ARCOS DORADOS HOLDINGS INC

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

COURAGE CAPITAL MANAGEMENT LLC's Holding History (CIK: 0001119376)

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

Q3 2013

Shares 69,444 Value ($000) $823 Avg Close $9.76 Range $8.66 - $11.36

Q2 2013

Shares 49,998 Value ($000) $584 Avg Close $10.94 Range $9.25 - $12.79

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2013	69,444	$823	$9.76	$8.66 - $11.36
Q2 2013	49,998	$584	$10.94	$9.25 - $12.79