About Biglari Holdings

Biglari Holdings Inc. is a diversified holding company engaged in multiple business activities. The company is led by President Sardar Biglari, who also serves as Chairman and CEO of Biglari Capital Corp, Steak 'n Shake Operations Inc., and Western Sizzlin Corporation. The company's long-term objective is to maximize the intrinsic value per share, pursuing a strategy of reinvesting earnings from its subsidiaries in various forms to achieve superior risk-adjusted returns. All major operational, investment, and capital allocation decisions for the company and its subsidiaries are made by Chairman and CEO Sardar Biglari. Founded in 1934 in Normal, Illinois, Steak 'n Shake primarily owns, operates, and franchises its hotels, representing a quintessential American brand renowned for its quality hamburgers and milkshakes. Western Sizzlin, established in 1962 in Augusta, Georgia, mainly focuses on restaurant franchising, offering signature steak dishes alongside classic American fare. Western Sizzlin also operates other ventures, including Great American Steak & Buffet and the Wood Grill Buffet, which features a variety of hot and cold self-serve dishes. Company website: http://biglariholdings.com Company address: 19100 Ridgewood Parkway Suite 1200 San Antonio, Texas 78259