Steak 'n Shake Announces Major International Expansion Agreement

- Development Deal to Bring Iconic Restaurant Chain to Saudi Arabia

SAN ANTONIO, Dec. 18, 2013 /PRNewswire/ -- Steak 'n Shake, the pioneer and market leader of the premium burger segment of the restaurant industry, announced today a major international development agreement in the Middle East, which will bring this notable "better burger" chain to Saudi Arabia. Steak 'n Shake has signed an exclusive agreement with AB Holdings to open 50 restaurants throughout Saudi Arabia during the coming years. This agreement represents the ongoing extension of Steak 'n Shake by Biglari outside of the United States.

AB Holdings is a highly successful conglomerate with a strong track record across multiple sectors and regions in the Kingdom of Saudi Arabia. AB Holdings has diversified its economic activities and has constructed and operated numerous commercial, industrial, and residential projects.

Sardar Biglari, Chairman of Biglari Holdings, which also owns Steak 'n Shake, said, "I am honored to be partners with AB Holdings, an experienced multi-industry company ideally suited to bring Steak 'n Shake to Saudi Arabia. Combining a great brand with a great partner, I am convinced, will bring about great results. The partnership with AB Holdings is an outstanding step in our continuous endeavor to become a global brand. We now have forged a forceful beginning in the Middle East with total commitments for 90 restaurants."

Eng. Faisal Abdullah Al Blehed, Chief Executive Officer of AB Holdings, commented, "We are thrilled to be in partnership with Steak 'n Shake and are excited to have a long-term cooperative relationship. To us, this partnership stands as a testament to our continuous strategy of new acquisitions to bringing the best of restaurant brands to the Kingdom. We look forward to building and developing great restaurants that deliver the highest quality of food operations and service in the Kingdom of Saudi Arabia."

Steak 'n Shake expects to open its first location in Riyadh during the first half of 2014.

About Steak 'n Shake by Biglari

Steak 'n Shake is a classic American brand serving premium burgers and shakes. Founded in 1934 in Normal, Illinois, Steak 'n Shake is the leader in the fast casual "better burger" segment of the restaurant industry, offering its famous, original Steakburger™ and its delicious hand-dipped milkshakes. Steak 'n Shake establishes and operates both corporate and multi-unit franchise territories with over 500 restaurants. Steak 'n Shake is the recipient of the Nation's Restaurant News Golden Chain Award. Zagat has recognized Steak 'n Shake as having the #1 Milkshake.

Steak 'n Shake is a wholly-owned subsidiary of Biglari Holdings Inc. (NYSE: BH).

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