width: 83%"><P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 48.25pt 0pt 0; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Definitions</FONT></P></TD>
    <TD STYLE="text-align: right; width: 10%"><IMG SRC="image_007.jpg" ALT="">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 59.55pt 0pt 34.6pt; color: #2C2C2C"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 59.55pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">In analyzing
business trends, management considers a variety of performance and financial measures which are considered to be non-GAAP including:
Adjusted EBITDA, Constant Currency basis, Systemwide sales, and Systemwide comparable sales growth.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 59.55pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 42.5pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt"><B>Adjusted
EBITDA:</B> In addition to financial measures prepared in accordance with the general accepted accounting principles (GAAP), this press
release and the accompanying tables use a non-GAAP financial measure titled &lsquo;Adjusted EBITDA&rsquo;. Management uses Adjusted EBITDA
to facilitate operating performance comparisons from period to period.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 42.5pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 42.5pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Adjusted
EBITDA is defined as the Company&rsquo;s operating income plus depreciation and amortization plus/minus the following losses/gains: gains
from sale or insurance recovery of property and equipment, write-offs of long-lived assets, impairment of long-lived assets, and reorganization
and optimization plan expenses.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 42.5pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 42.5pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Management
believes Adjusted EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences caused
by variations such as capital structures (affecting net interest expense and other financing results), taxation (affecting income tax
expense) and the age and book depreciation of facilities and equipment (affecting relative depreciation expense), which may vary for
different companies for reasons unrelated to operating performance. Figure 5 of this earnings release includes a reconciliation of Adjusted
EBITDA to Net income attributable to Arcos Dorados. For more information, please see the Adjusted EBITDA reconciliation in Note 9 &ndash;
Segment and geographic information &ndash; of our financial statements filed today with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
on Form 6-K.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 42.5pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 42.5pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt"><B>Constant
Currency basis:</B> refers to amounts calculated using the same exchange rate over the periods under comparison to remove the effects
of currency fluctuations from this trend analysis. To better discern underlying business trends, this release uses non-GAAP financial
measures that segregate year-over-year growth into two categories:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 42.5pt 0pt 34.9pt; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #2C2C2C"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-right: 42.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Currency
                                            translation reflects the impact on growth of the appreciation or depreciation of the local
                                            currencies in which the Company conducts its business against the US dollar (the currency
                                            in which the Company&rsquo;s financial statements are prepared). </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #2C2C2C"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-right: 42.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Constant
                                            currency growth reflects the underlying growth of the business excluding the effect from
                                            currency translation. The Company also calculates variations as a percentage in constant
                                            currency, which are also considered to be non-GAAP measures, to provide a more meaningful
                                            analysis of its business by identifying the underlying business trends, without distortion
                                            from the effect of foreign currency fluctuations.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 42.5pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt"><B>Systemwide
sales: </B>Systemwide sales represent measures for both Company-operated and sub-franchised restaurants. While sales by sub-franchisees
are not recorded as revenues by the Company, management believes the information is important in understanding its financial performance
because these sales are the basis on which it calculates and records sub-franchised restaurant revenues and are indicative of the financial
health of its sub-franchisee base.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 42.5pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 42.5pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt"><B>Systemwide
comparable sales growth:</B> this non-GAAP measure, refers to the change, on a constant currency basis, in Company-operated and sub-franchised
restaurant sales in one period from a comparable period for restaurants that have been open for thirteen months or longer (year-over-year
basis) including those temporarily closed. Management believes it is a key performance indicator used within the retail industry and
is indicative of the success of the Company&rsquo;s initiatives as well as local economic, competitive and consumer trends. Sales by
sub-franchisees are not recorded as revenues by the Company.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 42.5pt 0pt 34.9pt; color: #2C2C2C"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="image_007.jpg" ALT=""></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR>
    <TD STYLE="width: 7%"><IMG SRC="image_006.jpg" ALT=""></TD>
    <TD STYLE="width: 93%"><P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 47.9pt 0pt 0; color: #2C2C2C"><FONT STYLE="font-size: 10pt">About
    Arcos Dorados</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 42.5pt 0pt 34.55pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 42.5pt 0pt 0.75in"><FONT STYLE="font-size: 10pt">Arcos Dorados is the
world&rsquo;s largest independent McDonald&rsquo;s franchisee, operating the largest quick service restaurant chain in Latin America
and the Caribbean. It has the exclusive right to own, operate and grant franchises of McDonald&rsquo;s restaurants in 21 Latin American
and Caribbean countries and territories with almost 2,500 restaurants, operated by the Company or by its sub-franchisees, that together
employ more than 100 thousand people (as of 09/30/2025). The Company is committed to the development of the communities in which it operates
by providing young people their first formal job opportunities and utilizing its <FONT STYLE="color: #046F4E"><U>Recipe for the Future</U></FONT>
to achieve a positive environmental impact. Arcos Dorados is listed for trading on the New York Stock Exchange (NYSE: ARCO). To learn
more about the Company, please visit the Investors section of our website: <FONT STYLE="color: #046F4E"><U>https://ir.arcosdorados.com/</U>.</FONT>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0; color: Red"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR>
    <TD STYLE="width: 7%"><IMG SRC="image_006.jpg" ALT=""></TD>
    <TD STYLE="width: 93%"><P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 47.9pt 0pt 0; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Cautionary
    Statement on Forward-Looking Statements</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 34.55pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in"><FONT STYLE="font-size: 10pt">This press release
contains forward-looking statements. The forward-looking statements contained herein include statements about the Company&rsquo;s business
