BH

SEC source: 0000921895-19-001656 · form407428007_05282019.xml · nonDerivative · entry 6

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,988

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $96.50 to $99.75. 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.

SEC source: 0000921895-19-001656 · form407428007_05282019.xml · nonDerivative · entry 1

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,693.1

F1 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $550.00 to $555.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commision (the "SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

SEC source: 0000921895-19-001656 · form407428007_05282019.xml · nonDerivative · entry 5

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,488

F2 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $98.30 to $99.00. 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.

SEC source: 0000921895-19-001627 · form407428007_05222019.xml · nonDerivative · entry 9

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,181

F5 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $103.36 to $103.53. 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.

SEC source: 0000921895-19-001627 · form407428007_05222019.xml · nonDerivative · entry 3

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,543.1

F2 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $570.00 to $580.00. 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.

SEC source: 0000921895-19-001627 · form407428007_05222019.xml · nonDerivative · entry 8

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 881

F4 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $101.10 to $102.00. 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.

SEC source: 0000921895-19-001627 · form407428007_05222019.xml · nonDerivative · entry 2

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,993.1

F1 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $565.00 to $565.02. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commision (the "SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

SEC source: 0000921895-19-001627 · form407428007_05222019.xml · nonDerivative · entry 7

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 581

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $100.65 to $101.25. 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.

SEC source: 0000921895-19-001627 · form407428007_05222019.xml · nonDerivative · entry 1

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,693.1

SEC source: 0000921895-18-003335 · form407428007_12172018.xml · nonDerivative · entry 2

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,393.1

F2 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $735.00 to $741.00. 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.

SEC source: 0000921895-18-003335 · form407428007_12172018.xml · nonDerivative · entry 1

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,197.1

F1 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $704.90 to $730.00. 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.

SEC source: 0000921895-18-003300 · form407428007_12132018.xml · nonDerivative · entry 7

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 351

F7 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $125.50 to $126.77. 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.

SEC source: 0000921895-18-003300 · form407428007_12132018.xml · nonDerivative · entry 3

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,000.1

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $695.00 to $707.00. 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.

SEC source: 0000921895-18-003300 · form407428007_12132018.xml · nonDerivative · entry 2

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 650.1

F2 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $705.00 to $710.00. 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.

SEC source: 0000921895-18-003300 · form407428007_12132018.xml · nonDerivative · entry 1

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 124.1

F1 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $695.50 to $696.10. 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.

SEC source: 0001209191-18-038870 · doc4.xml · nonDerivative · entry 2

BIGLARI, SARDAR · CIK 0001334430 · Director · Chief Executive Officer · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote.

Disclosed balance after: 7,185.1

F1 · kind: These transactions were effected pursuant to a Rule 10b5-1 trading plan.

F4 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $979.00 to $994.00. 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.

F3 · ownership.direct: 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.

SEC source: 0001209191-18-038870 · doc4.xml · nonDerivative · entry 1

BIGLARI, SARDAR · CIK 0001334430 · Director · Chief Executive Officer · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote.

Disclosed balance after: 7,142.1

F1 · kind: These transactions were effected pursuant to a Rule 10b5-1 trading plan.

F2 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $984.51 to $988.90. 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.

F3 · ownership.direct: 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.

SEC source: 0001209191-18-038214 · doc4.xml · nonDerivative · entry 3

BIGLARI, SARDAR · CIK 0001334430 · Director · Chief Executive Officer · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote.

Disclosed balance after: 6,956.1

F1 · kind: These transactions were effected pursuant to a Rule 10b5-1 trading plan.

F5 · price: 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.

F3 · ownership.direct: 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.

SEC source: 0001209191-18-038214 · doc4.xml · nonDerivative · entry 2

BIGLARI, SARDAR · CIK 0001334430 · Director · Chief Executive Officer · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote.

Disclosed balance after: 6,821.1

F1 · kind: These transactions were effected pursuant to a Rule 10b5-1 trading plan.

F4 · price: 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.

