Chipotle Names Four New Directors as Part of Board Refresh Initiative

Paul Cappuccio, Robin Hickenlooper, Ali Namvar and Matthew Paull Join
Chipotle Board of Directors

DENVER–(BUSINESS WIRE)–Chipotle Mexican Grill (NYSE: CMG) has named four new members to its
Board of Directors: Paul T. Cappuccio, Robin S. Hickenlooper, Ali Namvar
and Matthew Paull, effective December 14, 2016. The new Directors will
serve an initial term through Chipotle’s 2017 Annual Meeting of
Shareholders, and the Board of Directors currently consists of twelve
members.

“Chipotle has enjoyed extraordinary success for most of our 23-year
history, and it is important to us that we structure the company to
enjoy similar success in the future,” said Steve Ells, Founder, Chairman
and CEO of Chipotle. “The addition of these new directors strengthens
our Board of Directors, and gives us the oversight, accountability and
leadership we need as we continue our efforts to reestablish Chipotle as
the leader we have been for much of our history.”

Pershing Square Capital Management, L.P. CEO William A. Ackman said, “We
are pleased that Chipotle has taken the important step of refreshing its
Board which will position the company for continued growth and long-term
success. We look forward to working with the Board and management to
create sustained value for all shareholders for many years to come.”

In connection with the appointments, Chipotle and Pershing Square have
agreed to various provisions continuing at least until prior to the 2019
Annual Meeting of Shareholders. The full agreements with Pershing Square
will be filed in a Current Report on Form 8-K with the Securities and
Exchange Commission (the “SEC”).

ABOUT THE NOMINEES

Mr. Cappuccio has served as Executive Vice President and General Counsel
of Time Warner since 2001. In this capacity, he oversees the worldwide
management of Time Warner’s legal functions, collaborating with all of
its operating businesses. From 1999 to 2001, Mr. Cappuccio was Senior
Vice President and General Counsel at America Online. Before joining
AOL, he was a Partner at the Washington, DC office of law firm Kirkland
& Ellis, where he specialized in telecommunications law, appellate
litigation, and negotiation with government agencies. From 1991 to 1993,
Mr. Cappuccio was Associate Deputy Attorney General at the United States
Department of Justice, where he advised Attorney General William P. Barr
on matters relating to judicial selection, civil litigation, antitrust
and civil rights. Prior to his service at the DOJ, Mr. Cappuccio served
as law clerk at the United States Supreme Court for Justices Antonin
Scalia and Anthony M. Kennedy, and as a law clerk to Judge Alex Kozinski
of the United States Court of Appeals for the Ninth Circuit in Pasadena,
Calif. He earned his law degree from Harvard Law School in 1986, and a
Bachelor’s degree from Georgetown University in 1983. Mr. Cappuccio
brings significant large public company experience to the board,
including significant transactional, financial, strategic, and corporate
governance experience.

Mrs. Hickenlooper, Senior Vice President of Corporate Development at
Liberty Global, has served in senior corporate development roles at
Liberty since 2010. She also serves as Senior Vice President of
Corporate Development for Liberty Media. Prior to joining Liberty, she
worked in the strategic planning and business development group at Del
Monte Foods and in investment banking at Thomas Weisel Partners. Mrs.
Hickenlooper holds a Master’s degree in Business Administration from the
Kellogg School of Management, and a Bachelor’s degree in Public Policy
from Duke University. Mrs. Hickenlooper brings to the board significant
corporate development and financial expertise.

Mr. Namvar is a Partner at Pershing Square Capital Management, L.P., a
registered investment advisor with more than $11 billion in assets under
management and currently Chipotle’s largest investor. Mr. Namvar joined
Pershing Square in 2006 and has been a major contributor to the firm’s
growth. He brings more than a decade of experience investing in publicly
traded, branded consumer products and restaurant companies. Mr. Namvar
has played an instrumental role in a number of Pershing Square
investments over the years, including its significant equity stakes in
Fortune Brands, Beam, McDonald’s, Procter & Gamble, Wendy’s
International, Kraft Foods and Mondelez International, among others.
Prior to joining Pershing Square, Mr. Namvar served as a Vice President
at the Blackstone Group in its corporate advisory practice, where he
advised corporate boards and investment firms on a wide range of
shareholder value-enhancing transactions. Prior to joining Blackstone,
Mr. Namvar worked in the investment banking division at Goldman Sachs.
He graduated magna cum laude with a Bachelor of Arts degree from
Columbia University, New York, and earned his Master’s degree in
Business Administration from the Wharton School at the University of
Pennsylvania. Mr. Namvar brings to the board a significant understanding
of strategy, governance and finance within the restaurant industry.

Mr. Paull was Senior Vice President and Chief Financial Officer of
McDonald’s Corp. from 2001 until he retired from that position in 2008.
Before joining McDonald’s in 1993, Mr. Paull was a Partner at Ernst &
Young, where he managed a variety of financial practices over the course
of his 18-year career, and consulted with a number of notable
multinational companies. Mr. Paull currently serves as a member of the
board of Air Products, where he chairs the Audit and Finance Committee
and is a member of the Corporate Governance and Nominating Committee and
the Executive Committee, a member of the board of Canadian Pacific where
he chairs the Audit Committee and is a member of the Finance Committee,
a member of the board of KapStone Paper and Packaging Corp., and was a
former member of the board of WMS Industries and Best Buy Co. Mr. Paull
previously served on Chipotle’s Board when it was owned by McDonald’s.
He currently serves on the advisory board of Pershing Square Capital
Management, L.P. Mr. Paull holds a Bachelor’s degree and a Master’s
degree in Accounting from the University of Illinois. Mr. Paull brings
to the board significant experience in the restaurant industry and
financial expertise, including deep understanding of financial markets,
corporate finance, accounting and controls, and investor relations.

ABOUT CHIPOTLE

Steve Ells, Founder, Chairman and CEO, 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, and salads made from fresh, high-quality raw ingredients,
prepared using classic cooking methods and served in an interactive
style allowing people to get exactly what they want. Chipotle seeks out
extraordinary ingredients that are not only fresh, but that are raised
responsibly, with respect for the animals, land, and people who produce
them. Chipotle prepares its food using whole, unprocessed ingredients
and without the use of added colors, flavors or other additives
typically found in fast food. Chipotle opened with a single restaurant
in Denver in 1993 and now operates more than 2,200 restaurants. For more
information, visit Chipotle.com.

Contacts

Chipotle Mexican Grill
Chris Arnold, 303-222-5912
carnold@chipotle.com