<SEC-DOCUMENT>0001058090-16-000091.txt : 20161219
<SEC-HEADER>0001058090-16-000091.hdr.sgml : 20161219
<ACCEPTANCE-DATETIME>20161219105341
ACCESSION NUMBER:		0001058090-16-000091
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20161219
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161219
DATE AS OF CHANGE:		20161219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHIPOTLE MEXICAN GRILL INC
		CENTRAL INDEX KEY:			0001058090
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				841219301
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32731
		FILM NUMBER:		162058092

	BUSINESS ADDRESS:	
		STREET 1:		1401 WYNKOOP
		STREET 2:		SUITE 500
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
		BUSINESS PHONE:		3035954000

	MAIL ADDRESS:	
		STREET 1:		1401 WYNKOOP
		STREET 2:		SUITE 500
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cmg-20161219x8k.htm
<DESCRIPTION>8-K
<TEXT>
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			8-K_121816
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">Pursuant to Section&nbsp;13 or 15(d) of the</font>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">Date of Report (Date of earliest event reported): </font><font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">December </font><font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">14</font><font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">, 2016</font>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:24pt;">CHIPOTLE MEXICAN GRILL, INC.</font>
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		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;">(Exact name of registrant as specified in its charter)</font>
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						<font style="display: inline;font-weight:bold;color:#000000;">1-32731</font></p>
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						<font style="display: inline;font-weight:bold;color:#000000;">84-1219301</font></p>
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						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">incorporation)</font></p>
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						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">File Number)</font></p>
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						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">(I.R.S. Employer</font></p>
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						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Identification No.)</font></p>
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			<font style="display: inline;font-weight:bold;color:#000000;">1401 Wynkoop Street, Suite 500</font>
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			<font style="display: inline;font-weight:bold;color:#000000;">Denver, CO 80202</font>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">(Address of principal executive offices) (Zip Code)</font>
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		<p style="margin:13.2pt 0pt 0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Registrant&#x2019;s telephone number, including area code: (303)&nbsp;595-4000</font>
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		<p style="margin:13.2pt 0pt 0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Not Applicable</font>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">(Former name or former address, if changed since last report)</font>
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		<p style="margin:13.2pt 0pt 0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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			<font style="display: inline;font-weight:bold;color:#000000;">Item&nbsp;1.01.</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;">Entry Into a Material Definitive Agreement.</font><font style="display: inline;font-weight:bold;color:#000000;">&nbsp;</font>
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			<font style="display: inline;color:#000000;">On December 14, 2016, </font><font style="display: inline;color:#000000;">Chipotle Mexican Grill, Inc. </font><font style="display: inline;color:#000000;">and Pershing Square </font><font style="display: inline;color:#000000;">Capital Management, L.P. </font><font style="display: inline;color:#000000;">(together with funds it advises, &#x201C;Pershing Square&#x201D;) </font><font style="display: inline;color:#000000;">entered into </font><font style="display: inline;color:#000000;">a</font><font style="display: inline;color:#000000;"> &nbsp;l</font><font style="display: inline;color:#000000;">etter </font><font style="display: inline;color:#000000;">of a</font><font style="display: inline;color:#000000;">greement </font><font style="display: inline;color:#000000;">(referred to herein as the &#x201C;Investor Agreement&#x201D;) </font><font style="display: inline;color:#000000;">regarding nominations to Chipotle&#x2019;s Board of Directors and a number of related matters.&nbsp; </font>
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		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;color:#000000;">The </font><font style="display: inline;color:#000000;">Investor A</font><font style="display: inline;color:#000000;">greement </font><font style="display: inline;color:#000000;">provid</font><font style="display: inline;color:#000000;">es</font><font style="display: inline;color:#000000;"> for the nominations of </font><font style="display: inline;color:#000000;">Ali</font><font style="display: inline;color:#000000;"> Namvar and </font><font style="display: inline;color:#000000;">Matt</font><font style="display: inline;color:#000000;">hew</font><font style="display: inline;color:#000000;"> Paull for election to </font><font style="display: inline;color:#000000;">Chipotle&#x2019;s </font><font style="display: inline;color:#000000;">Board at the 2017 annual meeting of </font><font style="display: inline;color:#000000;">shareholders </font><font style="display: inline;color:#000000;">and </font><font style="display: inline;color:#000000;">the </font><font style="display: inline;color:#000000;">2018 annual meeting of </font><font style="display: inline;color:#000000;">shareholders</font><font style="display: inline;color:#000000;">, a procedure for replacing Mr. Namvar with a successor director in certain cases</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> and specified voting obligations of Pershing Square with respect to </font><font style="display: inline;color:#000000;">Chipotle&#x2019;s </font><font style="display: inline;color:#000000;">annual </font><font style="display: inline;color:#000000;">shareholder </font><font style="display: inline;color:#000000;">meetings.</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font><font style="display: inline;color:#000000;">In accordance with the </font><font style="display: inline;color:#000000;">Investor A</font><font style="display: inline;color:#000000;">greement, Pershing Square has </font><font style="display: inline;color:#000000;">further </font><font style="display: inline;color:#000000;">agreed to cause the resignation of Mr. Namvar </font><font style="display: inline;color:#000000;">from Chipotle&#x2019;s Board </font><font style="display: inline;color:#000000;">in the event Pershing Square&#x2019;s ownership of </font><font style="display: inline;color:#000000;">Chipotle&#x2019;s </font><font style="display: inline;color:#000000;">outstanding common stock falls below 5%.&nbsp; </font>
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			<font style="display: inline;color:#000000;">&nbsp;</font>
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			<font style="display: inline;color:#000000;">Under the </font><font style="display: inline;color:#000000;">Investor A</font><font style="display: inline;color:#000000;">greement, Pershing Square is also subject to specified standstill restrictions lasting generally until the later of the advance notice period for nominating directors at </font><font style="display: inline;color:#000000;">Chipotle&#x2019;s </font><font style="display: inline;color:#000000;">2019 annual meeting of shareholders and a specified period after Pershing Square ceases to have any representatives serving on </font><font style="display: inline;color:#000000;">Chipotle&#x2019;s </font><font style="display: inline;color:#000000;">Board.</font>
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			<font style="display: inline;color:#000000;">&nbsp;</font>
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			<font style="display: inline;color:#000000;">Concurrent with the </font><font style="display: inline;color:#000000;">Investor A</font><font style="display: inline;color:#000000;">greement, </font><font style="display: inline;color:#000000;">Chipotle </font><font style="display: inline;color:#000000;">and Pershing Square </font><font style="display: inline;color:#000000;">also </font><font style="display: inline;color:#000000;">entered into a </font><font style="display: inline;color:#000000;">C</font><font style="display: inline;color:#000000;">onfidentiality </font><font style="display: inline;color:#000000;">A</font><font style="display: inline;color:#000000;">greement</font><font style="display: inline;color:#000000;"> allowing Pershing Square to receive non-public information regarding Chipotle, subject to specified </font><font style="display: inline;color:#000000;">confidentiality obligations</font><font style="display: inline;color:#000000;">. T</font><font style="display: inline;color:#000000;">he form </font><font style="display: inline;color:#000000;">of the Confidentiality Agreement </font><font style="display: inline;color:#000000;">is included as an exhibit to </font><font style="display: inline;color:#000000;">the </font><font style="display: inline;color:#000000;">Investor </font><font style="display: inline;color:#000000;">Agreement.</font>
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			<font style="display: inline;color:#000000;">The </font><font style="display: inline;color:#000000;">Investor </font><font style="display: inline;color:#000000;">Agreement contains various other obligations and provisions applicable to </font><font style="display: inline;color:#000000;">Chipotle </font><font style="display: inline;color:#000000;">and Pershing Square.</font>
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			<font style="display: inline;color:#000000;">&nbsp;</font>
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			<font style="display: inline;color:#000000;">The foregoing description</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;"> of the </font><font style="display: inline;color:#000000;">Investor </font><font style="display: inline;color:#000000;">Agreement and the Confidentiality Agreement are qualified in their entirety by reference to the full text of the </font><font style="display: inline;color:#000000;">Investor </font><font style="display: inline;color:#000000;">Agreement (including the form of Confidentiality Agreement included as an exhibit </font><font style="display: inline;color:#000000;">there</font><font style="display: inline;color:#000000;">to), which is attached hereto as Exhibit </font><font style="display: inline;color:#000000;">10</font><font style="display: inline;color:#000000;">.1 and is incorporated by reference herein.</font>
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			<font style="display: inline;font-weight:bold;color:#000000;">Item&nbsp;5.0</font><font style="display: inline;font-weight:bold;color:#000000;">2</font><font style="display: inline;font-weight:bold;color:#000000;">.</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;font-weight:bold;color:#000000;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</font><font style="display: inline;font-weight:bold;color:#000000;">.</font><font style="display: inline;font-weight:bold;color:#000000;">&nbsp;</font>
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			<font style="display: inline;color:#000000;">On December 1</font><font style="display: inline;color:#000000;">4</font><font style="display: inline;color:#000000;">, 2016, Chipotle Mexican Grill, Inc. </font><font style="display: inline;color:#000000;">appointed four new members </font><font style="display: inline;color:#000000;">to</font><font style="display: inline;color:#000000;"> its Board of Directors: Paul Cappuccio, Robin Hickenlooper, Ali Namvar, and Matthew Paull</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;"> &nbsp;Messrs. Na</font><font style="display: inline;color:#000000;">mvar and Paul were appointed to the Board </font><font style="display: inline;color:#000000;">at the request of Pershing Square and </font><font style="display: inline;color:#000000;">in connection with the </font><font style="display: inline;color:#000000;">Investor </font><font style="display: inline;color:#000000;">A</font><font style="display: inline;color:#000000;">greement</font><font style="display: inline;color:#000000;"> described in Item 1.01, above; t</font><font style="display: inline;color:#000000;">here </font><font style="display: inline;color:#000000;">are</font><font style="display: inline;color:#000000;"> no arrangement</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;"> or understanding</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;"> with any person pursuant to which M</font><font style="display: inline;color:#000000;">r. Cappuccio or M</font><font style="display: inline;color:#000000;">s. </font><font style="display: inline;color:#000000;">Hicke</font><font style="display: inline;color:#000000;">n</font><font style="display: inline;color:#000000;">looper</font><font style="display: inline;color:#000000;"> &nbsp;w</font><font style="display: inline;color:#000000;">ere</font><font style="display: inline;color:#000000;"> appointed </font><font style="display: inline;color:#000000;">to </font><font style="display: inline;color:#000000;">the Board</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;"> &nbsp;S</font><font style="display: inline;color:#000000;">ince the beginning of the last fiscal year, there have been no related party transactions between </font><font style="display: inline;color:#000000;">Chipotle </font><font style="display: inline;color:#000000;">and any of the </font><font style="display: inline;color:#000000;">n</font><font style="display: inline;color:#000000;">ew</font><font style="display: inline;color:#000000;">ly-appointed</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">d</font><font style="display: inline;color:#000000;">irectors that would be reportable under Item 404(a) of Regulation S-K.</font><font style="display: inline;color:#000000;"> &nbsp;The new director appointments increase the size of Chipotle&#x2019;s Board to 12 members.&nbsp;&nbsp;The Board has not yet made determinations regarding the appointment of any of the four newly-appointed directors</font><font style="display: inline;color:#000000;"> to any committees of </font><font style="display: inline;color:#000000;">the </font><font style="display: inline;color:#000000;">Board.</font>
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			<font style="display: inline;color:#000000;">Each new director</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">other than Mr. Namvar </font><font style="display: inline;color:#000000;">will receive compensation as an outside director of Chipotle</font><font style="display: inline;color:#000000;"> under the director compensation policies and programs as adopted by the Board from time to time</font><font style="display: inline;color:#000000;">. &nbsp;</font><font style="display: inline;color:#000000;">The current Board Pay Policies are filed as Exhibit 10.1 to Chipotle&#x2019;s Quarterly Report on Form 10-Q for the three months ended March 31, 2015, filed with the Securities and Exchange Commission on April 22, 2015.</font><font style="display: inline;color:#000000;"> &nbsp;Mr. Namvar will waive his right to compensation as a member of the Board.</font>
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			<font style="display: inline;color:#000000;">Each new director</font><font style="display: inline;color:#000000;"> will also execute Chipotle&#x2019;s standard form Indemnification Agreement for officers and directors</font><font style="display: inline;color:#000000;">, the form of which is filed as Exhibit 10.1 to Chipotle&#x2019;s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 21, 2007.</font>
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			<font style="display: inline;color:#000000;">On December 16, 2016, </font><font style="display: inline;color:#000000;">Chipotle </font><font style="display: inline;color:#000000;">issued a press release announcing the matters addressed above. </font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">A copy of the press release is </font><font style="display: inline;color:#000000;">attached hereto as Exhibit 99.1 and is </font><font style="display: inline;color:#000000;">incorporated by reference herein.</font>
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			<font style="display: inline;font-weight:bold;">Item&nbsp;9.01.</font><font style="display: inline;font-weight:bold;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;">Financial Statements and Exhibits. </font>
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						<font style="display: inline;">Exhibit&nbsp;</font><font style="display: inline;">10</font><font style="display: inline;">.</font><font style="display: inline;">1</font><font style="display: inline;">&nbsp;</font></p>
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						<font style="display: inline;">&nbsp; &nbsp;</font></p>
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						<font style="display: inline;">Investor A</font><font style="display: inline;">greement dated December 14, 2016</font></p>
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						<font style="display: inline;">Exhibit&nbsp;99.1 </font></p>
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						<font style="display: inline;">&nbsp; &nbsp;</font></p>
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						<font style="display: inline;">Press Release </font><font style="display: inline;">d</font><font style="display: inline;">ated December 16, 2016</font></p>
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		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;font-weight:bold;color:#000000;">SIGNATURE</font>
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			<font style="display: inline;color:#000000;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font>
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						<font style="display: inline;">&nbsp;</font></p>
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						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:3.30pt;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="bottom" style="width:07.85pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:3.30pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:3.30pt;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="middle" style="width:27.65pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:3.30pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:3.30pt;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:3.30pt;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="middle" style="width:219.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:3.30pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:3.30pt;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:229.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="bottom" style="width:05.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="5" valign="top" style="width:281.15pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">Chipotle Mexican Grill, Inc.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:229.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:3.30pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:3.30pt;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="middle" style="width:26.05pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:3.30pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:3.30pt;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td colspan="2" valign="middle" style="width:18.45pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:3.30pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:3.30pt;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td colspan="4" valign="middle" style="width:265.70pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:3.30pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:3.30pt;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:229.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;color:#000000;">December 19</font><font style="display: inline;font-style:italic;color:#000000;">, 2016</font></p>
				</td>
				<td valign="bottom" style="width:05.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="bottom" style="width:03.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="width:15.45pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">By:</font></p>
				</td>
				<td valign="bottom" style="width:07.85pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:257.80pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">/s/ Jack Hartung</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:229.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:13.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:13.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:13.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="bottom" style="width:03.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:13.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="width:15.45pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:13.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="bottom" style="width:07.85pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:13.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.65pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:13.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;color:#000000;">Name:</font></p>
				</td>
				<td valign="bottom" style="width:10.35pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:13.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;color:#000000;font-size:8pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:219.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:13.50pt;padding:0pt;">
					<p style="margin:0pt 0pt 1.1pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;color:#000000;">Jack Hartung</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:229.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="bottom" style="width:05.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="bottom" style="width:20.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="bottom" style="width:03.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.45pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="bottom" style="width:07.85pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:27.65pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;color:#000000;">Title:</font></p>
				</td>
				<td valign="bottom" style="width:10.35pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;color:#000000;font-size:8pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:219.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;color:#000000;">Chief Financial Officer</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Exhibit Index</font>
		</p>
		<p style="margin:12pt 0pt 0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;">
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:14.16%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Exhibit&nbsp;10.1 </font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp; &nbsp;</font></p>
				</td>
				<td valign="top" style="width:85.00%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Investor Agreement dated December 14, 2016</font></p>
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			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:14.16%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Exhibit&nbsp;99.1 </font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp; &nbsp;</font></p>
				</td>
				<td valign="top" style="width:85.00%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Press Release </font><font style="display: inline;">d</font><font style="display: inline;">ated December 16, 2016</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:6.6pt 0pt 0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
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			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
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		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>cmg-20161219xex10_1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<!--HTML document created with Certent Disclosure Management 6.4.0.99-->
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<html>
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			Ex 10.1_12.18.16
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			<a name="HeaderStampPresent"></a><a name="_DraftAndPrivilegeStamp"></a><font style="display: inline;text-decoration:underline;">EXECUTION VERSION</font>