prospects, its ability to attract customers, its expectation for revenue generation, and its outlook and guidance for 2025. These statements
are subject to the general risks inherent in Arcos Dorados' business. These expectations may or may not be realized. Some of these expectations
may be based upon assumptions or judgments that prove to be incorrect. In addition, Arcos Dorados' business and operations involve numerous
risks and uncertainties, many of which are beyond the control of Arcos Dorados, which could result in Arcos Dorados' expectations not
being realized or otherwise materially affect the financial condition, results of operations and cash flows of Arcos Dorados. Additional
information relating to the uncertainties affecting Arcos Dorados' business is contained in its filings with the SEC. The forward-looking
statements are made only as of the date hereof, and Arcos Dorados does not undertake any obligation to (and expressly disclaims any obligation
to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect
the occurrence of unanticipated events.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 34.55pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <TD STYLE="width: 83%"><P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 47.9pt 0pt 0; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Third
    Quarter 2025 Consolidated Results</FONT></P></TD>
    <TD STYLE="text-align: right; width: 10%"><IMG SRC="image_007.jpg" ALT="">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 48.25pt 0pt 34.55pt; color: #2C2C2C"><FONT STYLE="font-size: 10pt; font-weight: normal"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 48.25pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt; font-weight: normal">Figure
5</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt"><I>(In thousands
of U.S. dollars, except per share data)</I></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 85%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif; margin-left: 0.7in">
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: #DBDBDB"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: #DBDBDB"><FONT STYLE="font-size: 10pt">For
    Three-Months ended</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: #DBDBDB"><FONT STYLE="font-size: 10pt">For
    Nine-Months ended</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: #DBDBDB"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: #DBDBDB"><FONT STYLE="font-size: 10pt">September
    30,</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: #DBDBDB"><FONT STYLE="font-size: 10pt">September
    30,</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: center; vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: #DBDBDB; width: 59%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; font-weight: bold; vertical-align: middle; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #B6B6B6; border-left-color: #B6B6B6; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #DBDBDB; width: 10%"><FONT STYLE="font-size: 10pt">2025</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; font-weight: bold; vertical-align: middle; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #B6B6B6; border-left-color: #B6B6B6; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #DBDBDB; width: 10%"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; font-weight: bold; vertical-align: middle; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #B6B6B6; border-left-color: #B6B6B6; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #DBDBDB; width: 10%"><FONT STYLE="font-size: 10pt">2025</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; font-weight: bold; vertical-align: middle; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #B6B6B6; border-left-color: #B6B6B6; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #DBDBDB; width: 10%"><FONT STYLE="font-size: 10pt">2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; border-top-color: #B6B6B6; border-top-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">REVENUES</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-top-color: #B6B6B6; border-top-width: 0.5pt; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-top-color: #B6B6B6; border-top-width: 0.5pt; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; border-top-color: #B6B6B6; border-top-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-top-color: #B6B6B6; border-top-width: 0.5pt; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Sales
    by Company-operated restaurants</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">1,139,343</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">1,083,447</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">3,257,987</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">3,175,578</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Revenues
    from franchised restaurants</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">53,485</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">50,238</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">153,729</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">150,364</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; border-left: #BFBFBF 0.5pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">Total
    Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">1,192,828</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; text-align: right; border-left-color: #BFBFBF; border-left-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">1,133,685</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">3,411,716</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #BFBFBF; border-left-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">3,325,942</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">OPERATING
    COSTS AND EXPENSES</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Company-operated
    restaurant expenses:</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; vertical-align: bottom; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food
    and paper</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(414,779)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(381,175)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">(1,177,955)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(1,115,088)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; vertical-align: bottom; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Payroll
    and employee benefits</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(211,152)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(207,894)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">(615,362)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(603,392)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; vertical-align: bottom; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Occupancy
    and other operating expenses</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(333,317)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(315,571)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">(961,128)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(930,182)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; vertical-align: bottom; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Royalty
    fees</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(69,069)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(67,163)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">(198,935)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(198,527)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Franchised
    restaurants - occupancy expenses</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(22,619)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(20,720)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">(64,691)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(62,995)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">General
    and administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(76,824)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(68,070)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">(227,679)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(209,682)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Other