F3 · ownership.direct: 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.

SEC source: 0001209191-18-038214 · doc4.xml · nonDerivative · entry 1

BIGLARI, SARDAR · CIK 0001334430 · Director · Chief Executive Officer · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote.

Disclosed balance after: 6,686.1

F1 · kind: These transactions were effected pursuant to a Rule 10b5-1 trading plan.

F2 · price: 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.

F3 · ownership.direct: 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.

SEC source: 0001209191-18-037325 · doc4.xml · nonDerivative · entry 3

BIGLARI, SARDAR · CIK 0001334430 · Director · Chief Executive Officer · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote.

Disclosed balance after: 6,581.1

F5 · kind: Of the 3,135 Class A common stock shares purchased, 135 shares were purchased pursuant to a Rule 10b5-1 trading plan.

F6 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $965.00 to $977.35. 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.

F3 · ownership.direct: Shares owned directly by Biglari Capital Corp. ("BCC"). Mr. Biglari may be deemed a beneficial owner of the shares of Class A common stock of the Issuer owned directly by BCC.

SEC source: 0001209191-18-037325 · doc4.xml · nonDerivative · entry 2

BIGLARI, SARDAR · CIK 0001334430 · Director · Chief Executive Officer · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote.

Disclosed balance after: 3,446.1

F1 · kind: These transactions were effected pursuant to a Rule 10b5-1 trading plan.

F4 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $995.34 to $997.07. 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.

F3 · ownership.direct: Shares owned directly by Biglari Capital Corp. ("BCC"). Mr. Biglari may be deemed a beneficial owner of the shares of Class A common stock of the Issuer owned directly by BCC.

SEC source: 0001209191-18-037325 · doc4.xml · nonDerivative · entry 1

BIGLARI, SARDAR · CIK 0001334430 · Director · Chief Executive Officer · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote.

Disclosed balance after: 3,311.1

F1 · kind: These transactions were effected pursuant to a Rule 10b5-1 trading plan.

F2 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $991.00 to $998.00. 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.

F3 · ownership.direct: Shares owned directly by Biglari Capital Corp. ("BCC"). Mr. Biglari may be deemed a beneficial owner of the shares of Class A common stock of the Issuer owned directly by BCC.

SEC source: 0001209191-18-036561 · doc4.xml · nonDerivative · entry 2

BIGLARI, SARDAR · CIK 0001334430 · Director · Chief Executive Officer · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote.

Disclosed balance after: 3,182.1

F1 · security: Biglari Holdings Inc. implemented a dual class structure on April 30, 2018. The Company's common stock was replaced with Class A common stock and Class B common stock.

F2 · kind: These transactions were effected pursuant to a Rule 10b5-1 trading plan.

F5 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $995.00 to $1,015.00. 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.

F1 · balance_after: Biglari Holdings Inc. implemented a dual class structure on April 30, 2018. The Company's common stock was replaced with Class A common stock and Class B common stock.

F4 · ownership.direct: Shares owned directly by BCC. Mr. Biglari may be deemed a beneficial owner of the shares of Class A common stock of the Issuer owned directly by BCC.

SEC source: 0001209191-18-036561 · doc4.xml · nonDerivative · entry 1

BIGLARI, SARDAR · CIK 0001334430 · Director · Chief Executive Officer · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote.

Disclosed balance after: 3,163.1

F1 · security: Biglari Holdings Inc. implemented a dual class structure on April 30, 2018. The Company's common stock was replaced with Class A common stock and Class B common stock.

F2 · kind: These transactions were effected pursuant to a Rule 10b5-1 trading plan.

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $979.50 to $1,005.79. 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.

F1 · balance_after: Biglari Holdings Inc. implemented a dual class structure on April 30, 2018. The Company's common stock was replaced with Class A common stock and Class B common stock.

F4 · ownership.direct: Shares owned directly by BCC. Mr. Biglari may be deemed a beneficial owner of the shares of Class A common stock of the Issuer owned directly by BCC.