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			<font style="display: inline;">December</font><font style="display: inline;"> &nbsp;1</font><font style="display: inline;">4</font><font style="display: inline;">, 2016</font>
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			<font style="display: inline;">Pershing Square Capital Management, L.P.</font><br /><font style="display: inline;">888 Seventh Avenue, 42nd Floor</font><br /><font style="display: inline;">New York, New York&nbsp;&nbsp;10019</font><br /><font style="display: inline;">Attn:&nbsp;&nbsp;William A. Ackman</font>
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			<font style="display: inline;">Ladies and Gentlemen:</font>
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			<font style="display: inline;">Chipotle Mexican Grill, Inc. (the &#x201C;</font><font style="display: inline;text-decoration:underline;">Company</font><font style="display: inline;">&#x201D;), on the one hand, and Pershing Square Capital Management, L.P. (&#x201C;</font><font style="display: inline;text-decoration:underline;">Pershing Square</font><font style="display: inline;">&#x201D;), as investment advisor of the funds it advises (such funds, together with Pershing Square, collectively, the &#x201C;</font><font style="display: inline;text-decoration:underline;">Pershing Square Group</font><font style="display: inline;">&#x201D;), on the other hand, have mutually agreed to the terms contained in this letter agreement (this &#x201C;</font><font style="display: inline;text-decoration:underline;">Letter Agreement</font><font style="display: inline;">&#x201D;).&nbsp;&nbsp;For purposes of this Letter Agreement, we refer to each of the Company and the Pershing Square Group as a &#x201C;</font><font style="display: inline;text-decoration:underline;">Party</font><font style="display: inline;">&#x201D; and, collectively, as the &#x201C;</font><font style="display: inline;text-decoration:underline;">Parties</font><font style="display: inline;">.</font><font style="display: inline;">&#x201D;</font>
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				<font style="margin:12pt 0pt 0pt;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> 1.</font>
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			<font style="display: inline;text-decoration:underline;color:#000000;">Board Matters</font><font style="display: inline;color:#000000;">.&nbsp; </font></p></td></tr></table></div>
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			<font style="text-indent:0pt;margin-left:0pt; padding-right:23pt;"><font style="display: inline;color:#000000;">(a)</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;color:#000000;">As of the date of this Letter Agreement, the board of directors (&#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Board of Directors</font><font style="display: inline;color:#000000;">&#x201D;) of the Company has duly appointed </font><font style="display: inline;color:#000000;">Ali Namvar</font><font style="display: inline;color:#000000;">, Matthew H. Paull, </font><font style="display: inline;color:#000000;">Robin Hickenlooper</font><font style="display: inline;color:#000000;"> and </font><font style="display: inline;color:#000000;">Paul Cappuccio</font><font style="display: inline;color:#000000;"> (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">New Directors</font><font style="display: inline;color:#000000;">&#x201D;)</font><font style="display: inline;color:#000000;"> as directors of the Company with terms expiring at the Company</font><font style="display: inline;color:#000000;">&#x2019;</font><font style="display: inline;color:#000000;">s next annual meeting of stockholders (including any adjournments or postponements thereof, the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">2017 Annual Meeting</font><font style="display: inline;color:#000000;">&#x201D;) and expanded the size of the Board to permit the appointment of the </font><font style="display: inline;color:#000000;">New Directors. </font></font>
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			<font style="text-indent:0pt;margin-left:0pt; padding-right:29pt;"><font style="display: inline;color:#000000;">(</font><font style="display: inline;color:#000000;">b</font><font style="display: inline;color:#000000;">)</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">Following</font><font style="display: inline;color:#000000;"> the execution of this Letter Agreement, the Board of Directors, collectively and in good faith, shall determine </font><font style="display: inline;color:#000000;">Board committee memberships for the New Directors</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">taking into account </font><font style="display: inline;color:#000000;">their relevant experience and the needs of the Company.</font></font>
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			<font style="text-indent:0pt;margin-left:0pt; padding-right:29pt;"><font style="display: inline;color:#000000;">(</font><font style="display: inline;color:#000000;">c</font><font style="display: inline;color:#000000;">)</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;color:#000000;">The Company will include </font><font style="display: inline;color:#000000;">Ali Namvar</font><font style="display: inline;color:#000000;"> and Matthew H. Paull on the slate of nominees recommended by the Board of Directors in the Company</font><font style="display: inline;color:#000000;">&#x2019;</font><font style="display: inline;color:#000000;">s proxy statement and on its proxy card relating to the 2017 Annual Meeting</font><font style="display: inline;color:#000000;"> and</font><font style="display: inline;color:#000000;"> the 2018 annual meeting of stockholders (including any adjournments or postponements thereof, the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">2018 Annual Meeting</font><font style="display: inline;color:#000000;">&#x201D;)</font><font style="display: inline;color:#000000;">, subject to </font><font style="display: inline;color:#000000;">Ali Namvar</font><font style="display: inline;color:#000000;"> and Matthew H. Paull (i)&nbsp;providing to the Company all </font>
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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:12pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">information regarding </font><font style="display: inline;">Ali Namvar</font><font style="display: inline;"> and Matthew H. Paull that the Company is entitled to receive from all other directors regarding each of them and is required to be included in a proxy statement filed pursuant to the proxy rules of the Securities and Exchange Commission (the &#x201C;</font><font style="display: inline;text-decoration:underline;">SEC</font><font style="display: inline;">&#x201D;)</font><font style="display: inline;">, including consents to be named in the Company</font><font style="display: inline;">&#x2019;</font><font style="display: inline;">s proxy statement for the applicable annual meeting and to serve as a director of the Company if elected</font><font style="display: inline;"> and (ii) executing all documents required to be executed by directors nominated for election at the 2017 Annual Meeting</font><font style="display: inline;"> and the 2018 Annual Meeting</font><font style="display: inline;">, such documents to be in substantially the same form as documents executed and provided by directors in connection with the prior year</font><font style="display: inline;">&#x2019;</font><font style="display: inline;">s annual meeting of stockholders and provided by the Company to Pershing Square prior to the date hereof</font><font style="display: inline;"> and prior to the applicable annual meeting (such conditions, the &#x201C;</font><font style="display: inline;text-decoration:underline;">Director Nomination Conditions</font><font style="display: inline;">&#x201D;)</font><font style="display: inline;">.&nbsp; </font><font style="display: inline;">Subject to the Director Nomination Conditions, t</font><font style="display: inline;">he Company shall use its reasonable </font><font style="display: inline;">best </font><font style="display: inline;">efforts to cause the election of </font><font style="display: inline;">Ali Namvar</font><font style="display: inline;"> and Matthew H. Paull at such meeting (including listing such persons in the proxy statement and proxy card prepared, filed and delivered in connection with such meeting and </font><font style="display: inline;">advocating</font><font style="display: inline;"> that the Company</font><font style="display: inline;">&#x2019;</font><font style="display: inline;">s stockholders vote in favor of the election of such individuals along with all other Company nominees (and otherwise supporting each of them for election in a manner no less rigorous and favorable </font><font style="display: inline;">than the manner in which the Company supports its other nominees</font><font style="display: inline;"> in the aggregate</font><font style="display: inline;">)</font><font style="display: inline;">)</font><font style="display: inline;">.&nbsp;&nbsp;The Pershing Square Group acknowledges that the policies and procedures applicable to other directors </font><font style="display: inline;">(collectively, &#x201C;</font><font style="display: inline;text-decoration:underline;">Company Policies</font><font style="display: inline;">&#x201D;) </font><font style="display: inline;">will be applicable to </font><font style="display: inline;">Ali Namvar</font><font style="display: inline;"> and Matthew H. Paull as well</font><font style="display: inline;"> during their respective terms of service.&nbsp; </font><font style="display: inline;">The Company represents and warrants that all Company Policies currently in effect are publicly available on the Company&#x2019;s website or described in the Company&#x2019;s proxy statement filed with the SEC on March 24, 2016, or have otherwise been provided to the Pershing Square Group.&nbsp;&nbsp;The Company will not alter or adopt any Company Policies or its by-laws in a manner that would interfere with the purpose of this Letter Agreement.</font></p>
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			<font style="text-indent:0pt;margin-left:0pt; padding-right:29pt;"><font style="display: inline;">(</font><font style="display: inline;">d</font><font style="display: inline;">)</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;"></font><font style="display: inline;">If</font><font style="display: inline;"> the Pershing Square Group</font><font style="display: inline;">&#x2019;</font><font style="display: inline;">s beneficial ownership of common stock, par value $0.01 per share, of the Company (&#x201C;</font><font style="display: inline;text-decoration:underline;">Common Stock</font><font style="display: inline;">&#x201D;) is</font><font style="display: inline;"> less</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">than </font><font style="display: inline;">5</font><font style="display: inline;">.</font><font style="display: inline;">0</font><font style="display: inline;">% (the &#x201C;</font><font style="display: inline;text-decoration:underline;">Minimum Ownership Requirement</font><font style="display: inline;">&#x201D;) </font><font style="display: inline;">of the outstanding Common Stock (other than as a result of an issuance of shares by the Company or similar transaction)</font><font style="display: inline;">, the Pershing Square Group shall (i) promptly notify the Company that the Pershing Square Group ceases to satisfy the Minimum Ownership Requirement and (ii) cause Ali Namvar to tender his resignation from the Board of Directors. Any written resignation tendered by Ali Namvar to the Board of Directors shall be deemed immediately effective and be deemed accepted by the Board of Directors immediately</font><font style="display: inline;">.</font><font style="display: inline;"> &nbsp;In furtherance of the foregoing, the Pershing Square Group represents and warrants to the Company that it has the power to, and shall, ensure that the foregoing resignation occurs and agree that the Board may treat Ali Namvar as not validly on the Board of Directors in the event the Minimum Ownership Requirement ceases to be met, including if Pershing Square Group fails to cause Ali Namvar to leave the Board. For the avoidance of doubt, the Company&#x2019;s obligations under paragraphs 1(c) and 1(f) of this Letter Agreement shall cease once the Pershing Square Group ceases to meet the Minimum Ownership Requirement.&nbsp;&nbsp;Upon the request of the Company, the Pershing Square Group will apprise the Company of its beneficial ownership with respect to the Company&#x2019;s securities so that the Company may assess whether this Section 1(d) has been triggered.</font></font>
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		<p style="margin:6pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="text-indent:0pt;margin-left:0pt; padding-right:29pt;"><font style="display: inline;font-size:12pt;">(</font><font style="display: inline;font-size:12pt;">e</font><font style="display: inline;font-size:12pt;">)</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;font-size:12pt;">At the 2017 Annual Meeting</font><font style="display: inline;font-size:12pt;"> and the </font><font style="display: inline;font-size:12pt;">2018 annual meeting of stockholders (including any adjournments or postponements thereof, the &#x201C;2018 Annual Meeting&#x201D;)</font><font style="display: inline;font-style:italic;font-size:12pt;">, &nbsp;</font><font style="display: inline;font-size:12pt;">each member of the Pershing Square Group will (i)&nbsp;cause, in the case of all shares of Common Stock owned of record, and (ii)&nbsp;cause the record owner, in the case of all shares of Common Stock beneficially owned but not owned of record, in each case directly or indirectly, by it or by any of its controlled affiliates, as of the record date for the</font><font style="display: inline;font-size:12pt;"> applicable</font><font style="display: inline;font-size:12pt;">&nbsp;</font><font style="display: inline;font-size:12pt;">annual</font><font style="display: inline;font-size:12pt;">&nbsp;</font><font style="display: inline;font-size:12pt;">meeting</font><font style="display: inline;font-size:12pt;">, (x) to be present for quorum purposes and (y) voted in favor of all nominees of the Company in its proxy statement for the </font><font style="display: inline;font-size:12pt;">applicable annual meeting</font><font style="display: inline;font-size:12pt;"> for election to the Board of Directors at the </font><font style="display: inline;font-size:12pt;">applicable annual meeting</font><font style="display: inline;font-size:12pt;">&nbsp;</font><font style="display: inline;font-size:12pt;">and </font><font style="display: inline;font-size:12pt;">in favor of routine management proposals (including compensation</font><font style="display: inline;font-size:12pt;">-related</font><font style="display: inline;font-size:12pt;"> matters) and </font><font style="display: inline;font-size:12pt;">against (</font><font style="display: inline;font-size:12pt;">A</font><font style="display: inline;font-size:12pt;">) any stockholder nominations for director which are not recommended by the Board of Directors for election at the </font><font style="display: inline;font-size:12pt;">applicable annual meeting</font><font style="display: inline;font-size:12pt;">, (</font><font style="display: inline;font-size:12pt;">B</font><font style="display: inline;font-size:12pt;">) any proposals or resolutions to remove any member of the Board of Directors and (</font><font style="display: inline;font-size:12pt;">C</font><font style="display: inline;font-size:12pt;">) any other proposals that are not recommended by the Board of Directors.&nbsp;&nbsp;Except as required by applicable law or the Company</font><font style="display: inline;font-size:12pt;">&#x2019;</font><font style="display: inline;font-size:12pt;">s organizational documents, the Company shall not call or hold any interim special meeting of stockholders during which any election of directors would occur. </font></font>
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			<font style="text-indent:0pt;margin-left:0pt; padding-right:29pt;"><font style="display: inline;">(</font><font style="display: inline;">f</font><font style="display: inline;">)</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;">If </font><font style="display: inline;">prior to the Standstill Termination Date Ali Namvar</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">is unable</font><font style="display: inline;"> to </font><font style="display: inline;">serve as</font><font style="display: inline;"> a member of the Board of Directors before </font><font style="display: inline;">his</font><font style="display: inline;"> term expires (other than due to </font><font style="display: inline;">(x) </font><font style="display: inline;">a resignation </font><font style="display: inline;">from the Board of Directors </font><font style="display: inline;">pursuant to Section 1(</font><font style="display: inline;">d</font><font style="display: inline;">) or (y) a resignation from the Board of Directors over a disagreement with the Board or management</font><font style="display: inline;">), the Pershing Square Group shall be entitled to </font><font style="display: inline;">have</font><font style="display: inline;"> another individual </font><font style="display: inline;">appointed</font><font style="display: inline;"> to the Board of Directors (a &#x201C;</font><font style="display: inline;text-decoration:underline;">Successor Director</font><font style="display: inline;">&#x201D;) who is (i) acceptable to the Nominating and Corporate Governance Committee</font><font style="display: inline;"> and the Board of Directors</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">acting in good faith, </font><font style="display: inline;">(ii) has no disqualifying attributes relating to his or her reputation, integrity and competence and has experience relevant to </font><font style="display: inline;">serving as a director</font><font style="display: inline;"> of the Company</font><font style="display: inline;">,</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">(iii) meets all director independence and other standards of the New York Stock Exchange </font><font style="display: inline;">(the &#x201C;</font><font style="display: inline;text-decoration:underline;">NYSE</font><font style="display: inline;">&#x201D;) </font><font style="display: inline;">and the SEC</font><font style="display: inline;"> and (iv) has provided the other customary materials and information (including completion of D&amp;O questionnaires, participation in a background check and other customary process such as interviews to the extent </font><font style="display: inline;">reasonably </font><font style="display: inline;">requested by the Board or the Nominating and Corporate Governance Committee)</font><font style="display: inline;">, to serve as a director of the Company in place of </font><font style="display: inline;">Ali Namvar (with it being understood that</font><font style="display: inline;"> (A) the appointment of any individual satisfying the criteria set forth above shall not be unreasonably denied and (B)</font><font style="display: inline;"> if a proposed replacement is not appointed to the Board</font><font style="display: inline;"> of Directors</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">the Pershing Square Group shall be entitled to continue </font><font style="display: inline;">proposing</font><font style="display: inline;"> replacements for consideration by the Board) </font><font style="display: inline;">and all references to </font><font style="display: inline;">Ali Namvar</font><font style="display: inline;">, for purposes of this Letter Agreement, shall be deemed references to such Successor Director</font><font style="display: inline;">.</font></font>
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			<font style="text-indent:0pt;margin-left:0pt; padding-right:29pt;"><font style="display: inline;">(</font><font style="display: inline;">g</font><font style="display: inline;">)</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;">The Company shall notify the Pershing Square Group in writing no less than </font><font style="display: inline;">45</font><font style="display: inline;"> calendar days before the advance notice deadline</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">set forth in the Company</font><font style="display: inline;">&#x2019;</font><font style="display: inline;">s by-laws </font><font style="display: inline;">as then in effect </font><font style="display: inline;">for stockholders to nominate</font><font style="display: inline;"> non-proxy access</font><font style="display: inline;"> candidates for the </font><font style="display: inline;">2019</font><font style="display: inline;"> annual meeting of stockholders (</font><font style="display: inline;">such </font><font style="display: inline;">advance notice deadline, the &#x201C;</font><font style="display: inline;text-decoration:underline;">2019</font><font style="display: inline;text-decoration:underline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">Advance Notice Bylaws Deadline</font><font style="display: inline;">&#x201D;</font><font style="display: inline;"> and such meeting, including any adjournments or postponements thereof, the &#x201C;</font><font style="display: inline;text-decoration:underline;">2019 Annual Meeting</font><font style="display: inline;">&#x201D;</font><font style="display: inline;">) &nbsp;</font><font style="display: inline;">whether</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Ali Namvar</font><font style="display: inline;"> and Matthew H. Paull are to be nominated by the Company for election as directors at such meeting</font><font style="display: inline;">, subject to the Director Nomination Conditions as would be applicable to the 2019 Annual Meeting</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">Upon such notification, Pershing Square shall notify the Company in writing no less than 30 calendar </font>
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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:12pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">days before the </font><font style="display: inline;">2019</font><font style="display: inline;"> Advance Notice Bylaws Deadline if </font><font style="display: inline;">Ali Namvar</font><font style="display: inline;"> has agreed to stand for election as a director at t</font><font style="display: inline;">he </font><font style="display: inline;">2019</font><font style="display: inline;"> Annual Meeting.&nbsp;&nbsp;If so notified that </font><font style="display: inline;">Ali Namvar</font><font style="display: inline;"> has agreed to stand for election as a director at the </font><font style="display: inline;">2019</font><font style="display: inline;"> Annual Meeting</font><font style="display: inline;">, the Company shall use its reasonable best efforts to cause the election of </font><font style="display: inline;">Ali Namvar</font><font style="display: inline;"> and Matthew H. Paull</font><font style="display: inline;"> (to the extent Matthew H. Paull agree to stand for election)</font><font style="display: inline;"> at such meeting (including listing such persons in the proxy statement and proxy card prepared, filed and delivered in connection with such meeting and </font><font style="display: inline;">advocating</font><font style="display: inline;"> that the Company</font><font style="display: inline;">&#x2019;</font><font style="display: inline;">s stockholders vote in favor of the election of such individuals along with all other Company nominees (and otherwise supporting each of them for election in a manner no less rigorous and favorable than the manner in which the Company supports its other nominees in the aggregate)</font><font style="display: inline;">)</font><font style="display: inline;">.</font><font style="display: inline;">&nbsp;</font></p>
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		<p style="margin:6pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:23pt;"><font style="display: inline;font-size:12pt;">(h)</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;font-size:12pt;">Until the Standstill Termination Date, the Pershing Square Group will not and shall cause its controlled affiliates, managing members, advisory board members, partners (other than partners who are solely limited partners), directors, officers and employees not to, and will direct its agents and representatives not to, directly or indirectly, absent prior written consent by the Board of Directors or the Company: (i) purchase or cause to be purchased or otherwise agree to acquire beneficial ownership of Common Stock such that, giving effect to such purchase or acquisition, the Pershing Square Group</font><font style="display: inline;font-size:12pt;">&#x2019;</font><font style="display: inline;font-size:12pt;">s beneficial ownership of Common Stock would exceed </font><font style="display: inline;font-size:12pt;">1</font><font style="display: inline;font-size:12pt;">2.9</font><font style="display: inline;font-size:12pt;">% of the outstanding Common Stock; (ii) enter into or maintain any economic, compensatory, pecuniary or other arrangements with any directors or nominees for director of the Company that depend, directly or indirectly, on the performance of the Company or its stock price&#x37E; </font><font style="display: inline;font-size:12pt;text-decoration:underline;">provided</font><font style="display: inline;font-style:italic;font-size:12pt;">, &nbsp;</font><font style="display: inline;font-size:12pt;text-decoration:underline;">however</font><font style="display: inline;font-style:italic;font-size:12pt;">, &nbsp;</font><font style="display: inline;font-size:12pt;">that, solely with respect to compensation arrangements for an officer, managing member, partner, employee or advisory board member of the Pershing Square Group who is a director or a director nominee, arrangements based on the value of the funds the Pershing Square Group manages will not be considered to be arrangements covered by this Section 1(h); (iii) other than consistent with the Board of Directors</font><font style="display: inline;font-size:12pt;">&#x2019;</font><font style="display: inline;font-size:12pt;"> recommendation or at the Board of Directors</font><font style="display: inline;font-size:12pt;">&#x2019;</font><font style="display: inline;font-size:12pt;"> direction, solicit proxies, consents or other authority as applicable of stockholders of the Company (including any solicitation asking stockholders to withhold votes on a matter or to vote on a matter), conduct any other type of referendum (binding or non-binding) of stockholders of the Company, become a &#x201C;participant&#x201D; (as such term is defined in Instruction 3 to Item 4 of Schedule 14A promulgated under the Securities Exchange Act of 1934, as amended (the &#x201C;</font><font style="display: inline;font-size:12pt;text-decoration:underline;">Exchange Act</font><font style="display: inline;font-size:12pt;">&#x201D;)) in any such solicitation or referendum or encourage, assist, advise or influence any other person or assist any third party in so doing, or publicly disclose how it intends to vote or act on any such matter; </font><font style="display: inline;font-size:12pt;text-decoration:underline;">provided</font><font style="display: inline;font-style:italic;font-size:12pt;">,</font><font style="display: inline;font-size:12pt;">&nbsp;</font><font style="display: inline;font-size:12pt;text-decoration:underline;">however</font><font style="display: inline;font-size:12pt;">, that Pershing Square may publicly disclose how it intends to vote in any such proxy solicitation or referendum if and to the extent required by applicable subpoena, legal process, other legal requirement or the rules of any securities exchange to which it is subject (except for such requirement that arises as a result of the actions of the Pershing Square Group otherwise in violation of this Letter Agreement); (iv) seek to call a special meeting of stockholders or take action by the written consent of the stockholders or submit or present at any annual or special meeting of stockholders any proposal (binding or non-binding) for consideration for action by stockholders or propose any nominee for election to the Board of Directors or seek representation on the Board of Directors or the removal of any member of the Board of Directors; (v) institute any litigation against the Company, its directors or its officers</font><font style="display: inline;">, make any &#x201C;books and records&#x201D; demands against the Company or make </font>
		</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			<font style="font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">4</font><font style="display: inline;"></font><font style="display: inline;">-</font>

