CULTIVATE A

BETTER WORLD
2023 SUSTAINABILITY REPORTCONTENTS
INTRODUCTION

A Letter From Our
Chairman and CEO

3

About This Report

4

Who We Are

5

Our Values

6

Materiality

CHAPTER 1

CHAPTER 2

FOOD & ANIMALSCHAPTER 3

ENVIRONMENTPEOPLE

Highlights

15

Highlights

30

Highlights

45

Supply Chain Priorities

16

Benefits Overview

31

Environmental Goals

46

Supply Chain Oversight

17

47

19

32

ClimateFood with Integrity

Employee Promotions
and Turnover
Developing andTraining Talent

Emissions48

33

Inclusive Culture

34

Sustainable Design
and Development

49

Employee Resource Groups

38

Scope 3 Emissions

50

Giving39

Regenerative Agriculture

51

Real Foodprint

52

40

Water

53

7

Food Safety Overview
and Oversight

20

Impact Overview

8

Meat & Dairy Supply Chain

21

Highlights

9

Meat & Dairy Standards

22Awards12

Produce Supply Chain

25

Brand Purpose Goals

13

Our Real Suppliers

26

Fundraisers and Donations
Overview

Our Real Ingredients

27

Cultivate Foundation

41

Waste

54

The Future of Farming

28

Governance42

Materials

55

Stakeholder Engagement

43

Forward Looking
Statements

56

Appendix57

2023 SUSTAINABILITY REPORTPAGE 2

A LETTER FROM OURCHAIRMAN AND CEO
This year marks my five-year anniversary since joining this company, andI continue to be more inspired every single day by the innovative thinking
and passion for purpose that exists within our culture. In this short time,
we increased our restaurant footprint, expanded our average unit volumes,
increased our stock price and hired more individuals than ever that live
our core values. Our recipe for success has been driven by our relentless
focus on delivering great guest experiences with exceptional people andexceptional food.

It is an honor to share Chipotle’s 2023 Sustainability Report with you,which showcases our progress across people, food and animals and theenvironment against the goals outlined in our 2022 Sustainability Report. We
continue to hold ourselves to the highest standards in the industry when it
comes to investing in our people, supporting our communities and reducing
our environmental impact. It is a job that will never be complete, but webelieve the more people we inspire to join us on this journey, the greater our
overall impact will be.

Chipotle’s Food with Integrity principles guided our responsible sourcing
and further enhanced our menu of real ingredients. We impacted thousandsof communities and purchased millions of pounds of local and organic
ingredients from small and often family-owned farms. I strongly believethat how we grow our food is how we grow our future and for that reason,sustainability is and will always be a strategic priority for Chipotle.

I am optimistic about our future and look forward to achieving our aggressive
goals and delivering on our promise to Cultivate a Better World.
I welcome you to reach out to us at Sustainability@chipotle.com and shareyour thoughts and questions about sustainability at Chipotle.

Thank you,

Brian Niccol
Chairman and CEO, Chipotle

PAGE 3

66

owned and operated Chipotle
restaurants in the United States

1(Canada, France, Germany, United Kingdom)

ENVIRONMENT

The data in this report cover activities and initiatives that occurred during
fiscal year 2023 spanning January 1, 2023 through December 31, 2023.
The report covers our owned and managed operations, including leased
real estate. We produce a full report every two years, and 2023 is an interim
update. The interim report provides updates to our current goals, andhighlights on new initiatives from the year. Our next full report for fiscal
year 2024 will be in full alignment with GRI reporting standards, and willcontain in-depth details on programs.

3,371

INTERNATIONALRESTAURANTSPEOPLEABOUT THISREPORT

FOOD & ANIMALS

Thank you for taking the time to read our Sustainability Report.

GENERALINTRODUCTION

Chipotle Mexican Grill, Inc., a Delaware corporation, together with its
subsidiaries (“Chipotle,” “we,” “us,” or “our”) owns and operates Chipotle
Mexican Grill restaurants, which feature a relevant menu of burritos, burrito
bowls (a burrito without the tortilla), tacos, quesadillas, and salads. We strive
to Cultivate a Better World by serving responsibly sourced, classically cooked,
real food with wholesome ingredients and without artificial colors, flavors, orpreservatives. We are passionate about providing a great guest experienceand making our food more accessible to everyone while continuing to be abrand with a demonstrated purpose. Steve Ells, founder and former executive
chairman, first started Chipotle with a single restaurant in Denver, Colorado
in 1993. Over 30 years later, our devotion to seeking out the very best
ingredients, raised with respect for animals, farmers, and the environment,
remains at the core of our commitment to Food with Integrity.
Headquartered in Newport Beach, California, we manage our United States
operations based on eight regions and have aggregated our operations to one
reportable segment. Our revenue is derived from sales by company-owned
restaurants. In 2023, we reported $9.9 billion in revenue.

2023 SUSTAINABILITY REPORT

1 As of December 31, 2023, these totals do not include the non-Chipotle restaurants that were closed in 2023.

PAGE 4Cultivating a Better World is not easy, but when we all do our part, we
can make a difference.
As of December 31, 2023, Chipotle employed more than 116,000 people
worldwide. In the United States, we employed over 112,000 people inour restaurants and approximately 1,470 in our Restaurant Support
Centers (RSCs) and field support organizations. We operate over 3,400
restaurants in the United States, Canada, France, Germany, and theUnited Kingdom.
As a people-first company rooted in values, our purpose of Cultivatinga Better World extends beyond serving nutritious food using real
ingredients. It means hiring world-class individuals dedicated toinvesting in their future and partnering together to positively impact thecommunities they serve.

2023 SUSTAINABILITY REPORTENVIRONMENTPEOPLE
FOOD & ANIMALS

Since our beginning in 1993, Chipotle has been committed to serving
Food with Integrity and revolutionizing the fast-food Industry. Our real
ingredients are responsibly sourced and classically cooked with people,
animals, and the environment in mind. Everything is connected.Though
our heritage is one of transformation and innovation, one thing will neverchange: Chipotle’s commitment to doing what’s right. Our relentless
pursuit of ethical choices at all times is what has built trust in Chipotle —from our customers, business partners, colleagues, and investors. Every
person within the organization is responsible for maintaining trust, bothinternally and externally.

INTRODUCTIONWHO
WE ARE

PAGE 5

Take pride in making the Chipotle
experience exceptional.

Everything we do starts with ourrestaurants. Serving great food, with great
service in a safe, quick, clean, and happy
environment is always priority one.

Take the time to learn it well, teach it right,
and hold others to the same standard.

AUTHENTICITY LIVES HERE

THE MOVEMENT IS REAL

Our food is real and so are we.

Stand up for what’s important,even when it’s hard.

FOOD & ANIMALS

Foster a culture that values and champions our diversity
while leveraging the individual talents of all team members
to grow our business and Cultivate a Better World.

Be your full self and makea difference.

2023 SUSTAINABILITY REPORTENVIRONMENT

When our guests win, so do we.

PEOPLETEACH AND TASTE CHIPOTLE

We source better ingredients, hire better
people, and work hard to change the world.
Talk about what makes you proud, so we
can do more of it.

INTRODUCTIONOUR VALUESKEEP US REAL

THE LINE IS THE MOMENT OF TRUTH

PAGE 6

ENVIRONMENTINTRODUCTION

Our process included engagementwith NGO partners, investors,
suppliers, academia, internal
employees, and our executive
leadership team. We prioritize
issues for strategic planning that
hold significant importance to ourstakeholders while also having
the greatest potential to impact
our business and evaluated ourdegree of control.

PEOPLE

Chipotle informs our purpose
and Sustainability strategy anddisclosure through a materiality
assessment. We identified
key issues based on external
trends, peer benchmarking, andstakeholder input as well asinternal insights and businessinformation.

FOOD & ANIMALSMATERIALITY

2023 SUSTAINABILITY REPORTPAGE 7

ENVIRONMENTPEOPLE
FOOD & ANIMALSINTRODUCTION

IMPACTOVERVIEW

In 2023, we sought to continue
making a real impact for ourcommunities, people, and planet.

2023 SUSTAINABILITY REPORTPAGE 8More than 40 MILLION poundsof local produce purchased
Purchased 262 MILLION poundsof certified pork, chicken, and beef
Achieved 94% of our goal totransition 400 acres of farmland toorganic growing practices by 2025

2023 SUSTAINABILITY REPORTENVIRONMENTPEOPLE
FOOD & ANIMALSFOOD &ANIMALSINTRODUCTIONHIGHLIGHTS

PAGE 9

ENVIRONMENTPEOPLEPEOPLEHIGHLIGHTS

fundraisers

5th YEAR listed on Fortune’s
World’s Most Admired Companies
Launced charitable match employee
programs“Dish Out” and “Chip In”

2023 SUSTAINABILITY REPORTINTRODUCTION

community organizations throughmore than 33,000 in-restaurant

FOOD & ANIMALS$6.9 MILLION donated to local

PAGE 10ENVIRONMENTENVIRONMENTPEOPLEHIGHLIGHTS

openings participated in our food
donation “Harvest Program”

51% of our electricity was purchasedfrom renewable sources2

FOOD & ANIMALS

100% of our new restaurant

greenhouse gas emissions

2023 SUSTAINABILITY REPORT

2 Includes on-site solar generation and a mix of renewable energy certificates.

INTRODUCTION

13% reduction in our direct

PAGE 11

AMERICAN OPPORTUNITY INDEXBLOOMBERG
Gender Equality Index

ENVIRONMENT

AWARDSFORBESBest Brands for Social Impact

PEOPLEFAST CASUAL
Excellence in Food Safety

FORTUNE
World’s Most Admired Companies
HUMAN RIGHTS CAMPAIGN
Corporate Equality Index, Equality 100
INVESTOR’S BUSINESS DAILY
100 Best ESG Companies

FOOD & ANIMALSFORTUNE
America’s Most Innovative Companies

NEWSWEEK
Excellence 1000 Index
TIME
100 Most Influential Companies

2023 SUSTAINABILITY REPORTINTRODUCTION

LATINO LEADERSBest Company for Latinos to Work For

PAGE 12Our executive officers’ overall annual bonus payouts can be increased or decreased by 15%(i.e., 5% for each goal) based on achievement of the three Brand Purpose goals.

2024 BRAND PURPOSE GOALSPEOPLE
Improve the retention rate of our diverse employee workforce
relative to those who are non-diverse3
FOOD
Purchase 42 million pounds of locally grown ingredients4
ENVIRONMENT
Reduce Scope 1 and 2 greenhouse gas (GHG) emissions by at least
15% compared to 2019 baseline year

Achieved 1.3% greater retention
rate of diverse employees overnon-diverse employees

FOOD
Purchase 37.5 million pounds of
locally grown ingredients4
Purchased 40 million poundsof locally grown ingredients

ENVIRONMENT
Establish composting resources at
235 restaurants
Established composting services
at 265 restaurant locations

ENVIRONMENTPEOPLEThe objectives, which are categorized by Food & Animals, People, and the Environment,
hold our executive leadership team responsible to make business decisions that Cultivate
a Better World.

PEOPLE
Improve the retention rate of ourdiverse employee workforce relative
to those who are non-diverse3

FOOD & ANIMALSThis is the third year that we have tied a portion of executive compensation to drive ourBrand Purpose goals.

2023 BRAND PURPOSE GOALS ACHIEVEDINTRODUCTIONBRAND
PURPOSE GOALS

3 Includes United States based Restaurant Service Center (RSC) and Field Operations (Field leaders and above) employees.
4 Food sourced from within 350 miles of a distribution center is defined as local.

2023 SUSTAINABILITY REPORTPAGE 13

ENVIRONMENTPEOPLE
FOOD & ANIMALSINTRODUCTION

FOOD &ANIMALS

2023 SUSTAINABILITY REPORTPAGE 14

HIGHLIGHTS

40 MILLION

100%

Partnered with our
growers to convert over
304 acres of conventional
farmland to organic
farmland via transitional
growing methods

Continued to support
local farmers withpurchases of over
40 million pounds
of produce5

100% of our beef andchicken suppliers met our No
Antibiotics Ever standard and100% of our pork suppliers
met our no Sub-Therapeautic
Antibiotics Ever standard

INTRODUCTION

304 ACRES

FOOD & ANIMALSPEOPLEENVIRONMENTFOOD &ANIMALS

2023 SUSTAINABILITY REPORT

5 Food sourced from within 350 miles of a distribution center is defined as local.

PAGE 15

FOOD & ANIMALSENVIRONMENT

SUPPLYCHAIN
PRIORITIESFOOD SAFETY

We work to ensure all the food Chipotle serves is safe,
wholesome, and delicious.

QUALITY

We assure the quality of our food across a significant
number of metrics including animal welfare, environmental
considerations, and taste. We also measure the quality
against the standards we set for our dairy, and meats fromanimals raised responsibly (our Food with Integrity guidelines).

RAISING THE
STANDARDS FOROURSELVES

FOOD & ANIMALS

Since the first Chipotle opened in 1993, we’ve served
fresh, wholesome ingredients prepared using classic
cooking techniques. It has always been a top priority
to ensure our food is safe, delicious, and made from
responsibly sourced ingredients.

PEOPLE

FOOD WITH INTEGRITY

Our approach to efficiency is founded on establishinglong-term relationships with our suppliers. We work to
help them meet our exact sustainability and quality
standards while setting equitable prices.

2023 SUSTAINABILITY REPORTINTRODUCTIONEFFICIENCYPAGE 16

Chipotle strives to grow and earn profits ethically bybalancing social, environmental, and financial commitments toshareholders, customers, employees, and the public. We seekout suppliers who share and champion our core values, andact with honesty and integrity.

Maintaining high levels of quality and safety in our
restaurants partly depends on acquiring high quality,
fresh ingredients and other necessary supplies that meet
our specifications from reliable suppliers. The 23 regional
distribution centers we work with in the United Sates
and Canada purchase from various suppliers we carefully
select based on quality, price, availability, and the suppliers’
adherence to our mission. We’ve also sought to increase,
where practical, the number of suppliers for our ingredientsto help mitigate pricing volatility and reduce our reliance on
one or several suppliers. This ensures supply continuity.

INTRODUCTION

We require our food, beverage, paper, and packaging
suppliers to comply with the Supplier Code of Conduct,
which requires compliance with applicable laws and prohibits
forced labor, child labor, violation of applicable standards forworking hours and conditions. Our Supplier Code of Conduct
also covers other subjects related to human trafficking andslavery. These suppliers must certify compliance with our
Supplier Code of Conduct each year.

In addition to compliance with the Supplier Code of
Conduct, suppliers must meet and certify specificstandards we set for the products we buy.6 Suppliers are
subject to inspections—announced and unannounced, by
us and third parties—to verify compliance with our supplierstandards. Our Supply Chain team has oversight of oursourcing standards under the direction of our executive
officers.

PEOPLE

Chipotle is committed to sourcing ingredients that are grown,raised, and harvested with respect for people, animals, andthe land. We work to create and celebrate integrity in all
aspects of our business, including how workers are valued,
the approach farmers use to grow crops, how animals
are treated, and the impact our operations have on theenvironment.

