UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A

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Cracker Barrel Old Country Store, Inc. (Name of Registrant as Specified In Its Charter)

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Cracker Barrel Old Country Store, Inc. (the “Company”) used the following investor presentation in meetings with investors beginning on November 1, 2011. This investor presentation was also posted to the “Biglari Proxy Contest” section of the Company’s Investor Relations website, investor.crackerbarrel.com. A screenshot of the “Biglari Proxy Contest” section of the website follows the investor presentation below.

Old Country Store FInavlel s2t0o1r 1Presentation

CArdadciktieor nBala rIrneflo Ormlda tCioonuntry Store, Inc. (“the Company”) urges caution in considering current trends and earnings guidance disclosed in this presentation. Except for specific historical information, matters edxispcruessed oinr tihmisp lpiereds einn ttahtios nd iasrceu fsosriwona.r dA-llol ofkoirnwga rsdt-altoeomkeinntgs itnhfaotr minavtoiolvne irsi spkrso,v uidnecde rptauirnstuieasn ta ntod tohteh esra ffea chtaorrbso trh east tmabalyis hcaeuds ue nadcetur atlh ere Psurilvtsa taen Sd epceurrfiotirems aLnictei goaft itohne RCeofmorpman Ay ctto o df i1ff9e9r 5m. aterially from those IMmoproer tdaentta iAleddd iintifoonrmal aItniofonr mona triiosnks, uncertainties, and other factors is provided in the Company’s filings with the Securities and Exchange Commission, press releases and other communications. Cracker Barrel’,s i t2s0 d1i1r eActnonrsu aaln Md ceeerttianign. oCf riatcsk eexr eBcuartrievle hoafsfi cfielresd ma apyr ebliem dieneamrye dp rtoox bye s ptaatretmiciepnatn wtsi tihn tthhee Uso.Sli.c iStaetciuorni toiefs p arnodx iEesx cfrhoamng Ce rCacokmerm Bisasriroeln s(htharee hSoElCde)r sin i nc ocnonnencetciotino nw withit hs utchhe smoalitcteitrast iton b oe fc pornosxidieesr efdr oamt ECNraCckOeUr BRaArrGelE sDh aTreOh oRldEeArsD. WTHheEn PcoRmEpLlIeMteIdN, Aa RdeYfi nPiRtiOveX pYro SxTy AstTaEteMmEenNt Ta,n dT Ha Efo DrmE FoIfN pIrToIxVyE w PilRl ObeX mYa SilTedA tToE CMrEacNkTer ABNarDre lA sChaCreOhMolPdeArsN. YININVGE SWTHOIRTSE APRNODX SYH ACRAERHDO ALNDDE ROST HAERRE DSTORCOUNMGELNYTS iFdIeLnEtiDty WofI TpHot eTnHtiEal SpEarCti cCipAanRtEs,F aUnLd LthYe iAr NdiDre cItN o Tr HinEdIiRre cEt NinTteIRreEstTs,Y b Wy sHeEcuNri tTyH hEoYld iBnEgsC oOrM otEh eArwViAseI,L iAs BseLtE f oArtSh TinH tEhYe PWroILxyL SCtOatNemTeAnItN a nIMd oPtOheRr TmAaNteTri aIlNs FtoO RbeM fiAleTdI OwNit.h Dtheeta SilEedC i ninfo cromnanteioctni orneg waridthing the SCEraCck feorr Bnaor rcehl’asr g2e0 a1t1 t hAen SnuEaCl ’Ms weeetbinsgit.e Saht avr e:h.qooldve.r sC wopilile sb ew ailbll ea ltsoo obbet aaivna itlhaeb lPe raotx nyo S cthataermgee nat ,t hane yI navmesetnodrments or supplements to the proxy statement and other documents filed by Cracker Barrel with the 2Relatio ns section of our corporate website at crackerbarrel.com.

