Pershing Square Activist Presentation Deck

CMG Share Price Performance Since Inception CMG's share price increased 94% in 2019 and 6% year-to-date in 2020¹ Share price CMG share price performance from 8/4/2016 to 2/4/2020 $900 $800 $700 $600 $500 $400 $300 $200 9/6/16: Pershing Square files 13D after market close with a 9.9% stake 12/16/16: CMG announces four new directors added to its board, including Ali Namvar and Matthew Paull from Pershing Square 12/12/16: Steve Ells named sole CEO; Monty Moran resigns 2/6/19: CMG reports Q4'18 earnings including a return to transaction growth 11/29/17: CMG announces search for new CEO; founder Steve Ells to become Executive Chairman Feb-2018 9/17/19: Carne asada launched ‒‒‒‒‒‒‒‒‒‒ 2/13/18: CMG names Brian Niccol as CEO при 4/25/18: CMG reports Q1'18 earnings and hosts first call with Niccol 3/12/19: Chipotle Rewards loyalty program launched Aug-2016 Feb-2017 Aug-2017 Aug-2018 Feb-2019 Aug-2019 Note: The performance of CMG's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. *Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation. (1) As of 2/4/2020 39 $885 $405* 2/28/18: PSH buys $134mm additional shares at $318, decreasing average cost to $385 Feb-2020

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