FOOD & ANIMALS

SUPPLY CHAINOVERSIGHT

ENVIRONMENTFOOD & ANIMALS

2023 SUSTAINABILITY REPORT

6 All food suppliers must certify compliance with the terms of the applicablesupplier standards annually.

PAGE 17

PROHIBITION AGAINST FORCED LABORAND VIOLENCE AGAINST WORKERS

Suppliers shall not use forced labor in any form, including
but not limited to bonded (including debt bondage) or
indentured labor, involuntary or exploitative prison labor,
slavery or trafficking of persons which are prohibited under
any circumstances. Physical punishment, confinement, useof weapons, threats of violence, or other forms of physical,
sexual, psychological, or verbal harassment or abuse is strictly
prohibited.

PROHIBITION AGAINST CHILD LABOR

Suppliers must not use workers who are under the applicablelegal minimum age of employment of the jurisdiction in which
they are working and must follow all applicable child labor laws.
If the jurisdiction in which the Supplier is doing business does
not have a minimum age of employment, the minimum age
shall be 15 years of age or, if greater, the age for completing2023 SUSTAINABILITY REPORT

Employees and workers of suppliers and any subcontractors of
suppliers must be fairly compensated and provided with wages
and benefits that comply with applicable laws, including requiredcompensation for overtime work and other premium pay dictatedby law. Suppliers and their subcontractors shall comply with alllaws and with industry standards pertaining to the number ofhours worked per day or week and consecutive days worked.
Employees and workers shall be provided with reasonable daily
and weekly work schedules and adequate allowance shall bemade for time off.

NON-DISCRIMINATION

Suppliers and their subcontractors shall comply with laws
prohibiting discrimination in hiring and employment practices
on the grounds of race, color, religion, sex, age, physical ability,
national origin, sexual orientation, gender identity, and anyother applicable legally protected class. Suppliers and theirsubcontractors shall also comply with laws prohibiting unlawful
harassment and retaliation.

WORKPLACE ENVIRONMENT AND ACCOMMODATIONSAll employees must be safe in their workplace. Suppliers shallprovide their employees and workers with safe and healthy
working and, where provided, living conditions. At a minimum,
potable drinking water, clean restrooms, adequate ventilation,
fire exits, essential safety and protective equipment, and related
training in a language the worker can understand, an emergency
aid kit and access to emergency medical care, and appropriately

IMMIGRATION COMPLIANCE

Suppliers shall comply with applicable immigration laws,
including in the United States the Immigration Reform andControl Act and related regulations that require employers todetermine the identity and work eligibility of employees andtake appropriate action if becoming aware that an employee
does not have appropriate authorization or status to work in
the United States.

ETHICAL BUSINESS PRACTICESSuppliers are forbidden to offer or accept bribes or kickbacks,or to participate in or condone falsifying documents, collusive
bidding and price fixing, and unfair trade practices and mustfully comply with the United States Foreign Corrupt Practices
Act, United Kingdom Bribery Act, the European Union AntiCorruption Framework and related regulations.

ENVIRONMENT AND SUSTAINABILITY

We believe that protecting the environment is all of
our responsibility. Chipotle complies with all applicable
environmental laws, regulations and permit requirements
and expects all companies and contractors with which wepartner to do the same. Suppliers shall comply with applicable
environmental laws and regulations.

7 FWI is applicable to food and beverage suppliers. Refer to our
website for the full Supplier Code of Conduct.

PEOPLEWAGES AND WORKING HOURS

lit work stations must be provided. Work and living facilities
must be constructed and maintained in accordance withthe standards set by applicable codes and ordinances andmust include appropriate fire detection equipment, clear andunobstructed egress and adequate exit facilities. Suppliers
shall not endanger any employee’s or worker’s safety. Living
accommodations must be clean, safe, and meet the reasonable,
basic needs of residents.

FOOD & ANIMALS

We are committed to complying with thelaw and maintaining the highest standards ofhonesty, integrity, and conduct.7 We proudly
do business with suppliers who uphold thesame principles. Suppliers must comply withall applicable laws, regulations, customs, andindustry standards relating to employment andhuman rights, including but not limited to:compulsory education. In addition, persons younger than 18
years of age shall not perform work that is likely to jeopardize
their health or safety, including night shifts and overtime.

INTRODUCTION

SUPPLY CHAINOVERSIGHT

ENVIRONMENTFOOD & ANIMALSPAGE 18

FOOD & ANIMALS

All animals have been responsibly raised, which means thatthey’re treated humanely from birth to slaughter,fed a vegetarian diet, and never given added hormones or
sub-therapeutic antibiotics.
r BGH FREE

100% of the milk in our sour cream, cheese, and queso
comes from cows that have never been treated with rBGH
(Recombinant Bovine Growth Hormone).

OUTDOOR-RAISED DAIRY

All ingredients must be traceable with transparency covering
point of origin, growing, handling, andharvesting practices.
We also strongly prefer (but do not require) that our
suppliers comply with the following aspirational attributes,
when possible.

FARMERS

Farmers should raise their animals and crops with respect for
the long-term health of the land and community.

GMO FREE

All suppliers and their affiliates, subcontractors, employees,
workers, and agents are required to comply with the Supplier
Code of Conduct and must promptly notify Chipotle of any
violation. Failure to comply may be cause for Chipotle torevoke a supplier’s approved status and may be considered abreach or violation of any agreements Chipotle has with suchsupplier. The Supplier Code of Conduct is in addition to any
other Chipotle policies, codes, and agreements which might
apply to a supplier, and Chipotle may add to or modify the
Supplier Code of Conduct, and request suppliers to accept
and agree to the terms, from time to time.

All ingredients and processes must comply with ourFood Safety and Quality Assurance requirements.

ORGANIC8

Weather permitting, active milk cows have access to the
outdoors, are fed an all-vegetarian diet and are never given
sub-therapeutic antibiotics or added hormones for growthpromotion.
All ingredients sold to us are non-GMO (however somebeverages may contain GMO ingredients, much of
the meat and dairy comes from animals fed at least
some GMO grain).

2023 SUSTAINABILITY REPORT

Produce should be grown organically as per USDA
Organic Certification.

LOCAL 8When possible food should be locally sourced from within
350 miles of a distribution center. Most of our restaurants arelocated within 80 miles of a distribution center.

NOTICE, MONITOR, COMPLAINTS

Suppliers are responsible for any noncompliance with the
Supplier Code of Conduct by any employees, subcontractors,
agents, and others who are providing services to Chipotle on
behalf of the supplier.

VALIDATION BY CHIPOTLE

Chipotle may conduct inspections, audits, and evaluationsof suppliers and their business practices, records, facilities,
and, where provided, housing accommodations. Chipotle may
also conduct inspections, audits, and evaluations of suppliers’
subcontractors, affiliates, and agents. Suppliers are required
to preserve all information necessary to demonstrate anddocument compliance with the Supplier Code of Conduct.
Chipotle follows a continuous improvement philosophy andworks with its suppliers on corrective action plans to address
any negative audit findings.

FOOD & ANIMALSRESPONSIBLY RAISED MEATSINTRODUCTION

Our suppliers met our 2023 FWI7
standards as listed here.

PEOPLEENVIRONMENTFOOD WITH
INTEGRITY(FWI)

7 FWI is applicable to food and beverage suppliers. Refer to our website for the full
Supplier Code of Conduct.
8 Strongly prefer suppliers but do not require suppliers to meet these requirements.

PAGE 19

We take the safety of our food throughout
our supply chain and restaurants extremely
seriously. We make it a top priority to adhere
to safety and quality standards to prevent risks
that can arise from the handling, preparation,and storage of food. From our supply chain to
our restaurants, ensuring the safety of our foodis paramount to our business.
It’s important to distinguish between different
types of food safety risks so we can manage
and mitigate their impact. All of our restaurants
operate under a United States Food and Drug
Administration’s (FDA) Hazard Analysis andCritical Control Points (HACCP) system, by

2023 SUSTAINABILITY REPORT

Mitigating contamination of food throughemployee illness is one of our most criticalcontrol points. Our sick leave policy, in which
restaurant employees are automatically given
three days of sick leave from their first day of
employment, is designed to reduce this risk.
Crew members and all visitors entering areas
where food is being prepared also receivea wellness check at the beginning of eachshift to ensure employees don’t work while
sick. We also incentivize food safety as aperformance measure in our restaurants for
managers and crew members to achieve aquarterly bonus.
Visual reminders also make a difference whenit comes to food safety in our restaurants.
Every Chipotle restaurant has a 3’x2’ poster
posted in the “back of house” that lists the“Top 7 Food Safety Things To Remember.”
These include: work healthy, work clean,keep produce safe, cook food to correcttemperatures, hold hot and cold foods at
specified temperatures, maintain sanitaryconditions, and call for help when needed.

PEOPLE

which we identify food safety risks, monitor
the critical limits put in place to mitigate thoserisks, and implement corrective actions
when needed.

FOOD & ANIMALS

Food safety and the health and safety of ourguests and team members will always be ournumber-one priority. Our Food Safety team is
responsible for managing food safety in our
restaurants. In addition to our internal Food
Safety team, we have a Food Safety Advisory
Council that is comprised of some of thenation’s foremost food safety authorities. The
Food Safety Advisory Council and our Boardof Directors (Board) oversee our food safety
policies and practices to help ensure they’reappropriately designed and implemented.

INTRODUCTION

FOOD SAFETYOVERVIEW ANDOVERSIGHT

ENVIRONMENTFOOD & ANIMALSPAGE 20

FOOD & ANIMALSENVIRONMENTMEAT AND DAIRYSUPPLY CHAIN(for grain-ﬁnished beef)

Feed Lot
Processing Plant

PEOPLE

BEEF

Cow/Calf
Operatoror RanchCentral Kitchen(where the cuts are cooked*)

Finishing Farm

HatcheryGrow-Out Houses

Processing Plant
Distribution Centers

PORK

2023 SUSTAINABILITY REPORTSow Farm

Finishing Farm

Processing Plant

Central Kitchen

Chipotle(where the cuts are cooked*)* There are three domestic central kitchens where our beef and pork are cooked. Our tofu (Sofritas®) and beans are also cooked in these central kitchens.

INTRODUCTIONCHICKEN

FOOD & ANIMALS(for grass-fed beef)

PAGE 21

Our Animal Welfare Guidelines—for chicken, beef,
pork, and dairy—are how we strive to ensure that
our suppliers treat animals as humanely as possible.
We require that our suppliers provide us meat fromanimals raised without the use of sub-therapeutic
antibiotics and no added growth hormones. Ourstandards apply from the birth of the animal to its
slaughter, ensuring humane treatment and handlingthroughout the animal’s lifetime.

ABOUT OUR STANDARDS

Chipotle is dedicated to the avoidance of antibiotics
for prophylactic or preventative use. We do notallow sub-therapeutic antibiotic used on many of
the animals used to supply our meat. In 2023, 100%of our chicken and beef met the No Antibiotics
Ever standard. 100% of our pork met the No SubTherapeutic Antibiotics standard and 70% of our pork
met the more stringent No Antibiotics Ever standard.

2023 SUSTAINABILITY REPORT

Chipotle works to avoid the practice of “routine alterations”
throughout our supply chain. We do not permit alterations
such as routine tail docking for pigs or dairy cows orteeth clipping of pigs, and we have specific veterinary
requirements relating to animal age, methodology, andpain management for castration and disbudding. While
we require pain relief for dehorning on dairy farms, we
prefer that dairies eliminate the need for horn removal byintroducing polled genetics into the milking herd.
We work to shorten the time our animals are in transport.
We require that the animals in our supply chain have been
pre-slaughter stunned. All slaughter facilities for beef, pork,
and chicken must follow North American Meat Institute(NAMI) Animal Handling Guidelines or guidelines from anequivalent program to ensure fully effective pre-slaughter
stunning.
Our suppliers’ animal welfare programs must include a zerotolerance policy toward the cruelty to animals and ensurethat sick animals receive appropriate medical treatment.
Chipotle opposes the use of product from cloned animals.

100

%

100

%

of our chicken and beefof our pork met themet the No Antibiotics

No Sub-TherapeuticEver standard

Antibiotics standard

100

%

70

%

of the dairy cows in theof our pork met the more

active milk herd met thestringent No Antibiotics

No Sub-TherapeuticEver standard

Antibiotics Standard

PEOPLE

Our commitment to animal welfare informs all of ourmeat and dairy purchasing. Animal welfare is of theutmost importance to us. It’s our promise that the food
we buy and serve is raised with respect for animals,
farmers, and the environment. We’re committed tosourcing high quality ingredients through safe andsustainable methods. Our rigorous animal welfare
standards are informed by best practices, and wesurpass them wherever possible.

Chipotle works to avoid confinement of animals throughout
our supply chain. We set minimum space requirements
for the animals used for our meat and dairy products.
For example, we require suppliers to provide chickens withmore space by limiting the maximum stocking density toseven pounds per square foot. We do not allow tethering
or overstocking of dairy cows. We do not permit farrowing
or gestation crates for pigs.

FOOD & ANIMALSRESPONSIBLY RAISED. RESPONSIBLY SOURCED.

INTRODUCTIONMEAT AND DAIRYSTANDARDS

ENVIRONMENTFOOD & ANIMALSPAGE 22

In 2023, none of the beef we sourced wasconventionally raised, and 100% met our animal
welfare standards. All our beef comes fromanimals that are traceable back to ranch of origin,vegetarian-fed, and raised without added
hormones or antibiotics.

OUR DAIRY

The dairy for our sour cream, shredded cheese, andQueso Blanco comes from suppliers who raise dairy
cows throughout the United States. Our supply
standards in 2023 required our producers to ensurethat all cows that produce the milk to make ourshredded cheese, Queso Blanco, and sour cream
have access to the pasture. Our dairy farmers receive
a Food with Integrity premium for raising cows on
pasture, rather than through conventional methods.
100% of the dairy for our sour cream was F.A.R.M.
Animal Care Program (Farmers Assuring Responsible
Management) Certified.

OUR CHICKEN

In 2017, we made a public commitment toimprove welfare practices around raising
broiler chickens through the Better Chicken
Commitment (BCC). We have achieved someof the BCC tenants but not all of them. We
will continue to work diligently with suppliers
towards creating a supply chain to meet thetenants of the BCC. We will continue to work
diligently with suppliers towards creating a
supply chain to meet the tenants of the BCC.
We will continue to educate and influence
this pathway and believe that over time wewill make additional gains to support broiler
chicken welfare. Our progress thus far: 11
Living Conditions: We achieved 100%enrichments in 2022 with all our suppliers
providing friable litter covering the whole floorof the house and providing at least one type offunctional enrichment per 1,000 sq ft of indoor
space. These include perches, platforms, huts,
and tunnels. In addition, all our suppliers meetthe requirement of allowing at least six hours
of continuous darkness, and eight hours per
day of continuous light.