Agenda CI. rOacvkeerrv iBewarrel’s History of Success Otnhgeori nPgro Txrya nMsfaotrtmersation of the Company 3Why B iglari is Wrong for Cracker Barrel

4I. Ove rview

History, Heritage & Success 30 Years Delivering Superior Returns gMroawnatghe amnedn et vaonldu ttihoen Boof aCrdra ockf eDr iBreacrtroerls O hladv eC loeudn tthrye Store Pinlteoa soineg oPfe othpel et®op C reresatatiunrgan Vt acloumepanies in America 6C,B74R0L % CNroavc k1e9r8 B1arrel IPO. Money Magazine lists as one of America’s top growth chains 199801 FRaamnkileyd D#1ining Rcheasitna ubryant & MInsatgiatuztiinoen, sheld stiutclec eesvseirvye year gthive eanw (a1r9d yweaasrs) MAuikge 2 W00o0odhouse named President RJuencea p2i0ta0l7ization to Dacehci e1v9e9 a8ppropriate aAcnqnuoisuinticoens of cLaopgiatanl’ ss tRruocatdu rheouse AInn Mnoaurnchce 2s006 Ldiovgeasnti t‘us rRe oafdhouse TAo 3d0ay Year Record of Success 26018 locations in 42 states 8S1&6P %5I 5Note: Indexed Performance 5-Nov-1981 to 30-Sep-2011, excludes dividends

2C3r-aJcukne-r2 B01ar1r eBl iPgrloacrie eddesm Wanidths PBloaanrnde dse Satusc fcoers shiiomn sWelfh ialned B Pig. lCaroi oNleoyminates Himself B26i-gAlaurgi -v2e0r1b1ally rejects board seat offer B13H-J uDni-s2c0lo1s1es 291.7-J%ul-2011 iNnotemrviineawtisn gB iCgolamrim aintdtee 1-SAeupg--22001111 BCiogmlapria nyo mofifneartse sB higimlarsie lnf atmo eB towaord unaffilia board mem be JMunarech AJuulgyust 2S3e-pMteamrcbhe-r2011 CoBmRmL iNtteoeminating CMoenestsid teor New 1B7o-aJrudn eM-2e0m1b1e Crsoleman H. 2P7e-tJeursloyn-2 J0o1i1ns Board BJarmadefso rWd. 1Jo-Ainusg B-2o0a1r1d NSaanmderad BC.E COo Echffreacntive T12w-So elpo-n2g0-1te1rm Board tmheym wbeirlsl nanont osutanncde 9fo-Ar rueg-e-2le0c1ti1o nWilliam W. McCarten 6Joins B oard

Experienced Board of Directors is BThoea rRd iogfh Dt Tireeacmtors MEliecchteadel SAe.l eWctiovoed Bhoiougsera, pEhxyecutive Chairman P19re9s9i dEexnet cauntdiv Ce ECOh aoirfm thane Cofo mthpe aCnyo mfrpoamn y2 0si0n1c eu nSteipl t2e0m1b0e ra n1d2 ,a s2 0C1E1O. S oefr vthede Caso Cmhpaainrmy afrno mof 2th0e1 0B ouanrtdil f2ro0m11 2004 until 2011, as RSaonbderrat VB. DCaolceh,r aLne,a dP rDesiirdecetnotr & CEO a2s0s1u1m Bedec ianm Ne oPvreemsibdern t2 0an1d0 CafEteOr soenrv Sinegp taesm CbFerO 1.2 P, r2e0v1io1u fsollyl oswerivnegd hferor mse r2v0ic0e4 ausn Ctilr a2c0k0er9 B aasr rCelE’sO P orfe sBidoeonkts a-And-M CiOlliOo,n a, Ipnocs. t( NshAeSDAQ: BAMM), a leading book retailer in the southeastern United States G19C8O6 )P 2re0s0i0d etnot Porfe sWenintdy Hill Pet Food Company from March 1995 until its sale in July 1998; director of Genesco, Inc. (NYSE: 2Ja0m11e sD Wea.n B arnadd fRoradlph Owen Professor for the Practice of Management at Vanderbilt University’s Owen Graduate School of 1M9a9n9a gase mPerensti.d Penretv ainodu sClyE sOe rovfe dA aFsG P Irnesdiudsetnrite asn Idn cC. EO of United Glass Corporation, a consolidation of glass fabricators in the United States and Canada, from 1999 to 2001. Previously served from 1992 to 2R0i0ch5ard J. Dobkin CMhaanralegsin Eg. PJoarntenser of the Tampa, Florida office of Ernst & Young, LLP from 1987 until June 2005 p1r9e8s1e nFtloyu nsedrevde sC aosr pCohraitrem Caonm anmdu CniEcaOtions, Inc., an investor/shareholder communications and public relations firm where he 1B9.7F1. (Jack) Lowery WChilaliiramma nW a.n dM CcCEaOrt eonf L20o1Ja1c Companies Inc. He is also a practicing attorney oCfh tahierm Manar roifo tDt iSamerovnicdeRs oGcrko uHpo sopf iMtalairtryi oCtto Imntpearnyat i(oNnYalS, EIn: cD. RPrHio),r ato l othdagti npgo-sfiotciounse, ds eRrveeadl East aPtree sInidveenstt manedn tC TEruOs to tfh HatM hSe Hfoousnt dCeodr pino r2a0ti0o4n awnhdi ctoho okp peruabtelisc riens t2au0r0a5n.t sF aronmd r2et0a0il1 stthorroeus gihn 2tr0a0v3el, vweansu tehse a Proruesnidd etnhte Mwoarrltdha M. Mitchell r1e9l9at3i oSnesn fiiorrm P farrotnme r1 a9n8d7 Suenntiol rJ uVliyc e2 0P0re5sident at Fleishman-Hillard, Inc., an international communications consulting and public IC noelweman H. Peterson 2011 APrnedsriedae nMt/.C WEOei sosf Hollis Enterprises, LLC, the human resources consulting firm he founded in 2004 following his service for Wal-Mart Stores, Inc. as Chief People Officer from 1994-2004 a2n0d0 3y oPurnesgi dweonmt aennd, fCroEmO Mof aRy e2t0ai0l1 C toon Osuclttoibnegr, 2In0c0.2 Served as President of dELiA*s Corp., a multichannel retailer to teenage girls 7Note: Two board members who are not standing for re-election are not listed

