2nd Quarter 2014 Chain Restaurant Update

Announcement Date: October 16, 2014

Like everyone else, when we first saw the Chipotle report, our immediate reaction was that there must a typo! There wasn’t. There’s no unique explanation for that type of performance – it’s all about how they have built the culture of the organization. They resonate very well with their loyal users, certainly. There was a price increase, but that is still an incredible performance. It all starts with leadership, the culture they live and the examples they set as individuals.