Chipotle Mexican Grill, Inc. Announces Additional Stock Repurchase Authorizations and Accelerated Repurchase Transaction

  Chipotle Mexican Grill, Inc. Announces Additional Stock Repurchase
  Authorizations and Accelerated Repurchase Transaction

Business Wire

DENVER -- November 20, 2012

Chipotle Mexican Grill, Inc. (NYSE: CMG) today announced it has added an
additional $100 million to the existing $100 million repurchase plan
previously announced on October 18, 2012. The company has repurchased about
$40 million through November 19^th under the previously-announced $100 million

Chipotle also announced that $25 million of the authorized repurchases will be
conducted through a privately negotiated accelerated share repurchase
transaction, or ASR, with Morgan Stanley. The specific number of shares to be
repurchased under the ASR will be based generally on the volume-weighted
average share price of the company's common stock over a specified period. The
accelerated repurchase transaction is scheduled to be completed during the
first quarter of 2013, but may be accelerated at the option of Morgan Stanley.

The remaining $75 million has been added to Chipotle’s existing open–market
repurchase agreement. The additional repurchases were authorized by Chipotle’s
Board of Directors on November 20, 2012 and may be modified, suspended, or
discontinued at any time.

About Chipotle

Steve Ells, Founder, Chairman and Co-Chief Executive Officer, started Chipotle
with the idea that food served fast did not have to be a typical fast food
experience. Today, Chipotle continues to offer a focused menu of burritos,
tacos, burrito bowls (a burrito without the tortilla) and salads made from
fresh, high-quality raw ingredients, prepared using classic cooking methods
and served in a distinctive atmosphere. Through our vision of Food With
Integrity, Chipotle is seeking better food not only from using fresh
ingredients, but ingredients that are sustainably grown and naturally raised
with respect for the animals, the land, and the farmers who produce the food.
A similarly focused people culture, with an emphasis on identifying and
empowering top performing employees, enables us to develop future leaders from
within. Chipotle opened its first restaurant in 1993 and currently operates
over 1,350 restaurants. For more information, visit

Forward-Looking Statements

Certain statements in this press release are forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995. We use words
such as “anticipate”, “believe”, “could”, “should”, “estimate”, “expect”,
“intend”, “may”, “predict”, “project”, “target”, and similar terms and
phrases, including references to assumptions, to identify forward-looking
statements. The forward-looking statements in this press release are based on
information available to us as of the date any such statements are made and we
assume no obligation to update these forward-looking statements. These
statements are subject to risks and uncertainties that could cause actual
results to differ materially from those described in the statements. These
risks and uncertainties include, but are not limited to, the following:
factors that could affect our ability to achieve and manage our planned
expansion, such as the availability of a sufficient number of suitable new
restaurant sites and the availability of qualified employees; the uncertainty
of our ability to achieve expected levels of comparable restaurant sales
increases; the performance of new restaurants and their impact on existing
restaurant sales; increases in the cost of food ingredients and other key
supplies; the risk of food-borne illnesses and other health concerns about our
food; the potential for increased labor costs or difficulty retaining
qualified employees, including as a result of immigration enforcement
activities; risks relating to our expansion into new markets; the impact of
federal, state or local government regulations relating to our employees and
the sale of food or alcoholic beverages; risks associated with our Food With
Integrity strategy, including supply shortages; changes in consumer
preferences, general economic conditions or consumer discretionary spending;
the effect of competition in the restaurant industry; the effects of
continuing economic uncertainty on our business and on our suppliers,
landlords and potential developers; the impact of increasing general and
administrative expenses due to higher non-cash stock-based compensation
expense and other increased expenses; risks relating to litigation; risks
relating to our insurance coverage and self-insurance; our dependence on key
personnel; security risks associated with the acceptance of electronic payment
cards; the uncertainty of our ability to protect our name, logo and other
proprietary information or the reputation of our brand; the potential effects
of inclement weather; risks related to the tax treatment of our separation
from McDonald’s; and other risk factors described from time to time in our SEC
reports, including our most recent annual report on Form 10-K and subsequent
quarterly reports on Form 10-Q, all of which are available on the Investor
Relations page of our Web site at


Chipotle Mexican Grill, Inc.
Investor Relations:
Alex Spong, 303-222-2552
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