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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 0pt 36pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">application or demand to a court or other person for an inspection, investigation or examination of the Company or its subsidiaries or affiliates (other than (x) </font><font style="display: inline;font-size:12pt;"> with respect to</font><font style="display: inline;font-size:12pt;">&#x201C;books and records&#x201D; requests on the Company </font><font style="display: inline;font-size:12pt;">(and litigation to enforce same) </font><font style="display: inline;font-size:12pt;">pursuant to Section 220(d) of the Delaware General Corporation Law brought in good faith by Ali Namvar or Matthew H. Paull as directors of the Company acting in such capacity and not at the behest of the Pershing Square Group or (y) such litigation against the Company as may be necessary to enforce the terms of this Letter Agreement</font><font style="display: inline;font-size:12pt;">)</font><font style="display: inline;font-size:12pt;">; (vi) make, encourage, facilitate or disclose support of (except, solely with respect to disclosure, to the extent required by applicable subpoena, legal process, other legal requirement or the rules of any securities exchange to which it is subject, unless such requirement arises as a result of the actions of the Pershing Square Group otherwise in violation of this Letter Agreement), effect or seek to effect, assist or participate in, any takeover proposal for the Company or its subsidiaries or other extraordinary transaction involving the Company or its subsidiaries (including a tender offer, merger, acquisition, sale or purchase of assets or securities, reorganization, restructuring, recapitalization or other similar transaction); enter into any agreements with respect to the Company with any potential or actual bidder (or financing source thereof) for the Company or its subsidiaries (it being understood that the foregoing shall not restrict the Pershing Square Group from tendering shares, receiving payment for shares or otherwise participating in any such transaction on the same basis as other stockholders of the Company, or from participating in any such transaction that has been approved by the Board of Directors);</font><font style="display: inline;font-size:12pt;">&nbsp;</font><font style="display: inline;font-size:12pt;">(vii) make any public proposals for changes in or recommendations concerning the Company</font><font style="display: inline;font-size:12pt;">&#x2019;</font><font style="display: inline;font-size:12pt;">s strategies, extraordinary or other transactions (including the ones listed in Section 1(h)(vi) above), Board of Directors or management items, or other matters relating to the Company</font><font style="display: inline;font-size:12pt;">&#x2019;</font><font style="display: inline;font-size:12pt;">s business; or act, alone or with others, to seek to control the management, Board of Directors, policies or strategies of the Company; (viii) seek or request an amendment, waiver or release of any of the provisions of Section 1(e) or this Section 1(h); </font><font style="display: inline;font-size:12pt;text-decoration:underline;">provided</font><font style="display: inline;font-size:12pt;">, &nbsp;</font><font style="display: inline;font-size:12pt;text-decoration:underline;">however</font><font style="display: inline;font-size:12pt;">, the Pershing Square Group may make a non-public request not reasonably expected to become public or require public disclosure to the Board of Directors for the Company to waive any restrictions contained in this Section 1(h); (ix) grant any proxy, consent or other authority to act as to any shares of Common Stock with respect to any matters (other than to (x) the Company</font><font style="display: inline;font-size:12pt;">&#x2019;</font><font style="display: inline;font-size:12pt;">s named proxies using the Company</font><font style="display: inline;font-size:12pt;">&#x2019;</font><font style="display: inline;font-size:12pt;">s proxy card and (y)</font><font style="display: inline;font-size:12pt;"> on a third party</font><font style="display: inline;font-size:12pt;">&#x2019;</font><font style="display: inline;font-size:12pt;">s proxy card </font><font style="display: inline;font-size:12pt;">in connection with </font><font style="display: inline;font-size:12pt;">&nbsp;</font><font style="display: inline;font-size:12pt;">extraordinary or other transactions (including the ones listed in Section 1(h)(vi) above)), deposit any shares of Common Stock in a voting trust or subject any shares of Common Stock to a voting agreement or other arrangement of similar effect (excluding customary brokerage accounts, margin accounts, prime brokerage accounts and the like); (x) form any &#x201C;groups&#x201D; as defined pursuant to Section 13(d) of the Exchange Act with respect to any of the foregoing or with any third parties with respect to the Company, or work with or encourage any third parties to do any of the foregoing; or (xi) other than in sale transactions on the NYSE or through a broker or dealer where the identity of the purchaser is not known, sell or agree to sell directly or indirectly, through swap or hedging transactions or otherwise, Common Stock or any derivatives relating to Common Stock to any third party that either (x) has filed a Schedule 13D with respect to the Company or (y) has run (or publicly announced an intention to run) a proxy contest with respect to another company in the past three years (but, in the case of this clause (y), only if the Pershing Square Group knows, after reasonable inquiry, that the third party has, or will as a result of the transaction have, beneficial ownership of more than 5% of the Common Stock).</font></p>
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		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			<font style="font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">5</font><font style="display: inline;"></font><font style="display: inline;">-</font>

