We are seeking your support to

replace the directors of Biglari Holdings Inc.

The Company’s stock price has underperformed its benchmark indices and peer group; the financial performance of the Company’s operating businesses has deteriorated significantly; and the Company’s board has consistently demonstrated poor corporate governance practices.

A new board of directors will be able to make important and necessary changes in the way Biglari Holdings Inc. (formerly Steak n Shake, Inc.) is operated and governed. We strongly believe that shareholders are primed for change and that a new board is needed now more than ever. Your support will help drive significant value for all shareholders.

 

 

OUR CORE PRINCIPLES

  • Managing corporate resources to drive shareholder returns now and over the long-term,
  • Corporate governance that drives shareholder value,
  • A balanced and healthy culture that considers the interests of all stakeholders including customers, franchisees, employees, and shareholders,
  • Executing to the highest professional standards while treating people fairly and honestly, and
  • Protecting and strengthening the Steak n Shake brand and franchisee network.
  • We desire to work with the employees of BH to help create a stronger Company. We believe the Company has significant potential.

The right operational focus and improved corporate governance will deliver results for the Company’s customers, franchisees, employees, and shareholders. We are running this proxy contest to give BH’s shareholders a choice. We believe our efforts will benefit all stakeholders. 

 

Your Vote Is Important – No Matter How Many Or How Few Shares You Own

If you have questions about how to vote your shares, or need additional assistance, please contact the firm assisting us in the solicitation of proxies:

D.F. KING & CO., INC.
Shareholders Call Toll-Free: 877-283-0325
Banks and Brokers May Call Collect: 212-269-5550

REMEMBER:

We urge you NOT to sign any Blue proxy card sent to you by the Company. If you have already done so, you have every right to change your vote by signing, dating and returning the WHITE proxy card TODAY in the postage-paid envelope provided. If you hold your shares in Street-name, your custodian may also enable voting by telephone or by Internet -- please follow the simple instructions provided on your WHITE proxy card.