CHIPOTLE Mexican Grill The CoCEOs of Chipotle Steve

CHIPOTLE Mexican Grill

The Co-CEOs of Chipotle Steve Ells Monty Moran • Founder and Co-CEO • Received Bachelor of Arts Degree in Art History • Graduated form Culinary Institute of America • Became Co-CEO in 2009 • Received Bachelor of Arts Degree in Communication • Graduated from Pepperdine University law school

How Chipotle Started • 1993 Ells borrowed about $75, 000 from his dad • Opened first Chipotle in Denver, Colorado • Ells goal was to earn enough money to open a full scale restaurant • Needed to sell 114 burritos a day to break even • By the end of the 1 st month he was selling over 1, 000 burritos a day

Chipotle’s Biggest Investor • 1996 Mc. Donalds started investing in Chipotle • Mc. Donalds total investment was about $360 million • In 2006 Chipotle and Mc. Donalds parted ways • January 26, 2006 Chipotle went public

Chipotle Believes in Food with Integrity • Works with responsible ranchers and farmers • Uses fresh, raw, and organic ingredients • Cooks food daily in their kitchens • Serves non-GMO Ingredients • Buys locally

Market Capitalization April 29, 2016 35 000 32 416 006 30 000 25 000 20 000 15 000 10 021 958 10 000 5 000 861 383 2 342 769 2 918 093 12 292 745 4 890 600 0 Fiesta Restaurant Group, Inc. (FRGI) Jack In The Box, Wendy's Panera Bread Restaurant Chipotle Inc. (JACK) Company (WEN) Company Brands Mexican Grill, (PNRA) International Inc. (CMG) (QSR) Yum! Brands, Inc. (YUM)

Profit Margin (Dollars in thousands) $ 6 000 11, 00% 10, 84% $ 5 000 $ 4 501 223 10, 80% $ 4 108 269 $ 4 000 10, 57% 10, 60% $ 3 214 591 $ 3 000 $ 2 000 10, 40% 10, 19% 10, 20% $ 1 000 $- 10, 00% $ 327 438 $ 445 374 $ 475 602 2013 2014 2015 Net Income Net Sales Profit Margin 9, 80%

Earnings Per Share % Increase 40, 0% 35, 6% 35, 0% 30, 0% 25, 0% 20, 0% 15, 0% 10, 0% 6, 6% 5, 0% 0, 0% 2012 - 2013 - 2014 - 2015 Earnings Per Share Price $18, 00 $16, 00 $14, 00 $12, 00 $10, 00 $8, 00 $6, 00 $4, 00 $2, 00 $0, 00 $14, 35 $8, 82 2012 $15, 30 $10, 58 2013 2014 2015

Quarterly Average Sales & Number of Restaurants 2500 2000 $2 650 000 $2 516 000 1831 $2 530 000 $2 532 000 1878 1931 2010 2066 $2 424 000 $2 550 000 $2 450 000 1500 $2 350 000 1000 $2 230 000 500 0 $2 250 000 $2 150 000 49 1 st Quarter 2015 48 2 nd Quarter 2015 53 3 rd Quarter 2015 # Restaurants Opened Total Restaurants 79 4 th Qarter 2015 Average Restaurant Sales 58 1 st Quarter 2016 $2 050 000

Chipotle Mexican Grill, Inc. CMG (NYSE) - April 29, 7: 43 PM EDT

To Invest Not to invest

Do Not Invest • Reputation is damaged • Due to Norovirus and E. coli • Profit margin is Decreasing • Likely due to spending on ingredient testing • Quarterly sales are decreasing • Even with more store openings