X0306 4 2016-06-20 0 0000093859 BIGLARI HOLDINGS INC. BH 0001334430 BIGLARI, SARDAR 17802 IH 10 WEST, SUITE 400 SAN ANTONIO TX 78257 1 0 1 0 0001334429 BIGLARI CAPITAL CORP. 17802 IH 10 WEST, SUITE 400 SAN ANTONIO TX 78257 0 0 1 0 0001580602 LION FUND II, L.P. 17802 IH 10 WEST, SUITE 400 SAN ANTONIO TX 78257 0 0 1 0 Common Stock, stated value $0.05 per share 2016-06-20 4 P 0 430 398.00 A 650742 I By The Lion Fund II, L.P. Common Stock, stated value $0.05 per share 2016-06-21 4 P 0 445 396.80 A 651187 I By The Lion Fund II, L.P. Common Stock, stated value $0.05 per share 2016-06-22 4 P 0 484 398.11 A 651671 I By The Lion Fund II, L.P. Common Stock, stated value $0.05 per share 1 D Common Stock, stated value $0.05 per share 365726 I By The Lion Fund, L.P. These transactions were effected pursuant to a Rule 10b5-1 trading plan. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $396.25 to $400.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote (2). Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). Biglari Capital Corp ("BCC") is the general partner of the Lion Fund II. Sardar Biglari is the sole member, Chairman and Chief Executive Officer of BCC. By virtue of these relationships, BCC and Mr. Biglari may be deemed to beneficially own the shares of Common Stock of the Issuer owned directly by the Lion Fund II. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $394.38 to $400.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote (4). The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $395.09 to $400.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote (5). Shares owned directly by the The Lion Fund, L.P. (the "Lion Fund I"). BCC is the general partner of the Lion Fund I. Mr. Biglari is the sole member, Chairman and Chief Executive Officer of BCC. By virtue of these relationships, BCC and Mr. Biglari may be deemed to beneficially own the shares of Common Stock of the Issuer owned directly by the Lion Fund I. This Form 4 is filed jointly by Mr. Biglari, the Lion Fund II and BCC. Each of Mr. Biglari, the Lion Fund II and BCC disclaims beneficial ownership of the shares of Common Stock reported herein except to the extent of his or its pecuniary interest therein. By: /s/ Sardar Biglari 2016-06-22 By: Biglari Capital Corp.; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer 2016-06-22 By: The Lion Fund II, L.P.; By: Biglari Capital Corp., its general partner; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer 2016-06-22