Agenda ARCOS DORADOS

2Q 2015 Conference Call Presentation

August 11, 2015

Disclaimer

This presentation contains forward-looking statements that represent our beliefs, projections and predictions

about future events or our future performance. Forward-looking statements can be identified by terminology

such as “may,” “will,” “would,” “could,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,”

“predict,” “potential,” “continue” or the negative of these terms or other similar expressions or phrases.

These forward-looking statements are necessarily subjective and involve known and unknown risks,

uncertainties and other important factors that could cause our actual results, performance or achievements

or industry results to differ materially from any future results, performance or achievement described in or

implied by such statements.

The forward-looking statements contained herein include statements about the Company’s business

prospects, its ability to attract customers, its affordable platform, its expectation for revenue generation and

its outlook. These statements are subject to the general risks inherent in Arcos Dorados' business. These

expectations may or may not be realized. Some of these expectations may be based upon assumptions or

judgments that prove to be incorrect. In addition, Arcos Dorados' business and operations involve numerous

risks and uncertainties, many of which are beyond the control of Arcos Dorados, which could result in Arcos

Dorados' expectations not being realized or otherwise materially affect the financial condition, results of

operations and cash flows of Arcos Dorados. Additional information relating to the uncertainties affecting

Arcos Dorados' business is contained in its filings with the Securities and Exchange Commission. The

forward-looking statements are made only as of the date hereof, and Arcos Dorados does not undertake any

obligation to (and expressly disclaims any obligation to) update any forward-looking statements to reflect

events or circumstances after the date such statements were made, or to reflect the occurrence of

unanticipated events.

1

Key Management Changes

2

Sergio Alonso, current Chief Operating Officer, appointed as the next Chief Executive

Officer

Woods Staton will remain on the Board of Directors as Executive Chairman

Marcelo Rabach, current Divisional President of the North Latin America Division

(NOLAD), will succeed Mr. Alonso and is promoted to Chief Operating Officer

Rogério Barreira, current Vice President of Operations in Brazil, will succeed Mr.

Rabach as President of NOLAD

Management changes will be effective October 1, 2015

2Q 2015 Results & Highlights

High single-digit comparable sales growth and consolidated

Adjusted EBITDA margin expansion

3

2Q15 organic revenues increased 10.0% and comparable sales grew 8.5%, driven by

average check growth

Adjusted EBITDA margin expansion at both the divisional and consolidated level

o On track to increase consolidated EBITDA margin by ~250 basis points

over a 3-year timeframe

Progress on delivering targeted 10% reduction in G&A on a US dollar

basis over 3 years

o Achieved important reduction in 1H2015

Headway on long-term strategic plan: asset monetization & refranchising

72 new restaurants (TTM), bringing restaurant count to 2,120 (June 2015)

LONG-TERM STRATEGIC PLAN TO IMPROVE PROFITABILITY

AND SHAREHOLDER VALUE

2Q15 Performance: Brazil

Significant BRL depreciation and weak consumption environment

continue to impact Brazil’s results

4

Positive early results from the rollout of the new forecasting and scheduling system

Second quarter traffic benefited from a favorable y-o-y comparison due to the impact

of the FIFA World Cup on last year’s numbers and successful promotional activities

As reported revenues decreased 23.6%

o Impacted by the 38% y-o-y average

depreciation of the BRL

+5.3% organic revenue growth

o Comparable sales rose 1.9%

o Average check growth and slightly

positive traffic

Key marketing drivers:

o Monopoly

o Super/Mega/Grand Big Mac

o Minions in Happy Meal

2Q15 Performance: NOLAD

Rollout of new menu in Mexico is benefiting average check

5

New personalized menu in Mexico, McMio, is now almost completely rolled out

o Introduced in more than 230 restaurants and we remain on course to achieve

our year-end target of 250 restaurants

As reported revenues declined 5.6%

o Impacted by the 18% y-o-y average

depreciation of the Mexican peso

+ 2.2% organic revenue growth

o Comparable sales were broadly flat (-0.2%)

Average check growth was offset by

a reduction in traffic

Key marketing drivers:

o Children’s Day promotions

o Super & Mega Big Mac

o “Adventure Time” Happy Meal

2Q15 Performance: SLAD

Strong performance in the division, despite a tough macroeconomic

environment in Argentina

6

Marketing initiatives designed to stimulate traffic

As reported revenues were up 8.6%

o Impacted by the 11% y-o-y average depreciation

of the Argentine peso

+20.7% organic revenue growth

o Comparable sales growth of 21.0%

Inflation-driven average check growth

Approximately flat traffic, primarily impacted by the

challenging macroeconomic environment in Argentina

Key marketing drivers:

o “Billetazos” promotion

o Triple Cheeseburger in GPPP

o “Adventure Time” Happy Meal

2Q15 Performance: Caribbean

Ongoing challenging conditions in key markets

7

As reported results impacted by the adoption of a weaker FX rate in Venezuela

o On March 1, 2015, the Company adopted the SIMADI FX rate

+14.7% organic revenue growth

o Comparable sales grew 20.3%

Average check growth more than offset a decline in traffic

Excluding Venezuela:

o As reported revenues impacted by the

depreciation of the Colombian peso and the Euro

o Organic revenues decreased 2.1%

o Comparable sales declined 4.3%

Ongoing tough macroeconomic and

political environment in Puerto Rico

Key marketing drivers:

o Almuerzo Colombiano

o Bone in Chicken

Mexico

Colombia

Brazil

Argentina

NOLAD

Costa Rica, Mexico,

Panama

BRAZIL

SLAD

Argentina, Chile,

Ecuador, Peru,

Uruguay

CARIBBEAN

Aruba, Colombia, Curaçao, French Guyana,

Guadeloupe, Martinique, Puerto Rico, St.

