X0306 4 2016-09-01 0 0001620533 Shake Shack Inc. SHAK 0001592643 Select Equity Group, L.P. 380 LAFAYETTE STREET 6TH FLOOR NEW YORK NY 10003 1 0 0 1 See Remarks 0001060793 SEG PARTNERS L P C/O SELECT EQUITY GROUP 380 LAFAYETTE STREET NEW YORK NY 10003 1 0 0 1 See Remarks 0001632171 SEG Partners Offshore Master Fund, Ltd. C/O SELECT EQUITY GROUP 380 LAFAYETTE STREET NEW YORK NY 10003 1 0 0 1 See Remarks 0001215218 SEG PARTNERS II L P C/O SELECT EQUITY GROUP 380 LAFAYETTE STREET NEW YORK NY 10003 1 0 0 1 See Remarks 0001632169 Loening George S C/O SELECT EQUITY GROUP 380 LAFAYETTE STREET NEW YORK NY 10003 1 0 0 1 See Remarks Class A Common Stock, par value $0.001 per share 2016-09-01 4 S 0 2580 35.5589 D 71829 I See Footnotes Class A Common Stock, par value $0.001 per share 2016-09-01 4 S 0 14420 35.5589 D 733817 I See Footnotes Class A Common Stock, par value $0.001 per share 2016-09-01 4 S 0 9400 35.5589 D 274466 I See Footnotes Class A Common Stock, par value $0.001 per share 2016-09-02 4 S 0 2380 35.5360 D 69449 I See Footnotes Class A Common Stock, par value $0.001 per share 2016-09-02 4 S 0 13315 35.5360 D 720502 I See Footnotes Class A Common Stock, par value $0.001 per share 2016-09-02 4 S 0 8680 35.5360 D 265786 I See Footnotes Class A Common Stock, par value $0.001 per share 2016-09-06 4 S 0 5645 35.8975 D 63804 I See Footnotes Class A Common Stock, par value $0.001 per share 2016-09-06 4 S 0 31545 35.8975 D 688957 I See Footnotes Class A Common Stock, par value $0.001 per share 2016-09-06 4 S 0 20565 35.8975 D 245221 I See Footnotes See Exhibit 99.1. See Exhibit 99.1. See Exhibit 99.1. See Exhibit 99.1. List of Exhibits Exhibit 99.1 - Explanation of Responses Exhibit 99.2 - Joint Filers' Names and Addresses Exhibit 99.3 - Joint Filers' Signatures Solely for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, Select Equity Group, L.P. ("Select Equity Group"), the SEG Funds (as defined below) and George S. Loening may be deemed to be directors-by-deputization by virtue of their right to designate a member of the board of directors of the Issuer. Select Equity Group, the SEG Funds and George S. Loening have designated Evan C. Guillemin as a member of the board of directors of Shake Shack Inc. ("Shake Shack"). SELECT EQUITY GROUP, L.P., By: Select Equity GP, LLC, its general partner, By: /s/ George S. Loening 2016-09-06