    operating income, net</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">82,115</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">6,733</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">88,824</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">15,519</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; border-left: #BFBFBF 0.5pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">Total
    operating costs and expenses</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">(1,045,645)</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; text-align: right; border-left-color: #BFBFBF; border-left-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">(1,053,860)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">(3,156,926)</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #BFBFBF; border-left-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">(3,104,347)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; border-left: #BFBFBF 0.5pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">Operating
    income</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">147,183</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; text-align: right; border-left-color: #BFBFBF; border-left-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">79,825</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">254,790</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #BFBFBF; border-left-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">221,595</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Net
    interest income (expense) and other financing results</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">27,071</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(8,480)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">(8,004)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(39,059)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">(Loss)
    Gain from derivative instruments</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(593)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(516)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">861</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">733</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Foreign
    currency exchange results</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">3,037</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">3,292</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">(2,590)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(15,823)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Other
    non-operating (expenses) income, net</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(424)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">758</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">(1,027)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">106</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; border-left: #BFBFBF 0.5pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">Income
    before income taxes</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">176,274</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; text-align: right; border-left-color: #BFBFBF; border-left-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">74,879</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">244,030</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #BFBFBF; border-left-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">167,552</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Income
    tax expense, net</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(25,732)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(39,589)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">(56,723)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(76,695)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; border-left: #BFBFBF 0.5pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">Net
    income</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">150,542</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; text-align: right; border-left-color: #BFBFBF; border-left-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">35,290</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">187,307</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #BFBFBF; border-left-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">90,857</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Net
    income attributable to non-controlling interests</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(113)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(76)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">(361)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(502)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; border-left: #BFBFBF 0.5pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">Net
    income&nbsp;&nbsp;attributable to Arcos Dorados Holdings Inc.</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">150,429</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; text-align: right; border-left-color: #BFBFBF; border-left-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">35,214</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">186,946</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #BFBFBF; border-left-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">90,355</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; border-left: #BFBFBF 0.5pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">Net
    income attributable to Arcos Dorados Holdings Inc. Margin as % of total revenues</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">12.6%</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">3.1%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">5.5%</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">2.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Earnings
    per share information ($ per share):</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Basic
    net income per common share</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17</FONT></TD>
    <TD STYLE="font-weight: bold; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Weighted-average
    number of common shares outstanding-Basic</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">210,663,057</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">210,663,057</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">210,663,057</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">210,659,761</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Reconciliation</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Net
    income&nbsp;&nbsp;attributable to Arcos Dorados Holdings Inc.</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">150,429</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">35,214</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">186,946</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">90,355</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Net
    income attributable to non-controlling interests</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">113</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">76</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">361</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">502</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Income
    tax expense, net</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">25,732</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">39,589</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">56,723</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">76,695</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Other
    non-operating (expenses) income, net</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">424</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(758)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">1,027</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(106)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Foreign
