Shake Shack Inc. — Director's Dealing 2016

May 19, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Shake Shack Inc. (SHAK)
CIK: 0001620533
Period of Report: 2016-05-16

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-16	Class A Common Stock, par value $0.001 per share	S	1705	$36.3195	Disposed	110088	Indirect
2016-05-16	Class A Common Stock, par value $0.001 per share	S	21505	$36.3195	Disposed	1549774	Indirect
2016-05-16	Class A Common Stock, par value $0.001 per share	S	1790	$36.3195	Disposed	502288	Indirect
2016-05-17	Class A Common Stock, par value $0.001 per share	S	3955	$36.6643	Disposed	106133	Indirect
2016-05-17	Class A Common Stock, par value $0.001 per share	S	35428	$36.6643	Disposed	1514346	Indirect
2016-05-17	Class A Common Stock, par value $0.001 per share	S	10617	$36.6643	Disposed	491671	Indirect

Footnotes

F1: See Exhibit 99.1.

F2: See Exhibit 99.1.

F3: See Exhibit 99.1.

F4: See Exhibit 99.1.

F5: See Exhibit 99.1.