1) Read the following sections: Growth Strategies on page 10 and the Consolidated Statements of Cash flows on page 89. The answer the following questions: 2) How many company-owned Shake Shacks did Shake Shack open during its 2021 fiscal year? In 2020 Fiscal year? By what percentage would these new Shacks increase the size of Shake Shacks company-owned Shacks? 3) How much cash did Shake Shack spend on investing activities during its 2019, 2020 and 2021 fiscal years? Do you think the amount spent on investing activities represents the full costs that Shake Shack incurred to open new Shacks? Explain your answer. 4) Where did Shake Shack get the cash used to make these investments? (Look at the statement of Cash Flows, as well as the Balance sheet for clues. Think about where firms get money for investments?)

Stand For Something Good in everything we do. Opening New Domestic Company-Operated Shacks expansion. operated Shack count from the prior fiscal year. In the first quarter of 2021, we announced that our Penn Station Shack closed as the landlord is remodeling the terminal. As of December 29 , 2021, we had 218 domestic Company-operated Shacks. Shake Shack Inc. Form 10-K 10 SHAKE SHACK INC. CONSOLIDATED STATEMENTS OF CASH FLOWS [in thuuswals] Stand For Something Good in everything we do. Opening New Domestic Company-Operated Shacks expansion. operated Shack count from the prior fiscal year. In the first quarter of 2021, we announced that our Penn Station Shack closed as the landlord is remodeling the terminal. As of December 29 , 2021, we had 218 domestic Company-operated Shacks. Shake Shack Inc. Form 10-K 10 SHAKE SHACK INC. CONSOLIDATED STATEMENTS OF CASH FLOWS [in thuuswals]