Chipotle Mexican Grill (CMG) Stock Analysis April 14, 2010 Presented by: Mark Robertson

Chipotle Mexican Grill (CMG) 2 Summary (Points of View) MANIFESTValue LineS&PMorningstar Return Forecast5.8% ($125.54)6% [2] ($103.64)-44.3% (1-Year price target = $87) Quality83.5 Financial Strength98 (No Debt)B++A Growth Forecast13.3%18.5% (per sh)15% (Thru 2015) [9%-->2024, 3%] 12% Profitability7.4% (Net)7.3% (Net)7.5% [2010]~6.0% (14% Oper Margins) Valuation24.0x 28.8x ($118.50)26.2x ($108.00) Overall RatingHold (84)Sell (2-Stars) [1]Hold (3-Stars) StockCharts RSI = 79.7 PnF Sentiment: “Bullish” (Price Objective: $191) CASPI = 90.9% April 14, 2010 [1] Strong SELL recommendation one year ago. [2] – Low VL 3-5 Year Forecast StockCharts RSI = 79.7 PnF Sentiment: “Bullish” (Price Objective: $191) CASPI = 90.9% April 14, 2010 [1] Strong SELL recommendation one year ago. [2] – Low VL 3-5 Year Forecast

Chipotle Mexican Grill (CMG) 3 Sales Growth & 5-Year Forecast 13-14% sales growth seems reasonable based on ACE, S&P, VL and this visual analysis... focusing on [2Actual/2Forecast] horizon.

Chipotle Mexican Grill (CMG) 4 % Net Margin Profitability ‘Report Card’ and Forecast … Restaurant (Casual) industry average net margin = 4.7%

Chipotle Mexican Grill (CMG) 5 Valuation Characteristic and Trend... P/E Ratio History & Forecast

Chipotle Mexican Grill (CMG) 6 [Modified] Preferred Procedure Sales (Trailing 12-Mo)1558 X Net Margin (%)8.7% / Shares (M)32.9 Earnings Per Share$4.12 X P/E Ratio30.5x Stock Price (4/14/2010)$ Income Statement (4/14/2010) Income Statement (4/14/2015) Sales2935 X Net Margin (%) 7.4% / Shares (M)31.0 Earnings Per Share $7.00 X P/E Ratio (Proj Avg) 24.0x Stock 13.5% 6.0% + 0.0% (Ann. Yield) 6.0% = Projected Annual Return (PAR)

Chipotle Mexican Grill (CMG) 7

8 Technical Analysis (3-Year Profile)

Chipotle Mexican Grill (CMG) 9 “Rhino Vulnerability” Ownership Institutional 67.4% Retail 32.6% Insiders 78% 32.7% 26.0%