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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:6pt 0pt 0pt;">
				<font style="margin:6pt 0pt 0pt;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> 2.</font>
			</p>
		</td><td style="width:14pt;"><p style="width:14pt;width:14pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:6pt 0pt 0pt;">
			<font style="display: inline;text-decoration:underline;color:#000000;">Registration Rights</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">Promptly following</font><font style="display: inline;color:#000000;"> the execution of this Letter Agreement, the Company and the Pershing Square Group shall enter into a registration rights agreement granting to the Pershing Square Group customary and reasonable registration rights with respect to shares of Common Stock beneficially owned by the </font><font style="display: inline;color:#000000;">Pershing Square Group, which shall include customary and reasonable limitations on such registration rights.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> 3.</font>
			</p>
		</td><td style="width:14pt;"><p style="width:14pt;width:14pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;text-decoration:underline;color:#000000;">Confidentiality</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">Ali Namvar</font><font style="display: inline;color:#000000;"> and, for so long as </font><font style="display: inline;color:#000000;">Ali Namvar</font><font style="display: inline;color:#000000;"> remains a director of the Company, </font><font style="display: inline;color:#000000;">Matthew H. Paull, may share confidential information with the Pershing Square Group regarding the Company</font><font style="display: inline;color:#000000;"> in accordance with and </font><font style="display: inline;color:#000000;">subject to a confidentiality agreement, which the</font><font style="display: inline;color:#000000;"> Pershing Square Group shall enter into with the Company</font><font style="display: inline;color:#000000;"> (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Confidentiality Agreement</font><font style="display: inline;color:#000000;">&#x201D;)</font><font style="display: inline;color:#000000;">, dated the date hereof, the form of which is attached as Exhibit </font><font style="display: inline;text-decoration:underline;color:#000000;">A</font><font style="display: inline;color:#000000;"> hereto. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> 4.</font>
			</p>
		</td><td style="width:14pt;"><p style="width:14pt;width:14pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;text-decoration:underline;color:#000000;">Trading in Company Securities</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">Except as the Parties may otherwise agree, for so long as </font><font style="display: inline;color:#000000;">an officer, director, consultant, partner (</font><font style="display: inline;color:#000000;">other than a </font><font style="display: inline;color:#000000;">partner who is solely a </font><font style="display: inline;color:#000000;">limited partner</font><font style="display: inline;color:#000000;">) or employee of the Pershing Square Group remains a director of the Company, the Pershing Square Group will not, other than through a trading plan established pursuant to Rule 10b-5-1 under the Exchange Act, trade in Company securities (including Common Stock) during trading blackout periods generally applicable to directors under the blackout calendar as currently in effect (as it may reasonably be modified from time to time on a good faith basis).</font><font style="display: inline;color:#000000;"> &nbsp;The Pershing Square Group will advise the Company as to its compliance with the Company&#x2019;s pledging and hedging policies applicable to directors with respect to shares of Common Stock beneficially owned by the Pershing Square Group. The Pershing Square Group will work in good faith with the Company regarding engagement with proxy advisory services and shareholders to the extent requested by the Company.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> 5.</font>
			</p>
		</td><td style="width:14pt;"><p style="width:14pt;width:14pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;text-decoration:underline;color:#000000;">Certain Actions</font><font style="display: inline;color:#000000;">.&nbsp; </font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(a)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">Until the Standstill Termination Date, t</font><font style="display: inline;color:#000000;">he Board of Directors will not utilize committees of the Board of Directors (including by the formation of an &#x201C;executive&#x201D; or similar committee) for the purpose of discriminating against </font><font style="display: inline;color:#000000;">Ali Namvar</font><font style="display: inline;color:#000000;"> or Matthew H. Paull in order to limit any of their participation in substantive deliberations of the Board of Directors, except that the Board of Directors may utilize committees in order to limit the participation of any </font><font style="display: inline;color:#000000;">such </font><font style="display: inline;color:#000000;">director if</font><font style="display: inline;color:#000000;"> a majority of the independent </font><font style="display: inline;color:#000000;">d</font><font style="display: inline;color:#000000;">irectors (for this purpose not counting the </font><font style="display: inline;color:#000000;">d</font><font style="display: inline;color:#000000;">irector who may have a conflict of interest in the numerator or denominator) reasonably determine</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;"> in good faith (based </font><font style="display: inline;color:#000000;">upon</font><font style="display: inline;color:#000000;"> advice from outside counsel) that doing so is </font><font style="display: inline;color:#000000;">necessary</font><font style="display: inline;color:#000000;"> due to a conflict of interest</font><font style="display: inline;color:#000000;"> with respect to such director</font><font style="display: inline;color:#000000;"> with respect to such deliberations</font><font style="display: inline;color:#000000;">; &nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">provided</font><font style="display: inline;color:#000000;">, that such director may only be limited from participating in that portion (and only that portion) of deliberations in which his or her participation would pose a conflict of interest</font><font style="display: inline;color:#000000;"> and for the avoidance of doubt, shall be permitt</font><font style="display: inline;color:#000000;">ed to participate to the maximum extent reasonably </font><font style="display: inline;color:#000000;">appropriate</font><font style="display: inline;color:#000000;"> in all other deliberations</font><font style="display: inline;color:#000000;"> like other directors</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:12pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(b)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">The Company agrees not to adopt or enter into any stockholder rights plan or similar agreement or arrangement that would prohibit, impair or frustrate the ability of the Pershing Square Group to acquire beneficial ownership of Common Stock to the extent permitted by Section 1(</font><font style="display: inline;color:#000000;">h</font><font style="display: inline;color:#000000;">)(i) of this Letter Agreement</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			<font style="font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">6</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> 6.</font>
			</p>
		</td><td style="width:14pt;"><p style="width:14pt;width:14pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;text-decoration:underline;color:#000000;">Non-Disp</font><font style="display: inline;text-decoration:underline;color:#000000;">a</font><font style="display: inline;text-decoration:underline;color:#000000;">ragement</font><font style="display: inline;color:#000000;">. Until the Standstill Termination Date, </font><font style="display: inline;color:#000000;">(a) the Pershing Square Group </font><font style="display: inline;color:#000000;">agrees that it will not, and will cause its controlled affiliates, managing members, a</font><font style="display: inline;color:#000000;">dvisory board members, partners (other than </font><font style="display: inline;color:#000000;">partners who are solely </font><font style="display: inline;color:#000000;">limited partners), </font><font style="display: inline;color:#000000;">directors, officers and employees not to, and will direct its agents</font><font style="display: inline;color:#000000;"> and</font><font style="display: inline;color:#000000;"> representatives</font><font style="display: inline;color:#000000;"> in their capacity as such</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">not to</font><font style="display: inline;color:#000000;">, make, or cause to be made, any statement or announcement (including </font><font style="display: inline;color:#000000;">social media or </font><font style="display: inline;color:#000000;">in any written communication to the Company) that constitutes an </font><font style="display: inline;font-style:italic;color:#000000;">ad hominem</font><font style="display: inline;color:#000000;"> attack on, or disparages, the Company, its officers, directors</font><font style="display: inline;color:#000000;">, advisory board members, </font><font style="display: inline;color:#000000;">or employees or any person who has served as an officer, director or employee of the Company on or following the date hereof in any public communication</font><font style="display: inline;color:#000000;"> or</font><font style="display: inline;color:#000000;"> in any communication that would reasonably be expected to enter the public domain</font><font style="display: inline;color:#000000;"> and </font><font style="display: inline;color:#000000;">(b) </font><font style="display: inline;color:#000000;">the Company </font><font style="display: inline;color:#000000;">agrees that it will not, and will cause its </font><font style="display: inline;color:#000000;">controlled a</font><font style="display: inline;color:#000000;">ffiliates, </font><font style="display: inline;color:#000000;">directors</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;">officers</font><font style="display: inline;color:#000000;"> and employees</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">(but only to the extent acting at the direction of a Company director or officer)</font><font style="display: inline;color:#000000;"> not to, and will direct its </font><font style="display: inline;color:#000000;">agents and</font><font style="display: inline;color:#000000;"> representatives </font><font style="display: inline;color:#000000;">in their capacity as such</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">not to</font><font style="display: inline;color:#000000;">, make, or cause to be made, any statement or announcement</font><font style="display: inline;color:#000000;"> (including social media</font><font style="display: inline;color:#000000;"> or in any written communication to any member of the Pershing Square Group</font><font style="display: inline;color:#000000;">) &nbsp;</font><font style="display: inline;color:#000000;">that constitutes an </font><font style="display: inline;font-style:italic;color:#000000;">ad hominem</font><font style="display: inline;color:#000000;"> attack on, or disparages, </font><font style="display: inline;color:#000000;">any member of</font><font style="display: inline;color:#000000;"> the Pershing Square Group</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font><font style="display: inline;color:#000000;">their</font><font style="display: inline;color:#000000;"> respective</font><font style="display: inline;color:#000000;"> officers, directors</font><font style="display: inline;color:#000000;">, advisory board members,</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">partners</font><font style="display: inline;color:#000000;"> or employees</font><font style="display: inline;color:#000000;">, or any person who has served as an officer, director, advisory board member, partner or emp</font><font style="display: inline;color:#000000;">loyee of any member of the Pershing Square Group</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">on or following the date hereof in any public communication</font><font style="display: inline;color:#000000;"> or</font><font style="display: inline;color:#000000;"> in any communication that would reasonably be expected to enter the public domain</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The foregoing shall</font><font style="display: inline;color:#000000;"> not prevent (</font><font style="display: inline;color:#000000;">i</font><font style="display: inline;color:#000000;">) the making of any factual statement in the event that either Party or any of its representatives are required to make that statement by applicable subpoena, legal process, other legal requirement or the rules of any securities exchange to which it is subject or (</font><font style="display: inline;color:#000000;">ii</font><font style="display: inline;color:#000000;">) a response by a Party to any statement made by the other Party</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">or any of its </font><font style="display: inline;color:#000000;">controlled a</font><font style="display: inline;color:#000000;">ffiliates, managing members, </font><font style="display: inline;color:#000000;">directors</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;">officers</font><font style="display: inline;color:#000000;">, advisory board members, partners (other than partners who are solely limited partners), employees, agents or representatives</font><font style="display: inline;color:#000000;"> which is in violation of this Section 6. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> 7.</font>
			</p>
		</td><td style="width:14pt;"><p style="width:14pt;width:14pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;text-decoration:underline;color:#000000;">Press Release</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Parties agree that the Company will issue the press release attached to this Letter Agreement as </font><font style="display: inline;text-decoration:underline;color:#000000;">Exhibit </font><font style="display: inline;text-decoration:underline;color:#000000;">B</font><font style="display: inline;color:#000000;"> promptly following the execution and delivery of this Letter Agreement by the Parties.&nbsp;&nbsp;The Company acknowledges that the Pershing Square Group may file certain provisions of this Letter Agreement and the Press Release as exhibits to its Schedule 13D pursuant to an amendment and the Pershing Square Group agrees that the Company will have the opportunity to review such amendment in advance of filing and that the Pershing Square Group will consider in good faith any changes requested by the Company to the foregoing filing.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> 8.</font>
			</p>
		</td><td style="width:14pt;"><p style="width:14pt;width:14pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;text-decoration:underline;color:#000000;">Power and Authority of the Company</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Company represents and warrants to the Pershing Square Group that (a)&nbsp;the Company has the corporate power and authority to execute this Letter Agreement and to bind it thereto, (b)&nbsp;this Letter Agreement has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company, and is enforceable against the Company in accordance with its terms</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> and (c)&nbsp;the execution, delivery and performance of this Letter Agreement by the Company does not and will not violate or conflict with (i)&nbsp;any law, rule, regulation, order, judgment or decree applicable to the Company, or (ii)&nbsp;result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			<font style="font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">7</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div></td></tr></table><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td><p style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;color:#000000;">result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which the Company is a party or by which it is bound.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> 9.</font>
			</p>
		</td><td style="width:14pt;"><p style="width:14pt;width:14pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;text-decoration:underline;color:#000000;">Power and Authority of the Pershing Square Group</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;Each member of the Pershing Square Group represents and warrants to the Company that (a)&nbsp;Pershing Square, as the authorized signatory of such member of the Pershing Square Group, has the power and authority to execute this Letter Agreement and to bind such member of the Pershing Square Group thereto, (b)&nbsp;this Letter Agreement has been duly authorized, executed and delivered by such member of the Pershing Square Group, constitutes a valid and binding obligation of such member of the Pershing Square Group, and is enforceable against each such member of the Pershing Square Group in accordance with its terms, (c)&nbsp;the execution of this Letter Agreement by such member of the Pershing Square Group does not and will not violate or conflict with (i)&nbsp;any law, rule, regulation, order, judgment or decree applicable to such member of the Pershing Square Group, or (ii)&nbsp;result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which such member is a party or by which it is bound and (d) the Pershing Square Group beneficially owns in the aggregate </font><font style="display: inline;color:#000000;">2,882,463</font><font style="display: inline;color:#000000;"> shares of Common Stock and does not have any other economic exposure to or voting power with respect to the Company</font><font style="display: inline;color:#000000;">. The Pershing Square Group has delivered to the Company a document summarizing the duration of </font><font style="display: inline;color:#000000;">certain of </font><font style="display: inline;color:#000000;">its publicly-disclosed investment</font><font style="display: inline;color:#000000;">s in publicly traded companies</font><font style="display: inline;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> 10.</font>
			</p>
		</td><td style="width:14pt;"><p style="width:14pt;width:14pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;text-decoration:underline;color:#000000;">Termination</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;Each Party's obligations under this Letter Agreement will </font><font style="display: inline;color:#000000;">extend until, and </font><font style="display: inline;color:#000000;">terminate at</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> 12:00 a.m., Eastern time, on the </font><font style="display: inline;color:#000000;">later of (a) thirty calendar days after the date that neither Ali Namvar (or any Successor Director) nor Matthew H. Paull (if he becomes an </font><font style="display: inline;color:#000000;">officer, managing member, partner</font><font style="display: inline;color:#000000;"> (other than solely a limited partner)</font><font style="display: inline;color:#000000;"> or employee </font><font style="display: inline;color:#000000;">of </font><font style="display: inline;color:#000000;">the Pershing Square Group</font><font style="display: inline;color:#000000;"> or is providing information about the Company to the Pershing Square Group</font><font style="display: inline;color:#000000;">)</font><font style="display: inline;color:#000000;"> serve on the Board of Directors and (b) the date that is 30 calendar days prior to the 2019 Advance Notice Bylaws Deadline </font><font style="display: inline;color:#000000;"> (such date, the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Standstill Termination Date</font><font style="display: inline;color:#000000;">&#x201D;)</font><font style="display: inline;color:#000000;">; &nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">provided</font><font style="display: inline;color:#000000;">, that if the Company notifies the Pershing Square Group that it will not be nominating Ali Namvar for election to the Board at the </font><font style="display: inline;color:#000000;">201</font><font style="display: inline;color:#000000;">9</font><font style="display: inline;color:#000000;"> Annual Meeting</font><font style="display: inline;color:#000000;"> (or if the Company notifies the Pershing Square Group that it will so nominate and the Pershing Square Group rejects such nomination in accordance with Section 1(g))</font><font style="display: inline;color:#000000;">, the Standstill Termination Date shall be the later of (i) </font><font style="display: inline;color:#000000;">the date that </font><font style="display: inline;color:#000000;">is five calendar days after the date that </font><font style="display: inline;color:#000000;">Ali Namvar </font><font style="display: inline;color:#000000;">(and, </font><font style="display: inline;color:#000000;">if he becomes an </font><font style="display: inline;color:#000000;">officer, managing member, partner</font><font style="display: inline;color:#000000;"> (other than solely a limited partner)</font><font style="display: inline;color:#000000;"> or employee </font><font style="display: inline;color:#000000;">of </font><font style="display: inline;color:#000000;">the Pershing Square Group</font><font style="display: inline;color:#000000;"> or is providing information about the Company to the Pershing Square Group, Matthew H. Paull</font><font style="display: inline;color:#000000;">)</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">no longer serves on the Board of Directors</font><font style="display: inline;color:#000000;"> and (ii) the </font><font style="display: inline;color:#000000;">date</font><font style="display: inline;color:#000000;"> that is 30 calendar days prior to the </font><font style="display: inline;color:#000000;">201</font><font style="display: inline;color:#000000;">9</font><font style="display: inline;color:#000000;"> Advance Notice Bylaws Deadline; </font><font style="display: inline;text-decoration:underline;color:#000000;">provided</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">further</font><font style="display: inline;color:#000000;">, that if the Company notifies the Pershing Square Group that it will be nominating Ali Namvar for election to the Board </font><font style="display: inline;color:#000000;">of Directors </font><font style="display: inline;color:#000000;">at the </font><font style="display: inline;color:#000000;">201</font><font style="display: inline;color:#000000;">9</font><font style="display: inline;color:#000000;"> &nbsp;A</font><font style="display: inline;color:#000000;">n</font><font style="display: inline;color:#000000;">nual Meeting</font><font style="display: inline;color:#000000;"> (and the Pershing Square Group does not reject such nomination in accordance with Section 1(g))</font><font style="display: inline;color:#000000;">, the Standstill Termination Date shall be </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			<font style="font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">8</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div></td></tr></table><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td><p style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;color:#000000;">the later of (i) the date referred to in clause (a) above and (ii) the date that is the day immediately following the certification of results for the </font><font style="display: inline;color:#000000;">20</font><font style="display: inline;color:#000000;">19</font><font style="display: inline;color:#000000;"> Annual Meeting</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">Notwithstanding the foregoing, the Confidentiality Agreement contemplated by Section 3 shall survive in accordance with its terms.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> 11.</font>
