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Texas investor enlists former Steak n Shake exec in quest to revive chain

Two executives with longtime ties to The Steak n Shake Co. have joined a dissident Texas investor in his quest to overhaul
the Indianapolis-based restaurant chain. Shareholders who have agreed to work with Sardar Biglari include a former board member
the company once described as a “modern-day founder” of the restaurant chain, along with a former partner in Kelley & Partners
Ltd., the investment firm led by company patriarch E.W. Kelley before his 2003 death.

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Staying earns Steak n Shake state, city rewards

Local governments plan to throw Steak n Shake Co. a life raft of incentives worth about $275,000 to help the struggling chain
keep its headquarters in Indianapolis. The company has quietly agreed to retain about 180 employees here in exchange for a
$200,000 state training grant and a five-year personal property tax abatement worth about $75,000.

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Texas investor wins over Steak n Shake shareholders, aims for chairmanship

Texas investor Sardar Biglari rode a wave of shareholder anger to a landslide victory in his quest for Steak n Shake Co. board
seats. Now, the dissident 30-year-old investor who models his approach after Warren Buffett’s is hoping to deliver on his
promise to turn around the Indianapolis-based chain, with or without the chairmanship he covets.

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