TEAM MEMBERS: CRISTA GALLAGHER, BRIAN SMOLE, TIMISHA PORCHER, JATINDER BHAMBRA & HEATHER MICHEALSON

HOW IT ALL BEGAN

LEADERS & LEADERSHIP

Solid Fundamentals- financial stability, success & continued growth Co-CEOs: Steve Ells & Monty Moran
Ells vision Food with Integrity Morans vision Culture of Empowerment Other Leadership-Driven Initiatives

FAST-CASUAL COMPETITORS

2010 COMPANY RESULTS

Fourth Quarter Results:
Revenue increased 24.5% to $482.5 million Comparable restaurant sales increased 12.6% Restaurant level operating margin was 25.9%, an increase of 140 basis points Net income was $46.4 million, an increase of 47.0% Diluted earnings per share was $1.47, an increase of 48.5%

Yearly Results:
Revenue increased 20.9% to $1.84 billion Comparable restaurant sales increased 9.4% Restaurant level operating margin was 26.7%, an increase of 180 basis points Net income was $ 179.0 million, an increase of 41.1% Diluted earnings per share was $5.64, an increase of 42.8%

CHIPOTLE PRICE PERFORMANCE

Source: http://eresearch.fidelity.com/eresearch/evaluate/snapshot.jhtml?symbols=CMG

CHIPOTLE PRICE PERFORMANCE

Source: http://eresearch.fidelity.com/eresearch/evaluate/snapshot.jhtml?symbols=CMG

OPERATIONS PERFORMANCE
2,000.0 1,800.0 1,600.0 1,400.0 400.0 350.0 300.0 250.0 200.0 150.0

Dollars ($M)

1,200.0 1,000.0

800.0
600.0 400.0 200.0 Net Income Free Cash Flow (FCF) Revenue Operating Income 2003 (7.7) (64.0) 316.0 11.7 2004 6.1 (55.9) 471.0 29.6 2005 37.7 (5.6) 628.0 62.1 2006 41.4 6.3 823.0 100.0 2007 70.6 5.9 1,086.0 158.0 2008 78.2 46.5 1,332.0 186.0 2009 127.0 143.7 1,518.0 271.0 2010 179.0 176.2 1,836.0 363.0

100.0
50.0 (50.0) (100.0)

SAVINGS vs. INVESTMENT

70.00 25.00% 50.00 20.00%

30.00

15.00%

Dollars ($M)

10.00

10.00%

(10.00)

5.00%

(30.00)

0.00%

(50.00)

-5.00%

(70.00) FCF-NI %Operating Margin %Net Income Margin

2003 (56.32) 3.70% -2.44%

2004 (62.03) 6.28% 1.30%

2005 (43.27) 9.89% 6.00%

2006 (35.10) 12.15% 5.03%

2007 (64.68) 14.55% 6.50%

2008 (31.69) 13.96% 5.87%

2009 16.67 17.85% 8.37%

2010 (2.81) 19.77% 9.75%

-10.00%

FCF-NI = Savings / (Investment)

2010 FINANCIAL ANALYSIS

INDUSTRY Revenue ($B) Earnings per Share (diluted) Operating Margin Return on Assets TTM TTM TTM TTM 5yr TTM 5yr $1.836 $5.94 16.02% 17.23% 12.08% 23.42% 16.03% $1.542 $3.62 12.00% 12.81% 10.24% 18.57% 14.44% 17.98% 9.49% 24.79% Industry: Restaurants Sector: Casual Dining

Return on Equity

Source: Standard & Poor Stock Report 2/19/11, TTM 12/31/10

A New Way of Thinking about Leadership..

THE FOOD GUY

Co-CEO , Chairman and Founder of Chipotle Visionary Graduated from the University of Colorado and Attended Culinary Institute of America
Food with Integrity A Few Things, Thousands of Ways Food Served FastSo that Customers Can Enjoy it Slowly
I just wanted to build a place where you could eat delicious food made of the finest ingredients quickly and affordably. ~ Steve Ells

STEVE ELLS

FOOD WITH INTEGRITY

Animals
Naturally Raised Pork, Beef, Chicken, and Dairy
Raised in a humane way Never given antibiotics or added hormones Vegetarian diet

People
Importance of the people behind every ingredient purchased, burrito made, and customer served

Environment
Organic Family Farmed Local

A FEW THINGS, THOUSANDS OF WAYS

Chipotles food is totally customizable Dietary Options:
Vegetarian Vegan Gluten-free

SO THAT CUSTOMERS CAN ENJOY IT SLOWLY

FOOD SERVED FAST

Customers select exactly what they want, speaking directly to the employees as they prepare the meal Customers dont receive the fast food experience Despite long lines, service is quick and easy

MONTY MORAN
Co-CEO since 2009 Position(s) prior to being appointed Unconventional approach of having 2 leaders

THE PEOPLE GUY

How he defines a top-performer Early hiring practices Enhancing the customer experience Overhauling the career ladder

RESTAURATEUR PROGRAM
Unique employee incentive program
Encourages staff to become managers Rewards the elite managers; only the top are selected & invited to participate Creates culture which attracts & retains top performers

90% of managers promoted internally

CORPORATE CULTURE
Language instruction
English to Spanish-speaking & Spanish to English-speaking

Employees learn real culinary skills Cross-trained to work multiple stations Rich benefits
Medical, dental, vision 401k Paid vacation Free meals Paid Sabbatical leave

SUSTAINABILITY
Ingredient sourcing
- naturally raised meats - local produce

Solar panels Green design Donations to Farm Aid

CHARITABLE GIVING
Annual scholarship

No junk campaign
Partnership with The Lunch Box Local involvement
Mommas organic market Peoria Food bank healthy kids contest Sarasota

Halloween contest

CONNECTIONS
America's Next Great Restaurant New media 30 seconds of fame Facebook Deals

TRANSFORMATIONAL LEADERS

CONTINUED SUCCESS