SHAK

SEC source: 0001567619-18-004064 · doc1.xml · nonDerivative · entry 6

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 159,177

F2 · price: See Exhibit 99.1

F4 · ownership.nature: See Exhibit 99.1

F7 · ownership.nature: See Exhibit 99.1

SEC source: 0001567619-18-004064 · doc1.xml · nonDerivative · entry 5

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 163,637

F2 · price: See Exhibit 99.1

F4 · ownership.nature: See Exhibit 99.1

F6 · ownership.nature: See Exhibit 99.1

SEC source: 0001567619-18-004064 · doc1.xml · nonDerivative · entry 4

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 32,876

F2 · price: See Exhibit 99.1

F4 · ownership.nature: See Exhibit 99.1

F5 · ownership.nature: See Exhibit 99.1

SEC source: 0001567619-18-004064 · doc1.xml · nonDerivative · entry 3

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 168,725

F1 · price: See Exhibit 99.1

F4 · ownership.nature: See Exhibit 99.1

F7 · ownership.nature: See Exhibit 99.1

SEC source: 0001567619-18-004064 · doc1.xml · nonDerivative · entry 2

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 173,537

F1 · price: See Exhibit 99.1

F4 · ownership.nature: See Exhibit 99.1

F6 · ownership.nature: See Exhibit 99.1

SEC source: 0001567619-18-004064 · doc1.xml · nonDerivative · entry 1

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 34,836

F1 · price: See Exhibit 99.1

F4 · ownership.nature: See Exhibit 99.1

F5 · ownership.nature: See Exhibit 99.1

SEC source: 0001567619-18-003589 · doc1.xml · nonDerivative · entry 2

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 175,861

F2 · price: See Exhibit 99.1

F3 · ownership.nature: See Exhibit 99.1

F4 · ownership.nature: See Exhibit 99.1

SEC source: 0001567619-18-003589 · doc1.xml · nonDerivative · entry 1

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 181,183

F1 · price: See Exhibit 99.1

F3 · ownership.nature: See Exhibit 99.1

F4 · ownership.nature: See Exhibit 99.1

SEC source: 0001620533-18-000119 · wf-form4_153860152730493.xml · nonDerivative · entry 2

Meyer Daniel Harris · CIK 0001463932 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 379,443

F1 · shares: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") that were disposed of by the Reporting Person through the Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust") pursuant to a 10b5-1 trading plan entered into on August 9, 2018. The Reporting Person is the grantor, trustee and beneficiary of the Investment Trust. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

F3 · price: The Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F5 · price: The transaction was executed in multiple trades at prices ranging from $62.5750 to $63.32. The price reported above reflects the weighted average sales price.

F4 · ownership.nature: Represents Class A Stock of the Issuer held by the Reporting Person through the Investment Trust. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-18-000119 · wf-form4_153860152730493.xml · nonDerivative · entry 1

Meyer Daniel Harris · CIK 0001463932 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 380,446

F1 · shares: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") that were disposed of by the Reporting Person through the Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust") pursuant to a 10b5-1 trading plan entered into on August 9, 2018. The Reporting Person is the grantor, trustee and beneficiary of the Investment Trust. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

F2 · price: The transaction was executed in multiple trades at prices ranging from $61.5750 to $62.5749. The price reported above reflects the weighted average sales price.

F3 · price: The Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F4 · ownership.nature: Represents Class A Stock of the Issuer held by the Reporting Person through the Investment Trust. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-18-000117 · wf-form4_153808352919600.xml · nonDerivative · entry 1

Meyer Daniel Harris · CIK 0001463932 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 389,443

F1 · shares: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") that were disposed of by the Reporting Person through the Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust") pursuant to a 10b5-1 trading plan entered into on August 9, 2018. The Reporting Person is the grantor, trustee and beneficiary of the Investment Trust. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

F2 · price: The transaction was executed in multiple trades at prices ranging from $60.0000 to $60.5500. The price reported above reflects the weighted average sales price.

F3 · price: The Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F4 · ownership.nature: Represents Class A Stock of the Issuer held by the Reporting Person through the Investment Trust. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001567619-18-003022 · doc1.xml · nonDerivative · entry 3

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 182,083

F1 · price: See Exhibit 99.1

F2 · ownership.nature: See Exhibit 99.1

F5 · ownership.nature: See Exhibit 99.1

SEC source: 0001567619-18-003022 · doc1.xml · nonDerivative · entry 2

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 180,936

F1 · price: See Exhibit 99.1

F2 · ownership.nature: See Exhibit 99.1

F4 · ownership.nature: See Exhibit 99.1

SEC source: 0001567619-18-003022 · doc1.xml · nonDerivative · entry 1

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 36,301

F1 · price: See Exhibit 99.1

F2 · ownership.nature: See Exhibit 99.1

F3 · ownership.nature: See Exhibit 99.1

SEC source: 0001209191-18-050739 · doc4.xml · nonDerivative · entry 2

SOKOLOFF JONATHAN D · CIK 0001175522 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 1,527,161

F5 · shares: Represents shares of A-Common sold by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common sold, 299,580 were sold by GEI VI, 178,553 were sold by GEI Side VI, and 21,867 were sold by Malted.

