Investor PresentationSeptember 2015

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DisclaimerThe information in this presentation does not contain all of the information that a potential investor should review before investing in our Class A common stock. Potential investors should

carefully review in its entirety the Prospectus in the Registration Statement on Form S-1 relating to this offering and provided to you in connection with this presentation. The descriptions of the

Company and offering of our Class A common stock in this presentation are qualified in their entirety by reference to the Registration Statement.

Certain information in this presentation has been obtained from outside sources. While such information is believed to be reliable for the purposes used herein, no representations are made as

to the accuracy or completeness thereof and we take no responsibility for such information.

The information in this presentation is current only as of its date and may have changed. We undertake no obligation to update this information in light of new information, future events or

otherwise.

Forward-Looking Information

This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation may be forward-looking statements. The words

“may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” and other expressions

that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Forward-looking statements involve known and

unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or

achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from expectations are disclosed under the “Risk

Factors” and “Cautionary Note Regarding Forward-Looking Statements” sections of the Registration Statement. All written and oral forward-looking statements attributable to us, or persons

acting on our behalf, are expressly qualified in their entirety by the cautionary statements. You should evaluate all forward-looking statements made in this presentation in the context of these

risks and uncertainties. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these

forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could

differ materially from those projected in the forward-looking statements.

Non-GAAP Financial Information

The non-GAAP financial measures contained in this presentation (including, without limitation, EBITDA and Adjusted EBITDA) are not GAAP measures of our financial performance or liquidity

and should not be considered as alternatives to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance

measure derived in accordance with GAAP. Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Additionally,

EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow for management’s discretionary use, as they do not reflect tax payments, debt service requirements, capital

expenditures, Shack openings and certain other cash costs that may recur in the future, including, among other things, cash requirements for working capital needs and cash costs to replace

assets being depreciated and amortized. Management compensates for these limitations by relying on our GAAP results in addition to using EBITDA and Adjusted EBITDA supplementally.

EBITDA and Adjusted EBITDA are included in this presentation because they are key metrics used by management and our board of directors to assess our financial performance. EBITDA

and Adjusted EBITDA are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Our measures of EBITDA and Adjusted EBITDA are not

necessarily comparable to similarly titled captions of other companies due to different methods of calculation.

Key Shack Leaders

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Randy GaruttiChief Executive Officer

Jeff UttzChief Financial Officer

Danny MeyerFounder & Chairman of the Board

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2015 Financial Accomplishments

Q1 increase

(year-over-year)

Q2 increase

(year-over-year)

Revenue 56% 75%

Same-Shack sales 11.7% 12.9%

Adjusted EBITDA margin 360 bps 600 bps

Shake-level operating

profit margin270 bps 470 bps

Operational accomplishments in 2015

Scottsdale, AZ 2016

opening announced

Second Chicago Shack

opened at the Chicago

Athletic Association

ChickenShack test

launch in Brooklyn

First Baltimore Shack opened

Japan expansion announced,

10 Shacks through 2020 with

Sazaby League

Two additional Boston

Shacks opened:

Legacy Place,

Dedham

Newbury Street ,

Downtown Boston

LA 2016 opening announced

4th Great American Shake

Sale raised $500K

Bridgewater, NJ Shack opened

First Texas Shack opened in

Austin

Madison Square Park flagship

reopened after 7 months of renovation

Second UK Shack opened in Stratford

Third Russia Shack opened in Moscow

JulyFebruary March JuneApril May

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Second Central Florida

Shack in Orlando inside

the I-Drive 360

Second Austin Shack

opened at The Domain

retail development

August

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Leaders training future leaders

What makes Shake Shack special

Fine Casual: Inspired food and drink

Beloved lifestyle brand

Versatile real estate model built for growth

Shack travels abroad

Shack-onomics

Our culture of Enlightened Hospitality: Taking care of each other

“Modern Roadside Burger Stand”

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Classic American menu of all-natural, hormone and antibiotic-free burgers,

hot dogs, crinkle-cut fries, shakes, frozen custard, beer and wine

Culinary innovation

ChickenShack

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ShackMeister Burger Roadside Shack

Lockhart Link Burger ParkBurger Surf n’ Shack

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Where in the world is Shake Shack?

74 Shacks worldwide (as of Sept 2015)

40 domestic company-operated

29 international licensed

5 domestic licensed

US (45)

West (1) Midwest (3)

NYC (13)

Mid-Atlantic (9)

Southeast (6)Texas (2)

Northeast (11)

Europe/Asia (9)

London (2) Moscow (3)

Istanbul (4)

Middle East (20)

Kuwait (6)

Qatar (1)

UAE (10)

Saudi Arabia (1)

Lebanon (2)

Authentic community focus

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Shack-wide events support brand awareness and commitment to social causes, integrating the local community along the way

Gaien Ginkgo Tree

Construction Wall

Annual Great American

Shake Sale

Center City Philly

Mural Dedication

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Strong growth trajectory

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1321

3137

23

3

4

5

5

2

5

15

27

29

7

14

21

40

63

71

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Q2 2015

Domestic company-operatedDomestic licensedInternational licensed

Total Shacks

$19

$39

$57

$82

$119

$153

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 LTM(7/1/15)

Total revenue ($mm)

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Versatile real estate model built for growth

Tremendous whitespace opportunity

Potential for 450 domestic company-

operated Shacks over the long term

Currently 42 domestic locations, 37

of which are company-operated

locations

Increasing guidance to open at least

12 new domestic company-operated

Shacks in 2015, and at least 12

Shacks annually in 2016 & beyond

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37

450

FY 2013 FY 2014 Q2 2015 Target

Domestic company-operated Shacks

Boston, MA

Austin, TX

Domain Austin, TX

I-Drive Orlando, FL

Need pic of Skokie!

