Chipotle

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Confidential
© 2005 Chipotle Mexican Grill, Inc., All Rights Reserved.

Information in this presentation contains forward-looking statements, which reflect expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. Such forward-looking statements include, but are not limited to, statements on the slide titled “Restaurants” about Chipotle’s expected restaurant openings and the slide titled “Average Restaurant Sales” regarding expected comparable restaurant sales increases, as well as other statements regarding our plans, objectives, expectations and intentions that are not historical facts. Factors that could cause actual results to differ materially from those expressed in, or underlying, forward-looking statements are detailed in the “Risk Factors” sections of our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission and which are available on the Investor Relations page of our web site at chipotle.com, or on the SEC’s web site at sec.gov. We disclaim any obligation to update and revise statements contained in these materials based on new information or otherwise.

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Confidential © 2008 Chipotle Mexican Grill, Inc., All Rights Reserved.

New Food Culture New People Culture

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Confidential © 2008 Chipotle Mexican Grill, Inc., All Rights Reserved.

We hire employees seeking to achieve their highest potential Our culture of opportunity elevates and empowers Restaurant structure encourages strong crew development Top performers serve great food and provide outstanding customer experiences

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Confidential © 2008 Chipotle Mexican Grill, Inc., All Rights Reserved.

The Restaurateur represents the center of our people culture They are the inspiration and aspiration for both managers and crew The position and the process are the primary focus of field and corporate support

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Confidential © 2008 Chipotle Mexican Grill, Inc., All Rights Reserved.

Delicious food Great customer service Clean, inviting restaurants Better sales and financial results Better G&A efficiencies

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Confidential © 2008 Chipotle Mexican Grill, Inc., All Rights Reserved.

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Confidential © 2008 Chipotle Mexican Grill, Inc., All Rights Reserved.

Unique business model supports our vision Difficult economic environment

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Confidential © 2008 Chipotle Mexican Grill, Inc., All Rights Reserved.

$ in thousands

$1,600.0 $1,400.0 $1,200.0 $1,000.0 $800.0 $600.0 $400.0 $200.0 $0.0 2004 2005 2006 2007 2008 Twelve Months Ended 3/31/09 $470.7 $627.7 $822.9 CAGR = 28.8%

$1,332.0

$1,381.1

$1,085.8

CAGR for 4.25 year period from 2004 to 3/31/09.

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Confidential © 2008 Chipotle Mexican Grill, Inc., All Rights Reserved.

26 new restaurants opened in 2009 $916,000 average Cap Ex spend per new restaurant 862 company-operated restaurants 120-130 openings planned in 2009

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Confidential © 2008 Chipotle Mexican Grill, Inc., All Rights Reserved.

$ in thousands
$2,000 $1,611 $1,440 $1,734 $1,763 $1,755

$1,500

$1,361

$1,000

$500 2004 2005 2006 2007 2008 Twelve Months Ended 3/31/09

Note: We expect full year comparable restaurant sales increases for 2009 to be in the low single digits. We define “average restaurant sales” as the average trailing twelve month sales for company operated restaurants in operation for at least twelve full calendar months and “comparable restaurant sales” as the year over year sales comparisons for restaurants in operation for at least 12 full months.

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Confidential © 2008 Chipotle Mexican Grill, Inc., All Rights Reserved.

25.0% 20.9% 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% 2004 2005 2006 1.3% 4.9% 7.5% 18.5% 16.3%

22.3%

21.5%

22.1%

10.0%

9.3%

10.0%

2007

2008

Twelve Months Ended 3/31/09

Restaurant Level Margin

Company Level...
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