F6 · balance_after: Represents shares owned by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common reported, 493,213 are owned by GEI VI, 997,951 are owned by GEI Side VI, and 35,997 are owned by Malted.

F4 · ownership.nature: Mr. Sokoloff directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of the shares owned by GEI VI, GEI Side VI, and Malted. Mr. Sokoloff disclaims beneficial ownership of the shares owned by each of GEI VI, GEI Side VI, and Malted, except to the extent of his pecuniary interest in GEI VI and GEI Side VI, and this report shall not otherwise be deemed an admission that he is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

SEC source: 0001620533-18-000115 · wf-form4_153670422775156.xml · nonDerivative · entry 3

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 0

F2 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, Shake Shack Inc. (the "Issuer") or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F4 · price: The transaction was executed in multiple trades at prices ranging from $58.2500 to $59.1300. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Represents shares of Class A Common Stock ("Class A Stock") of the Issuer held by the Flug 2015 GS Trust U/A/D 12/29/15 (the "Trust"). Gulf Five Fiduciary Management Corp is the trustee of the Trust. Sheryl Flug, the wife of Jeffrey Flug, is the President of Gulf Five Fiduciary Management Corp. Each Reporting Person disclaims beneficial ownership of such securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001209191-18-050739 · doc4.xml · nonDerivative · entry 1

SOKOLOFF JONATHAN D · CIK 0001175522 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 2,027,161

F1 · shares: Represents shares of Class A common stock, par value $0.001 per share ("A-Common") sold by Green Equity Investors VI, L.P. ("GEI VI"), Green Equity Investors Side VI, L.P. ("GEI Side VI"), and LGP Malted Coinvest LLC ("Malted"). Of the shares of A-Common sold, 35,950 were sold by GEI VI, 21,426 were sold by GEI Side VI, and 2,624 were sold by Malted. GEI VI's, GEI Side VI's, and Malted's A-Common, together with GEI VI's and Malted's B-Common and LLC Interests, are collectively referred to herein as the "Equity Interests."

F2 · price: This transaction was executed in multiple trades at prices ranging from $58.32 to $59. The price reported reflects the weighted average sale price. Mr. Sokoloff hereby undertakes to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares and prices at which the trades were effected.

F3 · balance_after: Represents shares owned by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common reported, 792,793 are owned by GEI VI, 1,176,504 are owned by GEI Side VI, and 57,864 are owned by Malted.

F4 · ownership.nature: Mr. Sokoloff directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of the shares owned by GEI VI, GEI Side VI, and Malted. Mr. Sokoloff disclaims beneficial ownership of the shares owned by each of GEI VI, GEI Side VI, and Malted, except to the extent of his pecuniary interest in GEI VI and GEI Side VI, and this report shall not otherwise be deemed an admission that he is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

SEC source: 0001209191-18-050201 · doc4.xml · nonDerivative · entry 2

SOKOLOFF JONATHAN D · CIK 0001175522 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 2,087,161

F5 · shares: Represents shares of A-Common sold by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common sold, 6,856 were sold by GEI VI, 4,086 were sold by GEI Side VI, and 501 were sold by Malted.

F6 · price: This transaction was executed in multiple trades at prices ranging from $58.8 to $58.93. The price reported reflects the weighted average sale price. Mr. Sokoloff hereby undertakes to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares and prices at which the trades were effected.

F7 · balance_after: Represents shares owned by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common reported, 828,743 are owned by GEI VI, 1,197,930 are owned by GEI Side VI, and 60,488 are owned by Malted.