    currency exchange results</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(3,037)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(3,292)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">2,590</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">15,823</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">(Loss)
    Gain from derivative instruments</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">593</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">516</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">(861)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(733)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Net
    interest income (expense) and other financing results</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(27,071)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">8,480</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">8,004</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">39,059</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Depreciation
    and amortization</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">50,717</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">45,411</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">144,925</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">133,704</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Operating
    charges excluded from EBITDA computation</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">3,226</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(237)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">2,801</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 10pt">(2,583)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-right: #BFBFBF 0.5pt solid; border-left: #BFBFBF 0.5pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">201,126</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">124,999</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">402,516</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">352,716</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA Margin as % of total revenues</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">16.9%</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">11.0%</FONT></TD>
    <TD STYLE="font-weight: bold; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">11.8%</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">10.6%</FONT></TD></TR>
  </TABLE>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 7%"><IMG SRC="image_006.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 83%"><P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 47.9pt 0pt 0; color: #2C2C2C"><FONT STYLE="font-size: 10pt">Third
    Quarter 2025 Results by Division and Average Exchange Rates per Quarter</FONT></P></TD>
    <TD STYLE="text-align: right; width: 10%"><IMG SRC="image_007.jpg" ALT="">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 34.55pt; color: #2C2C2C"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt; font-weight: normal">Figure
6</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt"><I>(In thousands
of U.S. dollars)</I></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 85%; border-collapse: collapse; font: 12pt Arial, Helvetica, Sans-Serif; margin-left: 0.7in">
  <TR STYLE="background-color: #DBDBDB">
    <TD STYLE="vertical-align: bottom; border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">For
    Three-Months ended</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">as</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">Constant</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">For
    Nine-Months ended</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">as</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">Constant</FONT></TD></TR>
  <TR STYLE="background-color: #DBDBDB">
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">September
    30,</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">Currency</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">September
    30,</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">reported</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">Currency</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBDBDB">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; width: 22%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; font-weight: bold; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #B6B6B6; border-left-color: #B6B6B6; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 10%"><FONT STYLE="font-size: 10pt">2025</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; font-weight: bold; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #B6B6B6; border-left-color: #B6B6B6; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 10%"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; font-weight: bold; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #B6B6B6; border-left-color: #B6B6B6; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 10%"><FONT STYLE="font-size: 10pt">Incr/(Decr)%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; font-weight: bold; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #B6B6B6; border-left-color: #B6B6B6; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 9%"><FONT STYLE="font-size: 10pt">Incr/(Decr)%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; font-weight: bold; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #B6B6B6; border-left-color: #B6B6B6; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 10%"><FONT STYLE="font-size: 10pt">2025</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; font-weight: bold; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #B6B6B6; border-left-color: #B6B6B6; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 10%"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; font-weight: bold; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #B6B6B6; border-left-color: #B6B6B6; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 10%"><FONT STYLE="font-size: 10pt">Incr/(Decr)%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; font-weight: bold; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #B6B6B6; border-left-color: #B6B6B6; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 9%"><FONT STYLE="font-size: 10pt">Incr/(Decr)%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-decoration: underline; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; border-top-color: #B6B6B6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Revenues</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-top-color: #B6B6B6; border-top-width: 0.5pt; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-top-color: #B6B6B6; border-top-width: 0.5pt; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-top-color: #B6B6B6; border-top-width: 0.5pt; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-top-color: #B6B6B6; border-top-width: 0.5pt; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-top-color: #B6B6B6; border-top-width: 0.5pt; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-top-color: #B6B6B6; border-top-width: 0.5pt; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-top-color: #B6B6B6; border-top-width: 0.5pt; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-top-color: #B6B6B6; border-top-width: 0.5pt; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">452,589</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">431,473</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">4.9%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">3.0%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">1,268,278</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">1,322,400</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">-4.1%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">3.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">328,457</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">309,684</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">6.1%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">4.1%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">927,986</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">922,610</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">0.6%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">3.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">411,782</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">392,528</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">4.9%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">37.1%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">1,215,452</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">1,080,932</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">12.4%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">38.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">1,192,828</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">1,133,685</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">5.2%</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">15.1%</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">3,411,716</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">3,325,942</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">2.6%</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">14.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-decoration: underline; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Operating
