Shake Shack Inc. — Director's Dealing 2017

May 23, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Shake Shack Inc. (SHAK)
CIK: 0001620533
Period of Report: 2017-05-19

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-19	Class A Common Stock, par value $0.001 per share	S	15949	$37.7124	Disposed	178210	Indirect
2017-05-19	Class A Common Stock	S	36022	$37.7124	Disposed	566362	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	52774	Indirect

Footnotes

F1: See Exhibit 99.1.

F2: See Exhibit 99.1.

F3: See Exhibit 99.1.

F4: See Exhibit 99.1.