ARCOS DORADOS HOLDINGS INC

Ticker: ARCO CUSIP: G0457F107 Class: SHS CLASS -A -

Manning & Napier Advisors LLC's Holding History (CIK: 0000062039)

Note: Option positions (PUT/CALL) are excluded.

Q1 2015

Shares 469,740 Value ($000) $2,314 Avg Close $4.52 Range $3.54 - $5.13

Q4 2014

Shares 387,150 Value ($000) $2,093 Avg Close $5.19 Range $4.42 - $6.05

Q3 2014

Shares 387,150 Value ($000) $2,314 Avg Close $7.02 Range $4.93 - $9.68

Q2 2014

Shares 268,540 Value ($000) $3,006 Avg Close $8.16 Range $6.95 - $9.59

Q1 2014

Shares 221,580 Value ($000) $2,232 Avg Close $8.05 Range $6.94 - $10.14

Q4 2013

Shares 220,180 Value ($000) $2,667 Avg Close $9.84 Range $9.26 - $10.55

Q3 2013

Shares 165,400 Value ($000) $1,959 Avg Close $9.76 Range $8.66 - $11.36

Q2 2013

Shares 165,400 Value ($000) $1,930 Avg Close $10.94 Range $9.25 - $12.79

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	469,740	$2,314	$4.52	$3.54 - $5.13
Q4 2014	387,150	$2,093	$5.19	$4.42 - $6.05
Q3 2014	387,150	$2,314	$7.02	$4.93 - $9.68
Q2 2014	268,540	$3,006	$8.16	$6.95 - $9.59
Q1 2014	221,580	$2,232	$8.05	$6.94 - $10.14
Q4 2013	220,180	$2,667	$9.84	$9.26 - $10.55
Q3 2013	165,400	$1,959	$9.76	$8.66 - $11.36
Q2 2013	165,400	$1,930	$10.94	$9.25 - $12.79