			</p>
		</td><td style="width:14pt;"><p style="width:14pt;width:14pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;text-decoration:underline;color:#000000;">Fiduciary Duties.</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font><font style="display: inline;color:#000000;">Nothing</font><font style="display: inline;color:#000000;"> in this Letter Agreement will be deemed to </font><font style="display: inline;color:#000000;">require the violation of</font><font style="display: inline;color:#000000;"> the fiduciary duties of a</font><font style="display: inline;color:#000000;">ny</font><font style="display: inline;color:#000000;"> director of the Company under Delaware law</font><font style="display: inline;color:#000000;"> in the director</font><font style="display: inline;color:#000000;">&#x2019;</font><font style="display: inline;color:#000000;">s capacity as such</font><font style="display: inline;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> 12.</font>
			</p>
		</td><td style="width:14pt;"><p style="width:14pt;width:14pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;text-decoration:underline;color:#000000;">Counterparts</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;This Letter Agreement may be executed in two or more counterparts, each of which will be considered one and the same agreement and will become effective when counterparts have been signed by each of the Parties and delivered to the other Party (including by means of electronic delivery or facsimile).</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> 13.</font>
			</p>
		</td><td style="width:14pt;"><p style="width:14pt;width:14pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;text-decoration:underline;color:#000000;">Specific Performance</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;Each Party acknowledges and agrees that irreparable injury to the other Party hereto would occur in the event that any of the provisions of this Letter Agreement were not performed in accordance with their specific terms or were otherwise breached and that money damages are not an adequate remedy for such a breach.&nbsp;&nbsp;It is accordingly agreed that each Party may be entitled to specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof.&nbsp;&nbsp;Each Party agrees to waive any bonding requirement under any applicable law, in the case any other party seeks to enforce the terms by way of equitable relief. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> 14.</font>
			</p>
		</td><td style="width:14pt;"><p style="width:14pt;width:14pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;text-decoration:underline;color:#000000;">Applicable Law</font><font style="display: inline;text-decoration:underline;color:#000000;"> and Jurisdiction</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;This Letter Agreement will be governed by and enforced in accordance with the laws of the State of Delaware without reference to conflicts of laws principles.&nbsp;&nbsp;Each of the Parties hereto irrevocably agrees that any legal action or proceeding based on or arising out of this Letter Agreement will be brought exclusively in the Court of Chancery of the State of Delaware (or, if such court declines to accept jurisdiction, any state or federal court within the State of Delaware).&nbsp;&nbsp;Each of the Parties irrevocably waives the right to trial by jury in any such action or proceeding.&nbsp;&nbsp;Each of the Parties hereto hereby irrevocably submits to the personal jurisdiction of the aforesaid courts, and irrevocably waives any argument that such courts are an inconvenient or improper forum.&nbsp;&nbsp;&nbsp;Each Party&nbsp;&nbsp;consents to service of process by a reputable overnight delivery service, signature requested, to the address of such party</font><font style="display: inline;color:#000000;">&#x2019;</font><font style="display: inline;color:#000000;">s principal place of business or as otherwise provided by applicable law.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> 15.</font>
			</p>
		</td><td style="width:14pt;"><p style="width:14pt;width:14pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;text-decoration:underline;color:#000000;">Notice</font><font style="display: inline;color:#000000;">. &nbsp;</font><font style="display: inline;color:#000000;">All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, (a) if given by telecopy or email, when such telecopy is transmitted to the telecopy number set forth below or sent to the email address set forth below, as applicable, and the appropriate confirmation is received or (b) if given by any other means, when actually received during normal business hours at the address specified in this section:</font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">If to the Company:</font><br /><font style="display: inline;color:#000000;"></font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			<font style="font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">9</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">Chipotle Mexican Grill, Inc. </font><br /><font style="display: inline;">1401 Wynkoop Street, Suite 500</font><br /><font style="display: inline;">Denver, CO 80202</font><br /><font style="display: inline;">Attention:&nbsp; General Counsel</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Email: </font><font style="display: inline;">cmessner@messner.com</font><br /><font style="display: inline;">Facsimile: </font><font style="display: inline;">(303) 623-0552</font><br /><font style="display: inline;"></font><br /><font style="display: inline;">With a copy to (which shall not constitute notice):</font><br /><font style="display: inline;"></font><br /><font style="display: inline;">Wachtell, Lipton, Rosen &amp; Katz</font><br /><font style="display: inline;">51 West 52nd Street</font><br /><font style="display: inline;">New York, NY 10019</font><br /><font style="display: inline;">Attention: Daniel A. Neff; David A. Katz</font><font style="display: inline;">; Sabastian V. Niles</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Email: </font><font style="display: inline;">DANeff@WLRK.com</font><font style="display: inline;">; &nbsp;</font><font style="display: inline;">DAKatz@WLRK.com</font><font style="display: inline;">; SVNiles@wlrk.com</font><br /><font style="display: inline;">Facsimile: </font><font style="display: inline;">(212) 403-2366</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">If to Pershing Square:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<br /><font style="display: inline;">Pershing Square Capital Management, L.P.</font><br /><font style="display: inline;">888 Seventh Avenue, 42nd Floor</font><br /><font style="display: inline;">New York, NY 10019</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -36pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Attention: Stephen Fraidin; Steve Milankov</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Email: </font><font style="display: inline;">fraidin@persq.com</font><font style="display: inline;">; &nbsp;</font><font style="display: inline;">milankov@persq.com</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -36pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Facsimile: (212) 286-1133</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">With a copy to (which shall not constitute notice):</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Cadwalader, Wickersham &amp; Taft LLP</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">One World Financial Center</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">New York, New York 10281</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Attention: Richard M. Brand</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Email: </font><font style="display: inline;">richard.brand@cwt.com</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Facsimile: (212) 504-6666</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> 16.</font>
			</p>
		</td><td style="width:14pt;"><p style="width:14pt;width:14pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Entire Agreement</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;This Letter Agreement, including </font><font style="display: inline;text-decoration:underline;color:#000000;">Exhibit</font><font style="display: inline;text-decoration:underline;color:#000000;"> &nbsp;A</font><font style="display: inline;text-decoration:underline;color:#000000;"> and </font><font style="display: inline;text-decoration:underline;color:#000000;">Exhibit B</font><font style="display: inline;color:#000000;"> attached to this Letter Agreement, contains the entire understanding of the Parties with respect to the subject matter hereof.&nbsp; </font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">[Signature Page Follows]</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			&nbsp;
		</p></div><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:12pt 0pt 0pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			<font style="font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">10</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:12pt 0pt 0pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">If the terms of this Letter Agreement are in accordance with your understanding, please sign below and this Letter Agreement will constitute a binding agreement among us.</font>
		</p>
		<p style="margin:36pt 0pt 0pt 252pt;text-indent:-18pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">CHIPOTLE MEXICAN GRILL, INC. </font>
		</p>
		<p style="margin:36pt 0pt 0pt 252pt;text-indent:-18pt;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;">By:</font>_______________________________________________________</font><font style="text-indent:0pt;margin-left:0pt;text-align:left"><font style="display: inline;"></font></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><br /><font style="display: inline;">Name:</font><br /><font style="display: inline;">Title:</font><br /><font style="display: inline;"></font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:left;text-indent:0pt;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Acknowledged and agreed to as of the date</font><br /><font style="display: inline;">first written above:</font>
		</p>
		<p style="margin:0pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:24pt 0pt 0pt 18pt;text-indent:-18pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">PERSHING SQUARE CAPITAL MANAGEMENT, L.P.</font>
		</p>
		<p style="margin:24pt 0pt 0pt 18pt;text-indent:-18pt;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:22pt;"><font style="display: inline;">By:</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;"> &nbsp;PS Management GP, LLC, its General Partner</font><br /><font style="display: inline;"></font><br /><font style="display: inline;"></font><br /><font style="display: inline;">By:</font></font><br /><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><br /><font style="display: inline;text-decoration:underline;"></font><font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Name:&nbsp;&nbsp;William A. Ackman</font><br /><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Title:&nbsp;&nbsp;&nbsp;&nbsp;Managing Member </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			&nbsp;
		</p></div><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			<font style="font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">[Signature Page to Letter Agreement]</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">EXHIBIT A </font><br /><font style="display: inline;font-weight:bold;"></font><br /><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">FORM OF CONFIDENTIALITY AGREEMENT</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;"></font><font style="display: inline;">1</font><font style="display: inline;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-weight:bold;"></font><font style="display: inline;">FORM OF </font><font style="display: inline;">CONFIDENTIALITY AGREEMENT</font>
		</p>
		<p style="margin:6pt 0pt 0pt;text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">[&#x25CF;]</font><br /><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">To:</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Pershing Square Capital Management, L.P. (&#x201C;</font><font style="display: inline;text-decoration:underline;">Pershing Square</font><font style="display: inline;">&#x201D;), </font><font style="display: inline;">as</font><font style="display: inline;"> investment advisor of the funds it advises (such funds, together with Pershing Square collectively, the &#x201C;</font><font style="display: inline;text-decoration:underline;">Pershing Square Group</font><font style="display: inline;">&#x201D; or &#x201C;</font><font style="display: inline;text-decoration:underline;">you</font><font style="display: inline;">&#x201D;)</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Ladies and Gentlemen:</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">This confidentiality agreement (this &#x201C;</font><font style="display: inline;text-decoration:underline;">Confidentiality Agreement</font><font style="display: inline;">&#x201D;) shall become effective upon the appointment of Ali Namvar and Matthew H. Paull to the Board of Directors (the &#x201C;</font><font style="display: inline;text-decoration:underline;">Board of Directors</font><font style="display: inline;">&#x201D;) of Chipotle Mexican Grill, Inc. (the &#x201C;</font><font style="display: inline;text-decoration:underline;">Company</font><font style="display: inline;">&#x201D;).&nbsp;&nbsp;Capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the letter agreement (the &#x201C;</font><font style="display: inline;text-decoration:underline;">Letter Agreement</font><font style="display: inline;">&#x201D;), dated </font><font style="display: inline;">[&#x25CF;]</font><font style="display: inline;">, among the Company and the Pershing Square Group. The &#x201C;</font><font style="display: inline;text-decoration:underline;">PS Partner Appointee</font><font style="display: inline;">&#x201D; shall mean Ali Namvar or any Successor Director who is at the time of appointment an officer, director, consultant, partner (other than </font><font style="display: inline;">a partner who is </font><font style="display: inline;">solely a limited partner) or employee of the Pershing Square Group.&nbsp;&nbsp;The Company understands and agrees (for your benefit and for the benefit of the PS Partner Appointee) that, subject to the terms of, and in accordance with, this Confidentiality Agreement, Matthew H. Paull and the PS Partner Appointee may, if and to the extent they desire to do so, confidentially disclose information obtained while serving as a member of the Board of Directors to you and the Specified Pershing Square Personnel (as hereinafter defined), and may confidentially discuss such information with such persons, subject to the terms and conditions of this Confidentiality Agreement.&nbsp;&nbsp;As a result, you may receive certain non-public information regarding the Company.&nbsp;&nbsp;You acknowledge that this information is proprietary to the Company and may include strategic, business or financial planning information, financial results, financial projections, and forecasts, information about the deliberations of the Board of Directors or its committees as a whole or of individual members of the Board of Directors or its committees or members of the Company&#x2019;s management, advice received by such parties or individuals from the Company&#x2019;s attorneys, accountants, consultants or other advisors, trade secrets or other business information the disclosure of which could harm the Company. </font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">In consideration for, and as a condition of, the information being furnished to you and, subject to the restrictions in Section 2 hereof, managing members, partners (other than </font><font style="display: inline;">a partner who is solely a </font><font style="display: inline;">limited partner), directors, officers and employees of the Pershing Square Group and its outside counsel (</font><font style="display: inline;">other than</font><font style="display: inline;"> anyone </font><font style="display: inline;">who</font><font style="display: inline;"> is at the time a director of the Company, collectively, the &#x201C;</font><font style="display: inline;text-decoration:underline;">Specified Pershing Square Personnel</font><font style="display: inline;">&#x201D;), you agree to treat any and all information concerning or relating to the Company or any of its subsidiaries or affiliates that is furnished to you or the Specified Pershing Square Personnel (regardless of the manner in which it is furnished, including in written or electronic format or orally, gathered by visual inspection or otherwise) by Matthew H. Paull or the PS Partner Appointee or by or on behalf of the Company or any Company Representatives (as defined below) (including without limitation information furnished by or on behalf of the Company or any Company Representative to Matthew H. Paull or the PS Partner Appointee who in turn furnishes it to you or the Specified Pershing Square Personnel), together with any notes, analyses, reports, models, compilations, studies, interpretations, documents, </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;"></font><font style="display: inline;">2</font><font style="display: inline;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">records or extracts thereof containing, referring, relating to, based upon or derived from such information, in whole or in part (collectively, but subject to Section 1 below, &#x201C;</font><font style="display: inline;text-decoration:underline;">Company Information</font><font style="display: inline;">&#x201D;), in accordance with the provisions of this Confidentiality Agreement, and to take or abstain from taking the other actions hereinafter set forth.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">1.&nbsp;&nbsp;The term &#x201C;Company Information&#x201D; does not include information that (a) is or has become generally available to the public other than as a result of a direct or indirect disclosure by you, Matthew H. Paull, the PS Partner Appointee or the Specified Pershing Square Personnel or (b) was within possession of the PS Partner Appointee,</font><font style="display: inline;"> Matthew H. Paull,</font><font style="display: inline;"> you or any of the Specified Pershing Square Personnel on a non-confidential basis prior to its being furnished to the PS Partner Appointee,</font><font style="display: inline;"> Matthew H. Paull,</font><font style="display: inline;"> you or any Specified Pershing Square Personnel by or on behalf of the Company or its agents, representatives, attorneys, advisors, directors (other than the PS Partner Appointee</font><font style="display: inline;"> and Matthew H. Paull</font><font style="display: inline;">), officers, or employees (collectively, the &#x201C;</font><font style="display: inline;text-decoration:underline;">Company Representatives</font><font style="display: inline;">&#x201D;), (c) is received on a non-confidential basis from a source other than Matthew H. Paull, the PS Partner Appointee, the Company or any of the Company Representatives or (d) </font><font style="display: inline;">has been or is independently developed by you or any of the Specified Pershing Square Personnel without the benefit or use of or reference to any Company Information and without breaching this Confidentiality Agreement</font><font style="display: inline;">; &nbsp;</font><font style="display: inline;font-style:italic;">provided</font><font style="display: inline;">, that in the case of clauses 1(b)-(d) above, the person giving you or any of the Specified Pershing Square Personnel such information was not known by you or the Specified Pershing Square Personnel, after reasonable inquiry, to be bound by an obligation of confidentiality to the Company or any of the Company Representatives with respect to such information at the time the information was disclosed to you or the Specified Pershing Square Personnel</font><font style="display: inline;">.&nbsp; </font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">2.&nbsp;&nbsp;You and the Specified Pershing Square Personnel will, and you will cause the Specified Pershing Square Personnel to, (a) keep the Company Information strictly confidential and (b) not disclose any of the Company Information in any manner whatsoever without the prior written consent of the Company and (c) not use the Company Information for any </font><font style="display: inline;">competitive </font><font style="display: inline;">purpose; </font><font style="display: inline;font-style:italic;">provided</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;font-style:italic;">however</font><font style="display: inline;">, that you and the Specified Pershing Square Personnel may privately disclose any of such information to the Specified Pershing Square Personnel (i) who need to know such information for the purpose of </font><font style="display: inline;">performing their duties to you with respect to</font><font style="display: inline;"> your investment in the Company and (ii) who are informed by you of the confidential nature of such information and agree to abide for the benefit of the Company to the terms hereof; </font><font style="display: inline;font-style:italic;">provided</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;font-style:italic;">further</font><font style="display: inline;">, that you will be responsible for any violation of this Confidentiality Agreement by any former or current Specified Pershing Square Personnel. Nothing in this Confidentiality Agreement shall restrict the ability of the Pershing Square Group to engage in a proxy contest following the Standstill Termination Date so long as the Pershing Square Group (and the Specified Pershing Square Personnel) maintains the confidentiality of the Company Information</font><font style="display: inline;"> pertaining to the business of the Company, it being acknowledged that the&nbsp;Pershing Square Group (and the Specified Pershing Square Personnel) shall be entitled pursuant to the terms of this Agreement to disclose that portion of (and only such portion of) Company Information required to be disclosed by applicable law in order to engage in such a proxy contest.