Scottsdale, AZ

West Hollywood, CA

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Licensing approach

29 Internationally licensed Shacks

Alshaya – UK, Middle East, Russia

The Sazaby League - Japan

Highly-respected and experienced retail

and restaurant teams that are aligned with

Shake Shack’s vision and brand

Tokyo, JapanLondon, United Kingdom

International 5 Domestic Licensed Shacks

Sporting venue locations operated by

Union Square Events: Citi Field, Nationals

Park, Saratoga Race track

JFK locations licensed to SSP

Approach and selection process

Locations target brand awareness

Opportunistic approach to new locations

Domestic

Citi Field

Stratford, UK

Tokyo, Japan

Total Shacks and system-wide sales

59

1321

3137

23

3

4

5

5

2

5

15

27

29

7

14

21

40

63

71

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Q2 2015

Domestic company-operated Domestic licensed International licensed

Total Shacks

$21

$53

$81

$140

$217

$257

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 LTM(7/1/15)

System-wide Sales ($mm)

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$3

$6

$10

$14

$19

$29

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 LTM(7/1/15)

Total revenue and adjusted EBITDA

Adjusted EBITDA ($mm)

$19

$39

$57

$82

$119

$153

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 LTM(7/1/15)

Total revenue ($mm)

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Adjusted EBITDA margin

14.5% 16.0%

17.5% 17.5%

15.9%

18.8%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 LTM(7/1/15)

Adjusted EBITDA margins over time Commentary

1H 2015 adjusted

EBITDA margin

improved 500 bps over

the previous period

Positive increase in

Same Shack Sales

Operational efficiencies

Leverage over labor &

other operating

expenses

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5 7 8 8 9 10 12 13 13 16 # of Shacks

0.8%

5.9%

8.2%

6.8%

3.9%

4.5%

1.2%

7.2%

11.7%

12.9%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15

Line 1

Domestic company-operated Shacks open for 24 months or longer*

Same Shack Sales overview

Strong same-Shack sales

in 2Q 2015 driven by:

4.3% increase in traffic

8.6% increase in ticket

(price and mix)

1H 2015 same-Shack

sales of 12.4% driven by:

3.4% increase in traffic

9.0% increase in ticket

(price and mix)

Commentary

¹ Excludes 53rd week in fiscal 2014

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New market successes

Successfully entered two new markets—Maryland (Baltimore) and Texas (Austin) since the IPO

Strong volume and operating performance in new markets underscore the portability of the concept

Plans to enter Los Angeles, CA and Phoenix, AZ in 2016

Las Vegas, NV Chicago, IL Baltimore, MD Austin, TX

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$98,416

$138,247

1H '14 1H '15

$51,933

$86,258

1H' 14 1H '15

$ in thousands

Revenue System-wide sales

1H 2015 key metrics

Shack-level operating profit Adjusted EBITDA

$11,898

$23,395

1H '14 1H '15

$8,347

$18,207

1H '14 1H '15

21.1%16.1%28.3%24.4%

% Shack-level operating profit margin % adjusted EBITDA margin

¹ AUVs are calculated by dividing total sales from domestic company-operated Shacks by the number of domestic company-operated Shacks open during that period; for Shacks not open during the entire

period, fractional adjustments are made to the number of Shacks open such that it corresponds to the period of associated sales; 2 Defined as Shack sales less operating expenses, including food and paper

costs, labor and related expenses, other operating expenses and occupancy and related expenses as a percentage of Shack sales 3 Excludes pre-opening expenses; 4 Defined as third year operating profits

for domestic company-operated Shacks open for at least three full years, divided by their life-to-date associated build-out costs, excluding any pre-opening expenses

Domestic company-operated Shack count 12 annually

Average Shack volume ($mm) 1 $2.8 - $3.2

Shack-level operating profit margin 2 18% - 22%

Average Shack investment costs ($mm) 3 $1.5 - $2.5

Cash-on-cash return 4 30% - 33%

New Shack target

Domestic company-operated Shack-onomics

Target shack-onomics

Increased

from 10

annually

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Updated 2015 OutlookFor the fiscal year ending December 30, 2015, the Company provides the following

guidance:

Total revenue between $171 million and $174 million

Same-Shack sales growth in the mid to high single digits

At least 12 new domestic company-operated Shacks to be opened throughout the

year

At least 5 international licensed Shacks to be opened under the Company's

current license agreements in the U.K. and Middle East

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Investor PresentationSeptember 2015

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a Represents non-cash equity-based compensation expense. For the twenty-six weeks ended July 1, 2015, amount relates solely to stock options granted in connection with the IPO. b Represents amounts accrued under a bonus

agreement we entered into with an executive pursuant to which we agreed to a pay a bonus in a future. c Non-capital expenditures associated with opening new Shacks exclusive of deferred rent incurred prior to opening. d

Reflects the extent to which our rent expense is greater than or less than our cash rent payments. e Includes the loss on disposal of property and equipment in the ordinary course of business. f Non-recurring compensation

expense incurred in connection with the IPO, including expense recognized in settlement of outstanding awards under the Unit Appreciation Rights Plan, the related employer withholding taxes and the accelerated vesting of

outstanding restricted Class B units. g Costs incurred in connection with our initial public offering, including legal, accounting and other related expenses. 8 For periods presented, represents non-cash charges related to certain

employee benefits.