We purchase boneless, skinless thigh and whole leg
chicken processed in the United States and Canada.9
9 European markets purchase from European suppliers.
10 S upply of our chicken are American Humane, Certified Humaneor Global Animal Partnership (GAP) certified.
2023 SUSTAINABILITY REPORT

11 All progress reported as of December 31, 2023.

Third-party audits: During 2023, 100%of our suppliers obtained third-party
audits of their animal welfare conditions.
Suppliers demonstrate achievement ofwelfare conditions through American
Humane, Certified Humane or Global AnimalPartnership (GAP) certifications.12
Slaughter: Our goal is to achieve 100%controlled atmospheric stun (CAS) in 2026.
In 2023, we increased the percent of
our United States chicken suppliers thatutilize CAS from 14% to 28%. We areencouraging our suppliers to adopt CAS, but
to achieve the goal would require significant
investments by our suppliers to change theirprocesses. We are working with suppliers
to assess the fiscal and resource impacts ofchanging their process and overhauling thesystems.
Spacing: Our stocking density is lighter thanindustry standards at no more than 7 pounds
per square foot. The BCC requires a stocking
density of 6 pounds per square foot. In 2023,
14% of our suppliers achieved the 6 pounds
per square foot stocking density. By 2024,
we aim to have 25% of our suppliers raisingchickens at the BCC stocking density.
We will continue discussions on spacing
solutions, and assess the capacity todecrease stocking density, and evaluate
impact on energy resources.

Breeds: Our suppliers are currently utilizing
commercially available breeds. We willcontinue to work with our suppliers on breed
availability and to gain a better understandingof the impacts on resource management
to support slower growing breeds. As wecontinue to work with suppliers, we will
provide updates on an annual basis on our
progress.

OUR PORK

Our pork comes from the United States,
Canada, Denmark, and the United Kingdom.
We do not allow our pork suppliers to use
gestation or farrowing crates. All of our porkcomes from pigs raised outdoors or in bedded
barns. In 2023, 100% of our pork met our
animal welfare standards, meaning it was freefrom crates during gestation and farrowing,
and free from routine tail docking and teeth
clipping. Therapeutic antibiotic treatment fora diagnosed illness is permitted. Animals thatare treated with antibiotics are excluded fromslaughter until after a withdrawal period toensure that no trace of antibiotics remains
in their system. We encourage industry
stakeholders to further develop morehumane stunning systems and are prepared
to investigate new options as they arecommercially available.

12 14% of suppliers in 2023 obtained Global Animal Partnership(GAP) certifications.

FOOD & ANIMALS

Our beef comes from the United States, Canada,
Australia, and Uruguay. We manage our beefpurchases with a focus on efficient transport,
factoring in our commitments to ensuring cost
efficiency, environmental responsibility, humane
handling and reducing food waste.

Our suppliers are required to demonstrate
animal welfare standards through third-party
certifications.10

INTRODUCTION

OUR BEEF

PEOPLEMEAT AND DAIRYSUPPLY CHAINENVIRONMENTFOOD & ANIMALSPAGE 23

In addition to meeting Chipotle’s responsibly raised
requirements, every chicken producer we work with is required
to follow either National Chicken Council (NCC) Standards orAmerican Humane (AHA), Global Animal Partnership (GAP), or
Humane Farm Animal Care (HFAC) Animal Welfare Standards.

The implementation of Chipotle’s Animal Welfare Guidelines
requires close collaboration with the Sustainability,
Culinary, Food Safety Quality Assurance, and Marketing
and Communications teams. Animal Welfare Guidelines are
redistributed internally annually to ensure company-wide
compliance with their policies. The Animal Welfare team iscommitted to continuous education and improvement and hascompleted a variety of multidisciplinary animal welfare trainings.
Our Animal Welfare team sets exacting standards to which
our meat and dairy suppliers must adhere. We embed thesestandards into our purchasing specifications and contracts.
Every year, we require signed production affidavits affirming
every supplier’s compliance. In addition to our documentation
requirements, our Animal Welfare team conducts audits on
100% of our meat and dairy suppliers annually to ensurecompliance with our standards through a combination of
on-site and remote assessments.13

For beef, we require that all the cattlemen and livestock
haulers we work with adhere to Beef Quality Assurance (BQA)
guidelines or an equivalent standard. We also require that allof our partner processing plants adhere to North American
Meat Institute (NAMI) Animal Handling Guidelines or anequivalent standard. In addition to these requirements, in 2023,
at least 32% of the beef we purchased was either Certified
Humane or Global Animal Partnership (GAP) Certified.

Our pork processing suppliers in the United States and Canada
are required to follow North American Meat Institute (NAMI)
standards. In the United Kingdom, providers must follow
Royal Society for the Prevention of Cruelty to Animals’ (RSPCA)
Freedom Foods standards for pigs. In 2023, 100% of our pork
carried an additional welfare certification to meet or exceed
our requirements. Furthermore, 70% of our pork was either
Certified Humane or Global Animal Partnership (GAP)
Certified. Additionally, 41% of our pork was Red Tractor
and RSPCA Assured.

2023 SUSTAINABILITY REPORT

Strategic and operational responsibility for Chipotle’s Animal
Welfare Programs lies within multiple positions on our Supply
Chain team. Our Animal Welfare team directly oversees the
day-to-day implementation of our Animal Welfare Program
and reports to the Procurement directors on the Supply Chain
team. The Animal Welfare team executes the program’s
operational strategy, and the corporate Procurement teamincorporates it into each purchasing decision.

13 O ur Animal Welfare team conducts remote audits and onsite audits across farms, plants,
hatcheries, and feed mills to ensure compliance with our policy to audit 100% of domestic
suppliers. To further ensure compliance with our requirements prohibiting hormone andsub-therapeutic antibiotic use, our team conducts randomized antibiotic and hormone
residue tests on all beef suppliers in the United States and Australia.

PEOPLEANIMAL WELFARE OVERSIGHT AND COMPLIANCE

FOOD & ANIMALSTHIRD-PARTY VERIFICATIONINTRODUCTIONMEAT AND DAIRYSTANDARDS

ENVIRONMENTFOOD & ANIMALSPAGE 24

PRODUCE SUPPLY CHAIN

In 2023, we purchased nearly 366 million pounds of produce.

FARM

Packing House

FARM

Processing Plant

Ripening Center

PEOPLE

AVOCADOSENVIRONMENTFOOD & ANIMALSTOMATOESONIONS &ROMAINE

FARM
Distribution Centers

LIMES, LEMONS,
JALAPEÑOS
& BELL PEPPERSCILANTRO
SUPERGREENS

2023 SUSTAINABILITY REPORT

FARM

FARM

Consolidation Dock

Processing Plant
for washing and bundling

INTRODUCTION

LETTUCE

FOOD & ANIMALS

for washing and dicing

PAGE 25

FOOD & ANIMALSENVIRONMENTOUR REAL
SUPPLIERS

LOCAL FARMERS
Local Line is a leading local foodsourcing platform for regional
food systems, serving farms,
producers, food hubs, and foodbuyers by helping them digitize
their operations and sell products.
Chipotle is supporting our farmers
by onboarding them to Local Line tohelp support their market reach.

2023 SUSTAINABILITY REPORTFOOD & ANIMALSCONNECTING WITH

INTRODUCTION

We have conversations with all potential suppliers
to better understand their company’s approachand policies relating to sustainability. We tour our
supplier’s facilities to evaluate operations and discuss
opportunities for improvements. In 2023, we did not
identify any unacceptably negative environmental
impacts through our regular supplier auditing process.

PEOPLE

Our suppliers are integral to our business, and we’re
proud of the partnerships we’ve established withthem through the years. The impact goes bothways. Our suppliers help us achieve our mission
to Cultivate a Better World, and we support our
suppliers in developing environmental standards andsustainability goals.

PAGE 26

We created a service model that allows each customer to pickexactly which ingredients and how much of them go into eachorder. Our online tool provides complete nutrition information,
helps customers build meals that meet their needs, anddiscloses allergens and dietary restrictions.

Chipotle has options for all dietary needs. We’re sensitive
to concerns about the amount of sodium used in our foodand have offered guidance, available on our website, topeople with various dietary preferences or restrictions,
including those related to sodium. All of our suggested
lower-sodium meals (such as our burritos or salads)
contain less than 900 milligrams of sodium, leaving
plenty of room for customization.

We’ve always worked to be transparent with our customers
about why we choose our ingredients and where they comefrom. That commitment to transparency is one of the reasons
we compiled this report, and also why we chose to publish
every ingredient in our meals online.

We also keep a limited supply of nutritional and allergencards in the back of house of our restaurants to provide tocustomers who ask for them. We want our customers to bepart of the conversation about our ingredients. We’ll continue
to work to educate consumers and industry partners about
new ways we can improve our supply of ingredients and,hopefully, make the industry more sustainable. We believe theintegrity of our supply chain leads to better tasting and more
nutritious food—and we will fight for this on behalf of ourcustomers, the environment, and the communities we serve.

HEALTH AND WELLNESS

We only use ingredients with no artificial flavors, colors,
or preservatives—except for lemon and lime juice are used
only for flavor, which can sometimes be used as naturalpreservatives. We cook with simple, whole ingredients thatare not processed.

2023 SUSTAINABILITY REPORT

Every choice we make—who we work with, what weserve, and what we stand for—affects the health of theplanet. Nutrient-rich soil reduces the need for pesticides
and synthetic fertilizers, buying locally reduces vehicle
emissions from transportation, and humane animalhusbandry means diminished reliance on antibiotics. As
we strive to be better each day, we work to measure andmanage the interconnected environmental and social
impacts throughout our supply chain. We work hard tocreate and follow ethical business practices. We build
relationships with like-minded businesses and operations
that do business differently. We are strongest when
we work together, so we’re always paying attention toother restaurants, producers of goods and services andgovernment regulations.

PEOPLEOur Real Ingredients page offers information about all
our ingredients, nutrition information, and an online tool
to help customers with special dietary requirements
create a meal that’s right for them. We track trends innutrition and wellness and modify our offerings when
we see new opportunities.

FOOD & ANIMALSKEEPING IT REAL WITH OUR CUSTOMERSINTRODUCTIONOUR REAL
INGREDIENTSENVIRONMENTFOOD & ANIMALSPAGE 27

FOOD & ANIMALSENVIRONMENTTHE FUTURE
OF FARMINGFARMERS INSPIRE USPEOPLE

How we grow our food is how we grow our future.
That’s why we have made a commitment to give
$5 million by 2025 to support the future of farming.

Progress towards our goal to give $5 million
by 2025 to help the future of farming.

Helping farms and farmers create a brighter food future is how wecontinue our commitment of Cultivating a Better World.
Since 2019, Chipotle has pledged to help reinvigorate the fading
farming industry for future generations. Some of our programs include:2023 SUSTAINABILITY REPORTFOOD & ANIMALS$5M

YOUNG FARMER GRANT PROGRAM

Seed Grants help remove barriers to make it possible
for the next generation of farmers and ranchers to
succeed. We provide annual grants of $5,000 each toyoung farmers in need through our partnership with
National Young Farmer’s Coalition.

TRACTOR BEVERAGE CO.

5% of Chipotle’s profits from Tractor Beverages
sales are donated to causes that benefit farmers.
Funds expand Chipotle’s existing farmer programs
including scholarships and grants to start, run, or
grow farming operations.

INTRODUCTION$1M

PAGE 28

INTRODUCTION

2023 SUSTAINABILITY REPORTFOOD & ANIMALSPEOPLE

PAGE 29

PEOPLEENVIRONMENTWe hosted Teach & Taste Live seminars to provide
on-going professional development for employees
at our Restaurant Support Centers. Each course
introduces a new leadership skill and offers bestpractices and actionable tools to continue developing
the top talent that supports our field operations.

$17.3 MILLION

Raised almost $17.3 million through Round Up
for Real Change since its inception$6.9 MILLION
Donated over $6.9 million to local community
organizations through 33,000 restaurant fundraisers

CHIP IN, DISH OUT

INTRODUCTION

Launched “Chip In” and “Dish Out” volunteer anddonation match for employees to participate in

PEOPLEWe provide high-quality growth and development
opportunities to retain top talent and support internal
promotions. In 2023, we had more than 24,000
internal promotions, including 100% of United States
based Regional Vice Presidents, 87% of
Team Directors, and 87% of Field Leaders.

FOOD & ANIMALSPEOPLEENVIRONMENTHIGHLIGHTS

2023 SUSTAINABILITY REPORTPAGE 30

PEOPLEENVIRONMENTBENEFITSOVERVIEWPEOPLEWe want to be a place where people want
to work and succeed. That’s why we’repleased to offer competitive wages andbenefits for every employee as well as
excellent opportunities for careeradvancement. We pay all entry-level hourly
restaurant employees above the federal
minimum wage, and at or above state or
local minimum wages where applicable.

FOOD & ANIMALSWe also believe that a sustainable economy
must ensure a minimum standard of living
necessary for the health and general wellbeing of workers and their families. We want
to be a place where people want to work,
even in times of change that are inevitable in
our industry. We will always seek to attract
and retain the best employees and help themgrow within our company.

TAKING CARE OF OUR PEOPLEINTRODUCTION

We want to make sure our employees
are well taken care of. Our “Cultivate Me”
benefits program plays a vital role in an
employee’s tenure at Chipotle. We knowthat competitive benefits play a big part inretaining our employees and we’re proud
to offer the best in class.
Benefits are summarized on this page andmay differ based on eligibility.

2023 SUSTAINABILITY REPORT*Hourly manager includes Kitchen Leaders, Service Leaders, and Apprentices.

PAGE 31

By continuing to build a positive and inclusive culture, andinvesting in our employees’ development, our goal is todecrease turnover among our restaurant salaried employees,hourly crew, and restaurant managers.
We conducted Restaurant Leader and Field Leader Pulse
Surveys in 2022. 90% of our employees surveyed said they
like the work they do and have confidence in Chipotle’s future.
We are continually engaging our staff to understand theirneeds and address challenges to our workforce.

HIRE RATE
2023

PROMOTIONRATE 2023

CANADA

1,569

264

1,833

86%

14%

EUROPE

181

37

218

83%

17%

UNITED KINGDOM

408

108

516

79%

21%

UNITED STATES

196,425

24,127

220,552

89%

11%

TOTAL

198,583

24,536

223,119

89%

11%

POPULATION(UNITED STATES)

HIRES
2023

PROMOTIONS
2023

TOTAL EXTERNALAND INTERNALHIRES 2023

HIRE RATE
2023

PROMOTIONRATE 2023

TO APPRENTICE

334

2,271

2,605

13%

87%

TO GENERALMANAGER

367

1,426

1,793

20%

80%

POPULATION(CANADA)

HIRES
2023

PROMOTIONS
2023

TOTAL EXTERNALAND INTERNALHIRES 2023

HIRE RATE
2023

PROMOTIONRATE 2023

TO APPRENTICE

7

23

30

23%

77%

TO GENERALMANAGER

5

18

23

22%

78%

TURNOVERRATE 2023

TURNOVERRATE 2022

RESTAURANT HOURLY(CREW, KITCHEN LEADER, SERVICE LEADER)

183%

193%

RESTAURANT SALARY(APPRENTICE, GENERAL MANAGER, RESTAURANTEUR, CERTIFIED TRAINING MANAGERS)

33%

44%

RESTAURANT FIELD MANAGERS(FIELD LEADERS, TEAM DIRECTORS, REGIONAL VICE PRESIDENTS)

18%

19%

STAFF EMPLOYEES(SUPPORT CENTER EMPLOYEES AND FIELD SUPPORT EMPLOYEES)

22%

23%

SENIOR MANAGEMENT

0%

14%

POPULATION

2023 SUSTAINABILITY REPORTENVIRONMENTTOTAL EXTERNALAND INTERNALHIRES 2023

PEOPLEIn 2023, our rate of internal promotion was 87%, carrying
over similar rates from previous years. This rate measures
the percentage of individuals that we promoted into an
Apprentice position versus all Apprentice and General
Manager hires at Chipotle.

