2019 Performance Review

Chipotle Mexican Grill ("CMG") MEXICAN N GRILL CMG management reignited sales and profit growth in 2019. CMG has an extensive pipeline of initiatives to drive growth for years to come 2019 was an outstanding year for all Chipotle stakeholders Same-store sales growth of 11% in 2019, including 7% transaction growth ■ Each quarter grew faster than the previous quarter on a one- and two-year basis Digital orders nearly doubled and now account for just under 20% of sales ■ Successful launches of loyalty program in March and carne asada in September Restaurant margins expanded by 1.8 percentage points in 2019 to 20.5% Management has a clear plan to drive continued progress in 2020 Menu innovations currently in test including queso blanco, quesadillas, and a revamped beverage offering Step-up in unit growth in 2020, with Chipotlanes in the majority of new units Despite a stellar 2019, we believe Chipotle still has significant unrealized growth potential, with average restaurant sales still 12% below peak levels and margins ~700bps below peak levels Source: Company filings 38

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