Company Information

Company Name Fiscal Year End Dates Balance Sheet Units (i.e. 000's) Income Statement Units (i.e. 000's) Most Recent Year for Data Date of Analysis 2011 Calendar Year Industry Comparisons SIC 5812 Eating Places Current Ratio Quick Ratios Inventory Turnover (Sales) Inventory Turnover (COGS) Collection Period Fixed Assets Turnover Total Assets Turnover Long-Term Debt Ratio Debt Ratio Times Interest Earned Profit Margin (ROS) Return on Assets Return on Equity Dun & Bradstreet Decimal Decimal Decimal 0.073 0.169 0.404 Days 1.1 UNIT Times Times Times UQ 2.0 1.3 122.7

Chipotle Mexican Grill

December 31 December 31 December 31 2011 2010

thousands thousands 2011 October 10, 2013

2009

MED
1.2 0.7 85.7

LQ
0.8 0.3 45.1

5.3

13.9

0.035 0.066 0.154

0.007 0.013 0.055

Chipotle Mexican Grill

Consolidated Statements of Income

(dollars in thousands) FY 2011 As of REVENUE Net Sales Total Revenue RESTAURANT OPERATING COSTS (exclusive of depreciation and amortization shown separately below): Food, beverage and packaging Labor Occupancy Other operating costs Total restaurant operating costs Total Cost of Goods Sold Gross Margin OPERATING EXPENSES General and administrative expenses Depreciation and amortization Pre-opening costs Loss on disposal of assets Total Operating Expenses Income from operations OTHER INCOME (EXPENSE) Interest and other income Interest and other expense INCOME BEFORE INCOME TAXES Provision for Income Taxes NET INCOME 2,088 (2,945) 349,705 (134,760) $214,945 1,499 (269) 289,061 (110,080) $178,981 925 (405) 204,225 (77,380) $126,845 149,426 74,938 8,495 5,806 238,665 350,562 118,590 68,921 7,767 6,296 201,574 287,831 99,149 61,308 8,401 5,956 174,814 203,705 $2,269,548 2,269,548 $1,835,922 1,835,922 $1,518,417 1,518,417
Dec 31, 2013

FY 2010
Dec 31, 2013

FY 2009
Dec 31, 2013

738,720 543,119 147,274 251,208 1,680,321 1,680,321 589,227

561,107 453,573 128,933 202,904 1,346,517 1,346,517 489,405

466,027 385,072 114,218 174,581 1,139,898 1,139,898 378,519

Chipotle Mexican Grill

Consolidated Balance Sheets

(dollars in thousands) FY 2011 As of
Dec 31, 2013

FY 2010
Dec 31, 2013

ASSETS
CURRENT ASSETS Cash and cash equivalents Accounts receivable, net of allowance for doubtful accounts of $208 and $102 as of December 31, 2011 and 2010, respectively Inventory Current deferred tax asset Prepaid expenses and other current assets Income tax receivable Investments Total Current Assets PROPERTY AND EQUIPMENT Leasehold improvements, property and equipment, net Total Fixed Assets Long term investments Other assets Goodwill TOTAL ASSETS $401,243 8,389 8,913 6,238 21,404 55,005 501,192 751,951 751,951 128,241 21,985 21,939 1,425,308 $224,838 5,658 7,098 4,317 16,016 23,528 124,766 406,221 676,881 676,881 16,564 21,939 1,121,605

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES Accounts payable Accrued payroll and benefits Accrued liabilities Current portion of deemed landlord financing Income tax payable Total Current Liabilities Deferred rent Deemed landlord financing Deferred income tax liability Other liabilities Total Liabilities SHAREHOLDERS' EQUITY Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of December 31, 2011 and 2010 Common stock, $0.01 par value, 230,000 shares authorized, 34,357 and 33,959 shares issued as of December 31, 2011 and 2010, respectively Additional Paid-in Capital Treasury stock, at cost, 3,105 and 2,885 shares at December 31, 2011 and 2010, respectively Accumulated other comprehensive income Retained Earnings Total Shareholder's Equity TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 46,382 60,241 46,456 133 4,241 157,453 143,284 3,529 64,381 12,435 381,082 344 676,652 (304,426) 197 671,459 1,044,226 $1,425,308 33,705 50,336 38,892 121 123,054 123,667 3,661 50,525 9,825 310,732 340 594,331 (240,918) 606 456,514 810,873 $1,121,605