PROMOTIONS
2023

FOOD & ANIMALSEMPLOYEEPROMOTIONSAND TURNOVER

POPULATION

HIRES
2023

INTRODUCTIONPEOPLE

PAGE 32

Our employees never stop learning! We have developed
programs to ensure our employees are supported atevery stage of their career.
Our online training platform is known as the Spice
Hub and offers a variety of training and development
opportunities to develop better leaders and increaseawareness around the most important responsibilities
of working at Chipotle.
Every restaurant employee receives in-restaurant
shoulder-to-shoulder training, coaching and validation
every shift. New Kitchen Leaders go through three weeks
of training, while new Service Leaders and Apprentices
go through four weeks of training. Training materials arebuilt to support any operational change at the restaurant
level and shared in a central location for ease of access.

2 hours

Crew Line Training

1 weekCrew Cash Training

1 weekCrew Digital Training

1 weekCrew Prep Training

1 weekCrew Grill Training

1 weekCrew Certified Trainer Training

1 weekKitchen Leader Training

3 weeks

Service Leader Training

4 weeks

Apprentice Training

4 weeks

Internal GM Training

3 weeks

External GM Training

12 weeks

SPICE HUB TRAINING
Materials for all 2023 initiatives, including new technology and limited time offers,
were created to train restaurant employees at all levels. The initiatives were cascaded
down from the Restaurant Support Center to every level from Regional Vice President
to crew. All levels reviewed and completed their training in the Spice Hub.
2023 SUSTAINABILITY REPORTENVIRONMENT

Crew Orientation

PEOPLE

Our talent strategy recognizes the need to havea comprehensive plan focused on internal talentdevelopment. Ensuring our employees have proper
training and development is at the center of thatstrategy.

SCHEDULESFOOD & ANIMALSDEVELOPING
AND TRAINING
TALENT

DEVELOPMENT & TRAINING

INTRODUCTIONPEOPLE

PAGE 33

ENVIRONMENTPEOPLE
FOOD & ANIMALSINTRODUCTION

INCLUSIVE
CULTURE

2023 SUSTAINABILITY REPORTPAGE 34

DEVELOP
to activate our talent.
CREATE ACCESS AND EQUITY
by eliminating barriers fordiverse candidates andemployees.
SUPPORT OUR COMMUNITIES
by creating pathways tohealthier food, education,and jobs.
2023 SUSTAINABILITY REPORTPEOPLELEARN
to create awareness.

FOOD & ANIMALSBUILDING AN INCLUSIVE CULTURE BRINGS OUR EMPLOYEES TOGETHER,
STRENGTHENS OUR WORKFORCE, AND FOSTERS CREATIVITYINTRODUCTION

INCLUSIVE CULTURE

ENVIRONMENTSTRATEGY

PAGE 35

Our purpose of Cultivating a Better World starts
with our workforce and extends to the communities
we serve. We strive to create an organization
where diverse ideas, backgrounds, cultures, andexperiences are championed. We take seriously
our values of “Authenticity Lives Here” and “TheMovement is Real” because they are not justrepresentative of our food, but our people as well.
We seek to cultivate an inclusive environment where
all our employees can be heard and understood;
and commit to intentional actions that will drive theimpact we desire.

2023 SUSTAINABILITY REPORT

Chipotle has been participating inManagement Leadership for Tomorrow’s(MLT) Black Equity at Work Certification
Program. This establishes a comprehensive
aggregate measurement system and provides
a rigorous approach that promotes Blackequity internally and externally by supporting
Black equity within our business partners,
as well as in the communities in which we
operate.
As of December 31, 2023, 49.3% of ourUnited States based employee population was
female and approximately 71% of our UnitedStates restaurant and field based employee
population was comprised of racial and ethnic
minorities.

NON-DISCRIMINATION

Chipotle prohibits workplace discrimination
and all forms of harassment, including sexual
harassment. We have a strict rule against
workplace conduct that violates any law, makes
someone feel unwelcome, or is otherwise a
distraction from doing a job to the best of theirability. Employees who violate our Respectful
Workplace Policy; our Anti-Discrimination,
Harassment and Sexual Harassment Policy; or
the law are subject to discipline, which could
include termination. We do not discriminate
against any protected status. This policy
applies to all our employment practices,
including recruiting, hiring, pay, performance
reviews, training and development, promotions,and other terms and conditions of employment.

PEOPLEWe believe in fostering a culture that values andchampions our diversity, while leveraging theindividual talents of all employees to grow ourbusiness and Cultivate a Better World.

We conduct coordianted talent calibrations
and succession planning exercises across theorganization to identify a diverse pipeline of
emerging leaders, matching these leaders withthe appropriate development programs toensure we have a slate of ‘ready now’ internaltalent for critical roles within the organization.

We encourage employees to get involved
with our Employee Resource Groups to spark
conversations, learn from each other, and growtheir careers.

FOOD & ANIMALSWe recognize our journey is not complete and weare committed to providing equitable opportunities
for all employees to succeed.

We are committed to maintaining both racial
and gender pay equity. Pay equity analysis isa continual process at Chipotle. We work to
identify potential risks and pay gaps in ourorganization by gender and race/ethnicity tosupport our commitment to pay our employees
equitably across these groups.

INTRODUCTION

INCLUSIVE
CULTUREENVIRONMENTJOURNEY

PAGE 36

Expanded our Inclusive Culture program throughstrategic recruiting and development practices. We’refocusing on creating an inclusive atmosphere andwork closely with the Trevor Project to ensure support
for all members of our community.

INTRODUCTION

Engaged an independent third-party consultant
to conduct a Talent Management Equity Audit toidentify opportunities in our talent management
cycle. The review found that Chipotle has a robust
set of processes and practices, including a structured
candidate selection process for both internal andexternal candidates, interview guides and detailed job
descriptions. We have made additional changes toensure interview questions are equitable and provided
unconscious bias training for the recruiting team.14

ENVIRONMENT

Signed a pay transparency pledge to demonstrate
our commitment to pay our employees equally acrossgender and race/ ethnicity.

PEOPLEDURING 2023 CHIPOTLE:

FOOD & ANIMALSINCLUSIVE
CULTURE

14 See the Investors page of our website at www.ir.chipotle.com under Corporate Governance –Human Capital Information for additional details.

2023 SUSTAINABILITY REPORTPAGE 37

EMPLOYEE RESOURCE GROUPS (ERGS) OVERVIEW

Our voluntary employee-led ERGs help cultivate an
inclusive culture. They provide many opportunities for
employees to network, learn new skills, and participate inactivities of their interest. ERGs provide community, culture
support, and development opportunities to advancecareers for many of our employees.

UNIFIEDAs a leading inclusive workplace, Chipotle introduced the
ERG –United Network of Influencers Furthering Inclusion
and Ethnic Diversity (UNIFIED).
UNIFIED advances an equal opportunity environment that supports
a future free from discrimination and inequality for career growth
opportunities. To achieve this goal and support Chipotle’s mission to
Cultivate a Better World, UNIFIED brings awareness, knowledge, andunderstanding of workplace ethnic challenges and community issues.

THE HUSTLE

Humans Uniting to Support the Ladies’ Experience (HUSTLE)
was formed to build a workplace where women can thrive.
Its vision is to Cultivate a Better World by building an inclusive
environment that attracts, elevates, and evolves women in theworkplace. The HUSTLE supports a mentor program, and hosts
various events through the year including a quarterly virtualbook club for all members.

PEOPLEINCLUSIVE
CULTUREENVIRONMENTEMPLOYEE RESOURCE GROUPS

Key program components include:• A minority mentorship program• Virtual round table discussions with prominent speakers and panels• Quarterly trainings that promote diversity and inclusion in the 		
workplace

PRIDE

PRIDE fosters a work environment that is inclusive of the LGBTQ+
community and attracts, retains, develops, and celebrates its
authenticity. PRIDE is open to all employees regardless of sexual
orientation. Chipotle recently received a 100% score on the Human
Rights Campaign Foundation’s Corporate Equality Index, highlighting
best workplaces for the LGBTQ+ community.

Chipotle Wellness fosters an environment that supports Chipotle
employees’ mental, physical, and financial wellbeing. This group
has increased visibility into Chipotle’s best-in-class mental healthand fitness benefits and includes access to Health Advocate anda library of digital workout videos, as well as live or on-demand
online workout sessions.

FOOD & ANIMALSCHIPOTLE WELLNESS

Culture Committee’s purpose is to create spaces where all areencouraged to express their passions and curate new connections.
Our employees have created a space to support a wide varietyof groups for everyone to get involved, from peloton riders andintramural sports teams to pet and food clubs.

SERVESSERVES provides employees resources and opportunities to volunteer anddeliver on Cultivating a Better World. Employees are able to participate inactivities like beach clean ups, to serving at soup kitchens and food banks.

2023 SUSTAINABILITY REPORTINTRODUCTIONCULTURE COMMITTEE

PAGE 38

ENVIRONMENTPEOPLEINTRODUCTION

We’re nothing without the communities
we serve. That’s why we’ve set up
several programs and partnerships togive back to all the communities we’re
proud to call home.

FOOD & ANIMALSGIVING

2023 SUSTAINABILITY REPORTPAGE 39

ROUND UP FOR REAL CHANGE

CULTIVATE FOUNDATION

Lifetime donations to local schools
and community organizations
through community fundraisers.

Raised for 9 non-profits, including
providing humanitarian aid throughthe Red Cross for those affected by
the earthquake in Turkey.

Issued grants to organizations cultivating abetter world in the communities that we serve
like Niman Ranch, Next Generation ScholarshipFoundation, The Culinary Institute of America,
Soul Fire Farm, and City Harvest.

250,000$

FOOD DONATIONSSEED GRANTS TO YOUNG FARMERSOver 323,000 pounds offood were donated to local
community partners.

Donated through50 Seed Grants to help
Cultivate a Better World.

PEOPLEFUNDRAISERS & DONATIONS

323,000 +2023 SUSTAINABILITY REPORT

60,000

3.3M$$

FOOD & ANIMALS

+
99M

$

INTRODUCTIONFUNDRAISERS
AND DONATIONSOVERVIEWENVIRONMENTGIVING

PAGE 40

The Chipotle Cultivate Foundation matches thegenerosity and support that eligible Chipotle
employees give to charitable organizations with
the Chip In and Dish Out program.
Chip In is a volunteer-based employee
match program that provides a meaningful
opportunity for engagement. The Foundation
matches eligible employees volunteer hours
with a monetary donation to a nonprofit
organization.

INTRODUCTION

Dish Out is a financial match program for
the Foundation to increase an eligible
employee’s overall gift by matching theircontribution to a nonprofit.

PEOPLECULTIVATE FOUNDATION SUPPORTS
MATCHING DONATIONSFOOD & ANIMALSGIVINGENVIRONMENTCULTIVATE FOUN DATION

2023 SUSTAINABILITY REPORTPAGE 41

Brian shifted our mission to “Cultivating a Better
World.” He believes in implementing and managing
sustainability across all aspects of our business.
Sustainability is a part of everyone’s job at Chipotle,
and we have clear sustainability governancestructures that we revise periodically as thecompany continues to grow.
Our Board regularly evaluates the performanceof our executive leadership team. In addition, theCompensation, People & Culture Committee of
the Board of Directors (Compensation Committee)annually evaluates the performance of our CEO,which is led by the Chair of the Compensation
Committee and our Lead Independent Director.
We have actively recruited people for our Boardand our executive leadership team who have highintegrity, a strong record of accomplishment, anddisplay the independence of mind and strengthof character necessary to make an effective
contribution to the company and represent theinterests of all stakeholders.

The Board and execuitve leadership team are
involved with the development, approval, updates
and oversight of the Company’s purpose, value or
mission statements, strategies, policies, and goals
related to financial, environmental, governance,and corporate responsibility topics.

The Board and executive leadership team are involved
with the development, approval, updates and oversightof the organization’s purpose, value or mission
statements, strategies, policies, and goals related tofinancial, environmental, and social topics.
2023 SUSTAINABILITY REPORTThe Compensation Committee oversees
our human capital management, including
compensation, retirement and benefits
programs offered to employees across thecompany, executive officer evaluations andsuccession planning, diversity, equity andinclusion programs and initiatives, recruitment
and retention of employees, and gender, racialand ethnic pay equity.
The Nominating and Corporate GovernanceCommittee oversees policies and programs
relating to environmental, sustainability andcorporate responsibility policies, goals andprograms, Government Affairs initiatives andpolicies, and programs relating to corporate
responsibility, corporate citizenship, and public
policy issues significant to the company. This
includes reviewing the effectiveness of theorganization’s policies and programs relating
to environmental, sustainability and corporate
responsibility at least twice a year. We havea process for communicating critical concerns
to the full Board.

PEOPLE

Our CEO and Chairman of the Board of Directors(Board), Brian Niccol, has been a visionary for oursustainability pursuits since he joined the company
in early 2018.

The Audit and Risk Committee oversees ourfinancial statements and reporting disclosure
controls and procedures, enterprise risk
assessment, and risk management processes;
compliance with and training on the Codeof Ethics; cybersecurity, privacy anddata security programs, policies and risk
assessment and mitigation; the whistleblower
hotline and procedures for the receipt,
retention and treatment of complaints;
and compliance with legal and regulatory
requirements and our response to actualand alleged violations, including claimsof harassment, discrimination or alleged
violations of applicable employment laws.

FOOD & ANIMALSMANAGEMENT

Our Board believes that diverse membership withvarying perspectives and breadth of experienceis an important attribute of a well-functioning
Board and is committed to cultivating a culture
free from discrimination on the basis of a person’srace, ethnicity, national origin, religion, gender,
sexual orientation, gender identity or expression
or other prohibited category. Accordingly,
diversity (whether based on factors such as
race, gender, national origin, religion, or sexual
orientation or identity, as well as on broader
principles such as diversity of perspective andexperience) is one of many elements that areconsidered in evaluating a particular director
candidate. The Nominating and Corporate
Governance Committee of the Board actively
seeks to include qualified women and individuals
from minority groups in the pool from which new
director candidates are selected and requests
each recruiting firm retained by the Board toinclude candidates who, in addition to having
particular skills and experience, also would add tothe diversity of the Board.

INTRODUCTIONPEOPLEENVIRONMENTGOVERNANCE

PAGE 42We engage regularly with investors, suppliers, nongovernmental organizations (NGOs), and otherstakeholders in our areas of operation. We frequently
solicit feedback from industry groups, food sourcing,social issues, safety professionals, and sustainability
practitioners. We engage with our largest
shareholders throughout the year to discuss topics
that are of interest to them, which often includes
corporate governance and sustainability issues. We
reach out to our 25-30 largest shareholders each fall,
and then again after we file the proxy statement for
our annual meeting of shareholders.