</font><font style="display: inline;"> &nbsp;It is understood and agreed that the PS Partner Appointee may disclose Company Information to you or the Specified Pershing Square Personnel</font><font style="display: inline;"> (including </font><font style="display: inline;">in-house counsel at the Pershing Square Group and to outside counsel of the Pershing Square Group</font><font style="display: inline;"> at</font><font style="display: inline;"> Cadwalader, Wickersham &amp; Taft LLP</font><font style="display: inline;">)</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">who satisfy the requirements of this Section 2 </font><font style="display: inline;">to the extent that such disclosure </font><font style="display: inline;">would</font><font style="display: inline;"> not reasonably result in a waiver of attorney-client privilege</font><font style="display: inline;">, &nbsp;</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;"></font><font style="display: inline;">3</font><font style="display: inline;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">work product doctrine or other </font><font style="display: inline;">similar </font><font style="display: inline;">legal privilege or</font><font style="display: inline;"> legal</font><font style="display: inline;"> immunity applicable to such Company Information.&nbsp; </font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">3.&nbsp;&nbsp;In the event that you or any of the Specified Pershing Square Personnel are required by applicable subpoena, legal process or other legal requirement, or formally requested in an audit or examination by a regulator or self-regulatory organization with jurisdiction to regulate or oversee any aspect of your business (&#x201C;</font><font style="display: inline;text-decoration:underline;">Regulator</font><font style="display: inline;">&#x201D;), to disclose any of the Company Information, you will, to the extent legally permissible, promptly notify the Company in writing in advance by facsimile and electronic mail so that the Company may seek a protective order or other appropriate remedy (and if the Company seeks such an order, you will provide such cooperation as the Company shall reasonably request), at its cost and expense.&nbsp;&nbsp;Following notification by you to the Company (or before such notification if prior notification is not legally permissible), you may honor any such subpoena, legal process, other legal requirement or Regulator&#x2019;s request that requires discovery, disclosure or production of the Company Information if and solely to the extent that (a) you produce or disclose only that portion of the Company Information which your legal counsel advises you in writing (which, for the avoidance of doubt, need not be in the form of a formal opinion) is legally required to be so produced or disclosed and you inform the recipient of such Company Information of the existence of this Confidentiality Agreement and the confidential nature of such Company Information and you cooperate with the Company, at the Company&#x2019;s cost and expense, if it decides to seek a protective order or other relief to prevent the disclosure of the Company Information or to obtain reliable assurance that confidential treatment will be afforded the Company Information; or (b) the Company consents in writing to having the Company Information produced or disclosed pursuant to such subpoena, legal process, other legal requirement or Regulator&#x2019;s request.&nbsp;&nbsp;In no event will you or any of the Specified Pershing Square Personnel oppose action by the Company to obtain a protective order or other relief to prevent the disclosure of the Company Information or to obtain reliable assurance that confidential treatment will be afforded the Company Information.&nbsp;&nbsp;For the avoidance of doubt, it is understood that there shall be no &#x201C;legal requirement&#x201D; requiring you to disclose any Company Information solely by virtue of the fact that, absent such disclosure, you would be prohibited from purchasing, selling, or engaging in derivative or other voluntary transactions with respect to the Common Stock of the Company or otherwise proposing or making an offer to do any of the foregoing, or you would be unable to file any proxy materials in compliance with Section 14(a) of the Exchange Act or the rules promulgated thereunder.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">4.&nbsp;&nbsp;You acknowledge that (a) none of the Company or any of the Company Representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of any Company Information, and (b) none of the Company or any of the Company Representatives shall have any liability to you or to any of the Specified Pershing Square Personnel relating to or resulting from the use of the Company Information or any errors therein or omissions therefrom. You and the Specified Pershing Square Personnel (or anyone acting on your or their behalf) shall not directly or indirectly initiate contact or communication with any executive or employee of the Company other than the </font><font style="display: inline;">executive officers of the Company, </font><font style="display: inline;">the Manager of Investor Relations</font><font style="display: inline;">, in-house and outside counsel,</font><font style="display: inline;"> a director</font><font style="display: inline;"> of the Company</font><font style="display: inline;"> and/or such other persons approved in writing by the foregoing or the Board of Directors concerning Company Information, or to seek any information in connection therewith from any such person other than the foregoing, without the prior consent of the Company; provided, however, the restriction in this sentence shall not apply to a PS Partner Appointee acting solely in his capacity as a director.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;"></font><font style="display: inline;">4</font><font style="display: inline;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">5.&nbsp;&nbsp;All Company Information shall remain the property of the Company.&nbsp;&nbsp;Neither you nor any of the Specified Pershing Square Personnel shall by virtue of any disclosure of and/or your use of any Company Information acquire any rights with respect thereto, all of which rights (including all intellectual property rights) shall remain exclusively with the Company.&nbsp;&nbsp;At any time after the date on which the PS Partner Appointee is not a director of the Company, upon the request of the Company for any reason, you will promptly return to the Company or destroy, at your option, all hard copies of the Company Information and use commercially reasonable efforts to permanently erase or delete all electronic copies of the Company Information in your or any of the Specified Pershing Square Personnel&#x2019;s possession or control (and, upon the request of the Company, you shall promptly certify to the Company that such Company Information has been erased or deleted, as the case may be); </font><font style="display: inline;font-style:italic;">provided, however, </font><font style="display: inline;">that (a) your legal department and/or outside counsel may keep one copy of any Company Information (in electronic or paper form) solely for purposes of complying with applicable law or regulation and, in the case of your outside counsel, to document its services for Pershing Square in accordance with applicable professional standards (and such information shall not be disclosed or used for any other purposes) and (b) you and/or your outside counsel may retain Company Information to the extent it is &#x201C;backed-up&#x201D; on your and/or their electronic information management and communication systems or servers in the ordinary course and is not immediately available to an end user (and such information shall not be recovered from such systems or servers except as expressly permitted above); provided, that any Company Information retained pursuant to clauses (a) and/or (b) shall be subject to the confidentiality terms of this Confidentiality Agreement notwithstanding any termination or expiration of this Confidentiality Agreement until such information is returned or destroyed or no longer constitutes Company Information pursuant to the terms hereof. Notwithstanding the return or erasure or deletion of Company Information, you and the Specified Pershing Square Personnel will continue to be bound by the obligations contained herein.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">6.&nbsp;&nbsp;You acknowledge, and will advise the Specified Pershing Square Personnel, that the Company Information may constitute material non-public information under applicable federal and state securities laws, and you agree that neither you nor any of the Specified Pershing Square Personnel shall trade or engage in any derivative or other transaction on the basis of such information in violation of such laws. </font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">7.&nbsp; </font><font style="display: inline;">Each of the parties hereto</font><font style="display: inline;"> hereby </font><font style="display: inline;">represents</font><font style="display: inline;"> and </font><font style="display: inline;">warrants</font><font style="display: inline;"> to the </font><font style="display: inline;">other party hereto</font><font style="display: inline;"> that (a) </font><font style="display: inline;">such party has</font><font style="display: inline;"> all requisite company power and authority to execute and deliver this Confidentiality Agreement and to perform </font><font style="display: inline;">such party&#x2019;s</font><font style="display: inline;"> obligations hereunder, (b) this Confidentiality Agreement has been duly authorized, executed and delivered by </font><font style="display: inline;">such party</font><font style="display: inline;">, and is a valid and binding obligation, enforceable against </font><font style="display: inline;">such party</font><font style="display: inline;"> in accordance with its terms, (c) this Confidentiality Agreement will not result in a violation of any terms or conditions of any agreements to which </font><font style="display: inline;">such party is</font><font style="display: inline;"> a party or by which </font><font style="display: inline;">such party</font><font style="display: inline;"> may otherwise be bound or of any law, rule, license, regulation, judgment, order or decree governing or affecting </font><font style="display: inline;">such party</font><font style="display: inline;">, and (d) </font><font style="display: inline;">such party&#x2019;s</font><font style="display: inline;"> entry into this Confidentiality Agreement does not require approval by any owners or holders of any equity or other interest in </font><font style="display: inline;">such party</font><font style="display: inline;"> (except as has already been obtained).</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">8.&nbsp;&nbsp;Any waiver by </font><font style="display: inline;">either party hereto</font><font style="display: inline;"> of a breach </font><font style="display: inline;">by the other party </font><font style="display: inline;">of any provision of this Confidentiality Agreement shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Confidentiality Agreement.&nbsp;&nbsp;The failure of </font><font style="display: inline;">either party hereto</font><font style="display: inline;"> to insist upon strict adherence to any term of this Confidentiality </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;"></font><font style="display: inline;">5</font><font style="display: inline;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">Agreement on one or more occasions shall not be considered a waiver or deprive </font><font style="display: inline;">such party</font><font style="display: inline;"> of the right thereafter to insist upon strict adherence to that term or any other term of this Confidentiality Agreement.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">9.&nbsp;&nbsp;You acknowledge and agree that the value of the Company Information to the Company is unique and substantial.&nbsp; </font><font style="display: inline;">Each of the parties hereto acknowledges and agrees that irreparable injury to the other party hereto would occur in the event that any of the provisions of this Confidentiality Agreement were not performed in accordance with their specific terms or were otherwise breached and that money damages are not an adequate remedy for such a breach.&nbsp;&nbsp;It is accordingly agreed that each party hereto may be entitled to specific enforcement of, and injunctive relief to prevent any violation of, the terms of this Confidentiality Agreement.&nbsp; </font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">10.&nbsp;&nbsp;Each of the parties hereto </font><font style="display: inline;">(a) </font><font style="display: inline;">irrevocably </font><font style="display: inline;">agrees that any legal action or proceeding based on or arising out of this Confidentiality Agreement will be brought exclusively in the Court of Chancery of the State of Delaware</font><font style="display: inline;"> (or, if such court declines to accept jurisdiction, any other federal or state courts of the State of Delaware), </font><font style="display: inline;">(b) irrevocably waives the right to trial by jury in any such action or proceeding, (c) irrevocably submits to the personal jurisdiction of the aforesaid courts, and irrevocably </font><font style="display: inline;">waives any argument that such courts are an inconvenient or improper forum, (d) agrees to waive any bonding requirement under any applicable law, in the case any other party seeks to enforce the terms by way of equitable relief, and (e) consents to service of process by a reputable overnight delivery service, signature requested, to the address of such party&#x2019;s principal place of business or as otherwise provided by applicable law.&nbsp;&nbsp;THIS </font><font style="display: inline;">CONFIDENTIALITY</font><font style="display: inline;"> AGREEMENT SHALL BE GOVERNED </font><font style="display: inline;">BY AND ENFORCED IN ACCORDANCE WITH</font><font style="display: inline;"> THE LAWS OF THE STATE OF DELAWARE </font><font style="display: inline;">WITHOUT REFERENCE TO CONFLICTS</font><font style="display: inline;"> OF LAW PRINCIPLES</font><font style="display: inline;">.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">11.&nbsp;&nbsp;This Confidentiality Agreement and the Letter Agreement (including the exhibits thereto) contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior or contemporaneous agreements or understandings, whether written or oral.&nbsp;&nbsp;This Confidentiality Agreement may be amended only by an agreement in writing executed by the parties hereto.&nbsp; </font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">12.&nbsp;&nbsp;All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, (a) if given by telecopy </font><font style="display: inline;">or</font><font style="display: inline;"> email, when such telecopy is transmitted to the telecopy number set forth below </font><font style="display: inline;">or</font><font style="display: inline;"> sent to the email address set forth below</font><font style="display: inline;">, as applicable,</font><font style="display: inline;"> and the appropriate confirmation is received or (b) if given by any other means, when actually received during normal business hours at the address specified in this </font><font style="display: inline;">section</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">If to the Company:</font><br /><font style="display: inline;"></font><br /><font style="display: inline;">Chipotle Mexican Grill, Inc. </font><br /><font style="display: inline;">1401 Wynkoop Street, Suite 500</font><br /><font style="display: inline;">Denver, CO 80202</font><br /><font style="display: inline;">Attention:&nbsp;&nbsp;General Counsel</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;"></font><font style="display: inline;">6</font><font style="display: inline;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">Email: </font><font style="display: inline;">cmessner@messner.com</font><br /><font style="display: inline;">Facsimile: </font><font style="display: inline;">(303) 623-0552</font><br /><font style="display: inline;"></font><br /><font style="display: inline;">With a copy to (which shall not constitute notice):</font><br /><font style="display: inline;"></font><br /><font style="display: inline;">Wachtell, Lipton, Rosen &amp; Katz</font><br /><font style="display: inline;">51 West 52nd Street</font><br /><font style="display: inline;">New York, NY 10019</font><br /><font style="display: inline;">Attention: Daniel A. Neff; David A. Katz</font><font style="display: inline;">; Sabastian V. Niles</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Email: DANeff@WLRK.com; DAKatz@WLRK</font><font style="display: inline;">.com; SVNiles@wlrk</font><font style="display: inline;">.com</font><br /><font style="display: inline;">Facsimile: </font><font style="display: inline;">(212) 403-2366</font>
		</p>
		<p style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">If to Pershing Square:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;font-family:Times New Roman;font-size: 12pt">
			<br /><font style="display: inline;">Pershing Square Capital Management, L.P.</font><br /><font style="display: inline;">888 Seventh Avenue, 42nd Floor</font><br /><font style="display: inline;">New York, NY 10019</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Attention: Stephen Fraidin; Steve Milankov</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Email: fraidin@persq.com; milankov@persq.com</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Facsimile: (212) 286-1133</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">With a copy (which shall not constitute notice) to:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Cadwalader, Wickersham &amp; Taft LLP</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">One World Financial Center</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">New York, New York 10281</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Attention: Richard M. Brand</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Email: richard.brand@cwt.com</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Facsimile: (212) 504-6666</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">13.&nbsp;&nbsp;If at any time subsequent to the date hereof, any provision of this Confidentiality Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision shall have no effect upon the legality or enforceability of any other provision of this Confidentiality Agreement.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">14.&nbsp;&nbsp;This Confidentiality Agreement may be executed in two or more counterparts</font><font style="display: inline;">, each of which will be considered one and the same agreement and will become effective when counterparts have been signed by each of the parties hereto and delivered to the other party (including by means of electronic delivery or facsimile)</font><font style="display: inline;">.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">15.&nbsp;&nbsp;This Confidentiality Agreement and the rights and obligations herein may not be assigned or otherwise transferred, in whole or in part, by you without the express written consent of the Company.&nbsp;&nbsp;This Confidentiality Agreement, however, shall be binding on successors of the parties hereto.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;"></font><font style="display: inline;">7</font><font style="display: inline;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">16.&nbsp; </font><font style="display: inline;">This</font><font style="display: inline;"> Confidentiality Agreement shall expire </font><font style="display: inline;">twelve (12) months</font><font style="display: inline;"> following the date that is the later of (1) the date that the PS Partner Appointee (and any Successor Director) no longer serves on the Board of Directors and (2) the date that Matthew H. Paull ceases to provide Company Information to the Pershing Square Group or any of the Specified Pershing Square Personnel</font><font style="display: inline;">; except that you shall indefinitely maintain in accordance with the confidentiality obligations set forth herein any material constituting the Company&#x2019;s intellectual property (including patents, trade secrets, copyright and trademarks).</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">17.&nbsp; </font><font style="display: inline;">No licenses or rights under any patent, copyright, trademark, or trade secret are granted or are to be implied by this Confidentiality Agreement.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">18.&nbsp;&nbsp;Each of the parties hereto acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Confidentiality Agreement and the Letter Agreement, and that it has executed the same with the advice of said counsel. Each party and its counsel cooperated and participated in the drafting and preparation of this Confidentiality Agreement and the Letter Agreement and the documents referred to herein and therein, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties and may not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Confidentiality Agreement or the Letter Agreement against any party that drafted or prepared it is of no application and is hereby expressly waived by each of the parties hereto, and any controversy over interpretations of this Confidentiality Agreement or the Letter&nbsp;&nbsp;Agreement shall be decided without regards to events of drafting or preparation.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:0pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">[Signature Pages Follow]</font>
		</p></div><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:12pt 0pt 0pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;"></font><font style="display: inline;">8</font><font style="display: inline;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:12pt 0pt 0pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">Please confirm your agreement with the foregoing by signing and returning one copy of this Confidentiality Agreement to the undersigned, whereupon this Confidentiality Agreement shall become a binding agreement between you and the Company.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:12pt 0pt 0pt 252pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Very truly yours,</font><br /><font style="display: inline;"></font>
		</p>
		<p style="margin:12pt 0pt 0pt 252pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;text-transform:uppercase;">Chipotle Mexican Grill, Inc.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:12pt 0pt 0pt 252pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">By:______________________</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><br /><font style="display: inline;">Name: </font><br /><font style="display: inline;">Title:&nbsp;&nbsp; </font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:12pt 0pt 0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
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		</p>
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		<p style="margin:0pt;text-align:center;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
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			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
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		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			&nbsp;
		</p></div><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:12pt 0pt 0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;">[Signature Page to the Confidentiality Agreement between </font><font style="display: inline;">Chipotle Mexican Grill, Inc.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">and </font><font style="display: inline;">Pershing Square Group</font><font style="display: inline;">]</font>