F4 · ownership.nature: Mr. Sokoloff directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of the shares owned by GEI VI, GEI Side VI, and Malted. Mr. Sokoloff disclaims beneficial ownership of the shares owned by each of GEI VI, GEI Side VI, and Malted, except to the extent of his pecuniary interest in GEI VI and GEI Side VI, and this report shall not otherwise be deemed an admission that he is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

SEC source: 0001209191-18-050201 · doc4.xml · nonDerivative · entry 1

SOKOLOFF JONATHAN D · CIK 0001175522 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 2,098,604

F1 · shares: Represents shares of Class A common stock, par value $0.001 per share ("A-Common") sold by Green Equity Investors VI, L.P. ("GEI VI"), Green Equity Investors Side VI, L.P. ("GEI Side VI"), and LGP Malted Coinvest LLC ("Malted"). Of the shares of A-Common sold, 17,110 were sold by GEI VI, 10,198 were sold by GEI Side VI, and 1,249 were sold by Malted. GEI VI's, GEI Side VI's, and Malted's A-Common, together with GEI VI's and Malted's B-Common and LLC Interests, are collectively referred to herein as the "Equity Interests."

F2 · price: This transaction was executed in multiple trades at prices ranging from $57.77 to $58.74. The price reported reflects the weighted average sale price. Mr. Sokoloff hereby undertakes to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares and prices at which the trades were effected.

F3 · balance_after: Represents shares owned by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common reported, 835,599 are owned by GEI VI, 1,202,016 are owned by GEI Side VI, and 60,989 are owned by Malted.

F4 · ownership.nature: Mr. Sokoloff directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of the shares owned by GEI VI, GEI Side VI, and Malted. Mr. Sokoloff disclaims beneficial ownership of the shares owned by each of GEI VI, GEI Side VI, and Malted, except to the extent of his pecuniary interest in GEI VI and GEI Side VI, and this report shall not otherwise be deemed an admission that he is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

SEC source: 0001620533-18-000115 · wf-form4_153670422775156.xml · nonDerivative · entry 2

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 7,059

F3 · ownership.nature: Represents shares of Class A Common Stock ("Class A Stock") of the Issuer held by the Flug 2015 GS Trust U/A/D 12/29/15 (the "Trust"). Gulf Five Fiduciary Management Corp is the trustee of the Trust. Sheryl Flug, the wife of Jeffrey Flug, is the President of Gulf Five Fiduciary Management Corp. Each Reporting Person disclaims beneficial ownership of such securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-18-000115 · wf-form4_153670422775156.xml · nonDerivative · entry 1

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 7,259

F1 · price: The transaction was executed in multiple trades at prices ranging from $58.0000 to $58.9700. The price reported above reflects the weighted average sales price.

F2 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, Shake Shack Inc. (the "Issuer") or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F3 · ownership.nature: Represents shares of Class A Common Stock ("Class A Stock") of the Issuer held by the Flug 2015 GS Trust U/A/D 12/29/15 (the "Trust"). Gulf Five Fiduciary Management Corp is the trustee of the Trust. Sheryl Flug, the wife of Jeffrey Flug, is the President of Gulf Five Fiduciary Management Corp. Each Reporting Person disclaims beneficial ownership of such securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001209191-18-049974 · doc4.xml · nonDerivative · entry 12

Green Equity Investors VI, L.P. · CIK 0001531051 · Director

GEI Capital VI, LLC · CIK 0001632071 · Director

Green Equity Investors Side VI, L.P. · CIK 0001531059 · Director

Green VI Holdings, LLC · CIK 0001632074 · Director

Leonard Green & Partners, L.P. · CIK 0001175523 · Director

LGP Malted Coinvest LLC · CIK 0001568925 · Director

LGP MANAGEMENT INC · CIK 0001175525 · Director

PERIDOT COINVEST MANAGER LLC · CIK 0001632725 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,212,214

F10 · shares: Represents shares of A-Common sold by GEI Side VI.

F15 · price: This transaction was executed in multiple trades at prices ranging from $58.905 to $59.13. The price reported reflects the weighted average sale price. The Reporting Persons hereby undertake to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of Shares and prices at which the trades were effected.

F11 · balance_after: Represents shares owned by GEI Side VI.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F12 · ownership.direct: Each of GEI VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to GEI Side VI, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-049974 · doc4.xml · nonDerivative · entry 11

Green Equity Investors VI, L.P. · CIK 0001531051 · Director

GEI Capital VI, LLC · CIK 0001632071 · Director

Green Equity Investors Side VI, L.P. · CIK 0001531059 · Director

Green VI Holdings, LLC · CIK 0001632074 · Director

Leonard Green & Partners, L.P. · CIK 0001175523 · Director

LGP Malted Coinvest LLC · CIK 0001568925 · Director

LGP MANAGEMENT INC · CIK 0001175525 · Director

PERIDOT COINVEST MANAGER LLC · CIK 0001632725 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 62,238

F7 · shares: Represents shares of A-Common sold by Malted.

F15 · price: This transaction was executed in multiple trades at prices ranging from $58.905 to $59.13. The price reported reflects the weighted average sale price. The Reporting Persons hereby undertake to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of Shares and prices at which the trades were effected.