LCertatcekr etro B Saarrdela rM Baidgel aar iG, o2o2d-A Fuagi-t2h0 S11et:tlement Offer that Biglari Refused “U. .nidne ar nt heaftf oorftf etor, bwe ec ownosutrludc itmivme, etdhiea tBeloya ardd da utoth ourirz eBdo marde ttow om makuet uthaell yse attglreemede nitn doeffpeern tdheant tw dei rdecistocurss suenda fofnil iAatuegdu wsti t1h aBnidg lAaruig Husotl d1i0n.g”s or any other restaurant company, to be recommended by Biglari Holdings “aWndh aepnp wroev esdp obkye tohne ACuragcuksetr 1B0a, r2re0l1 B1,o ayrodu.” indicated that you would be willing to provide us with your proposed director nominees in connection with this offer.” 8- Mich ael Woodhouse

Key Facts to Consider SCarradcakre rB Bigalrarreil Has ao usttpraetrefgoyrm ined p tlhacee m foar kneetx atn pdh pasee ros fo gvreorw ththe ulonndge rt enremw CEO CHoasn tsiinguneisf itcoa nsttlryi vree nfeowr eodp etrhaet iboonarld e xancedl lmenacnea ganemd ecnreta wtei tvha leuxep feorire snhcaerde,h eonldgeargsed, energetic leaders Has prerpeveaioteudsllyy ruesfuedse pdr otox yd ifsicglhots et oh igsa isnp eccoinfitcro pl lwanisth foour tt hpea ybiunsgi nae pssremium to shareholders AHsa sa aC hEisOto oryf ao fc o“mexptreatoinrdgi nreasrtya”u rtaunrnt ocvoemr pinan byo, awrdosu aldft eprr ehsee njot imnsa tehreimal business and legal conflicts of interest 9Has engaged in what we view as poor corporate governance and self-interested transactions

1II0. Cracker Barrel’s History of Success

The Cracker Barrel Concept POlweanssi nagn dP eooppelrea®tes— 6g0e8n uOilnde Chosupnittrayl iStytores across 42 states 1H1onest value Good country cookin’ Old-fashioned country store Welcome break for travelers

Menu Has Evolved to Maintain Relevance and Reach NTreawdi tMioennaul MOfefnerui nOgfsf eArsp p‘Heaol mtoe -LSitgyhlete”r CUosuenrstry Cookin’ WSuhnorliesseo Smaem Mploerrnin’ Sampler SFiaxn cGyr aFiinx inn’’s Meatloaf Dinner PGarnancaoklae CBhreiackkfeans tn’ Dumplins Country Dinner Plate VCehgicektaebnl en’ 1S2alad