		</p>

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:12pt 0pt 0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">Accepted and agreed as of the date first written above:</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:338.40pt;margin-left:180pt;">
			<tr>
				<td valign="top" style="width:27.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 5.4pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:311.40pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 5.4pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:311.40pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;text-transform:uppercase;">Pershing Square Capital Management, L.P.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 162pt;text-indent: -18pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">By:</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 7.2pt 0pt 0pt;"></font><font style="display: inline;"> &nbsp;PS Management GP, LLC, its General Partner</font><br /><font style="display: inline;"></font><br /><font style="display: inline;"></font><br /><font style="display: inline;">By:</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 7.2pt 0pt 0pt;"></font><font style="display: inline;">_________________________________</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><br /><font style="display: inline;text-decoration:underline;"></font><font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Name:&nbsp;&nbsp;William A. Ackman</font><br /><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Title:&nbsp;&nbsp;&nbsp;&nbsp;Managing Member</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 12pt;text-align:center;font-weight:bold;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;"></font><font style="display: inline;">EXHIBIT B</font>
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			<font style="display: inline;">PRESS RELEASE</font>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>cmg-20161219xex99_1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<!--HTML document created with Certent Disclosure Management 6.4.0.99-->
<!--Created on: 12/19/2016 8:51:57 AM-->
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		<title>
			Exhibit 99.1_12.18.16
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	<body><div style="margin-left:54pt;margin-right:54pt;"><div style="width:100%">