    Income (loss)</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">127,325</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">61,157</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">108.2%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">102.6%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">194,421</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">186,393</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">4.3%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">7.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">14,394</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">17,337</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">-17.0%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">-18.8%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">54,822</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">48,511</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">13.0%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">15.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">30,140</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">24,175</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">24.7%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">64.4%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">82,563</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">58,336</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">41.5%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">74.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Corporate and Other</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">(24,676)</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">(22,844)</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">-8.0%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">-24.8%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">(77,016)</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">(71,645)</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">-7.5%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">-21.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">147,183</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">79,825</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">84.4%</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">87.0%</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">254,790</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">221,595</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">15.0%</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">22.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-decoration: underline; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">147,438</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">79,007</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">86.6%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">81.9%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">249,961</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">240,621</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">3.9%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">7.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">29,950</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">30,683</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">-2.4%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">-4.4%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">97,428</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">85,446</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">14.0%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">17.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">46,695</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">35,705</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">30.8%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">69.8%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">126,288</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">91,017</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">38.8%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">69.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Corporate and Other</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">(22,957)</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">(20,396)</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">-12.6%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">-30.7%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">(71,161)</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">(64,368)</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">-10.6%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">-25.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">201,126</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">124,999</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">60.9%</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">65.6%</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">402,516</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">352,716</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">14.1%</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">22.8%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: Red"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: Red"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt; font-weight: normal">Figure
7</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 50%; border-collapse: collapse; font: 12pt Arial, Helvetica, Sans-Serif; margin-left: 0.7in">
  <TR STYLE="vertical-align: middle; background-color: #DBDBDB">
    <TD ROWSPAN="3" STYLE="border: #B6B6B6 0.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Systemwide Comparable <BR>
    Sales Growth</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">For
    Three-Months ended</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #DBDBDB">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">September
    30,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBDBDB">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; font-weight: bold; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #B6B6B6; border-left-color: #B6B6B6; border-top-width: 0.5pt; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">2025</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; font-weight: bold; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-top-color: #B6B6B6; border-left-color: #B6B6B6; border-top-width: 0.5pt; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; width: 50%"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt; width: 25%"><FONT STYLE="font-size: 10pt">1.0%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; width: 25%"><FONT STYLE="font-size: 10pt">6.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">NOLAD</FONT></TD>
    <TD STYLE="text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">0.4%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">6.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">SLAD</FONT></TD>