F8 · balance_after: Represents shares owned by Malted.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F9 · ownership.direct: Each of GEI VI, GEI Side VI, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to Malted, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-049974 · doc4.xml · nonDerivative · entry 10

Green Equity Investors VI, L.P. · CIK 0001531051 · Director

GEI Capital VI, LLC · CIK 0001632071 · Director

Green Equity Investors Side VI, L.P. · CIK 0001531059 · Director

Green VI Holdings, LLC · CIK 0001632074 · Director

Leonard Green & Partners, L.P. · CIK 0001175523 · Director

LGP Malted Coinvest LLC · CIK 0001568925 · Director

LGP MANAGEMENT INC · CIK 0001175525 · Director

PERIDOT COINVEST MANAGER LLC · CIK 0001632725 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 852,709

F1 · shares: Represents shares of Class A common stock, par value $0.001 per share ("A-Common") of the Issuer sold by Green Equity Investors VI, L.P. ("GEI VI").

F15 · price: This transaction was executed in multiple trades at prices ranging from $58.905 to $59.13. The price reported reflects the weighted average sale price. The Reporting Persons hereby undertake to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of Shares and prices at which the trades were effected.

F3 · balance_after: Represents shares owned by GEI VI.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F6 · ownership.direct: Each of GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to GEI VI, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-049974 · doc4.xml · nonDerivative · entry 9

Green Equity Investors VI, L.P. · CIK 0001531051 · Director

GEI Capital VI, LLC · CIK 0001632071 · Director

Green Equity Investors Side VI, L.P. · CIK 0001531059 · Director

Green VI Holdings, LLC · CIK 0001632074 · Director

Leonard Green & Partners, L.P. · CIK 0001175523 · Director

LGP Malted Coinvest LLC · CIK 0001568925 · Director

LGP MANAGEMENT INC · CIK 0001175525 · Director

PERIDOT COINVEST MANAGER LLC · CIK 0001632725 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,217,250

F10 · shares: Represents shares of A-Common sold by GEI Side VI.

F14 · price: This transaction was executed in multiple trades at prices ranging from $57.82 to $58.8. The price reported reflects the weighted average sale price. The Reporting Persons hereby undertake to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of Shares and prices at which the trades were effected.

F11 · balance_after: Represents shares owned by GEI Side VI.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F12 · ownership.direct: Each of GEI VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to GEI Side VI, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-049974 · doc4.xml · nonDerivative · entry 8

Green Equity Investors VI, L.P. · CIK 0001531051 · Director

GEI Capital VI, LLC · CIK 0001632071 · Director

Green Equity Investors Side VI, L.P. · CIK 0001531059 · Director

Green VI Holdings, LLC · CIK 0001632074 · Director

Leonard Green & Partners, L.P. · CIK 0001175523 · Director

LGP Malted Coinvest LLC · CIK 0001568925 · Director

LGP MANAGEMENT INC · CIK 0001175525 · Director

PERIDOT COINVEST MANAGER LLC · CIK 0001632725 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 62,855

F7 · shares: Represents shares of A-Common sold by Malted.

F14 · price: This transaction was executed in multiple trades at prices ranging from $57.82 to $58.8. The price reported reflects the weighted average sale price. The Reporting Persons hereby undertake to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of Shares and prices at which the trades were effected.

F8 · balance_after: Represents shares owned by Malted.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F9 · ownership.direct: Each of GEI VI, GEI Side VI, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to Malted, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-049974 · doc4.xml · nonDerivative · entry 7

Green Equity Investors VI, L.P. · CIK 0001531051 · Director

GEI Capital VI, LLC · CIK 0001632071 · Director

Green Equity Investors Side VI, L.P. · CIK 0001531059 · Director

Green VI Holdings, LLC · CIK 0001632074 · Director

Leonard Green & Partners, L.P. · CIK 0001175523 · Director

LGP Malted Coinvest LLC · CIK 0001568925 · Director

LGP MANAGEMENT INC · CIK 0001175525 · Director

PERIDOT COINVEST MANAGER LLC · CIK 0001632725 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 861,159

F1 · shares: Represents shares of Class A common stock, par value $0.001 per share ("A-Common") of the Issuer sold by Green Equity Investors VI, L.P. ("GEI VI").

F14 · price: This transaction was executed in multiple trades at prices ranging from $57.82 to $58.8. The price reported reflects the weighted average sale price. The Reporting Persons hereby undertake to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of Shares and prices at which the trades were effected.