		<p style="margin:0pt;line-height:100%;text-align:right;font-family:Calibri;font-size: 11pt">

			<font style="display: inline;font-family:Interstate-Light;color:#595959;">Contact: Chris Arnold</font>

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		<p style="margin:0pt;line-height:100%;text-align:right;font-family:Calibri;font-size: 11pt">

			<font style="display: inline;font-family:Interstate-Light;color:#595959;">303.222.5912</font>

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		<p style="margin:0pt;line-height:100%;text-align:right;font-family:Calibri;font-size: 11pt">

			<font style="display: inline;font-family:Interstate-Light;color:#595959;">carnold@chipotle.com</font>

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		<p style="margin:0pt;text-align:right;line-height:100%;font-family:Calibri;font-size: 11pt">

			&nbsp;

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		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 16pt">
			<a name="_GoBack"></a><font style="display: inline;font-family:Times New Roman;color:#404040;font-size:16pt;"><img src="cmg-20161219xex99_1g001.jpg" style="width: 2.552083in; height: 1.052083in" alt="Picture 2"></font>
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		<p style="margin:0pt 0pt 8pt;font-family:Calibri;line-height:107.92%;font-size: 18pt">
			<font style="display: inline;font-family:Interstate-Light;text-transform:uppercase;color:#6E3F28;font-size:18pt;">CHIPOTLE </font><font style="display: inline;font-family:Interstate-Light;text-transform:uppercase;color:#6E3F28;font-size:18pt;">NAMES FOUR NEW DIRECTORS</font><font style="display: inline;font-family:Interstate-Light;text-transform:uppercase;color:#6E3F28;font-size:18pt;"> AS PART OF BOARD REFRESH INITIATIVE</font>
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			<font style="text-indent:0pt;margin-left:0pt; padding-right:130.75pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font></font>
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		<p style="margin:0pt 0pt 8pt;font-family:Calibri;line-height:107.92%;font-size: 14pt">
			<font style="display: inline;font-family:Interstate-Light;color:#6E3F28;font-size:14pt;">Paul Cappuccio</font><font style="display: inline;font-family:Interstate-Light;color:#6E3F28;font-size:14pt;">,</font><font style="display: inline;font-family:Interstate-Light;color:#6E3F28;font-size:14pt;"> Robin Hickenlooper</font><font style="display: inline;font-family:Interstate-Light;color:#6E3F28;font-size:14pt;">, Ali Namvar and Matthew Paull </font><font style="display: inline;font-family:Interstate-Light;color:#6E3F28;font-size:14pt;">Join Chipotle Board of Directors</font>
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			<font style="display: inline;font-family:Interstate-Light;color:#000000;">DENVER, </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">December</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">16</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">, 2016 &#x2014; </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">Chipotle Mexican Grill (NYSE: CMG) </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">has named four new members to its Board of Directors</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">:</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">Paul T. Cappuc</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">cio</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">, &nbsp;</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">Robin S. Hickenlooper</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">, Ali Namvar and Matthew Paull, </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">effective December 14, 2016</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">. The new D</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">irectors will serve a</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">n</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">initial</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> term</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> through Chipotle&#x2019;s </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">2017 </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">Annual Meeting of Shareholders</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">, and the Board of Directors currently consists of twelve members</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">.</font>
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		<p style="margin:0pt 0pt 8pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">
			<font style="display: inline;font-family:Interstate-Light;color:#000000;">&#x201C;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,&#x201D; said Steve Ells, Founder, Chairman and CEO of Chipotle. &#x201C;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.&#x201D; </font>
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		<p style="margin:0pt 0pt 8pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">
			<font style="display: inline;font-family:Interstate-Light;color:#000000;">Pershing Square</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> Capital Management, L.P.</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> CEO William A. Ackman said, &#x201C;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.&nbsp;&nbsp;We look forward to working with the Board and management to create sustained value for all shareholders for many years to come.&#x201D;</font>
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		<p style="margin:0pt 0pt 8pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">
			<font style="display: inline;font-family:Interstate-Light;color:#000000;">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.&nbsp;&nbsp;The full agreements with Pershing Square will be filed in a Current Report on Form 8-K with the Securities and Exchange Commission (the &#x201C;SEC&#x201D;).</font>
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		<p style="margin:0pt 0pt 8pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">
			<font style="display: inline;font-family:Interstate-Light;color:#000000;">ABOUT THE NOMINEES</font>
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			<font style="display: inline;font-family:Interstate-Light;color:#000000;">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&#x2019;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 &amp; 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 </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">for Justices Antonin Scalia and Anthony M. Kennedy, </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">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&#x2019;s degree from Georgetown University in 1983.&nbsp;&nbsp;Mr. Cappuccio brings significant large public company experience to the board, including </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">significant transactional, financial, strategic, and </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">corporate governance</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> experience. </font>
		</p>
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			<font style="display: inline;font-family:Interstate-Light;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Interstate-Light;color:#000000;">-</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">1</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">-</font>
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		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;line-height:100%;text-align:right;font-family:Calibri;font-size: 11pt">

			<font style="display: inline;font-family:Interstate-Light;color:#595959;">Contact: Chris Arnold</font>

		</p>

		<p style="margin:0pt;line-height:100%;text-align:right;font-family:Calibri;font-size: 11pt">

			<font style="display: inline;font-family:Interstate-Light;color:#595959;">303.222.5912</font>

		</p>

		<p style="margin:0pt;line-height:100%;text-align:right;font-family:Calibri;font-size: 11pt">

			<font style="display: inline;font-family:Interstate-Light;color:#595959;">carnold@chipotle.com</font>

		</p>

		<p style="margin:0pt;text-align:right;line-height:100%;font-family:Calibri;font-size: 11pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 8pt;font-family:Calibri;line-height:107.92%;;font-size: 11pt"><font style="display: inline;font-family:Interstate-Light;font-weight:bold;color:#000000;text-decoration:underline;">Chipotle Names New Directors/p.2</font>
		</p>
		<p style="margin:0pt 0pt 8pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">
			<font style="display: inline;font-family:Interstate-Light;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Interstate-Light;color:#000000;">Mrs. Hickenlooper</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">,</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> 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&#x2019;s degree in Business Administration from the Kellogg School of Management, and a Bachelor&#x2019;s degree in Public Policy from Duke University. Mrs. Hickenlooper brings to the board significant corporate development and financial expertise.</font>
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		<p style="margin:0pt 0pt 8pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">
			<font style="display: inline;font-family:Interstate-Light;color:#000000;">Mr. Namvar</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">is a Partner at Pershing Square Capital Management,</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> L.P.</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">,</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> a registered investment advisor with more than $11 billion in assets under management and </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">currently </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">Chipotle&#x2019;s largest </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">investor</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">. Mr. Namvar joined Pershing Square in 2006 and has been a major contributor to the firm&#x2019;s growth.&nbsp;&nbsp;He brings more than a decade of experience </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">investing </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">in publicly traded, branded consumer products and restaurant companies. Mr. Namvar has played an instrument</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">al </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">role in a number of Pershing Square investments over the years, including its significant equity stakes in Fortune Brands, Beam, McDonald&#x2019;s, </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">Procter </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">&amp; Gamble, Wendy&#x2019;s International, </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">Kraft Foods and </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">Mondelez International, among others. Prior to joining Pershing Square, Mr. Namvar served as a Vice President at </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">the </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">Blackstone Group in its corporate advisory practice, where he advised corporate boards and investment firms on a wide range of shareholder value-enhancing transactions</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">.</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> Prior to joining Blackstone, Mr. Namvar worked in the investment banking division at Goldman Sachs. He graduated </font><font style="display: inline;font-family:Interstate-Light;font-style:italic;color:#000000;">magna cum laude</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> with a Bachelor of Arts degree from Columbia University, New York, and</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> earned his Master&#x2019;s degree in Business A</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">dministration from the Wharton School at the University of Pennsylvania. </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">Mr. Namvar brings to the board a significant understanding of strategy</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">, governance</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> and finance within the restaurant industry. </font>
		</p>
		<p style="margin:0pt 0pt 8pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">
			<font style="display: inline;font-family:Interstate-Light;color:#000000;">Mr. Paull</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">was Senior Vice President and Chief Financial Officer of McDonald&#x2019;s Corp. from 2001 until he retired from that position in 2008. Before joining McDonald&#x2019;s in 1993, Mr. Paull was a Partner at Ernst &amp; 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</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> as a member</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">of</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> the board of Air Products, where he chairs the Audit and Finance Committee and is a member of the Corporate Governance and Nominating </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">C</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">ommittee</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> and the Executive </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">C</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">ommittee</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">,</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> a member of the board of</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> Canadian Pacific</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> where he chairs the Audit Committee and is a member of the Finance Committee</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">, &nbsp;</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">a member of the board of </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">KapStone Paper and Packaging Corp.</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">,</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> and was a former </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">member of the board </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">of WMS Industries</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> and</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> Best Buy Co.</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">Mr. Paull previously served on Chipotle's Board when it was owned by McDonald&#x2019;s. </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">He</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> currently</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> serves on the advisory board of Pershing Square Capital Management</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">, L.P</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">. Mr. Paull holds </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">a Bachelor&#x2019;s d</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">egree and a Master&#x2019;s degree in A</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">ccounting from the University of Illinois. </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">Mr. Paull brings to the board significant</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> experience in the restaurant industry and</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> financial expertise, including deep understanding of financial markets, </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">corporate finance</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">,</font><font style="display: inline;font-family:Interstate-Light;color:#000000;"> accounting and controls, and investor relations. </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">&nbsp;</font>
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			<font style="display: inline;font-family:Interstate-Light;color:#000000;">-</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">2</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">-</font>
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		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;line-height:100%;text-align:right;font-family:Calibri;font-size: 11pt">

			<font style="display: inline;font-family:Interstate-Light;color:#595959;">Contact: Chris Arnold</font>

		</p>

		<p style="margin:0pt;line-height:100%;text-align:right;font-family:Calibri;font-size: 11pt">

			<font style="display: inline;font-family:Interstate-Light;color:#595959;">303.222.5912</font>

		</p>

		<p style="margin:0pt;line-height:100%;text-align:right;font-family:Calibri;font-size: 11pt">

			<font style="display: inline;font-family:Interstate-Light;color:#595959;">carnold@chipotle.com</font>

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			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 8pt;font-family:Calibri;line-height:107.92%;;font-size: 11pt"><font style="display: inline;font-family:Interstate-Light;font-weight:bold;color:#000000;"></font>
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		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Interstate-Light;font-weight:bold;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Interstate-Light;font-weight:bold;color:#000000;text-decoration:underline;">Chipotle Names New Directors/p.3</font>
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			<font style="display: inline;font-family:Interstate-Light;font-weight:bold;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Interstate-Light;font-weight:bold;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Interstate-Light;font-weight:bold;color:#000000;">ABOUT CHIPOTLE</font>
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		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Interstate-Light;font-weight:bold;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Interstate-Light;color:#000000;">Steve Ells, </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">F</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">ounder, </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">C</font><font style="display: inline;font-family:Interstate-Light;color:#000000;">hairman 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. </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">Chipotle prepares its food using whole, unprocessed ingredients and without the use of added colors, flavors or other additives typically found in fast food. </font><font style="display: inline;font-family:Interstate-Light;color:#000000;">Chipotle opened with a single restaurant in Denver in 1993 and now operates more than 2,200 restaurants. For more information, visit Chipotle.com.</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Interstate-Light;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Interstate-Light;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Interstate-Light;color:#000000;background-color:yellow;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 8pt;text-align:center;font-family:Calibri;line-height:107.92%;font-size: 11pt">
			<font style="display: inline;font-family:Interstate-Light;color:#404040;">-3-</font>
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