Industry News | May 19, 2006

Chipotle Mexican Grill Announces Pricing of Secondary Offering

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Chipotle Mexican Grill, Inc. announced that McDonald's Ventures, LLC and certain of its other stockholders have agreed to sell 4,197,331 shares of its class A common stock, par value $.01 per share, at a price of $61.50 per share. McDonald's Ventures, LLC has agreed to sell 4,100,000 shares.

Chipotle will not receive any proceeds from the offering.

The underwriters in the offering have an over-allotment option to purchase an additional 629,599 class A shares from McDonald's Ventures, LLC.

The offering was made through an underwriting syndicate led by Morgan Stanley & Co. Incorporated and Cowen and Company, LLC. The other co-managing underwriters in the syndicate were Banc of America Securities LLC, Citigroup Global Markets, Inc., J.P. Morgan Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Suntrust Capital Markets, Inc.

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