The purpose of this exercise is to direct your attention to key changes and relationships discussed in the Management Discussion and Analysis portion of the 10K and key items on the financial statements.It is in this portion of the 10K that management must address key issues in words and explain in words the changes (and any impending liquidity problem -- which do not exist for Chipotle) Please place your answers in the spaces provided below:

1.Chipotles had comparable sales (for restaurants open at least 12 months) increases of _________% during 2016 and _____% during 2015 and ______% during 2014.

2.Per the 10K, how will Chipotle attempt to increase its sales to pre- e-coli and other food scare events?

3.What is happening to the Food, Beverage, and Packaging cost over the past three years? Please explain.

4.What has Chipotle spent per restaurant in development and construction costs on average in 2016 _____________ do they expect this cost per restaurant to continue in the future or increase?

5.How much does Chipotle report in total contractual cash obligations as of 12/31/2016?________ Most of this is from what? ________________

6.What does Chipotle mean when it says our leases contain escalating rental s over the lease term?What could this mean for future profitability?

7.What is happening to the General and Administrative expense over the past three years? Do they expect this to continue in 2017?

8.What is Chipotles single largest asset?

9.What were Chipotles 1^st and 2^nd largest expense items?

10.From the Statement of Cash Flows, what were Chipotles capital expenditures (or purchases of leasehold improvements, property and equipment) in 2014 ___________2015_____________ and 2016__________?