Groveland Group Says That Now Is the Time for Reform and Positive Change at Biglari Holdings - Seite 3

• Our new board plans to conduct a thorough but expedient financial, operational and strategic review of all BH businesses, including Steak n Shake, Maxim, Western Sizzlin and First Guard Insurance.
• We plan to stem Maxim's significant operating losses in short order.
• We also plan to test Mr. Biglari's strategic views for the Company against the judgment of industry experts and the current fact set.

-- Our Short-term Operations Plan: A Pure-Play Restaurant Company for Biglari Holdings

• Our intent is to return Biglari Holdings (formerly known as Steak n Shake) to a pure-play restaurant company.
• We believe a pure-play restaurant company can achieve the highest valuation in both the public and private marketplace.
• Once BH's investment in the Lion Funds is redeemed, we will (a) ensure that all outstanding and unissued BH shares are retired or become treasury stock and (b) ensure that any shares of Cracker Barrel held by BH are disposed of in a tax-efficient manner that benefits shareholders.

-- Asserting Shareholder Rights Now Vs. Waiting

• In regards to minimizing "unintended consequences" related to any potential change in control payments, Groveland has every intention of challenging the Trademark License Agreement (the "License Agreement") where it can be challenged.
• In Groveland's view, the License Agreement represents unjustified entrenchment, and, as we have outlined many times before, it is important to remove the "by Biglari" moniker as quickly as possible to avoid millions of additional royalty payments to Mr. Biglari. 
• Waiting even just one more year to reform BH is expected to cost shareholders at least an additional $20 million of royalty payment accruals to Mr. Biglari.

Groveland's Director Nominees & Interim CEO

We are confident in the skill sets of each of our director nominees and Interim CEO, as each brings diverse and critical expertise to the boardroom and operations of Biglari Holdings.

-- Groveland Director Nominees

Three of our six director nominees have extensive public company board experience. Our other director nominees have private board experience or have worked with public companies in their respective fields. While Biglari Holdings may seem like a complex situation, we believe our director nominees can simplify the Company's strategy and operations to drive shareholder value. To that end, we strongly believe that BH will significantly benefit from our combined restaurant, legal, investment banking, turnaround and portfolio management expertise.