Croix, St. Thomas, Trinidad & Tobago,

Venezuela

47 Restaurant Additions LTM (net)

27 Re-imagings LTM

5 Restaurant Additions LTM (net)

7 Re-imagings LTM

2 Restaurant Additions LTM (net)

6 Re-imagings LTM

-9 Restaurant Additions LTM (net)

3 Re-imagings LTM

2Q15 New Unit Development & Re-imaging

SLAD

Brazil

Caribbean

NOLAD

Number of systemwide

restaurants(1)

383

871

355

511

18%

41%

17%

24%

2,120 100%

8(1) As of June 30, 2015; does not include McCafé units (332) & Dessert Centers (2,549)

2Q15 Adjusted EBITDA Bridge

As reported Adjusted EBITDA variations ($ Million)

9

$ 42.0

$ 13.6

$ 5.7 $ 19.2

$ 1.0 $ 41.1

0

10

20

30

40

50

60

70

EBITDA 2Q2014 Venezuela ConsolidatedImpacts*

Organic Growth - Excl.Venezuela

Currency Translation -Excl. Venezuela

Special Items - Excl.Venezuela

EBITDA 2Q2015

*Net impact of Special Items (-$3.1 million), Currency Translation (-$13.9 million) and Organic Growth ($30.6 million).

0

10

20

30

40

50

60

Brazil NOLAD SLAD Caribbean

Ex.Vza

US

$ M

illion

2Q14 2Q15

36.5%

11.1%

0

50

100

150

200

250

300

350

400

450

500

Brazil NOLAD SLAD Caribbean

Ex.Vza

US

$ M

illion

2Q14 2Q15

5.3%

2.2%

Revenues

US$: As reported% growth: Organic basis*

Adjusted EBITDA

US$: As reported% growth: Organic basis*

20.7%33.1%

Consolidated (Ex-Vza) 2Q15 Revenues: +7.7%

*Excludes currency variations and special items10

Consolidated (Ex-Vza) 2Q15 Adj. EBITDA: +9.8%

2Q15 Divisional Results

34.4%

2Q15 Non-Operating Results

11

Non-cash $3.7 million foreign currency exchange gain, versus a loss of $35.5 million

in 2Q14

o FX gain mainly due to the modest appreciation of the Brazilian Real from the

prior quarter-end, which generated:

A gain on intercompany balances, partially offset by a

A loss related to BRL-denominated long-term debt

$35.5 million loss in the second quarter of 2014 included the impacts of the adoption

of a weaker exchange rate for reporting purposes in Venezuela

Net interest expense declined $2.0 million to $16.9 million

Income tax benefit of $6.5 million for the quarter, compared to an expense of $6.3

million in the year-ago period

Net income of $7.0 million, compared to a loss of $99.0 million in 2Q14, which was

largely explained by the transition to a weaker foreign exchange rate in Venezuela

during 2Q14

1Total financial debt includes short-term debt, long-term debt and derivative instruments (including the

asset portion of derivatives amounting to $16.6 million and $9.5 million as a reduction of financial debt as

of June 30, 2015 and December 31, 2014, respectively).2Total financial debt less cash and cash equivalents.3McDonald’s granted an extension of the limited waiver through and including December 31, 2015.

2Q15: Financial Indicators

Plan to bring the Net Debt to EBITDA ratio to within target of 2.0x to

2.5x by 2016 year end

12

As of As of

June 30, December 31,

(In millions of U.S. dollars, except ratios) 2015 2014

Cash & cash equivalents 83.2 139.0

Total Financial Debt1 755.1 801.2

Net Financial Debt2 671.9 662.2

Total Financial Debt / LTM Adjusted EBITDA ratio 3.1x 3.2x

Net Financial Debt / LTM Adjusted EBITDA ratio 2.8x 2.6x

Covenants under the Master Franchise Agreement (MFA)3

Fixed Charge Coverage ratio (>1.50x) 1.45x 1.42x

Leverage ratio (<4.25x) 4.61x 4.65x

13

2Q15: Guidance Update

Restaurant openings: Revise openings guidance to approximately 30 new

restaurants in 2015, versus the previous range of 40 to 45 new restaurants.

Capital expenditures: Maintain CAPEX guidance in the $90 to $120 million range.

o Shifting a greater portion of investment to existing restaurant base;

o Continue to re-image some older restaurants;

o Implementation of additional systems upgrades to further improve operating

efficiencies and provide a modern and progressive customer experience

Capital expenditures plan revised due to challenging operating

environment

THREE-YEAR PLAN INCLUDES NECESSARY MEASURES TO ENHANCE THE VALUE OF OUR

BUSINESS IN THE LONG-RUN

14

2Q15: Closing Remarks

Focused on building a healthy business for the long-term

We expect to achieve a sustainable increase in profitability and shareholder value by:

o Streamlining our business

o Capturing operating efficiencies

o Extracting value from certain assets

Despite continued economic weakness, we have begun delivering on our plan with

margin improvements in each of our divisions, and a reduction in G&A

We are implementing systems and processes that will add to the margin

improvements at the restaurant level, while reviewing our structure to identify further

savings opportunities

Further headway expected on asset monetization and refranchising plan in 2H15

WE ARE WORKING HARD TO WEATHER THE CURRENT ECONOMIC DOWNTURN & CAPITALIZE ON THE NEXT

CYCLE OF ECONOMIC GROWTH IN THE REGION

15

IR Contact

For additional information:

Daniel Schleiniger

IR Director

+1.305.961.2856

+54.11.4711.2287

daniel.schleiniger@ar.mcd.com

Patricio Iñaki Esnaola

IR Manager

patricio.esnaola@ar.mcd.com

+54.11.4711.2561

www.arcosdorados.com/ir