We advised the Initial Purchasers on the issuance of US$600,000,000 in notes by Arcos Dorados B.V.

Bruchou & Funes de Rioja acted as Argentine legal counsel to BBVA Securities Inc., Citigroup Global Markets Inc., Itau BBA USA Securities, Inc., J.P. Morgan Securities LLC, Santander US Capital Markets LLC, and Balanz Capital UK LLP (the “Initial Purchasers”) in the issuance by Arcos Dorados B.V., a Dutch private limited liability company (the “Company”), of its US$600,000,000 6.375% Senior Notes due 2032 (the “Notes”). The Notes will be fully and unconditionally guaranteed by Arcos Dorados Holdings, Inc., a British Virgin Islands company that indirectly controls the Company, and certain other current and future subsidiaries of the Company, including Arcos Dorados Argentina S.A.

Arcos Dorados Argentina S.A. was internally advised by Juan David Bastidas, Chief Legal Counsel and Compliance, María Cecilia Aicardi, as Legal Director for the South Latin America Division, and María Victoria Bellocq, as Legal Manager for Corporate Affairs.

Special legal counsel to the Company in the United States:

Davis Polk & Wardwell LLP, through the team led by partner Maurice Blanco, associate Agustín Lopez Roulades’, and foreign temporary associate Carolina De Narváez.

Special legal counsel to the Company in Argentina regarding corporate matters:

BRYA ABOGADOS, through the team led by associate Eleazar Christian Meléndez.

Special legal counsel to the Initial Purchasers in the United States:

Milbank LLP, through the team led by partner Marcelo A. Mottesi, special counsel Gonzalo Guitart, associate Marco Zaldivar, and international attorney Manuel H. Etchevehere.

Argentine legal counsel to the Initial Purchasers:

Bruchou & Funes de Rioja, through the team led by partner Analía Battaglia and associates Ramón Augusto Poliche and Quimey Waisten.