Retail is Integral to the Cracker Barrel Experience RGoucekste rws aointi ntgh ea rferoant porch CGriaftcsk efor rB uanrdreelr b$r2a0n dRedeg fiooondasl products 1E3xclusive music

Winning Concept Results in Top Industry Rankings -#N1 aFtiaomn’isl yR Desitnaiunrga nRt eNsteawusrant and Top Honors in Food Quality, Cleanliness, Service, Menu Variety, Atmosphere, Reputation, and Likely to Recommend CNOANTISOUNM’SER (Consumer Picks 2011 National Survey) -‘ BZeasgta Bt’sre 2ak0f1a0s t&” a 2m0o1n1g C Foanmsuilmy eDr iSnuinrvge Cyshains -T Copo nosf utmhee rF Bulrla-nSde rMviecter iRcse sPtaruorgarnatms —in TCeacshunaolm anicd, FInacm. ily Dining Reasntkaeudr aanst st h&e TInospt i“tuFtaimonisly “ CDhinoiincge ”i nC Chahiani nfos”r 1A9n nCuoanl sCecountsivuem Yere aSrus rivney M- Roesst tRauVra-nFtrsi e&nd Ilnys Stiittu-tDioonwsn M Raegsatzaiunreant in America for 10 Consecutive Years 1- 4The Good Sam Club

LPaoswt e5r fYule Carosncept Has Outperformed Peers and Market Over Long Term. 1L6a0st% 1 0-i Years 12480% - 12250% A 92)20% (1U00 X% - 1| 980% -\ x“g 160% M

.And Five-Year Total Shareholder Return Exceeds Peers 2.06 % (11..89%)% (2.46)% (P4e.e1r) %Median: (2.4)% C(2r3a.c7k)e%r Barrel Biglari Holdings Brinker Cheesecake Darden P.F.Chang’s Ruby Tuesday Texas SFoacutrocrey: SR&esPta uRreasnetasr cRho Iandshioguhste, 30-Sep-2011. Total Return is defined as: “The Total Return concepts are annualized rates of return reflecting monthly price appreciation plus reinvestment of monthly dividends 1an6d the compounding effect of dividends paid on reinvested dividends.”

We Also Outperform Knapp-Track™ Casual Dining BCausme uYlaetairve Comparable Same Store Sales Index, FY2006 = 100 100.70 9190.15.2 100.53 CFYra0c6k eFr YB0a7rr eFl Y^0^8”K FnYap0p9- TFrYac1k0™ F YC1a1sual Dining Index* 1N7ote: Knapp-Track™ Casual Dining Index same store sales figure is an approximation based on the weekly averages. Biglari Holdings does not participate in Knapp-Track™

EWseti mHaavteed A Lcahtieesvt eTd wa eMlveo rMe Aontttrhasc tRivOe IRCeturn on Invested Capital 145.82 %% 112.85% % 58.86 % RCerasctakuera Bntasr rIenlt eBrnigaltaiorin Halo Fldaicntogrsy Darden Brinker Cheesecake P.F.Chang’s Texas Road house RubyTuesday NSoouterc: eR: OCIaCp ictaall cIuQla atendd alsa tNesOt PavAaTil aobvlee rp 1u-byleiacrl ya-vfielreadg eC ionmvepsatneyd Fcaipniatnacl.i aCl BStRatLe mNeOnPtsA aTs oadf j3u0s-tSede pf-o2r0 $121.8mm in one-time charges. Invested Capital calculated as Book Value of Total Debt plus Book Value of 1T8otal Equity. Debt figures exclude interest rate swap liability as not considered invested capital

1II9I. Ongoing Transformation of the Company

CEO Sandy Cochran Brings Experience, 1E1nergy and a Plan to Grow Traffic, Sales, Profits and Shareholder Value 21 RNefwin meda rmkeetniun ga nmde pssriacgiinngg 3 Enhanced restaurant operating platform 4 Innovative tactics driving retail sales growth 65 BFoaclaunsceedd caopspt rroeadcuhc ttioo ncapital allocation 20