SOME OF OUR KEY STAKEHOLDERS INCLUDE:

Employees, from whom we solicit feedback in multiple
ways such as at town halls. Before town halls, staff
employees can submit questions for senior leaders.
Employees can also give feedback to their team leaders
via our confidential whistleblower hotline, Chipotle
Confidential, to submit complaints or concerns about ourbusiness and operations. We also conduct a Culture
Survey to solicit employees’ feedback.
Customers, from whom we solicit feedback in a number ofways. We provide an online customer service tool throughwhich anyone can contact us regarding any concern orcompliment. We also conduct customer satisfaction research
via online surveys and direct customer research surrounding
specific launches or ingredients.
Shareholders, who elect the members of our Board of
Directors and vote on other important corporate matters.

• Our sustainability program and progress towards our2023 sustainability goals, our water management,
and reduction initiatives and our Food with Integrity
standards.
• Talent management and development programs,
general manager turnover, benefits plans and trainings
we offer our employees and employee diversity.
• Board and management oversight of our enterprise risk
management program, including cybersecurity, privacy
and food safety.
Information about our human capital management,
including our most recent EEO-1 report, is available on
our Investor Relations website at ir.chipotle.com.

INTRODUCTION

Other key stakeholders include suppliers, regulatory groups,
and NGOs.

SHAREHOLDERS HAVE ASKED ABOUT:PEOPLEWe value and respect the insight, expertise, andexperience of all our stakeholders.

FOOD & ANIMALSPEOPLEENVIRONMENTSTAKEHOLDER ENGAGEMENT

2023 SUSTAINABILITY REPORTPAGE 43ENVIRONMENTPEOPLE
FOOD & ANIMALSINTRODUCTIONENVIRONMENT

2023 SUSTAINABILITY REPORTPAGE 44

13% REDUCTION

Reduced scope 1 and 2 greenhouse gas emissions by 13%

100% PARTICIPATIONPEOPLEENVIRONMENTENVIRONMENTHIGHLIGHTS

32% COMPOSTINGINTRODUCTION

Set up and maintained composting programs at 32% of all restaurants

FOOD & ANIMALS

100% of our new restaurant openings participated in our food donation “Harvest Program”

2023 SUSTAINABILITY REPORTPAGE 45

CLIMATE
50% reduction in Scope 1, 2, and 3 greenhousegas emissions by 203015
BIODIVERSITY
Identify key biodiversity hotspots throughout
our operations by 2025

INTRODUCTION

WASTE
5% reduction in waste to landfill by 202516

PEOPLEWe evaluate how we can Cultivate a Better World in everything we do.
Our commitment to make a positive impact on the planet extends beyond
our direct operations to include strategies to engage with the communityand our supply chain.

FOOD & ANIMALSENVIRONMENTENVIRONMENTENVIRONMENTAL GOALS

15 Emission reductions are compared to a 2019 baseline.
2023 SUSTAINABILITY REPORT

16 2020 waste baseline.

PAGE 462023 SUSTAINABILITY REPORTPEOPLEENVIRONMENT
We invite you to learn more about our plans,
strategies, and big picture thinking aroundclimate in the following sections.

FOOD & ANIMALS

We acknowledge climate change as one of themost pressing issues of our time and recognize
our organization’s impact on this issue. It is
this acknowledgment that drives us to make achange for the better and further develop our
climate strategies.

INTRODUCTION

CLIMATE

PAGE 47

CLIMATE

Environmental sustainability is a key driving force in our mission to Cultivate
a Better World and we acknowledge the need for all businesses, including
our own, to take actions to address climate change. 17

GOAL

13

-

%

Scope 1 and 2
emissions reduction18

13

+

%

Scope 3emissions increase

Our strategy starts with seeking energy efficiency opportunities to reduce our overall
demand on energy resources, utilization and development of alternative low carbon
resources, and use of renewable energy. We continue to identify design strategies toreduce our reliance on fossil fuels, like natural gas, in our restaurants
to support greater use of renewable resources.
We are committed to the responsible development of renewable energy resources tosupport a clean energy future. Adoption of renewable energy use mitigates climatechange, increases resilience, and supports job creation in the industry. We aim toachieve 100% renewable energy use at restaurant locations.
This past year we focused on strategies to improve upon our efficiencies, manage
our overall demand on fossil fuels, and explored how to integrate renewable energy
into our operations.

2023 EMISSIONS (MT CO2e)18

145,478
Scope 160,417

Scope 2 (market based)19

205,895

Total direct emissions

INTRODUCTION

Our climate goal was approved by Science Based Targets initiative (“SBTi’’) and isin alignment with the Paris Agreement and scientific recommendations of emissions
reductions required to keep global warming from exceeding 1.5°C.

PEOPLE

Reduce Scope 1 and 2 greenhouse gas emissions 50% by 2030 from a 2019base year. We are also committed to reducing our absolute Scope 3 greenhousegas emissions by 50% within the same timeframe.

We have also continued to assess how to increase our climate resilience andreduce our demand on fossil fuels. For example, our Development team waschallenged to design all-electric restaurants. The team successfully designed andopened 21 all-electric and hybrid electric restaurants. Moving forward we will monitor
the impact on operations from these new restaurants while continuing to build more
all-electric restaurants.
17 O
 ur focus is on greenhouse gas emissions as our operational contribution to air pollution is minimal,thus not regulated nationally or locally.
2023 SUSTAINABILITY REPORTENVIRONMENT

CLIMATE

FOOD & ANIMALSEMISSIONS

2023 PROGRESS

18 Metric tonnes of carbon dioxide equivalents.
19 Market based emissions includes the purchaseof certified renewable energy certificates.

PAGE 48

The Development team is constantly seeking out innovative
design solutions to increase energy efficiency while creatinga unique experience for our guests. Implementing new
designs in our cookline and using alternative renewablematerials in our furnishings contributed to energy
efficiencies and $1 million in capital savings and rebates.

All-electric equipment
and systems
Heat pump water heatersand HVAC
Smaller electric cookline andimproved exhaust hoods

ENVIRONMENTIn the past we have consulted Leadership in Energy andEnvironmental Design (LEED®) green building standards
in our restaurants. Over the years we have certified four
restaurants in our portfolio to LEED standards. Although
we have not pursued further certifications, we are guided
by LEED building principles in our restaurant designs.
We continue to seek partnerships with others who share
our pursuit of greater energy efficiency, innovation, andemissions reduction.

Rooftop solar panels

PEOPLESUSTAINABLE
DESIGN AND
DEVELOPMENTKEY FEATURES OF
CHIPOTLE’S RESPONSIBLERESTAURANT DESIGNCONCEPT INCLUDE:

Energy management systems
Cactus leather chairs
Artwork made fromrecycled rice husks
Electric vehicle
charging stations

FOOD & ANIMALSCLIMATERESPONSIBLE DESIGN

2023 SUSTAINABILITY REPORTINTRODUCTION

We opened a Responsible Restaurant in Jacksonville,
Florida, designed to maximize energy efficiency andincorporate renewable resources throughout therestaurant. The restaurant operates on 100% renewableenergy resulting in zero on-site greenhouse gas
emissions from stationary operations.20

20 R enewable energy provided through a combination of on-site
generation and renewable energy certificates.

PAGE 49

CLIMATE
Addressing Scope 3 emissions requires dedicated engagement with our
supply chain partners to influence process changes and innovation toachieve our climate goals. We are committed to identifying strategies
for GHG emission reductions in our value chain.

4% - Capital Goods
4% - Waste to Landfill

85%2% - Employee Commuting
2% - Upstream Logistics
1% - Fuel and Energy Services
1% - Delivery Services
1% - End of Life Treatment of Sold Products
0% - Business Travel

Most of our Scope 3 emissions are from the ingredients we purchase.
Key levers for emission reduction include:

KEY LEVERS•	Supplier Engagement•	Regenerative Agriculture•	Beef and Dairy Production

INTRODUCTION

COLLABORATION•	Invest in projects to drive emission reductions inbeef and dairy production. Including but not limited
to feed lot operations, manure management, reduction
in enteric emissions, and elimination of deforestation.
•	Collaborate to support adoption of regenerative
agriculture practices.
•	Support greater use of low carbon fuels andadoption of renewable resources in logistics.
•	Support development of low-carbon materials.

2023 SUSTAINABILITY REPORTPEOPLEWith new restaurant openings our Scope 3 emissions have increased
as we purchase more from our supply chain. We have started to lay thegroundwork on efforts to reduce Scope 3 emissions as outlined below,
however we are at the beginning of the journey and have not scaled ourefforts to realize the reductions in 2023.

85% - Purchased Goods and Services

FOOD & ANIMALS

We have created working groups to support development ofstrategic emission reduction activities with key suppliers. These pillargroups focus on approaches for: Restaurants, Transportation andWarehousing, Food Supply Chain, and Waste & Packaging. Engaging
with our suppliers is an ongoing endeavor and it will take time to
execute new practices to result in reduced emissions.

2023 SCOPE 3 EMISSIONS 21

ENVIRONMENTSCOPE 3 EMISSIONS

21 Percent of Scope 3 emissions are rounded.

PAGE 50

We will collaborate with these partners to move towards a moreregenerative philosophy, focusing on improving the health andwellbeing of water, soil, and biodiversity while increasing farmer
profitability and livelihood.
Ingredient by ingredient, we intend to build upon and evolve ourcurrent Food with Integrity standards, using innovation to bringemerging ideas to the mainstream where they can make the mostimpact. Chipotle’s dedication to these aspects of impact will help
influence other players in the food industry to do the same.

2023 SUSTAINABILITY REPORTPEOPLEIn our supplier survey we found that improving soil health is ourmost widely adopted philosophy and that most of our suppliers
have adopted one or more regenerative agriculture management
principles or philosophies. We also found that when sharing
details about regenerative management approaches, suppliers
emphasize partnerships and work with local communities.

FOOD & ANIMALS

Chipotle is passionate about our ability to Cultivate a Better
World. We do this by encouraging the development ofsustainable on-farm agricultural practices to support people andbetter food systems. Whether that means supporting healthierfarms to make real food more accessible for future generations
or reinvigorating communities through the land that binds
generations together, regenerative agriculture will help support
the future of farming. We understand that there is immense
value in the journey of regenerative agriculture, not simply thedestination. We’re striving to enable an industry-wide shift tounify food standards with sustainability.

INTRODUCTION

CLIMATEENVIRONMENTREGENERATIVE AGRICULTURE

PAGE 51

Real Foodprint 22 gives our guests a look into our sourcing efforts and allows
them to track how they can help Chipotle Cultivate a Better World. Our
guests can track and view the cumulative impact of their orders each year.

LESS CARBON IN
THE ATMOSPHEREGALLONS OF
WATER SAVEDORGANIC LANDSUPPORTED
IMPROVED SOIL HEALTH
ANTIBIOTICSAVOIDED

22 M
 etrics for Real Foodprint are provided by HowGood, a mission-driven, independent research company withthe world’s largest sustainability database for products and ingredients. HowGood aggregates information from
Chipotle’s suppliers and over 450 unique data sources, including peer-reviewed scientific literature, industry
findings, and research from government and non-governmental organizations. The positive change in impact
across the five key metrics is the difference between average data for each ingredient based on Chipotle’s
sourcing standards and conventional, industry-average standards. HowGood also aggregated data on thepercentage of each ingredient used in each Chipotle menu item to help tailor each guest’s Real Foodprint tracker.
2023 SUSTAINABILITY REPORTINTRODUCTION

5Real Foodprint compares illustrated estimates for each of Chipotle’s
53 real ingredients to their conventional counterparts against thefollowing five key metrics:

PEOPLE

Real Foodprint is the first sustainability tool of its kind, showing
the estimated sustainability impact an order like yours can makeon the planet by choosing Chipotle’s responsibly-sourced ingredients
versus conventional ones.

FOOD & ANIMALSCLIMATEENVIRONMENTREAL FOODPRINT

PAGE 52

ENVIRONMENTPRIORITY REGIONSENVIRONMENTWATERFresh water is vital to our operations for cooking andcleaning and for growing and processing the ingredientsin the meals we serve our guests. We continue to optimize
water use in our restaurants through recovery, reuse,recycling, and proper wastewater disposal. Our next stepis to reduce water risks upstream of our operations andadvance water stewardship within our value chain.

OUR APPROACH

WATER GOAL
Support water stewardship efforts
to conserve and restore watersheds
in priority regions.24

23 Includes FY2023 purchases of packaged beverages and syrups. This does notinclude purchases of milk as a beverage.
24 Priority regions identified using World Resources Institute (WRI) Aqueduct tool.

2023 SUSTAINABILITY REPORT• Collaboration is essential
to drive change in a multistakeholder area like awatershed. We will partnerwith organizations to
mitigate and reduce water
risks in priority regions.
This includes public-private
partnerships, collaboration
with NGOs, and direct
engagement with suppliers
to support restoration andconservation efforts.

• Advance adoption of•W e will fund local
regenerative agriculture
stewardship projects topractices with our direct
support efficiency projects,
suppliers, or within therestoration efforts to improve
supply shed to result
groundwater replenishment,in positive benefits for
and/or other nature-based
stakeholders within the
projects to reduce erosion
watershed. Regenerativeand improve water quality.
agriculture practices yield
benefits to soil healthand water.

• We will support suppliers
to adopt and pilot water
efficiency technologies withthe potential to result in
scalable solutions such as
implementation of smart
irrigation systems. Our
supplier survey identified
that some of our suppliers
rely on rainfall while others
irrigate. We will continue
to discuss how we can
support suppliers to identify
efficiency projects.

INTRODUCTION

FOOD & ANIMALSPEOPLE

After review of water used upstream, we identified thatover 92% of the beverages we purchase are from partners
that have established water goals and climate goals.23
The remaining significant water demand is agricultural
water use. We intend to support efficient agricultural
water use in high-risk water stressed regions and also
support restoration efforts to increase replenishmentof groundwater resources and alleviate flood anderosion risks. Leveraging World Resources Institute’sAqueduct Water Risk Atlas, we identified priority regions
to collaborate with suppliers and local organizations
to restore, conserve, and improve efficiencies in these
localities.

PAGE 53

ENVIRONMENT

5PROGRESS+30

Reduction in waste
to landfill by 2025 26

+399

%

%

The EPA estimates that food waste constitutes
more than 24% of trash sent to landfills.25 We set
a milestone goal of establishing composting at 235
locations to support diversion efforts and successfully
enrolled in composting programs at 265 locations.
Over a third of our restaurants are now composting,helping us keep nearly 117 million pounds of foodwaste from decomposing and generating greenhousegases in landfills.

IN 2023 WE DIVERTED

Increase in waste sent tolandfill compared to 2019MILLION
POUNDSENVIRONMENTWASTE

WASTE GOAL

of waste from landfill

90

Waste diverted
from landfill

HARVEST PROGRAM

Small batch cooking allows us to minimize theamount of food waste from our line each day. For
prepared food that is servable at the end of thenight, each restaurant has access to a food donation
partner through The Harvest Program that connects
restaurants with local charities. During new restaurant
openings a donation partner is identified forrestaurants to donate to. In 2023, we donated over
327,000 pounds of food valued at $3 million to thosein need through local community partners.

36%

Of our restaurantscompost food waste

Of ourrestaurants recycle

WASTE TO LANDFILLFOOD & ANIMALS

48

%

%

Although each restaurant we open is set up withrecycling and food waste diversion, our 2023 diversion
rate was 49%.

