SHAKE SHACK INC

Ticker: SHAK CUSIP: 819047101 Class: EQTY

Empirical Capital Management, LLC's Holding History (CIK: 0001642274)

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

Q1 2020

Shares 12,527 Value ($000) $473 Avg Close $59.20 Range $30.01 - $78.47

Q4 2019

Shares 12,527 Value ($000) $746 Avg Close $71.87 Range $57.47 - $97.93

Q3 2019

Shares 8,527 Value ($000) $836 Avg Close $88.33 Range $68.10 - $105.84

Q1 2019

Shares 4,600 Value ($000) $272 Avg Close $51.24 Range $43.18 - $59.16

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2020	12,527	$473	$59.20	$30.01 - $78.47
Q4 2019	12,527	$746	$71.87	$57.47 - $97.93
Q3 2019	8,527	$836	$88.33	$68.10 - $105.84
Q1 2019	4,600	$272	$51.24	$43.18 - $59.16