CBRL Strategic Initiatives RNeiwn fMorcaerk Aetuinthge nMtiecs sVaagliuneg AMdavrkerettiisnign gs pteon bdu tiold i ntrcarfefaisce media coverage RNefwinlyed-r eMdeesniug naendd wPerbicsiinteg & social media initiative •In Icnrceraesaes eV garuiestyt v&is iEtsveryday Affordability • NPreowm ooftfieorninalg ss tarta tmegoyr eo fa clciemssitiebdle-t ipmriec eo pffoeirnsts REnehstaanucreadnt POlpaetfroatrimng RSuesfitnaeinmabenlyt oImf rpersotvaue rtahnet Gopueersatt iEnxgp pelraietfnocrem 2In1creased focus on guest experience has driven sequential improvement in guest satisfaction

CBRL Strategic Initiatives TInancotivcast iDveriving GRreotawilt hSales EDmelpivhears iVzea lune i&qu eC aonndn epcrtoiopnri eWtairtyh ittheme Bs rsauncdh as Cracker Barrel branded food, regional offerings, and new exclusive doll line •H Nigehwli gshyts taefmfo redxapbeiclitteyd wtoi trhe dsutrcoen lga bporirc ceo psotints and prominent locations for giftable offerings mFoaciunsteenda Cncoes ta n1d0 t2ra0nbsppso rRtaetdiuocnt ieoxnp e•n Cseosntrolling food waste, supplies, POrfefsseut rCe o*m $m1Oodmitmy annual savings from staff reductions B• aInlavnecsetmd aecnctrse tiinv en etwo sshtoareh gorlodwert hv atlhuaet are PA ptop rIo a•c Sh tteoa dcyn ,return of capital including 13.6% AClalpoictatli oinnc rsehaasree irne pquuracrhtaesrley a duitvhiodreiznadt i&on $65mm 2E2nhance 0 New $750mm credit facility Shareholder Value

What Analysts Are Saying 3Analys t Commentary “eMts;a nJagement up-to-the-challenge” t“rWipele b oevlieerv teh me panasatg edmeceandte,. ”led by new President, CEO Sandy Cochran and Chairman Mike Woodhouse, remain intently focused to recapture the strong operating trends which catapulted CBRL shares to almost “-RWoeb ebretl iDeveerr itnhgat otnh,e MComrgpanan Ky’ese g2aHn ;o 1f 4F-SYe1p2- 2s0h1o1uld^ benefit from both a stabilizing consumer environment and a very thorough playbook of traffic driving, margin building and returns enhancing initiatives -o uBtlriande dL ubdyi nSgatnodnr,a KCeoycBharnanc .C” apital Markets; “1N3-eSwe pC-2E0O1 1Sandra Cochran has addressed the Company’s critics effectively by developing a credible plan to build traffic and grow margin.” “- WStee pdhoe no At nexdperescot nm, aMnyil lsehr aTreahboalkd;e 1rs3 -tSo espu-p2p0o1r1t [Biglari’s] bid.” “- IBn rtyimane sE lplaiost ,[ BRiagylmaroi nhda sJ]a mtakese;n 1o5n- Smeupc-2h0 s1m1aller companies that were very poorly managed. In those instances, he found relatively low-hanging fruit to make some positive changes. I don’t think Biglari has -tRheo baberitl iDtye trori nmgatokne ,d Mramoragtainc pKoeseigtiavne; Nchaasnhgveisll ein T tehnen ceosmsepanan, y1’4s- Sbuepsi-n2e0s1s1 model as he has in prior companies.” 2S3ource: Publically available equity research reports and the Nashville Tennessean, permission to use quotations neither sought nor obtained

2IV4. Other Proxy Matters

AShdaorpetheodl diner -rFesrpieonndsley tRo iBghigtsla Pril aHno Kldeienpgss ’B cilgelaarrain Fcero umn dCerr etehpei nHga rCt-oSnctorottl-Rodino Act to acquire up to 49.99% of the Company’s common stock RShigahreths oplldaenr wfrioeunlddl yn optr obvei striiogngse:red by acquisitions pursuant to all-cash, fully financed tender offers that remain open for a minimum of 60 business days (“qualifying offers”) Rights epxlapnir eis i f oschuasreedh oolnd ecrrse edpoi nngo ta caqpupirsoivtieo nrisg hatbso pvlea n1 0a%t D aencde mwobuerl d2 0n1o1t daentneur aal nmoene-tcionegrcive cash offer for all shares BIf isghlarie’hso Aldregrus mapepnrto tvhea,t rtihgeh tRs iwghotusl dP leaxnp Wirea sin N Soetp Nteemcebsesra r2y0 1Is4 fBuelflileldin bgy t hHaits oObwjenct iWveo,r dwse iwn iBlli grelqaruii rHe ofladvionrgasb’l e2 0in1v0e Lstemtteenr tF orpopmo rTtuhnei tCiehsa,i rpmreafner:ably controlling interests in businesses with diverse operating and financial traits.” 2“W5 e are control investors.