PEOPLERECYCLING AND DIVERSION IN 2023

WASTE DIVERTED

2020
0

100

200

300

400

500

600

700

800

900

MILLIONS OF POUNDS
2023 SUSTAINABILITY REPORT

25 h
 ttps://www.fda.gov/food/consumers/food-loss-and waste#:~:text=EPA%20
estimates%20that%20more%20food,percent%20of%20municipal%20solid%20waste
262020 waste baseline.

INTRODUCTION

2023

PAGE 54

78%

of our guest-facing
packaging is designed tobe recyclable, reusable,or compostable

To support renewable resources, 74% of the packaging we use isfiber-based. This includes recycled paper for our carry-out bags andbamboo and bagasse for our bowls and kid’s trays.
We are also working with suppliers on other packaging solutions,
including ways to reduce and reuse packaging where possible in our
supply chain.

2023 SUSTAINABILITY REPORTENVIRONMENT

We follow these guidelines when sourcing and designing
packaging to reduce our environmental impact.
• Minimize the amount of virgin materials used.
• Credible third-party certifications for virginfiber-based materials.
• Utilize recycled materials when feasible.
• Use materials that can be reused, recycled, or composted.

PEOPLE

Packaging is essential to provide the best experience for ourguests and support food safety.

FOOD & ANIMALSPACKAGING

INTRODUCTION

MATERIALS

PAGE 55

S USTAINABILITY REPORTFORWARD-LOOKING
STATEMENTS
Certain statements in this report, which relate to our Food & Animals,
People, and Environment goals, and statements regarding our goals andplans with respect to staffing, employee benefits, our supply chain standards
and auditing, and environmental goals, as well as other statements of our
expectations and plans, are forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. We use words such as“anticipate”, “believe”, “could”, “continue”, “should”, “estimate”, “expect”,“intend”, “may”, “predict”, “target”, “will”, and similar terms and phrases,
including references to assumptions, to identify forward-looking statements.
The forward-looking statements in this report are based on information
available to us as of the date such statements are made and we assume no
obligation to update these forward-looking statements.
These statements are subject to risks and uncertainties that could cause
actual results to differ materially from those described in the statements.
These risks and uncertainties include the risk factors described from time
to time in our SEC reports, including our most recent annual report on
Form 10-K and subsequent quarterly reports on Form 10-Q, all of which areavailable on the investor relations page of our website at ir.chipotle.com.

2023 SUSTAINABILITY REPORTPAGE 56

SUSTAINABILITYREPORT
APPENDIX

2022
2023 SUSTAINABILITY REPORTPAGE 57

APPENDIX

Sustainability
Greenhouse Gas Emissions

1,3,4

2023

2022

2021

1,2

Scope 1 and 2 GHG emissions (mtCO 2e)
Location-based

300,035
205,895

272,611
206,737

257,805
263,933-13%
145,478-13%
131,17811%
126,374000154,557
60,417111,183
50%
100%

141,433
69,248103,205
41%
100%

131,431
137,559
99,423
N/A
100%

13%

26%

11%

Scope 3 Total GHG emissions (mtCO 2e)4,099,748

4,591,429

4,046,188

1 – Purchased Goods and Services11
2 – Capital Goods
3 – Fuel- and Energy-Related Activities

3,485,653
149,746
31,99097,1293,937,199
156,156
30,986
107,4943,474,511
130,097
29,038100,434

146,962
7,092
82,44350,89447,839129,1318,445
143,132
38,72340,163

97,2394,221
133,886
41,51735,2454,305,643

4,791,855

4,310,1215Market-based
Change in scope 1 and 2 GHG emissions from 2019 baseline (market-based)5
Direct (scope 1) GHG emissions (mtCO 2e)
Scope 1 biogenic CO2 emissions (mtCO 2e)
Indirect (scope 2) GHG emissions (mtCO 2e)
Scope 2 Total (location-based)
Scope 2 Total (market-based)5
Total Energy Consumed (GJ)
Percentage of electricity consumption that is renewable
Percentage of energy consumed that is grid electricity7

6

Change in scope 3 GHG emissions from 2019 baseline8,9,10
8,9,104 – Upstream Transportation and Distribution12
13

5 – Waste Generated in operations
6 – Business Travel
7 – Employee Commuting
9 – Downstream Transportation and Distribution
12 – End-of-life Treatment of Sold Products
Total Scope 1,2,3 (mtCO 2e)5

12,13

Waste

Total Percentage of Operational Waste Diverted from Landfill
Total Operational Waste Generated from (tons)
Total Waste to Lanfill (tons)
Total Waste Diverted (tons)% Reduction compared to 20202023 SUSTAINABILITY REPORT

2023

2022
48%
417,319
217,742
199,577
30%

2021
49.0%
393,082
203,262
191,44127%

50.0%
305,552
151,258
154,294-6%
PAGE 58

APPENDIX

Sustainability
Materials142023% of packaging that is reusable, recyclable or compostable
Weight of virgin plastic packaging materials

78%
7,813

Water

2023
15

Total water withdrawal (cubic meters)
Total water consumed in our restaurants (cubic meters)
16

Percent consumed from high-risk basins
Total water withdrawn from regions with high-risk baseline water stress (cubic
16

meters)Percentage of water withdrawn from regions with high-risk baseline water stress16

Sustainability Goals
Convert over 400 acres of conventional farmland to organic farmland via transitional
growing methods by 2025 (acres)
Provide $5 million by the end of 2025 in support of farmers
Local produce purchases (million lbs)

2023 SUSTAINABILITY REPORT

2022
---

2022

---

2021

6,749,149
77,5086,637,369
76,523

6,007,403
67,466

31%

30%

33%

2,013,852

1,977,937

1,789,843

30%

30%

30%

2023

$

2021

2022

2021

372

214

110

1,000,000
40.0

38

35.7

PAGE 59

APPENDIX

Inclusion Stats

17,18

Restaurant Hourly: Crew and Managers

2023

American Indian/Alaskan Native
AsianBlack of African American
Hispanic or Latino
Native Hawaiian/Pacific Islander
Not Specified
Two or More Races
White

Restaurant Salary: Salary Managers

Senior Management Team
American Indian/Alaskan Native
AsianBlack of African American
Hispanic or Latino
Native Hawaiian/Pacific Islander
Not Specified
Two or More Races
White

2023 SUSTAINABILITY REPORT

1%
5%
21%
38%
0%

1%
5%
21%
38%
0%

1%
3%
28%

1%
3%
29%

1%
4%
29%

2022
1%
3%
14%
46%
0%
1%
3%
32%

2023

American Indian/Alaskan Native
AsianBlack of African American
Hispanic or Latino
Native Hawaiian/Pacific Islander
Not Specified
Two or More Races
White

2021

1%
5%
20%
40%
0%

2023

American Indian/Alaskan Native
AsianBlack of African American
Hispanic or Latino
Native Hawaiian/Pacific Islander
Not Specified
Two or More Races
White

Field Staff

2022

2021
1%
3%
14%
45%
1%
1%
3%
34%

2022
1%
3%
6%
40%
1%
2%
3%
45%

2023

2021
0%
3%
6%
36%
0%
2%
4%
48%

2022
0%
0%
0%
10%
0%
10%
0%
80%

1%
3%
13%
45%
0%
1%
3%
33%

0%
3%
6%
34%
0%
1%
5%
50%

2021
0%
13%
0%
0%
0%
13%
0%
75%

0%
22%
0%
0%
0%
11%
0%
67%

PAGE 60

APPENDIX

Inclusion Stats17,18
2023

Board Members
American Indian/Alaskan Native
AsianBlack of African American
Hispanic or Latino
Native Hawaiian/Pacific Islander
Not Specified
Two or More Races
White

2022
0%
0%
10%
20%
0%
0%
0%
70%

Corporate and Field Support

2023

American Indian/Alaskan Native
AsianBlack of African American
Hispanic or Latino
Native Hawaiian/Pacific Islander
Not Specified
Two or More Races
White

0%
0%
11%
0%
11%
0%
0%
78%

2023

American Indian/Alaskan Native
AsianBlack or African American
Hawaiian/Pacific Islander
Hispanic or Latino
Not Specified
Two or More RacesWhite
Not Indicated

0%
22%
0%
0%
0%
11%
0%
67%

2022
0%
9%
8%
21%
0%
2%
3%
56%

New Hire

2021

2021
0%
9%
8%
19%
0%
2%
3%
59%

0%
9%
7%
18%
0%
2%
3%
59%

2022
1%
5%
20%
0%
40%
1%
3%
29%
1%

2021
1%
5%
26%
0%
28%
1%
4%
29%
6%

1%
5%
25%
0%
27%
1%
4%
29%
7%

Employment Stats
Employee statistics reflect our employement as of December 31, 2023. Data on employment, gender representation, and diversity represents United States only.19,20

2023 SUSTAINABILITY REPORT

Employment Type

2023

Contingent
Employee
US Total

1,087
114,042
115,129

2022

2021
1,628
102,772
104,400

1,610
96,44598,055

PAGE 61APPENDIX

Inclusion Stats17,18
2023
GenderRepresentation

Gender Representation:
Contingent and Employees

Employees: Part-Timeand Full-Time

New Hire

FemaleMale
Non-binary
Not Indicated
Total

GenderRepresentation
FemaleMale
Non-binary
Not Indicated
Total

GenderRepresentation

2023 SUSTAINABILITY REPORT

Employee
56
108
2
921
1,087

Full-Time

Contingent
56,23556,191
745
904
114,075

Part-Time
8,051
7,468
37
15
15,571

48,151
48,736707
910
98,5042021
Employee Contingent

129
143
0
1,356
1,628

Full-Time

2023

FemaleMale
Not IndicatedGenderRepresentation

Board of Directors

Contingent

2022

7,845
7,198
5
4
15,052

51,89050,26081
541
102,772

2022
49%
49%
1%

2023

367
247
996

50,825
45,103517

1,610

96,445Part-Time Full-Time
44,04543,06276
537
87,720

EmployeePart-Time

7,915
7,320

43,27738,030992
16,227521
81,828

2021
46%
48%
6%

2022

48%
45%
7%

2021

Female

33%

22%

27%

Male

67%

78%

72%

Not Indicated

0%

0%

0%

LGBTQ+

0%

0%--

PAGE 62APPENDIX

Global Reporting Initiative (GRI) Standards: Index
GRI: Foundation 2021

GRI STANDARDDISCLOSURE

LOCATION

2-1 Organizational details
2-2 Entities included in the organization’s sustainability reporting
2-3 Reporting period, frequency and contact point
2-4 Restatements of information

2-7 Employees
2-8 Workers who are not employees
2-9 Governance structure and composition
2-10 Nomination and selection of the highest governance body
2-11 Chair of the highest governance body

About Chipotle
About this Report
About this Report
Materiality, Environmental Goal/Emissions
Chipotle Mexican Grill (CMG) follows an internal assurance and disclosure approval process to ensure thereported content is relevant, accurate, and complete. We currently do not seek external assurance or thirdparty verification for our sustainability report, but will continue to explore external assurance options forthe report as our program evolves.
About Chipotle; Supply Chain Priorities, Supply Chain Oversight; Food with Integrity, Meat & Dairy;
Produce; 2022 Sustainability Report (Employee Overview)
People; Appendix
People; Appendix
Governance
Governance, 2023 Proxy Statement
Governance, 2023 Proxy Statement

2-12 Role of the highest governance body in overseeing the management of impacts

Governance; Stakeholder Engagement

2-13 Delegation of responsibility for managing impacts
2-14 Role of the highest governance body in sustainability reporting
2-15 Conflicts of interest
2-16 Communication of critical concerns
2-17 Collective knowledge of the highest governance body
2-18 Evaluation of the performance of the highest governance body
2-19 Remuneration policies
2-20 Process to determine remuneration
2-21 Annual total compensation ratio
2-22 Statement on sustainable development strategy

Governance
About this Report
Governance, 2023 Proxy Statement
Stakeholder Engagement
Governance, 2023 Proxy Statement
Governance, 2023 Proxy Statement
Governance, 2023 Proxy Statement
Governance, 2023 Proxy Statement
2023 Proxy Statement, https://ir.chipotle.com/sec-filings
A Letter from our CEO, Brian Niccol
About Chipotle; Our Values; Supply Chain Priorities, Supply Chain Oversight; Meat & Dairy; Food Safety;
People; Purpose Goals
Corporate Governance https://ir.chipotle.com/corporate-governanceCorporate Governance https://ir.chipotle.com/corporate-governanceCorporate Governance https://ir.chipotle.com/corporate-governanceSupply Chain Prioritie, Supply Chain Oversight;Food with Integrity, Animal Welfare Oversight &Compliance; Food Safety; People; Materials
Meat and Dairy Supply Chain
Stakeholder Engagement
2022 Sustainabilty Report (Employee Overview)

2-5 External assurance

2-6 Activities, value chain and other business relationships

GRI 2: General Disclosures2021

2-23 Policy commitments
2-24 Embedding policy commitments
2-25 Processes to remediate negative impacts
2-26 Mechanisms for seeking advice and raising concerns
2-27 Compliance with laws and regulations
2-28 Membership associations
2-29 Approach to stakeholder engagement
2-30 Collective bargaining agreements

2023 SUSTAINABILITY REPORTPAGE 63

APPENDIX

Global Reporting Initiative (GRI) Standards: Index
GRI: Foundation 2021

GRI STANDARD
GRI 3: Material Topics 2021
GRI 201: Economic
Performance 2016
GRI 301: Materials 2016

GRI 302: Energy 2016

GRI 303: Water and Effluents2018

GRI 304: Biodiversity 2016

GRI 305: Emissions 2016

DISCLOSURE

LOCATION

3-1 Process to determine material topics
3-2 List of material topics
3-3 Management of material topics
201-1 Direct economic value generated and distributed

About this Report; Materiality
Materialit
Materiality
2023 Chipotle 10-K,https://ir.chipotle.com/

201-2 Financial implications and other risks and opportunities due to climate change Climate, CDP Climate Change 2023
201-3 Defined benefit plan obligations and other retirement plans
201-4 Financial assistance received from government
301-1 Materials used by weight or volume301-2 Recycled input materials used
301-3 Reclaimed products and their packaging materials
302-1 Energy consumption within the organization
302-2 Energy consumption outside of the organization
302-3 Energy intensity
302-4 Reduction of energy consumption
302-5 Reductions in energy requirements of products and services
303-1 Interactions with water as a shared resource
303-2 Management of water discharge-related impacts
303-3 Water withdrawal
303-4 Water discharge
303-5 Water consumption
304-1 Operational sites owned, leased, managed in, or adjacent to, protected areas
and areas of high biodiversity value outside protected areas

304-4 IUCN Red List species and national conservation list species with habitats inareas affected by operations
305-1 Direct (Scope 1) GHG emissions
305-2 Energy indirect (Scope 2) GHG emissions
305-3 Other indirect (Scope 3) GHG emissions
305-4 GHG emissions intensity
305-5 Reduction of GHG emissions

Benefits
2022 Sustainabilty Report (Employment,Ethics)
Waste; Materials; Appendix
Waste; Materials; Appendix
Materials
Climate, Appendix
Climate, Appendix
Appendix
Climate, Appendix
Environmental Goals; Climate, Sustainable Design and Development; Renewable Energy Strategy
Water
CMG is committed to maintaining compliance with federal, state, and local water regulations.
Water, Appendix
Water, Appendix
Water, Appendix
CMG has a goal to identify key biodiversity hotspots throughout operations by 2025. Progress is ongoing
and will be reported in future reporting.
CMG has a goal to identify key biodiversity hotspots throughout operations by 2025. Progress is ongoing
and will be reported in future reporting.
CMG has a goal to identify key biodiversity hotspots throughout operations by 2025. Progress is ongoing
and will be reported in future reporting.
CMG has a goal to identify key biodiversity hotspots throughout operations by 2025. Progress is ongoing
and will be reported in future reporting.
Environment; Environmental Goals; Climate, Appendix
Environment; Environmental Goals; Climate, Appendix
Environment; Environmental Goals; Climate, Appendix
Environment; Environmental Goals; Climate, Appendix
Environment; Environmental Goals; Climate, Appendix

305-6 Emissions of ozone-depleting substances (ODS)

CMG will continue to consider other significant air emissions as it develops its climate strategy. Emissions

304-2 Significant impacts of activities, products and services on biodiversity304-3 Habitats protected or restored

CMG currently reports on GHGs relevant to its Scope 1, 2, and 3 emissions, which includes CO 2, CH 4 , andN2O.CMG will continue to consider other significant air emissions as it develops its climate strategy and is305-7 Nitrogen oxides (NOx), sulfur oxides (SOx), and other significant air emissionscommitted to maintain compliance with air quality regulations. Chipotle criteria pollutants are de-minimus
and not regulated for air pollution (e.g. federal, and local).

