X0306 4 2018-06-13 0 0001726173 Biglari Holdings Inc. BH.A 0001334430 BIGLARI, SARDAR 17802 IH 10 WEST, SUITE 400 SAN ANTONIO TX 78257 1 1 1 0 Chief Executive Officer 0001334429 BIGLARI CAPITAL CORP. 17802 IH 10 WEST, SUITE 400 SAN ANTONIO TX 78257 0 0 1 0 Class A common stock 2018-06-13 4 P 0 105 980.40 A 6686.1 I See Footnote. Class A common stock 2018-06-14 4 P 0 135 973.59 A 6821.1 I See Footnote. Class A common stock 2018-06-15 4 P 0 135 985.31 A 6956.1 I See Footnote. Class A common stock 72621 I By The Lion Fund II, L.P. Class A common stock 0.1 D Class A common stock 36571.7 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 $971.05 to $985.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission ("SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote. Shares owned directly by Biglari Capital Corp. ("BCC"). Sardar Biglari may be deemed a beneficial owner of the shares of Class A common stock of the Issuer owned directly by BCC. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $973.00 to $981.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $979.10 to $990.01. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote. Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). BCC is the general partner of the Lion Fund II. 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 Class A common stock of the Issuer owned directly by the Lion Fund II. 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 Class A common stock of the Issuer owned directly by the Lion Fund I. This Form 4 is filed jointly by Mr. Biglari and BCC. Each of Mr. Biglari and BCC disclaims beneficial ownership of the shares of Class A common stock reported herein except to the extent of his or its pecuniary interest therein. By: /s/ Sardar Biglari 2018-06-15 By: Biglari Capital Corp.; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer 2018-06-15