•M Canraacgkeemr eBnatr rPeal’isd cBenastreadl ocno mLpoenngs aTtieormn oVbajeluceti vCerse:ation ARleiwgnar dex peecruftoirvmesa’n icneterests with interests of shareholders BAattsrea csta alanrdie sre gtaeinne rtalleyn tteadrg eextedcu atti v6e0sth percentile, and bonuses generally targeted at 50th percentile of peer group AStsr odnegs cpriabye-dfo irn-p oerufro rPmroaxnyce, CphBilRoLso’sp hayn.n uIna l2 a0n1d1 ,l o7n9g%-t eormf C iEncOe’nst icvoem cpoemnpsaetnisoant iaonnd p 7la2n%s aorfe odtehseirg naemd etod boeff idceedrsu’c tciobmlep uenndsaetri oSne cwtiaosn “1a6t 2ri(smk)” obfa sthede Iu.pRo.nC .C, oanmdp panroyv pideerf odrimscarentcieon to the Board’s Compensation TChoem Cmoimttepee ninsa atiwoanr dCinogm imncitetnetei vhea sc oemxeprceinsseadt iiotns ,d siuscbrjeetcito nto b ay tehsretasbhloisldh ionfg p pelrafonrsm thanatc ereward achievement of the following objectives: IYmeparr-oovveemr-eyneta ri nim RpOroICve m(loentg -itne rImnc oinmceen ftriovme pOlapne)rations (annual incentive plan) •Im Inp rfoivsceaml e2n0t1 i1n, Tthoet aCl oSmhapraenhyo lpdaeird R aentnuurnal (bloonngu-stersm to i nncaemnteidv ee xpelcaunt)ive officers equal to 91% of target, which was 45% of the maximum potential bonus 2M6anagement Incentives Aligned with Shareholder Interests

Plan to Collapse Holding Company Will Save Money H• oClrdaicnkge rC Boamrrpeal nOyl dw aCso ournigtriyn aSlltyo rfeo (rim.ee.d H ionl d1i9n9g8 Ctoo movpearnsyee) wCiBllO bCe Sm aenrgde dp owteinthti athlley wfohro olltyh eorw bnuesdin oepsseerast iancgq ucioremdpany subsidiary, CBOCS, Inc. WAlhthyo nuogwh ?t hTeh He oplrdeviniogu Cs ocmredpiatn yfa chialsit yo wdnide dn oatn dal loopwer athteids motehregre br,u hsionwesesveesr,, itth en onwew o ncrleyd oitw fnacsi laintyd doopesra, tmesa CkiBngO CthSese cost savings possible RHeoaldliizneg t acxo manpda noyt hfeorr msaavti nngos lofn gaperp rnoexciemssaatreyl,y i$ts2 melimm ipneart iyoena rwill allow us to: FSaimcipliltiaftye tmheo rceo repffoircaiteen ts tcrauschtu mreanagement 2• 7Merging the two companies is in the best interest of shareholders

2V8. Why Biglari is Wrong for Cracker Barrel

Why We Believe Biglari Is Wrong for Cracker Barrel GHaisn reedp einatietidally broeafurds erde ptroe sdeinstcaltoisoen haits Sstpeeacki f‘inc pSlhaankse f oarn dth teh benu stionoeks scontrol over time without paying a premium, with most Board members exiting the Board after he joined it PSrloasphoesde do pexercaetsisoinvael cionmvepsetmnseantito ant pSltaena kf o‘rn hSimhaskeel f— focused only on short-term RPreotpuornsse dl idttulea lc calsahs st oo fs hsatroechko ladt eBrsiglari Holdings for acquisitions — has delayed special meeting twice, and now “on hold” 2P9resence on our Board would create a serious conflict of interest — he is the CEO of a family restaurant competitor and CEO of a restaurant acquisition vehicle