    <TD STYLE="text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">39.7%</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">90.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">12.7%</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">32.1%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: Red"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: Red"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt; font-weight: normal">Figure
8</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 65%; border-collapse: collapse; font: 12pt Arial, Helvetica, Sans-Serif; margin-left: 0.7in">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border: #B6B6B6 0.5pt solid; text-align: center; background-color: #DBDBDB; width: 40%"><FONT STYLE="font-size: 10pt">Period
    average <BR>
    Local currency per US$</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 0.5pt solid; font-weight: bold; border-bottom: #BFBFBF 0.5pt solid; text-align: center; background-color: #D9D9D9; width: 20%"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 0.5pt solid; font-weight: bold; border-bottom: #BFBFBF 0.5pt solid; text-align: center; background-color: #D9D9D9; width: 20%"><FONT STYLE="font-size: 10pt">Mexico</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 0.5pt solid; font-weight: bold; border-right: #BFBFBF 0.5pt solid; border-bottom: #BFBFBF 0.5pt solid; text-align: center; background-color: #D9D9D9; width: 20%"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="border-right: #BFBFBF 0.5pt solid; border-left: #BFBFBF 0.5pt solid"><FONT STYLE="font-size: 10pt">3Q25</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.45</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">18.62</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1,333.10</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="border-right: #BFBFBF 0.5pt solid; border-bottom: #BFBFBF 0.5pt solid; border-left: #BFBFBF 0.5pt solid"><FONT STYLE="font-size: 10pt">3Q24</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">5.55</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">18.95</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 0.5pt solid; border-bottom: #BFBFBF 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">941.31</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 34.85pt; color: Red"><FONT STYLE="font-size: 10pt"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 34.85pt; color: Red"><FONT STYLE="font-size: 10pt"></FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 7%"><IMG SRC="image_006.jpg" ALT="" STYLE="width: 44px; height: 14px"></TD>
    <TD STYLE="width: 83%"><P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 47.9pt 0pt 0; color: #2D2D2D"><FONT STYLE="font-size: 10pt">Summarized
    Consolidated Balance Sheet</FONT></P></TD>
    <TD STYLE="text-align: right; width: 10%">&nbsp;<IMG SRC="image_007.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 34.55pt; color: #2C2C2C"><FONT STYLE="font-size: 10pt; font-weight: normal"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt; font-weight: normal">Figure
9</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt"><I>(In thousands
of U.S. dollars)</I></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 85%; border-collapse: collapse; margin-left: 0.7in">
  <TR STYLE="vertical-align: middle; background-color: #DBDBDB">
    <TD STYLE="border-top: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; width: 56%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; width: 14%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #B6B6B6 0.5pt solid; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt; width: 15%"><FONT STYLE="font-size: 10pt">September
    30,</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; text-align: center; width: 15%"><FONT STYLE="font-size: 10pt">December
    31,</FONT></TD></TR>
  <TR STYLE="background-color: #DBDBDB">
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">2025</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; font-weight: bold; vertical-align: middle; border-bottom: #B6B6B6 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: #B6B6B6 0.5pt solid; border-right: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">ASSETS</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Current assets</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #B6B6B6 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Cash and cash
    equivalents</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182,797</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135,064</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Short-term
    investments</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74,075</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,529</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Accounts and
    notes receivable, net</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149,627</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119,441</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Other current
    assets (1)</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241,774</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209,953</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Derivative
    instruments</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,126</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-weight: bold; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Total current assets</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649,339</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468,403</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Non-current
    assets</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Property and
    equipment, net</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,274,677</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,127,042</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Net intangible
    assets and goodwill</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145,822</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66,644</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Deferred income
    taxes</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104,980</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90,287</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Derivative
    instruments</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63,320</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79,874</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Equity method
    investments</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,104</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,346</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Leases right
    of use asset</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,080,411</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949,977</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Other non-current
    assets (2)</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231,452</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96,081</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-weight: bold; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,916,766</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,424,251</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-weight: bold; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Total assets</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,566,165</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,892,654</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">LIABILITIES AND EQUITY</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Current liabilities</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Accounts payable</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319,987</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347,895</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Taxes payable
    (3)</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,223</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118,466</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Accrued payroll
    and other liabilities</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160,763</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113,259</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Royalties payable
