SHAKE SHACK INC

Ticker: SHAK CUSIP: 819047101 Class: EQTY

Daiwa Securities Group Inc.'s Holding History (CIK: 0001481045)

Note: Option positions (PUT/CALL) are excluded.

Q4 2015

Shares 5,800 Value ($000) $231 Avg Close $43.89 Range $37.60 - $53.50

Q3 2015

Shares 9,773 Value ($000) $463 Avg Close $54.49 Range $41.50 - $75.90

Q2 2015

Shares 7,550 Value ($000) $455 Avg Close $68.28 Range $47.50 - $96.75

Q1 2015

Shares 55,493 Value ($000) $2,777 Avg Close $44.88 Range $38.63 - $52.50

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2015	5,800	$231	$43.89	$37.60 - $53.50
Q3 2015	9,773	$463	$54.49	$41.50 - $75.90
Q2 2015	7,550	$455	$68.28	$47.50 - $96.75
Q1 2015	55,493	$2,777	$44.88	$38.63 - $52.50