Chipotle 2006 Annual Report Download - page 25

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COMPARISON OF CUMULATIVE TOTAL RETURN
The following graph compares the cumulative annual stockholders return on our classes of common stock
from the dates trading began on the NYSE (January 26, 2006 for class A and October 12, 2006 for class B)
through December 31, 2006 to that of the total return index for the Russell 2000 and the S&P SmallCap 600
Restaurants Index assuming an investment of $100 on the date each class of stock began trading publicly. In
calculating total annual stockholder return, reinvestment of dividends, if any, is assumed. The indices are
included for comparative purpose only. They do not necessarily reflect management’s opinion that such indices
are an appropriate measure of the relative performance of the class A or class B common stock. This graph is not
“soliciting material,” is not deemed filed with the Securities and Exchange Commission and is not to be
incorporated by reference in any of our filings under the Securities Act of 1933, as amended, or the Securities
Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general
incorporation language in any such filing.
COMPARISON OF 11 MONTH CUMULATIVE TOTAL RETURN*
Among Chipotle Mexican Grill, Inc., The Russell 2000 Index
And The S & P SmallCap 600 Restaurants
$70 1/06 1/06 2/06 3/06 4/06 5/06 6/06 7/06 8/06 9/06 10/12/06 10/06 11/06 12/06
$80
$90
$100
$110
$120
$130
$140
$150
Chipotle Mexican Grill, Inc Class A Chipotle Mexican Grill, Inc Class B
Russell 2000 S & P SmallCap 600 Restaurants
* $100 invested at the closing price of class A common stock on 1/26/06 and at the closing price of class B common stock on 10/12/06.
Use of Proceeds from Sale of Registered Securities
On January 30, 2006, we completed the initial public offering of our class A common stock, $0.01 par
value, pursuant to our Registration Statement on Form S-1, as amended (Reg. No. 333-129221) that was declared
effective on January 25, 2006. We sold 6,060,606 shares in the offering at a price to the public of $22.00. The
managing underwriters in the offering were Morgan Stanley and SG Cowen & Co.
The net proceeds received by us in the offering were $120.9 million, determined as follows (in millions):
Aggregate offering proceeds to the Company .............................. $133.3
Underwriting discounts and commissions ................................. 9.3
Finders fee ......................................................... —
Other fees and expenses ............................................... 3.1
Total expenses ...................................................... 12.4
Net proceeds to the Company .......................................... $120.9
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