Shake Shack Inc. — Director's Dealing 2016

May 24, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Shake Shack Inc. (SHAK)
CIK: 0001620533
Period of Report: 2016-05-20

Reporting Person: Select Equity Group, L.P. (Director, See Remarks)
Reporting Person: SEG PARTNERS L P (Director)
Reporting Person: SEG Partners Offshore Master Fund, Ltd. (Director, 10% Owner)
Reporting Person: SEG PARTNERS II L P (Director)
Reporting Person: Loening George S (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-20	Class A Common Stock, par value $0.001 per share	S	4493	$34.6452	Disposed	101640	Indirect
2016-05-20	Class A Common Stock, par value $0.001 per share	S	27858	$34.6452	Disposed	1486488	Indirect
2016-05-20	Class A Common Stock, par value $0.001 per share	S	17649	$34.6452	Disposed	474022	Indirect
2016-05-23	Class A Common Stock, par value $0.001 per share	S	4494	$34.7136	Disposed	97146	Indirect
2016-05-23	Class A Common Stock, par value $0.001 per share	S	27858	$34.7136	Disposed	1458630	Indirect
2016-05-23	Class A Common Stock, par value $0.001 per share	S	17648	$34.7136	Disposed	456374	Indirect
2016-05-24	Class A Common Stock, par value $0.001 per share	S	4493	$34.7475	Disposed	92653	Indirect
2016-05-24	Class A Common Stock, par value $0.001 per share	S	27857	$34.7475	Disposed	1430773	Indirect
2016-05-24	Class A Common Stock, par value $0.001 per share	S	17650	$34.7475	Disposed	438724	Indirect

Footnotes

F1: See Exhibit 99.1.

F2: See Exhibit 99.1.

F3: See Exhibit 99.1.

F4: See Exhibit 99.1.