ANNUAL MEETING INFORMATION

   Notice & Proxy Statement

   Proxy Card

   2012 Annual Report

 If you are a shareholder of record and you plan to attend the meeting,
 please keep the admission ticket that is attached to your proxy card
 because you must present the ticket to be admitted to the meeting. Each
 shareholder will be asked to present valid picture identification, such as
 a driver’s license or passport. Shareholders who do not present an
 admission ticket must present proof of ownership of shares. Those
 shareholders holding shares in brokerage accounts will need to bring a
 copy of a brokerage statement, a legal proxy or a letter from the broker
 confirming ownership of Biglari Holdings Inc.’s shares. Registration will
 begin at 12:00 p.m. Cameras, recording devices, and other electronic devices
 will not be permitted at the meeting.