F3 · balance_after: Represents shares owned by GEI VI.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F6 · ownership.direct: Each of GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to GEI VI, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-049975 · doc4.xml · nonDerivative · entry 4

SOKOLOFF JONATHAN D · CIK 0001175522 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 2,127,161

F11 · shares: Represents shares of A-Common sold by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common sold, 8,450 were sold by GEI VI, 5,036 were sold by GEI Side VI, and 617 were sold by Malted.

F12 · price: This transaction was executed in multiple trades at prices ranging from $58.905 to $59.13. The price reported reflects the weighted average sale price. Mr. Sokoloff hereby undertakes to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares and prices at which the trades were effected.

F13 · balance_after: Represents shares owned by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common reported, 852,709 are owned by GEI VI, 1,212,214 are owned by GEI Side VI, and 62,238 are owned by Malted.

F4 · ownership.nature: Mr. Sokoloff directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of the shares owned by GEI VI, GEI Side VI, and Malted. Mr. Sokoloff disclaims beneficial ownership of the shares owned by each of GEI VI, GEI Side VI, and Malted, except to the extent of his pecuniary interest in GEI VI and GEI Side VI, and this report shall not otherwise be deemed an admission that he is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

SEC source: 0001209191-18-049975 · doc4.xml · nonDerivative · entry 3

SOKOLOFF JONATHAN D · CIK 0001175522 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 2,141,264

F8 · shares: Represents shares of A-Common sold by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common sold, 21,508 were sold by GEI VI, 12,819 were sold by GEI Side VI, and 1,570 were sold by Malted.

F9 · price: This transaction was executed in multiple trades at prices ranging from $57.82 to $58.8. The price reported reflects the weighted average sale price. Mr. Sokoloff hereby undertakes to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares and prices at which the trades were effected.

F10 · balance_after: Represents shares owned by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common reported, 861,159 are owned by GEI VI, 1,217,250 are owned by GEI Side VI, and 62,855 are owned by Malted.

F4 · ownership.nature: Mr. Sokoloff directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of the shares owned by GEI VI, GEI Side VI, and Malted. Mr. Sokoloff disclaims beneficial ownership of the shares owned by each of GEI VI, GEI Side VI, and Malted, except to the extent of his pecuniary interest in GEI VI and GEI Side VI, and this report shall not otherwise be deemed an admission that he is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

SEC source: 0001209191-18-049974 · doc4.xml · nonDerivative · entry 6

Green Equity Investors VI, L.P. · CIK 0001531051 · Director

GEI Capital VI, LLC · CIK 0001632071 · Director

Green Equity Investors Side VI, L.P. · CIK 0001531059 · Director

Green VI Holdings, LLC · CIK 0001632074 · Director

Leonard Green & Partners, L.P. · CIK 0001175523 · Director

LGP Malted Coinvest LLC · CIK 0001568925 · Director

LGP MANAGEMENT INC · CIK 0001175525 · Director

PERIDOT COINVEST MANAGER LLC · CIK 0001632725 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,230,069

F10 · shares: Represents shares of A-Common sold by GEI Side VI.

F13 · price: This transaction was executed in multiple trades at prices ranging from $58.61 to $59.11. The price reported reflects the weighted average sale price. The Reporting Persons hereby undertake to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of Shares and prices at which the trades were effected.

F11 · balance_after: Represents shares owned by GEI Side VI.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F12 · ownership.direct: Each of GEI VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to GEI Side VI, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-049974 · doc4.xml · nonDerivative · entry 5

Green Equity Investors VI, L.P. · CIK 0001531051 · Director

GEI Capital VI, LLC · CIK 0001632071 · Director

Green Equity Investors Side VI, L.P. · CIK 0001531059 · Director

Green VI Holdings, LLC · CIK 0001632074 · Director

Leonard Green & Partners, L.P. · CIK 0001175523 · Director

LGP Malted Coinvest LLC · CIK 0001568925 · Director

LGP MANAGEMENT INC · CIK 0001175525 · Director

PERIDOT COINVEST MANAGER LLC · CIK 0001632725 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 64,425

F7 · shares: Represents shares of A-Common sold by Malted.

F13 · price: This transaction was executed in multiple trades at prices ranging from $58.61 to $59.11. The price reported reflects the weighted average sale price. The Reporting Persons hereby undertake to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of Shares and prices at which the trades were effected.

