Arco Provides Update Related To The Non-binding Proposal; No Decisions Have Been Made With Respect To The Response To The Proposal

The Board cautions the Company’s shareholders and others considering trading the Company’s securities that the Proposal is under evaluation by the Special Committee; however, no decisions have been made with respect to the response to the Proposal. There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed relating to the Proposal or any potential alternative transaction, or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.