The Steak n Shake Company Changes Corporate Name

First Quarter 2010 Results

Net earnings for fiscal first quarter 2010 were $5.5 million, or $3.82 per diluted share, contrasted with a net loss for the first quarter of fiscal year 2009 of ($3.4 million) or ($2.43) per diluted share. In the current quarter, net sales increased 12.9% from $130.7 million to $147.6 million.

Change in Name of Holding Company

The company's plan is to change its corporate name from The Steak n Shake Company to Biglari Holdings Inc. This adjustment is to delineate more clearly the parent company's new direction as a diversified holding company as well as to eliminate confusion among the activities of the holding company and those of our wholly-owned subsidiary, Steak n Shake Operations Inc. Because a change of the corporate name requires an amendment to the articles of incorporation, we will include a proposal in our proxy statement provided to shareholders in connection with the annual meeting, to be held on Thursday, April 8, 2010 at the St. Regis Hotel in New York City. In addition, we have reserved the trading symbol BH with the NYSE, which will commence trading a day after a majority of shareholders approve the alteration of the name.

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