TBairggleatri’s Rhetoric Changes Over Time and Cannot be Relied On AOcritguianla Al Actnionnosu nTcaekde nI n/t eRnetisounlts 213-SJuenp--22001111 :1 “3.Dw:e “tTohlde CRhepaiorrmtianng MPeicrshoanesl Wintoeonddh toou seev atlhuaatt ew teh heiarv ien pvuesrctmhaesnetd isnt othcke Sfohra irnesv eosntm a ecnotn ptiunrupousess b oansilsy..”” 273-A-Juugn--22000161 :1 3DDem: “aTndhed R Bepooardti nsgea Ptse rfsoor nhsi mhasveelf aacnqdu iPre.d C tohoeilre yShares of the Issuer for investment. The Reporting Persons evaluate their investment in the Shares on a continual basis.” 12-6S-Aepu-g2-021011:1 L: aFuinlecdh eHd SPRro txoy aFcqiguhirte up to 49.99% of CBRL shares 181-S-Depetc--22001016:: BLoaurrnocwheedd $P8ro3x.2y mFigllhiotn through subsidiary to up-stream a cash dividend to Biglari Holdings l1O7-JNuonv-2-2000075: 1F3riDen: d“lTyh’se aRnenpoournticnegs aPceqrusoisnisti oinnt ebnyd Stou ne vCaalupaitael t(hBe Hb uwsianse nsso tp irnovspoelvctesd )of the Issuer, as well as its present and future intentions.” 212-D-Oecc-t2-2000059: :B Wigelsatreir nap Spioziznltiend a tnon othuen cBeos aMrde orgf eDr iAregcrteoerms ent with Steak ‘n Shake 127-Aug-2007: 1B3Dig:l a“rTi hfier sRt erpeqourteisntgs Pboerasrodn sse aatcsq ufoire hdi mthsee Slf eacnudri tCieoso floeyr investment purposes.” 87-AMuagr--22000088:: Biiggllaarrii ealpepcoteidn tteod tCheE OB o8a-rAd porf- 2D0i1r0ec: tCorosmpany renamed Biglari Holdings 3S0ource: Public filings

SHtoewak D*ind SBhiagklea?ri Take Control of HBolGldLinAgRs ]Inc. 8B-iAgulagr-i2 H00o8ldings Inc. TBoigdlaayr:i appointed CEO ^Orw Snhearrseh iPpr iocfe .(13%0-3S eapn-d2 0C1E1O) $296.39 B19i-gJluanri- 2a0p0p8ointed Chairman of the Board TJuwl-o2 0e0x8ecutive team members resign Suuoauir cue: Public filings AStso cpke rp Briicgel aardij’us sStecdh efdour lree v1e3rDse/ Asp fliilti ntog boen c3o-mFepba-r2ab0l1e0 t.o current market price. PAusr cphear sBedig tlharoi’usg phr:oxy filing on 1-Jul-2011. WLieosnt eFrnu nSdizzlin CP.o oCloeyo’ sle wy ife 2C0a,l0l 0O0p sthioanress: through Lion Fund 75-6M1,a0r0-200 s0h8ares through Western Sizzlin i 5B.i8g%la rni Owwinnse rPshroipxy Contest S17h-aAreu gP-r2ic0e0:7 $309.001 oBwignlearrsih dipis cinlo Ssetse a5k. 8‘%n Shake 8N-oAmpri-n2a0te1s0 himself and Cooley to the Board BRiegnlaamri eodn Blyi gcloanrit rHololelddings 262.8-O%c2t-2009 BAingnloaurin ocerisg iMnaelrlgye rc lwaiimthe dW tehsattern Sizzlin Ihnes theaadd ahceq:uired shares “for investment purposes” 3X1 Took control X Became Chairman and CEO X Merged with Western Sizzlin X Renamed Biglari Holdings

