Chipotle

Raymond James 34th Annual Institutional Investors Conference

March 5, 2013

34h Annual Raymond James Conference | March 5, 2013

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Forward Looking Statements

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 about future growth opportunities, as well as statements about Chipotle’s expected restaurant openings, comparable restaurant sales increases, and effective tax rate, 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, forwardlooking 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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th 20

Anniversary

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Marketing

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Catering

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Sofritas

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Future Growth Options: International & ShopHouse

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Restaurateur Program

Note: Includes Restaurateurs promoted to ATL, TL, and TD roles.

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