Steak n Shake to Continue Repurchase

The Steak n Shake Company (NYSE: SNS )
announced today that its Board of Directors increased the authorization to repurchase the
company’s outstanding Common Stock from 2,000,000 shares to 4,000,000 shares. In addition, the
Board of Directors extended the duration of the Stock Repurchase Program to December 31, 2002.
As of August 15, 2001, the Company had purchased 1,728,960 shares of the 2,000,000 previously
authorized and required the Board’s action in order to continue to repurchase shares.

The Board considers the company’s stock to be undervalued and an excellent long-term investment.
Management stated that the company has the financial resources available to fund this program
and its Fiscal Year 2002 planned new restaurant growth program, which calls for the opening of 20
units. The company anticipates that it will fund its expansion capital needs with Cash Flow from
Operations and the use of sale/leaseback financing. By the end of the Fiscal Year, the Company will
have completed 25 sale/leaseback transactions, all executed at favorable lease terms. This
sale/leaseback program, coupled with lowered debt ratios, a strong balance sheet and healthy cash
flow, all strongly position the company to continue to enhance shareholder value.

The Company projects that it is currently on track for Fiscal Year 2001 to meet or exceed the advisory
given earlier in the year of $.75 as opposed to a $.63 diluted EPS in the prior Fiscal Year.
Management estimates that Fiscal Year 2002 will yield an EPS range of $.83 to $.86.

On August 15, 2001, there were 387 Steak n Shake restaurants, including 56 franchised operating in
17 states. Recent successful openings have included restaurants in Miami, Florida, St. Clairsville,
Ohio and two restaurants in the Cleveland, Ohio market. In Fiscal Year 2002, four of the 20 new
restaurants will be developed in the Dallas, Texas market. The first of these restaurants will open in
the First Fiscal Quarter, and will commence an aggressive multiple unit development plan that will
bring the Steak n Shake concept to Texas.

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