SHAKE SHACK INC

Ticker: SHAK CUSIP: 819047101 Class: EQTY

Global Endowment Management, LP's Holding History (CIK: 0001512237)

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

Q3 2018

Shares 90,000 Value ($000) $5,671 Avg Close $60.72 Range $55.10 - $70.12

Q2 2018

Shares 90,000 Value ($000) $5,956 Avg Close $55.43 Range $40.48 - $69.96

Q1 2018

Shares 120,400 Value ($000) $5,012 Avg Close $41.56 Range $36.58 - $47.39

Q4 2017

Shares 120,400 Value ($000) $5,201 Avg Close $38.75 Range $32.70 - $46.90

Q3 2017

Shares 120,400 Value ($000) $4,001 Avg Close $32.72 Range $30.12 - $35.68

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2018	90,000	$5,671	$60.72	$55.10 - $70.12
Q2 2018	90,000	$5,956	$55.43	$40.48 - $69.96
Q1 2018	120,400	$5,012	$41.56	$36.58 - $47.39
Q4 2017	120,400	$5,201	$38.75	$32.70 - $46.90
Q3 2017	120,400	$4,001	$32.72	$30.12 - $35.68