Biglari Holdings Inc. — Director's Dealing 2021

May 20, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Biglari Holdings Inc. (BH)
CIK: 0001726173
Period of Report: 2021-05-17

Reporting Person: BIGLARI, SARDAR (Director, Chairman and CEO, 10% Owner)
Reporting Person: BIGLARI CAPITAL CORP. (10% Owner)
Reporting Person: LION FUND II, L.P. (10% Owner)
Reporting Person: LION FUND, L.P. (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-17	Class A common stock	P	135	$770.00	Acquired	78187	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A common stock	.1	Direct
Class A common stock	25663.1	Indirect
Class A common stock	36571.7	Indirect
Class B common stock	1	Direct
Class B common stock	71855	Indirect
Class B common stock	837559	Indirect
Class B common stock	365726	Indirect

Footnotes

F1: Shares owned directly by Biglari Capital Corp. ("BCC"), including shares of Class A and Class B common stock of the Issuer transferred for no consideration by Sardar Biglari to BCC. Mr. Biglari may be deemed a beneficial owner of the shares of Class A and Class B common stock of the Issuer owned directly by BCC.

F2: 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 and Class B common stock of the Issuer owned directly by the Lion Fund II.

F3: Shares owned directly by 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 and Class B common stock of the Issuer owned directly by the Lion Fund I.