Agenda

ARCOS DORADOS

Morgan Stanley Conference

November 13, 2012

Woods Staton

Chief Executive Officer

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

WORLD’S LARGEST

McDONALD’S FRANCHISEE

BASED ON SYSTEMWIDE

SALES AND NUMBER OF

RESTAURANTS

5.5%

of McDonald’s 2011

global sales

6.8%

of McDonald’s 2011

total franchised

restaurants

Over

90,000 employees

UNDISPUTED LEADER IN

THE QSR INDUSTRY IN

LATIN AMERICA

SUBSTANTIAL GROWTH

OPPORTUNITIES IN

UNDERPENETRATED

MARKETS

• Large and growing

QSR industry

• Surging middle class

with preference for

convenience and

away-from-home

eating

• New restaurant

openings, reimagings

and brand extensions

to add value

SOLID MANAGEMENT

TEAM WITH

SUCCESSFUL TRACK

RECORD

• 20+ years average

experience in the

McDonald’s system

• Solid performance in

key financial metrics

under current

management

1,880

Restaurants

1,852

Dessert Centers

319

McCafés

Arcos Dorados:

The Leading QSR Player in Latin America

THE ASPIRATIONAL McDONALD’S EXPERIENCE IN LATIN AMERICA

Arcos Dorados is an Operator

We Operate and Sub-franchise Restaurants Operator business model

COMPANY OPERATED RESTAURANTS

Revenues from Restaurant Sales

Royalty Fee

Costs related to running the business

Operating Results

SUB FRANCHISED RESTAURANTS

Revenues from Rental Income

Rental Fee (related to real estate)

Profitability of Sub-franchised Restaurants

*Royalty Payments = collected and paid to McDonald’s Corporation

27%

73% -

-

-

Sub-

Franchised

Operated

SLAD

Brazil

Caribbean

NOLAD

556

691

137

496

(1) Restaurants in Arcos Dorados’ territories as of September 2012; does not include McCafé units & Dessert Centers

30%

37%

7%

26%

1,880 100%

Unmatched Footprint in the Region Unique platform with geographic diversification

NUMBER OF

RESTAURANTS(1)

EXPERIENCED

MANAGEMENT

TEAM

Proven track record

of delivering growth

and profitability

• 20+ years

average

experience

in the region

RIGHT

STRATEGY

Market savvy

• Product platform,

pricing,

promotions

• Strong

development

pipeline

RIGHT

INDUSTRY

Large and growing

QSR market

• Underpenetration

allows for ample

opportunity

• Emerging market

growth remains

healthy

RIGHT

“ZIP CODE”

Surging middle

class favoring

convenience and

away-from-home

eating

RIGHT

BRAND

Dominant position

in Latin America

• Brand

• Aggressive

product intros

Investment Highlights

Dominant QSR brand in the region

9.9%

3.1%

2,5%

1.6%

1.3%

1,2%

Mac

Burgerking

Subway

Habbs

oxxo

Bobs

3.2x

Combined market

share: 9.7%

Superior Brand Recognition and Leadership Position

MAJOR FAST FOOD RESTAURANTS IN LATIN AMERICA: 2011 MARKET SHARE

6

# Units

1,840

804

295

9,546

1,003

1,762

Restaurants in Arcos Dorados’ territories as of December 2011; OXXO’s count as of June 2011

MACROECONOMIC

DRIVERS

7

% of Population between 15-34 years old

Latin America: Attractive consumer market complements brand attributes

Sources: IMF, CEPAL, UNECE, DANE, FGV, IBGE and the Brazilian Ministry of Finance

2003 2011

Class D/E Class C Class A/B

96

(55%)

13

(8%) 66

(37%)

64

(33%)

22

(12%) 105.5

(55%)

~39.5mm

(mm individuals and % population)

7.3%5.1% 5.2% 4.8%

2.8%

Argentina Brazil Chile Colombia Mexico

34,5%

32,6%

34,6% 33,7%

27,5%

Argentina Brazil Colombia Mexico US

Our Region: Rapidly Growing Middle Class Prefers Convenience of Eating Out

GDP per capita (PPP) growth

2006-2011 CAGR (%)

Young and Growing Population

Changing socio-economic profile in Brazil

Improving Economic Conditions

8

Middle Eastern 2%

Chicken 8%

Latin American

F. Food 5% Bakery 24%

Burger

18%

Others

46%

Arcos Dorados

54%

Burger segment sales: $8.5 bn

Latam fast food sales: $47 bn

Fast Food growth outpaced other

categories in the region Other Fast Food

42%

Latam Key Categories sales: $27 bn

Large & Growing Fast Food Industry

Fast Food Industry Potential Growth

Latam Fast Food

Burger Segment

9 Source: © Euromonitor International – October 2012

Strategic Initiatives Key vectors: A focus on driving value

Comparable Sales Growth

New Unit Development

Margin Management

G&A Leverage

EBITDA-to-Net Income Yield

GLOBAL INITIATIVES

Product

CORE MENU

Price Strategy

GRANDES PLACERES,

PEQUEÑOS PRECIOS

Promotion

LOCAL PROMOTIONS PREMIUM PRODUCTS MCTRIO / MCCOMBO DEL DÍA

Delivering relevant and value-oriented menus, while leveraging the local and global reach of the brand

Growth Driver: Three “P” Strategy

11

2008 2009 2010 2011 2012 E

Restaurants (End of period) 1,640 1,755 1,680

Gross openings

85

58 64

101

Substantial Opportunity for New Restaurant

Openings

Accelerating new openings in the region

1,840

12

130

North

Northeast

Midwest

Southeast

South

Actual Portfolio

Market

Potential

Brazil NOLAD SLAD Caribbean

3Q11 3Q12

Brazil NOLAD SLAD Caribbean

3Q11 3Q12

13

Solid Regional Organic Growth

Organic Revenue Growth by Region

Organic Adjusted EBITDA Growth

-9.2%

8.7%

17.9%

4.3%

23.1%

5.2%

-17.5%

166.1%

Total Consolidated 3Q12 Revenues: $962 million

Total Consolidated 3Q12 Adjusted EBITDA: $84 million

Excluding currency translations and special items

3Q12 Balance Sheet & Leverage Metrics

14

($ in millions, except per share data) 3Q12 FY11

Cash & cash equivalents 244.1 176.3

Total Financial Debt (i) 653.1 532.3

Net Financial Debt (ii) 409.0 536.0

Total Financial Debt / LTM Adjusted EBITDA

ratio 2.0 1.6

Net Financial Debt / LTM Adjusted EBITDA

ratio 1.2 1.0

(i) Total financial debt includes short-term debt, long-term debt and derivative instruments (including the asset portion of derivatives amounting to $5,263 as a reduction of

financial debt)

(ii) Total financial debt less cash and cash equivalents

20 years in the Company

20 years in the Company

18 years in the Company

21 years in the Company

24 years in the Company

VP COO

S. Alonso

VP CFO

G. Lemonnier

VP Development

S. Magnasco

VP Marketing

R. Mandia

VP Supply Chain

H. Sbrolla

President & CEO

W. Staton 26 years in the Company

20+ average years experience in the McDonald’s system

Experienced Management Team

Unmatched Track Record in the Industry

Management Team

15

Right “Zip Code”

Right Industry

Right Brand

Right Strategy

Experienced

Management

Team

Investment Summary Arcos Dorados is strategically positioned to capture an

increasing share of a growing marketplace

For additional information:

Sofia Chellew

Investor Relations

(+5411) 4711-2515

sofia.chellew@ar.mcd.com

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