2023 SUSTAINABILITY REPORTPAGE 64APPENDIX

Global Reporting Initiative (GRI) Standards: Index
GRI: Foundation 2021

GRI STANDARD
GRI 306: Waste 2020
GRI 308: Supplier
Environmental Assessment
2016

DISCLOSURE

LOCATION

306-1 Waste generation and significant waste-related impacts
306-2 Management of significant waste-related impacts
306-3 Waste generated
306-4 Waste diverted from disposal
306-5 Waste directed to disposal

Waste; Appendix
Waste; Appendix
Waste; Appendix
Waste; Appendix
Waste; Appendix

308-1 New suppliers that were screened using environmental criteria

2022 Sustainability Report (Our Real Suppliers)308-2 Negative environmental impacts in the supply chain and actions taken

2022 Sustainability Report (Our Real Suppliers)

GRI 401: Employment 2016

401-1 New employee hires and employee turnover
Employee Promotions and Turnover; Appendix
401-2 Benefits provided to full-time employees that are not provided to temporary or
Benefits Overview
part-time employees
401-3 Parental leave
Benefits Overview

GRI 402: Labor/Management
Relations 2016402-1 Minimum notice periods regarding operational changes

Developing and Training Talent; Employee Promotions and Turnover; Engage and Retain Talent;

403-1 Occupational health and safety management system
Food Safety; Employee Safety403-2 Hazard identification, risk assessment, and incident investigation
Employee Safety; Enhanced Restaurant Procedure403-3 Occupational health services
Food Safety; 2022 Sustainability Report (Employee Safety)
403-4 Worker participation, consultation, and communication on occupational health
Food Safety; 2022 Sustainability Report (Employee Safety)
and safety403-5 Worker training on occupational health and safety
Food Safety; 2022 Sustainability Report (Employee Safety)
403-6 Promotion of worker health
Food Safety; Benefits Overview; Employee Engagement; Employee Safety
GRI 403: Occupational Health 403-7 Prevention and mitigation of occupational health and safety impacts directly
Food Safety; 2022 Sustainability Report (Food Safety,Employee Safety)
linked by business relationships
and Safety 2018
CMG has an occupational health & safety management system for all employees, including contractors,
that adheres to FDA & CDC guidelines. The occupational health & safety management system is internally403-8 Workers covered by an occupational health and safety management system
audited monthly.

GRI 404: Training and
Education 2016

2023 SUSTAINABILITY REPORT

403-9 Work-related injuries
403-10 Work-related ill health404-1 Average hours of training per year per employee

2022 Sustainability Report (Food Safety,Employee Safety)
2022 Sustainability Report (Employee Safety)
Food Safety; Benefits Overview
Developing and Training Talent;

404-2 Programs for upgrading employee skills and transition assistance programs

Developing and Training Talent;

404-3 Percentage of employees receiving regular performance and careerdevelopment reviews2022 Sustainabilty Report (Benefits Overview; Employee Evaluations and Compensation)

PAGE 65

APPENDIX

Global Reporting Initiative (GRI) Standards: Index
GRI: Foundation 2021

GRI STANDARDDISCLOSURE

GRI 405: Diversity and Equal 405-1 Diversity of governance bodies and employees
Opportunity 2016

LOCATION
Governance; Inclusive Culture;Appendix

GRI 407: Freedom of
Association and Collective
Bargaining 2016407-1 Operations and suppliers in which the right to freedom of association andcollective bargaining may be at risk

Supply Chain Priorities & OversightGRI 408: Child Labor 2016408-1 Operations and suppliers at significant risk for incidents of child labor

Supply Chain Priorities & OversightGRI 409: Forced orCompulsory Labor 2016409-1 Operations and suppliers at significant risk for incidents of forced orcompulsory labor

Supply Chain Priorities & Oversight

410-1 Security personnel trained in human rights policies or procedures

Corporate Governancehttps://ir.chipotle.com/corporate-governance

GRI 410: Security Practices
2016

GRI 413: Local Communities 413-1 Operations with local community engagement, impact assessments, anddevelopment programs
2016
GRI 414: Supplier Social
Assessment 2016414-1 New suppliers that were screened using social criteria

Supply Chain Oversight414-2 Negative social impacts in the supply chain and actions taken

Supply Chain OversightGRI 415: Public Policy 2016 415-1 Political contributions
GRI 416: Customer Healthand Safety 2016
GRI 417: Marketing andLabeling 2016
GRI 418: Customer Privacy
2016

100% of our operations have access to community engagement through food donation, community
fundraisers, Community Outreach Grants, and volunteer initiatives.

Corporate Governancehttps://ir.chipotle.com/corporate-governance416-1 Assessment of the health and safety impacts of product and service categories Our Real Ingredients; Meat & Dairy Supply Chain; Food Safety Certification
Contingent workers are defined as independent contractors who work through a1099. Full-Time/Part-Time breakdown does not include contingent workers.

2022 Sustainability Report (Supplier Intervention)

417-1 Requirements for product and service information and labeling

Our Real Ingredients; Food Safety Certification; 2022 Sustainability Report (Ingredient Traceability)

418-1 Substantiated complaints concerning breaches of customer privacy and lossesof customer data

Chipotle governs customer privacy and data based on our Code of Ethics and Privacy Policy.

Statement of Use: Chipotle Mexican Grill has reported the information cited in this GRI content index for the calendar year period from January 1, 2023 to December 31, 2023 with reference to the GRI Standards.

2023 SUSTAINABILITY REPORTPAGE 66

APPENDIX

Sustainability Accounting Standards Board (SASB) Standards
SASB Indicators

Location in Report-Response

ENERGY MANAGEMENT(1) Total energy consumed, (2) percentage grid electricity, (3) percentage
renewable

FB-RN- 130a.1

Emissions, Appendix

FB-RN- 140a.1

Appendix(1) Total amount of waste, (2) percentage food waste, and (3) percentage
diverted

FB-RN- 150a.1

Appendix, Waste(1) Total weight of packaging, (2) percentage made from recycled and/or
renewable materials, and(3) percentage that is recyclable, reusable, and/or compostable

FB-RN- 150a.2

WATER MANAGEMENT(1) Total water withdrawn, (2) total water consumed, percentage
of each in regions with High or Extremely High Baseline Water Stress

FOOD & PACKAGING WASTE MANAGEMENT

Appendix, Waste

FOOD SAFETY(1) Percentage of restaurants inspected by a food safety oversight body, (2)percentage receiving critical violations(1) Number of recalls issued and(2) total amount of food product recalled
Number of confirmed foodborne illness outbreaks, percentage resulting in
U.S. Centers for Disease Control and Prevention (CDC) investigation

FB-RN- 250a.1

Food & Animals, Food Safety

FB-RN- 250a.2

1) Zero recalls issued2) No food product recalls.

FB-RN- 250a.3

Chipotle was not linked to any multistate foodborne illness outbreaks in 2023.

NUTRITIONAL CONTENT(1) Percentage of meal options consistent with national dietary guidelines and
FB-RN- 260a.1(2) revenue from these options(1) Percentage of children’s meal options consistent with national dietaryguidelines for children and
FB-RN- 260a.2(2) revenue from these options
Number of advertising impressions made on children, percentage promoting
FB-RN- 260a.3
products that meet national dietary guidelines for children

All nutritional information is available on our website www.chipotle.com/nutrition-calculator
All nutritional information is available on our website www.chipotle.com/nutrition-calculator
2022 Sustainability Report (marketing)

LABOR PRACTICES(1) Voluntary and (2) involuntary turnover rate for restaurant employees(1) Average hourly wage, by region and (2) percentage of restaurant
employees earning minimum wage, by region
Total amount of monetary losses as a result of legal proceedings associatedwith (1) labor law violations and (2) employment discrimination

2023 SUSTAINABILITY REPORTFB-RN- 310a.1

Employee Promotions & TurnoverFB-RN- 310a.2

People, Appendix

FB-RN- 310a.3

2022 10-K (pg 53). For more information, please visit https://ir.chipotle.com/investor-overview

PAGE 67APPENDIX

Sustainability Accounting Standards Board (SASB) Standards
SUPPLY CHAIN MANAGEMENT & FOOD SOURCING
Percentage of food purchased that (1) meets environmental and social
sourcing standards and (2) is certified to third-party environmental and/or
social standards
Percentage of (1) eggs that originated from a cage-free environment and (2)pork that was produced without the use of gestation crates
Discussion of strategy to manage environmental and social risks within the
supply chain, including animal welfare

FB-RN- 430a.1

Meat & Dairy Supply Chain, Meat & Dairy Standrads

FB-RN- 430a.2

Meat & Dairy Supply Chain, Meat & Dairy Standrads.
We do not purchase eggs.

FB-RN- 430a.3

Our Meat & Dairy; Animal Welfare

ACTIVITY METRICS
Number of (1) company-owned and(2) franchise restaurants
Number of employees at (1) company-owned and (2) franchise locations

2023 SUSTAINABILITY REPORTFB-RN- 000.A
FB-RN- 000.B

2023 10-k (page 3). For more information, please visit https://ir.chipotle.com/investor-overview. Chipotle does not operatefranchises.
2023 10-k (page 3). For more information, please visit https://ir.chipotle.com/investor-overview.

PAGE 68

APPENDIXTCFD Topic

TCFD Recommended Disclosurea) Describe the board's oversight of climaterelated risks and opportunities.

Governanceb) Describe management's role in assessing andmanaging climate-related risks andopportunities.

Disclosure
The primary function of the Board is to promote the best interests of the Company and its shareholders by establishing withmanagement the Company’s mission and long-term strategy and overseeing the management of the Company’s business andaffairs. Consistent with that function, the primary responsibilities of the Board are: Management oversight, overseeing theperformance of the Company and its senior management, risk oversight, and the development and execution of the Company’s
long-term strategic business objectives, including (i) periodically evaluating the Company’s progress towards achievement of
its objectives, (ii) reviewing the Company’s strategic initiatives, capital projects and financial management, and (iii) overseeing
the Company’s management of and response to environmental and sustainability matters, employee and customer health andsafety, human capital management and other social matters that are important to the Company.
The Nominating & Corporate Governance Committee oversees policies and programs relating to environmental, sustainability
and social responsibility policies, goals and programs, Government Affairs initiatives and policies and policies and programs
relating to social responsibility, corporate citizenship and public policy issues significant to the company. This includes
reviewing the effectiveness of the organization’s policies and programs relating to environmental, sustainability and social
responsibility at least twice a year and, when necessary, on request. We have a process for communicating critical concerns to
the full Board of Directors.
Additional information about Chipotle's investor relations can be found on our website. Further information about Chipotle's
Board and its risk oversight can be found in our proxy statement.
The CEO oversees the strategic direction of the company, including oversight and addressing climate-related issues impacting
business operations. Chipotle's Executive Leadership Team meets regularly to evaluate environmental risk, opportunities, andensure strategies to address these issues are implemented across the operations. The Chief Corporate Affairs and Food Safety
Officer oversees all internal and external communications, stakeholder engagement, sustainability, philanthropy, customer
service, social listening, food safety and quality assurance. Sustainability is core to the business and embedded across thecompany, from the design teams responsible for creating the restaurants, to the sourcing and procurement teams assessing
material choices, and engaging with suppliers on best practices.

The following identified climate-related risks and opportunities are categorized based on time horizons defined as short (0-3 years),
medium (3-10 years), and long (10-30 years).

Risks
Chronic Physical (long-term)

Strategy

USDA has reported that seasonal shifts are already observed across the country and vary regionally. Temperatures have risen
across the season and changing precipitation patterns that have increased in frequency and severity. These have a direct
impact on agriculture production that can result in reductions in crop size and yield. The markets for some of our ingredients,
such as beef, avocado, and other produce, are particularly volatile due to limited resources and these seasonal shifts. Resulting
shortages would impact our ability to obtain the ingredients we need, and/or carry a higher sale cost to Chipotle.
To manage the physical risks that may occur within our supply chain, Chipotle actively engages with our major suppliers tobuild resilience to these changing conditions. We encourage our suppliers to practice sustainable farming techniques andbring forward regenerative agriculture concepts to our suppliers. We’ve also sought to increase, where practical, the number ofsuppliers for our ingredients to help mitigate pricing volatility and reduce our reliance on one or several suppliers. We also
cultivate relationships with suppliers in different geographies (such as purchasing avocados in Mexico and Peru) to mitigate
weather-related changes.

Acute Physical (medium-term)

2023 SUSTAINABILITY REPORTPAGE 69

APPENDIXTCFD Topic

TCFD Recommended Disclosure

Disclosure
There is growing concern that climate change and global warming has caused and may continue to cause more severe, volatile
weather or extended droughts, which could increase the frequency and duration of weather impacts on our operations.
Adverse weather conditions have in the past and may again in the future impact guest traffic at our restaurants, and, in more
severe cases such as hurricanes, tornadoes, wildfires or other natural disasters, cause temporary restaurant closures, all ofwhich negatively impact restaurant sales.
The health and safety of our employees are always our priority. If conditions do not allow for safe operations, we would not put
our employees in harm’s way. Severe weather events are out of our control; however, our design team continues to seek
solutions that will allow our restaurants to operate in adverse situations, and design choices to protect the infrastructure.

Emerging Regulation (medium-term)a) Describe the climate related risks andopportunities the organization has identified
over the short, medium, and long term.

Climate change and government regulation relating to climate change could result in construction delays for new restaurants
and interruptions to the availability or increases in the cost of utilities. The ongoing and long-term costs of these impacts
related to climate change and other sustainability-related issues could have a material adverse effect on our business andfinancial condition if we are not able to mitigate them.
To address regulatory risks, we closely monitor industry news, and pending regulations and trends. We incorporate sustainable
design to lower our energy demand, increase efficiencies, and plan for flexibility in our design and layout to support retrofitsthat may arise from technological advancements.

