ARCOS DORADOS HOLDINGS INC

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

Carmignac Gestion's Holding History (CIK: 0001569758)

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

Q3 2020

Shares 765,939 Value ($000) $3,142 Avg Close $4.14 Range $3.57 - $4.75

Q2 2020

Shares 755,862 Value ($000) $3,171 Avg Close $3.47 Range $2.63 - $4.98

Q1 2020

Shares 945,107 Value ($000) $3,155 Avg Close $5.81 Range $2.73 - $7.32

Q4 2019

Shares 1,237,016 Value ($000) $10,040 Avg Close $6.58 Range $5.57 - $7.48

Q3 2019

Shares 1,246,447 Value ($000) $8,368 Avg Close $6.46 Range $5.58 - $7.39

Q2 2019

Shares 1,149,747 Value ($000) $8,370 Avg Close $5.98 Range $5.23 - $6.44

Q1 2019

Shares 967,376 Value ($000) $6,936 Avg Close $7.32 Range $5.96 - $8.08

Q4 2018

Shares 791,626 Value ($000) $6,254 Avg Close $6.42 Range $5.43 - $7.51

Q3 2018

Shares 985,506 Value ($000) $6,159 Avg Close $5.91 Range $5.26 - $6.52

Q2 2018

Shares 1,004,058 Value ($000) $6,978 Avg Close $7.05 Range $5.87 - $8.35

Q1 2018

Shares 1,157,945 Value ($000) $10,595 Avg Close $8.34 Range $7.35 - $8.99

Q4 2017

Shares 1,157,945 Value ($000) $11,985 Avg Close $8.69 Range $7.95 - $9.34

Q3 2017

Shares 1,039,585 Value ($000) $10,448 Avg Close $7.68 Range $6.40 - $8.95

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2020	765,939	$3,142	$4.14	$3.57 - $4.75
Q2 2020	755,862	$3,171	$3.47	$2.63 - $4.98
Q1 2020	945,107	$3,155	$5.81	$2.73 - $7.32
Q4 2019	1,237,016	$10,040	$6.58	$5.57 - $7.48
Q3 2019	1,246,447	$8,368	$6.46	$5.58 - $7.39
Q2 2019	1,149,747	$8,370	$5.98	$5.23 - $6.44
Q1 2019	967,376	$6,936	$7.32	$5.96 - $8.08
Q4 2018	791,626	$6,254	$6.42	$5.43 - $7.51
Q3 2018	985,506	$6,159	$5.91	$5.26 - $6.52
Q2 2018	1,004,058	$6,978	$7.05	$5.87 - $8.35
Q1 2018	1,157,945	$10,595	$8.34	$7.35 - $8.99
Q4 2017	1,157,945	$11,985	$8.69	$7.95 - $9.34
Q3 2017	1,039,585	$10,448	$7.68	$6.40 - $8.95