The Steak n Shake Company Announces Proxy Vote Results

  INDIANAPOLIS, March 12 /PRNewswire-FirstCall/ -- The Steak n Shake Company (NYSE: SNS - News) today announced that seven of the Company''s nine incumbent directors have been re-elected to the Steak n Shake Company''s Board of Directors. They include J. Fred Risk, Steven M. Schmidt, Edward W. Wilhelm, Geoff Ballotti, Wayne L. Kelley, and Drs. Ruth Person and John Ryan. In addition, the Lion Fund''s two nominees, Sardar Biglari and Phillip Cooley have been elected to fill the board seats formerly held by Alan B. Gilman and James Williamson, Jr. The vote totals, in descending order, are:

Nominee Votes For Votes Withheld J. Fred Risk 17,943,588 4,737,912 Steven M. Schmidt 17,718,071 4,963,429 Edward W. Wilhelm 17,716,429 4,965,071 Geoff Ballotti 17,712,099 4,969,401 Wayne L. Kelley 17,641,427 5,040,073 Ruth J. Person 17,606,229 5,075,271 John W. Ryan 17,601,111 5,080,389 Sardar Biglari 15,645,868 42,360 Philip L. Cooley 15,645,574 42,654 James Williamson, Jr. 5,452,242 1,541,030 Alan B. Gilman 5,447,374 1,545,898

"We welcome the new members to our board and look forward to working together constructively to execute on our current promising initiatives to improve operational performance," said Wayne Kelley, a member of the Board of Directors. "We are encouraged by the shareholders'' strong support for the existing Board members, and also appreciate their desire to add additional perspective to the Board as we move forward. This is a pivotal time for the Company, and we are confident in the future of this great brand as we proceed with our efforts to enhance shareholder value."

The Company also announced that the shareholders approved the Board''s proposed 2008 Equity Incentive Plan by a wide margin. The Company''s shareholders voted 13,766,344 shares in favor of the equity plan and 8,813,976 against it, with 101,179 abstaining.

Finally, the shareholders ratified the selection by the Company''s Audit Committee of Deloitte & Touche as its independent auditors for fiscal year 2008. This proposal received 22,289,291 votes in favor and 102,552 against, with 289,656 abstaining.

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About Steak n Shake

Steak n Shake is a full-service, casual dining restaurant serving a core menu of its famous STEAKBURGER(TM) sandwiches, thin ''n crispy french fries, old fashioned hand-dipped milk shakes, chili, home style soups, fresh salads, a variety of desserts and breakfast. All of the food is prepared to the guest''s order and served by friendly, well-trained associates. Steak n Shake restaurants feature full-service dining areas, counter service and drive-thru windows and most are open 24 hours a day, seven days a week.

Risks Associated with Forward-Looking Statements

Certain statements contained in this press release represent forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In general, forward-looking statements include estimates of future revenues, cash flows, capital expenditures or other financial items, as well as assumptions underlying any of the foregoing. Forward-looking statements reflect management''s current expectations regarding future events and use words such as "anticipate," "believe," "expect," "may" and other similar terminology. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. Investors should not place undue reliance on the forward-looking statements, which speak only as of the date of this report. These forward-looking statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties. Our actual future results and trends may differ materially depending on a variety of factors, many beyond our control, including, but not limited to: the poor performance or closing of even a small number of restaurants; our ability to attract and retain guests; the ability of our franchisees to operate profitable restaurants; changes in guest preferences, tastes and dietary habits; minimum wage rates; the availability and cost of qualified personnel; fluctuations in food commodity prices and the availability of food commodities; harsh weather conditions; unfavorable publicity relating to food safety or food borne illness; our ability to comply with the restrictions and covenants to our debt agreements; our ability to comply with existing and future governmental regulations; our ability to adequately protect our trademarks, service marks and other components of our brand; and other risks identified in the periodic reports we file with the Securities and Exchange Commission. Further, the Special Committee''s evaluation of strategic alternatives may not result in a change in business strategy or an increase in shareholder value. Additional risks and uncertainties not currently known to us or that are currently deemed immaterial may also become important factors that may harm our business, financial condition, results of operations or cash flows. We assume no obligation to update forward-looking statements except as required in our periodic reports, and we do not intend to comment on the status of the Special Committee''s evaluation of strategic alternatives unless and until there is a material development to report.

Source: The Steak n Shake Company