F8 · balance_after: Represents shares owned by Malted.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F9 · ownership.direct: Each of GEI VI, GEI Side VI, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to Malted, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-049974 · doc4.xml · nonDerivative · entry 4

Green Equity Investors VI, L.P. · CIK 0001531051 · Director

GEI Capital VI, LLC · CIK 0001632071 · Director

Green Equity Investors Side VI, L.P. · CIK 0001531059 · Director

Green VI Holdings, LLC · CIK 0001632074 · Director

Leonard Green & Partners, L.P. · CIK 0001175523 · Director

LGP Malted Coinvest LLC · CIK 0001568925 · Director

LGP MANAGEMENT INC · CIK 0001175525 · Director

PERIDOT COINVEST MANAGER LLC · CIK 0001632725 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 882,667

F1 · shares: Represents shares of Class A common stock, par value $0.001 per share ("A-Common") of the Issuer sold by Green Equity Investors VI, L.P. ("GEI VI").

F13 · price: This transaction was executed in multiple trades at prices ranging from $58.61 to $59.11. The price reported reflects the weighted average sale price. The Reporting Persons hereby undertake to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of Shares and prices at which the trades were effected.

F3 · balance_after: Represents shares owned by GEI VI.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F6 · ownership.direct: Each of GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to GEI VI, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-049974 · doc4.xml · nonDerivative · entry 3

Green Equity Investors VI, L.P. · CIK 0001531051 · Director

GEI Capital VI, LLC · CIK 0001632071 · Director

Green Equity Investors Side VI, L.P. · CIK 0001531059 · Director

Green VI Holdings, LLC · CIK 0001632074 · Director

Leonard Green & Partners, L.P. · CIK 0001175523 · Director

LGP Malted Coinvest LLC · CIK 0001568925 · Director

LGP MANAGEMENT INC · CIK 0001175525 · Director

PERIDOT COINVEST MANAGER LLC · CIK 0001632725 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,240,346

F10 · shares: Represents shares of A-Common sold by GEI Side VI.

F2 · price: This transaction was executed in multiple trades at prices ranging from $59.15 to $60.13. The price reported reflects the weighted average sale price. The Reporting Persons hereby undertake to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of Shares and prices at which the trades were effected.

F11 · balance_after: Represents shares owned by GEI Side VI.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F12 · ownership.direct: Each of GEI VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to GEI Side VI, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-049974 · doc4.xml · nonDerivative · entry 2

Green Equity Investors VI, L.P. · CIK 0001531051 · Director

GEI Capital VI, LLC · CIK 0001632071 · Director

Green Equity Investors Side VI, L.P. · CIK 0001531059 · Director

Green VI Holdings, LLC · CIK 0001632074 · Director

Leonard Green & Partners, L.P. · CIK 0001175523 · Director

LGP Malted Coinvest LLC · CIK 0001568925 · Director

LGP MANAGEMENT INC · CIK 0001175525 · Director

PERIDOT COINVEST MANAGER LLC · CIK 0001632725 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 65,684

F7 · shares: Represents shares of A-Common sold by Malted.

F2 · price: This transaction was executed in multiple trades at prices ranging from $59.15 to $60.13. The price reported reflects the weighted average sale price. The Reporting Persons hereby undertake to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of Shares and prices at which the trades were effected.

F8 · balance_after: Represents shares owned by Malted.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F9 · ownership.direct: Each of GEI VI, GEI Side VI, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to Malted, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-049974 · doc4.xml · nonDerivative · entry 1

Green Equity Investors VI, L.P. · CIK 0001531051 · Director

GEI Capital VI, LLC · CIK 0001632071 · Director

Green Equity Investors Side VI, L.P. · CIK 0001531059 · Director

Green VI Holdings, LLC · CIK 0001632074 · Director

Leonard Green & Partners, L.P. · CIK 0001175523 · Director

LGP Malted Coinvest LLC · CIK 0001568925 · Director

LGP MANAGEMENT INC · CIK 0001175525 · Director

PERIDOT COINVEST MANAGER LLC · CIK 0001632725 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 899,910

F1 · shares: Represents shares of Class A common stock, par value $0.001 per share ("A-Common") of the Issuer sold by Green Equity Investors VI, L.P. ("GEI VI").

F2 · price: This transaction was executed in multiple trades at prices ranging from $59.15 to $60.13. The price reported reflects the weighted average sale price. The Reporting Persons hereby undertake to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of Shares and prices at which the trades were effected.

F3 · balance_after: Represents shares owned by GEI VI.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F6 · ownership.direct: Each of GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to GEI VI, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-049975 · doc4.xml · nonDerivative · entry 2

SOKOLOFF JONATHAN D · CIK 0001175522 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 2,177,161

F5 · shares: Represents shares of A-Common sold by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common sold, 17,243 were sold by GEI VI, 10,277 were sold by GEI Side VI, and 1,259 were sold by Malted.

F6 · price: This transaction was executed in multiple trades at prices ranging from $58.61 to $59.11. The price reported reflects the weighted average sale price. Mr. Sokoloff hereby undertakes to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares and prices at which the trades were effected.

