| Name                                                                 | Place of Incorporation |
|----------------------------------------------------------------------|------------------------|
|                                                                 |                   |
| Adcon S.A.                                                           | Argentina              |
| Administrative Development Company                                   | Delaware               |
| Aduy S.A.                                                            | Uruguay                |
| Alimentos Arcos Dorados de Venezuela C.A.                            | Venezuela              |
| Alimentos Arcos Dorados Margarita, C.A.                              | Venezuela              |
| Alimentos Arcos Dorados Punto Fijo, C.A.                             | Venezuela              |
| Alimentos Latinoamericanos Venezuela ALV, C.A.                       | Venezuela              |
| Arcgold del Ecuador, S.A.                                            | Ecuador                |
| Arcos del Sur, S.R.L.                                                | Uruguay                |
| Arcos Dorados Argentina S.A.                                         | Argentina              |
| Arcos Dorados Aruba N.V.                                             | Aruba                  |
| Arcos Dorados B.V.                                                   | Netherlands            |
| Arcos Dorados Caribbean Development Corp.                            | Delaware               |
| Arcos Dorados Colombia S.A.                                          | Colombia               |
| Arcos Dorados Coöperatieve U.A.                                 | Netherlands            |
| Arcos Dorados Costa Rica ADCR, S.A.                                  | Costa Rica             |
| Arcos Dorados Costa Rica Inmobiliaria, S.A.                          | Costa Rica             |
| Arcos Dorados Curacao, N.V.                                          | Curacao                |
| Arcos Dorados French Guiana                                          | French Guiana          |
| Arcos Dorados Guadeloupe                                             | Guadeloupe             |
| Arcos Dorados Martinique                                             | Martinique             |
| Arcos Dorados Panama, S.A.                                           | Panama                 |
| Arcos Dorados Puerto Rico, Inc.                                      | Puerto Rico            |
| Arcos Dorados Restaurantes de Chile, Ltda.                           | Chile                  |
| Arcos Dorados Trinidad Limited                                       | Trinidad               |
| Arcos Dorados USVI, Inc.                                             | USVI                   |
| Arcos Dourados Comercio de Alimentos Ltda.                           | Brazil                 |
| Arcos Dourados Restaurantes Ltda.                                    | Brazil                 |
| Arcos SerCal Inmobiliaria, S. de R.L. de C.V.                        | Mexico                 |
| Arcos SerCal Servicios, S.A. de C.V.                                 | Mexico                 |
| Arcos BraPa S.A.                                                     | Panama                 |
| Centro Especializado de Negocios Internacionales, S. de R.L. de C.V. | Mexico                 |
| Compañía de Inversiones Inmobiliarias (C.I.I.) S.A.        | Argentina              |
| Complejo Agropecuario Carnico (Carnicos), C.A.                       | Venezuela              |
| Arcos Dorados Uruguay S.A. (Gauchito de Oro S.A.)                    | Uruguay                |
| Gerencia Operativa ARC, C.A.                                         | Venezuela              |
| Compañía Operativa de Alimentos COR, C.A.                  | Venezuela              |
| Golden Arch Development Corporation                                  | Delaware               |
| Hamburgue S.A.S.                                                     | Colombia               |
| Inversiones Axis S.A.                                                | Chile                  |
| LatAm, LLC                                                           | Delaware               |
| Logistics and Manufacturing LOMA Co.                                 | Delaware               |

----

| Management Operations Company                | Delaware  |
|----------------------------------------------|-----------|
| Operaciones Arcos Dorados de Perú, S.A. | Perú |
| Restaurant Realty of Mexico, Inc.            | Delaware  |
| Sistemas Central America, S.A.               | Panama    |
| Sistemas McOpCo Panama, S.A.                 | Panama    |
| Arcos Dorados Latam LLC                      | Delaware  |
| SEM Panama SA                                | Panama    |