    to McDonald&rsquo;s Corporation</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,094</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,860</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Provision for
    contingencies</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,329</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,199</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Interest payable</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,306</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,798</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Financial debt
    (4)</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,379</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64,167</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Operating lease
    liabilities</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,679</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92,280</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-weight: bold; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Total current liabilities</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732,760</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765,924</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Non-current
    liabilities</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Accrued payroll
    and other liabilities</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90,493</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,928</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Provision for
    contingencies</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39,009</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,157</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Financial debt
    (5)</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986,865</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715,974</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Deferred income
    taxes</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,969</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,084</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Operating lease
    liabilities</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968,774</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849,158</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-weight: bold; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Total non-current liabilities</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,087,110</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,617,301</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-weight: bold; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Total liabilities</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,819,870</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,383,225</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Class A shares
    of common stock</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389,967</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389,967</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Class B shares
    of common stock</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132,915</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132,915</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Additional
    paid-in capital</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,659</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,659</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Retained earnings</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800,776</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664,390</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Accumulated
    other comprehensive loss</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(568,151)</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(668,484)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 10pt">Common stock
    in treasury</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19,367)</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19,367)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-weight: bold; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Total Arcos Dorados Holdings Inc shareholders&rsquo;
    equity</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744,799</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508,080</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-left: #B6B6B6 0.5pt solid; background-color: white"><FONT STYLE="font-size: 10pt">Non-controlling interest in subsidiaries</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,496</FONT></TD>
    <TD STYLE="border-right: #B6B6B6 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,349</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-weight: bold; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Total equity</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746,295</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509,429</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-weight: bold; border-bottom: #B6B6B6 0.5pt solid; border-left: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">Total
    liabilities and equity</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #B6B6B6 0.5pt solid; text-align: right; border-left-color: #B6B6B6; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,566,165</FONT></TD>
    <TD STYLE="font-weight: bold; border-right: #B6B6B6 0.5pt solid; border-bottom: #B6B6B6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,892,654</FONT></TD></TR>
  </TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 34pt; color: Red"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 34pt; color: Red"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt"><I>(1)</I></FONT></TD><TD><FONT STYLE="font-size: 9pt"><I>Includes &quot;Other receivables&quot;,
&quot;Inventories&quot; and &quot;Prepaid expenses and other current assets&rdquo;.</I></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt"><I>(2)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Includes
&quot;Miscellaneous&quot; and &quot;Collateral deposits&quot;.</I></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt"><I>(3)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Includes
&quot;Income taxes payable&quot; and &quot;Other taxes payable&quot;.</I></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt"><I>(4)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Includes
&quot;Short-term debt&rdquo;, &ldquo;Current portion of long-term debt&quot; and &quot;Derivative instruments&rdquo;.</I></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt"><I>(5)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Includes
&quot;Long-term debt, excluding current portion&quot; and &quot;Derivative instruments&quot;.</I></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 0.75in; color: #2C2C2C"><FONT STYLE="font-size: 10pt"></FONT></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLPADDING="2" CELLSPACING="2" STYLE="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><P STYLE="font: 40pt Arial, Helvetica, Sans-Serif; margin: 0pt; color: #262626">Thank</P>

<P STYLE="font: 40pt Arial, Helvetica, Sans-Serif; margin: 0pt; color: #046F44">you!</P>
&nbsp;<IMG SRC="image_003.jpg" ALT=""></TD>
    <TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="image_001.jpg" ALT=""></TD></TR>
  </TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="image_002.jpg" ALT=""></P>

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

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    <!-- Field: /Page -->



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begin 644 image_005.jpg
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begin 644 image_006.jpg
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begin 644 image_007.jpg
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<DOCUMENT>
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<DOCUMENT>
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begin 644 image_012.jpg
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<DOCUMENT>
<TYPE>GRAPHIC
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begin 644 image_013.jpg
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