OPPORTUNITIESResource Efficiency - agricultural productivity and supply chain resilience (medium-term)

Strategy

Our suppliers are integral to our business, and we help our suppliers develop environmental standards and sustainability goals.
Building resilience within our supply chain requires open communication and selecting suppliers to partner with that have likeminded goals in sustainability as we do. For example, we encourage our suppliers to practice sustainable farming techniques
and we often bring forward ideas such as regenerative agriculture concepts to our suppliers.
We know that there is not one specific solution to sustainable agriculture, but we believe in assessing and prioritizing
sustainability on an ingredient-by-ingredient basis. What is most sustainable for cilantro might not be the most sustainablechoice for tomatoes; what makes the biggest sustainable impact in cattle production might not be the best solution for raisingchickens. Although this approach takes significant investment, we feel it ultimately produces a more sustainable business anda more sustainable future.
Beyond working with existing suppliers, we are working towards supporting the next generation of farmers. According to the
National Young Farmers Coalition Young Farmer Census, more than 80% of young farmers are farming sustainably. Throughthese programs, and all of the assistance we are offering young farmers, we hope to help farming remain a sustainablevocation for generations to come. Chipotle has committed to giving a total of $5 million by 2025 to support young farmers.

Resilience (medium-term)
We completed a water risk assessment to identify areas of our operations and supply chain operating in water stressedregions to identify opportunties to build resiliency. We are prioritizing engagment with suppliers with high water use andoperating in either high or extremely water stressed areas to collaborate on water stewardship strategies. Working together tocreate resilient water strategies to operate with greater efficiency and reduce overall water demand, while also assessing andcreating plans to address local watershed needs.

Resource Efficiency - buildings (short-term)
Our restaurants are the largest source of our direct emissions, primarily because of the energy requirements for operations.
Natural gas and electricity are required for all of our operations, for cooking, cleaning, heating, and cooling. We are focused onincreasing efficiency and evaluating low-carbon alternatives.

2023 SUSTAINABILITY REPORTPAGE 70

APPENDIXTCFD Topic

TCFD Recommended Disclosure

Disclosure
Our design and operations teams are routinely assessing innovative technology to support improved operating efficiencies
and design at our restaurants. Finding design solutions that can help us reduce energy consumption or exploring alternative
low-carbon materials to furnish our restaurants. The teams’ design uses LEED-aligned practices, such as the use of LED
lighting, tankless water heaters, and energy star-rated equipment. We have completed energy audits of restaurants to identify
areas to potentially focus on. Once we have identified areas with improvement, we collaborate with suppliers on designs, pilot
solutions, and work with our facilities management and operations team to implement.

Climate-related risks and opportunities have influenced our strategy in the following categories.
Products and Services: Our approach in designing and sourcing products takes into consideration climate related risks andopportunities. We assess market trends and innovative solutions to minimize the impact of the products we purchase for ouroperations and services provided to our customers. For product design, our internal packaging team collaborates withpackaging suppliers to re-conceptualize the products, processes, systems, and sources to reduce greenhouse gas emissions.
For example, we re-designed our burritos bowls to optimize for shipping and eliminate dead space in the shipping box. This
reduces the amount of materials required to create the bowl and reduces the number of corrugate boxes needed for shipping.
Design solutions like these reduce the amount of raw materials needed. The optimization in shipping may reduce the fossil
fuels consumption in logistics as a result of improved load configurations.

Strategyb) Describe the impact of climate-related risks
and opportunities on the organization’s
businesses, strategy, and financial planning.

2023 SUSTAINABILITY REPORTSupply and Value Chains: Climate-related risks and opportunities have influenced how we collaborate with our supply chain.
We are engaging with our partners to bring forward ideas such as regenerative farming, dairy pasture access, and animal
development. One area of focus is Food Safety Technology, where we have been able to bring advanced capabilities fortraceability and supply chain visibility from supplier to restaurant. Our packaging capabilities have been enhanced to makeour supply chain more sustainable. We are evaluating compostable and recyclable materials and continuously looking for ways
to eliminate waste and reduce our carbon footprint. Along with some key partners, we are investing in organic and transitionalfarming, and we are expanding these programs over time. In addition, we have upheld our animal welfare programs andcontinue to make great strides with the help of our farming community. We aim to use local ingredients wheneverenvironmentally appropriate, economically viable, and where food safety is not jeopardized, although location is not the firstthing we prioritize as part of our responsible sourcing practices. Local ingredients are those grown within 350 miles of a
distribution center.
Investment in Research and Development:Climate related risks and opportunities have influenced our strategy for making
investments. Energy resources may become limited with climate change, so supporting technologies to transition to low carbon
fuels creates a pathway to build resilient operations. We have explored opportunities to use alternative materials, energy
efficient equipment, and alternatives to fossil fuels as energy resources for restaurant operations.
Operations: In the past we have consulted Leadership in Energy and Environmental Design (LEED®) green building standards
in our restaurants. Over the years we have certified four restaurants in our portfolio to LEED standards. Although we have notpursued further certifications, we are guided by LEED building principles in our restaurant designs. We continue to seek
partnerships with others who share our pursuit of greater energy efficiency, innovation, and emissions reduction.
We are constantly seeking out innovative design solutions to increase energy efficiency while creating a unique experience forour guests, such as implementing new designs in our cookline and using alternative renewable materials in our furnishings. We
work with the Food Service Technology Center, a national resource for commercial foodservice energy efficiency, to test theefficiencies of our restaurant equipment. We prioritize the utilization of the following equipment to lessen environmental
impact across our restaurants: full LED lighting, high efficiency heating and cooling systems, energy management systems, lowflow plumbing fixtures, tankless water heaters, EnergyStar-rated kitchen equipment, and finishes with low volatile organic
compounds (VOCs).
We continue to assess how to increase our climate resilience and reduce our demand on fossil fuels. In 2023 we designed andopened 21 all-electric and hybrid electric restaurants. Moving forward we will monitor the impact on operations from these
new restaurants while continuing to build more all-electric restaurants.

PAGE 7 1b) Describe the impact of climate-related risks
and opportunities on the organization’s
businesses, strategy, and financial planning.

APPENDIXTCFD Topic

TCFD Recommended Disclosure

Direct Costs: Since our beginning in 1993, Chipotle has been committed to serving food with integrity and revolutionizing the
fast-food industry. Our real ingredients are responsibly sourced and classically cooked keeping people, animals, and theenvironment in mind. Everything is connected. Climate related risks such as increasing weather volatility or other long-termchanges in global weather patterns, including related to global climate change, could have a significant impact on the price oravailability of some of our ingredients. The markets for some of the ingredients we use, such as beef, avocado, and chicken, areparticularly volatile. This is due to factors such as limited sources, seasonal shifts, climate conditions, and industry demand.
Increasing weather volatility or other long-term changes in global weather patterns, including related to global climatechange, could have a significant impact on the price or availability of some of our ingredients. We have taken efforts tomitigate future price increases through forward contracts, diversification of our suppliers, and reducing greenhouse gas
emissions in our operations and supply chain.
Chipotle has a transition plan which aligns with a 1.5°C world. We engage with our shareholders in a variety of ways throughout
the year, with the participants and topics dependent on the stakeholders engaged. Members of management and, uponrequest, members of our Board regularly engage with our shareholders to provide updates and solicit their views and input onvarious topics, including our sustainability and climate-related initiatives and programs. We regularly share the feedback andinput we receive from shareholders with our Board and the applicable Committees, which take them into account as we review
and update our ESG practices and policies.

Strategyc) Describe the resilience of the organization’s
strategy, taking into consideration different
climate-related scenarios, including a 2°C or
lower scenario.

a) Describe the organization’s processes for
identifying and assessing climate-related risks.

Risk Managementb) Describe the organization’s processes for
managing climate-related risks.

2023 SUSTAINABILITY REPORT

Disclosure

In the quantitative model we used actual energy consumption for Scope 1 and 2 from 2019 data (used as a baseline). The model
assumed a 4.2% linear annual reduction consistent with an emission reduction pathway in line with limiting warming below 1.5
degrees Celsius. We also assessed the emission reduction trajectory at 2.5% linear reduction through 2030 (in line with a well
below 2-degree pathway). We did not assess a 2-degree warming scenario given the level of ambition required per the IPCC.
RCP 8.5 represents the IPCC’s high-end pathway approximation of global greenhouse gas emissions by 2100 if there are notsignificant global actions to reduce emissions. We used this scenario to assess physical risks to operations. Under this scenario
we assume severe climate impacts including warming above 2 degrees resulting in water scarcity, changes in seasonalpatterns, and an increased number of extreme weather events. Increasing our energy efficiency and continued evolution in theway we design our restaurants and source products would help us adapt to the changing climate while engaging with
suppliers to implement or increase low-carbon practices can shore up resiliency. We completed a quantitative analysis byutilizing the Science Based Targets absolute contraction tool. In the model we selected a 1.5-degree pathway with a baseline
year of 2019, and an emission reduction target of 2030. Actual energy consumption for Scope 1 and 2 from 2019 data was usedin the model, approximately 30-50% absolute reduction would be required from the baseline emissions for Scope 1, 2 emissions.
The range of emissions reduction required is directly tied to the level of ambition to keep global warming either well below 2
degrees or below 1.5 degrees Celsius.
Chipotle identifies climate-related risks that might impact our operations and business strategy as part of our risk management
process. We established an internal climate steering committee to guide decision making, determine reduction targets, anddrive strategy forward. We also created activity specific climate pillars comprised of cross functional teams to evaluate thelikelihood of climate-related risks that may disrupt our supply chain, decrease availability of resources, cause harm to
infrastructure, and/or impact our ability to operate. The teams also provide recommendations to mitigate the potential impacts.
See the Emissions section in our Annual Sustainabilty Report for further information.
The findings, recommendations, and strategies to address climate risks are summarized and shared with the executive
leadership team and the Board. Mitigation strategies are implemented with approval from the leadership and Board. For
example: Increasing weather volatility and changes in global weather patterns can reduce crop size and crop quality. We areengaging with our partners to bring forward ideas such as regenerative farming, to help build resilience to anticipatedchanging climate conditions.
See the Emissions section in our Annual Sustainability Report for further information.

PAGE 72

APPENDIXTCFD Topic

Risk Management

TCFD Recommended Disclosure

Disclosurec) Describe how processes for identifying,assessing, and managing climate-related risks
are integrated into the organization’s overallrisk management.

Chipotle evaluates climate-related risks based on the substantive financial or strategic impact to be issues that, should theyoccur or continue to occur, would adversely impact our business, financial condition, operations, reputation or the trading priceof our common stock in a material and ongoing way, such as a significant increase in the cost of operating our restaurants andserving our guests, a significant or sustained loss of revenue, or a required significant capital investment or a required capital
investment that requires scarce material. Chipotle evaluates its enterprise risk on an annual basis, which includes climaterelated risks, to identify, prioritize and create mitigation plans for those risks that are most likely to occur and, if they occur,
have the most significant impact on the business.
See the Emissions section in our Annual Sustainability Report for further information.

a) Disclose the metrics used by the organization
to assess climate-related risks and opportunities
See the following sections in the Annual Sustainablity Report: Emissions; Appendix
in line with its strategy and risk management
process.

Metrics & Targetsb) Disclose Scope 1, Scope 2, and if
appropriate, Scope 3 greenhouse has emissions, See the following sections in the Annual Sustainablity Report: Emissions; Appendix
and the related risks.
c) Describe the targets used by the organization
See the following sections in the Annual Sustainablity Report: Emissions; Appendix
to manage climate-related risks andopportunities and performance against targets

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APPENDIX

Footnotes
Greenhouse Gas Emissions
Greenhouse gas emissions are measured and calculated according to the principles in the World Resources Institute (WRI) and the World Business Council for Sustainable Development (WBCSD) Greenhouse Gas
Protocol’s “A Corporate Accounting and Reporting Standard, 2004 revised edition” (GHG Protocol). All GHG emissions are expressed as metric tonnes of carbon dioxide equivalents.
Primary data are used to calculate emissions for both Scope 1 and 2 emissions. Estimates are used where primary data are not available. Depending on the type of site, the estimation methodology uses location
2 square footage and average energy consumption published by U.S Energy Information Administration. Global warming potentials reference the 100-year Intergovernmental Panel on Climate Change (IPCC) Fifth
Assessment Report (AR5). Chipotle follows the GHG Protocol operational control method.
Restated emissions from previous year emissions have been made to reflect corrections, updates to methodology, and/or updates to emission factors. Emissions do not include non-Chipotle restaurants. Emissions
3 do not include fugitive refrigerant emissions.
4 Emissions are third-party verified with limited assurance for Scope 1 and Scope 2 emissions since 2022.
5 Market-based emissions include purchases of Renewable Energy Certificates (RECs). The renewable portion of the electricity grid mix for which we do not possess RECs is not included in this calculation.

1

6 Renewable electricity includes renewable energy credits (RECs).
7 Excludes grid mix renewables.

Scope 3 emissions are calculated following the guidance by the GHG Protocol. Estimates are used where primary data are not available and/or extrapolated data, utilize third-party emission factor databases andindustry averages. We will continue to improve and refine Scope 3 estimates over time, as data visibility and accessibility increases, and with updates to emission factors. Spend-based methodology estimates
8
emissions for goods and services by collecting data on the economic value of goods and services purchased and multiplying that by relevant secondary (e.g., industry average) emission factors (e.g., average
emissions per monetary value of goods). Updates to emission factors to 2019 and 2022 assured data result in less than 1% difference in the assured values. The assured values are reflected in this report.
9 Growth in sales and new restaurant openings, resulting in an associated increase in Scope 3 emissions.
10 The scope of these data excludes the Purchased Goods and Services of non-Chipotle restaurants, however this accounts for less than 0.01% of total emissions.
11 Purchases to support operations in North America only.

Waste
12 Excludes construction waste. Waste generated from restaurants operating in North America only.
13

Based on material handling and waste diversion processes, as reported by waste haulers, historical waste audits, and extrapolation of data where Chipotle does not manage waste services directly, and/or share
waste services with other businesses. Restated figures from previous years have been made to reflect corrections and/or updates to methodology.

Materials
14 Suppliers provide certifications on material specifications are including but not limited to third-party certifications, weight of materials, and end of life reusability, recyclability and/or compostability.

Water
Primary data is used to calculate water withdrawal from restaurants. When primary data is unavailable water withdrawal estimates are calculated with a water withdrawal intensity factor derived from actual
withdrawals from Chipotle restaurants located in North America.
16 High-risk refers to restaurants located in regions of high or extremely-high baseline water stress as identified with the World Resources Institute’s Aqueduct tool.

15

Diversity & Employment
Crew and Managers includes Crew, Kitchen Leaders, and Service Leaders. Restaurant Salary Managers includes Certified Training Managers, General Managers, Apprentices, and Restauranteurs. Field Staff

17 includes Field Leader (FL), Team Director (TD), Regional Vice President. Senior Management refers to our Executive Leadership Team, also referred to as ELT. Corporate and Field Support includes RestaurantSupport Center Staff and Field Staff.
18 This information reflects our United States population but excludes Puerto Rico.
19 All gender data are sourced from Chipotle's employment system of record.
20 Contingent workers are defined as independent contractors who work through a 1099. Full-Time/Part-Time breakdown does not include contingent workers.

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