F7 · balance_after: Represents shares owned by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common reported, 882,667 are owned by GEI VI, 1,230,069 are owned by GEI Side VI, and 64,425 are owned by Malted.

F4 · ownership.nature: Mr. Sokoloff directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of the shares owned by GEI VI, GEI Side VI, and Malted. Mr. Sokoloff disclaims beneficial ownership of the shares owned by each of GEI VI, GEI Side VI, and Malted, except to the extent of his pecuniary interest in GEI VI and GEI Side VI, and this report shall not otherwise be deemed an admission that he is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

SEC source: 0001209191-18-049975 · doc4.xml · nonDerivative · entry 1

SOKOLOFF JONATHAN D · CIK 0001175522 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 2,205,940

F1 · shares: Represents shares of Class A common stock, par value $0.001 per share ("A-Common") sold by Green Equity Investors VI, L.P. ("GEI VI"), Green Equity Investors Side VI, L.P. ("GEI Side VI"), and LGP Malted Coinvest LLC ("Malted"). Of the shares of A-Common sold, 102,589 were sold by GEI VI, 61,144 were sold by GEI Side VI, and 7,488 were sold by Malted. GEI VI's, GEI Side VI's, and Malted's A-Common, together with GEI VI's and Malted's B-Common and LLC Interests, are collectively referred to herein as the "Equity Interests."

F2 · price: This transaction was executed in multiple trades at prices ranging from $59.15 to $60.13. The price reported reflects the weighted average sale price. Mr. Sokoloff hereby undertakes to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares and prices at which the trades were effected.

F3 · balance_after: Represents shares owned by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common reported, 899,910 are owned by GEI VI, 1,240,346 are owned by GEI Side VI, and 65,684 are owned by Malted.

F4 · ownership.nature: Mr. Sokoloff directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of the shares owned by GEI VI, GEI Side VI, and Malted. Mr. Sokoloff disclaims beneficial ownership of the shares owned by each of GEI VI, GEI Side VI, and Malted, except to the extent of his pecuniary interest in GEI VI and GEI Side VI, and this report shall not otherwise be deemed an admission that he is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

SEC source: 0001620533-18-000111 · wf-form4_153611038068465.xml · nonDerivative · entry 2

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 25,000

F3 · ownership.nature: Represents shares of Class A Common Stock ("Class A Stock") of the Issuer held by the Flug 2015 GS Trust U/A/D 12/29/15 (the "Trust"). Gulf Five Fiduciary Management Corp is the trustee of the Trust. Sheryl Flug, the wife of Jeffrey Flug, is the President of Gulf Five Fiduciary Management Corp. Each Reporting Person disclaims beneficial ownership of such securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-18-000111 · wf-form4_153611038068465.xml · nonDerivative · entry 1

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 50,000

F1 · price: The transaction was executed in multiple trades at prices ranging from $58.5000 to $59.4100. The price reported above reflects the weighted average sales price.

F2 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, Shake Shack Inc. (the "Issuer") or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F3 · ownership.nature: Represents shares of Class A Common Stock ("Class A Stock") of the Issuer held by the Flug 2015 GS Trust U/A/D 12/29/15 (the "Trust"). Gulf Five Fiduciary Management Corp is the trustee of the Trust. Sheryl Flug, the wife of Jeffrey Flug, is the President of Gulf Five Fiduciary Management Corp. Each Reporting Person disclaims beneficial ownership of such securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-18-000109 · wf-form4_153558224735412.xml · nonDerivative · entry 2

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 75,000

F3 · price: The transaction as executed in multiple trades at prices ranging from $58.2500 to $58.8700. The price reported above reflects the weighted average sales price.

F4 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F2 · ownership.nature: Represents shares of Class A Stock held by Flug 2015 GS Trust U/A/D 12/29/15 (the "Trust"). Gulf Five Fiduciary Management Corp is the trustee of the Trust. Sheryl Flug, the wife of Jeffrey Flug, is the President of Gulf Five Fiduciary Management Corp. Each Reporting Person disclaims beneficial ownership of such securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001567619-18-001910 · doc1.xml · nonDerivative · entry 3

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · Director · See Remarks

SEG PARTNERS II L P · CIK 0001215218 · Director

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · Director · 10% owner

Loening George S · CIK 0001632169 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 192,773

F1 · price: See Exhibit 99.1

F2 · ownership.nature: See Exhibit 99.1

F5 · ownership.nature: See Exhibit 99.1

SEC source: 0001567619-18-001910 · doc1.xml · nonDerivative · entry 2

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · Director · See Remarks

SEG PARTNERS II L P · CIK 0001215218 · Director

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · Director · 10% owner

Loening George S · CIK 0001632169 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 191,653

