ARCOS DORADOS HOLDINGS INC

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

Global Endowment Management, LP's Holding History (CIK: 0001512237)

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

Q1 2015

Shares 198,340 Value ($000) $977 Avg Close $4.52 Range $3.54 - $5.13

Q4 2014

Shares 180,070 Value ($000) $974 Avg Close $5.19 Range $4.42 - $6.05

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	198,340	$977	$4.52	$3.54 - $5.13
Q4 2014	180,070	$974	$5.19	$4.42 - $6.05