F1 · price: See Exhibit 99.1

F2 · ownership.nature: See Exhibit 99.1

F4 · ownership.nature: See Exhibit 99.1

SEC source: 0001567619-18-001910 · doc1.xml · nonDerivative · entry 1

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · Director · See Remarks

SEG PARTNERS II L P · CIK 0001215218 · Director

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · Director · 10% owner

Loening George S · CIK 0001632169 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 38,446

F1 · price: See Exhibit 99.1

F2 · ownership.nature: See Exhibit 99.1

F3 · ownership.nature: See Exhibit 99.1

SEC source: 0001620533-18-000109 · wf-form4_153558224735412.xml · derivative · entry 5

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 172,574

Underlying: CLASS A COMMON STOCK · 100,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F7 · derivative.exercise_price: The LLC Interests are redeemable for an equal number of shares of the Issuer's Class A Common Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F7 · derivative.exercise_date: The LLC Interests are redeemable for an equal number of shares of the Issuer's Class A Common Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F7 · derivative.expiration_date: The LLC Interests are redeemable for an equal number of shares of the Issuer's Class A Common Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F8 · ownership.nature: Represents LLC Interests held by the Trust. Each Reporting Person disclaims beneficial ownership of such interests except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-18-000109 · wf-form4_153558224735412.xml · nonDerivative · entry 3

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 172,574

F5 · price: Pursuant to the Amended and Restated Certificate of Incorporation of the Issuer, the shares of the Issuer's Class B Common Stock ("Class B Stock") are cancelled for no consideration on a one-to-one basis upon redemption of the LLC Interests for shares of Class A Stock of the Issuer.

F6 · ownership.nature: Represents shares of Class B Common Stock held by the Trust. Each Reporting Person disclaims beneficial ownership of such securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-18-000109 · wf-form4_153558224735412.xml · nonDerivative · entry 1

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 100,000

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · shares: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") that were obtained upon a redemption of an equal number of common membership interests in SSE Holdings, LLC (the "LLC Interests").

F1 · price: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") that were obtained upon a redemption of an equal number of common membership interests in SSE Holdings, LLC (the "LLC Interests").

F2 · ownership.nature: Represents shares of Class A Stock held by Flug 2015 GS Trust U/A/D 12/29/15 (the "Trust"). Gulf Five Fiduciary Management Corp is the trustee of the Trust. Sheryl Flug, the wife of Jeffrey Flug, is the President of Gulf Five Fiduciary Management Corp. Each Reporting Person disclaims beneficial ownership of such securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001140361-18-035360 · doc1.xml · nonDerivative · entry 2

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · Director · See Remarks

SEG PARTNERS II L P · CIK 0001215218 · Director

Loening George S · CIK 0001632169 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 223,216

F1 · ownership.nature: See Exhibit 99.1

F3 · ownership.nature: See Exhibit 99.1

SEC source: 0001140361-18-035360 · doc1.xml · nonDerivative · entry 1

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · Director · See Remarks

SEG PARTNERS II L P · CIK 0001215218 · Director

Loening George S · CIK 0001632169 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 44,777

F1 · ownership.nature: See Exhibit 99.1

F2 · ownership.nature: See Exhibit 99.1

SEC source: 0001620533-18-000103 · wf-form4_153332688620452.xml · nonDerivative · entry 2

Meyer Daniel Harris · CIK 0001463932 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 399,443

F1 · shares: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") that were disposed of by the Reporting Person through the Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust") pursuant to a 10b5-1 trading plan entered into on March 8, 2018. The Reporting Person is the grantor, trustee and beneficiary of the Investment Trust. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

F3 · price: The Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F5 · price: The transaction was executed in multiple trades at prices ranging from $61.6800 to $62.6200. The price reported above reflects the weighted average sales price.

F4 · ownership.nature: Represents Class A Stock of the Issuer held by the Reporting Person through the Investment Trust. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-18-000103 · wf-form4_153332688620452.xml · nonDerivative · entry 1

Meyer Daniel Harris · CIK 0001463932 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 442,254

F1 · shares: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") that were disposed of by the Reporting Person through the Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust") pursuant to a 10b5-1 trading plan entered into on March 8, 2018. The Reporting Person is the grantor, trustee and beneficiary of the Investment Trust. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

F2 · price: The transaction was executed in multiple trades at prices ranging from $60.6800 to $61.6799. The price reported above reflects the weighted average sales price.

F3 · price: The Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F4 · ownership.nature: Represents Class A Stock of the Issuer held by the Reporting Person through the Investment Trust. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.