ABfitgelra rBi iEgnlatreir sJ.o .iEnexdis thineg W Beosaterdrn M Seizmzbhenr’s B Loeaarvde (02-Dec-05) PNaauml eC R. eSscihgonrerd R? oNgearm De .R Seascigkn •ed ? AJolnaens C Yoowrkaret SJteasnsele My L. .H Barorzinemgtaonn, •Jr. • Tihtoums Was .M G.r eHenoen1tz NasA Pat Vezertzis • NAaftmere BRiegslaigrin eJdo i?n eNda tmhee SRteesaikg n‘ned S ?hake Board (07-Mar-08) NFraemd eRisk • Edward W. Wilhelm 2D0i0re8ctor Since 2S0a0rd8ar Biglari 2P0h1il0lip Coo ley RKuenthn ePther sCoono p2e0r02 RBoiglelari Holdings Board Today2 BAagcekground 3C4hairman of the Board, CEO Director of Western Sizzlin’ since 2005 tVhiec eB Coahradi r&man of DInidrepcteonrdent A67dvisory Director of Biglari Capital since 2000 IBnidgelpaerin’ds epnrto Dfeisrseocrt oart Trinity University, Prassel Distinguished Professor of Business Administration 6• 6S 2er0v0e7d taos 2a0 D10irector of Western Sizzlin’ Corp. from C• hHainsc lealwlo rp arancdt iPcer ocfoensscoenr toraftes on real estate transactions IMndaenpaegnedmeennt tD, Uirencitvoerrsity of M65ichigan-Flint oSfe rDvierde catso rPs roesf iWdenotr koffo rBceoard GDeovfeflroepym Beanltl oSttria Stetgeiveesn, IMnc.. Schmidt RJouhtnh WJ. .P Rerysaonn2 CNuArr eWntayne L. Kelley 1Source : PTuitbulsi cG Freielinneg served on the WSC Board until the Company merged with SNS. 322 John Ryan served on the Board of BH until his death earlier this year.

“W.teh eArer ed Noeost nthoet aOpnpleya rO tnoe bs eW anhyo dTehsiinrek tBo iagplaprrie’csi aGteo voerr nbaen rceec eRpeticvoer dt oi so Pthoeor rpoints of view on the board of directors than the current Steak ‘n Shake chairman’s position. b.aolathrdo uhgahs onoutr bcueerrne natc tcihvaeilrym iannv oalnvde dC iEnO d e[Bveilgolpariin]g e sthpeo uvsiesdio onp aenndn esstsra atengdy t roafn tshpea rbeunsciyn,e tshse, bouptp orastihtee rh haass b beeenn t hinef ocarmsee. dT ahbeout it belatedly/’ “-WThaey nuen aLn.i mKoelulse yv,o Fteo r[mtoe trr aSntsefaokr m*n S Stehaakk’en CSEhOak;e 2 i2n-tMo aBr-i2g0la0r9i Holdings] came after Biglari, the board chairman, managed to push out every board member unwilling to give him dictatorial authority over -SIntedaika’nna pSohlaisk eB duessipnietses hJiosu rrenlalt;i v6e-lFye mb-o2d0e1s0t ownership stake/’ 3N3ote: Permission to use quotes was neither sought nor obtained

SBtiegalka rAi Sn tSophpakede. Investing in Growth at F($Y i n2 0M08illions) FQY1 Q2020 i9 Q3 Q4 FQY1 Q2021 Q0 3Q Q1 4Q2 Q3 Q4 QFY1 2Q021 1Q3 19.71% % S1.t0e%ak 0‘n.9 S%hake MLaotenstth sT wCealpveex / 8S.a1l e%s Over Time 6I .6 % 35.31 % 1.41% 1.3% 1.71% 1.8% M7.5e d%ian = 3.0 % L5.a3t e%st Twelve Months Capex / Sales 31.28 %% 23.82 % B2.i2g l%ari CrackerBarrel Darden Texas Cheesecake P.F.Chang’s Brinker Ruby Tuesday SHoouldrcien:g sC Rapeisttaalu IrQan ats Rofo 3ad0h-Soeups-e2 F01ac1tory 3N4ote: Red Line denotes when Biglari obtained a Board seat (Apr-2008). Fiscal Year end is September 30

C.Aonmd pFeoncsuatsieodn oPna cHkiasg eO Owvne Crvoiemwpensation iPublic Reaction I•f Bthieg l$a3ri0’s0 mprmop booseodk cvoamlupee ninscarteioasne da t1 B0%ig,l aBrii gHloarlid iwnogus lpdr orevciedievde h~i$m4 mwmith 25% of the gain in book value over the annual hurdle rate of 5% with no cap •T hHisa nids- pinic akdeddi tGioonv etron ahnisc e$, 9C0o0mk panensuaatli obna,s ea nsdal aNryominating committee, unanimously approved the agreement BFoigllloawri irnegc eaidvveder s$e1 .s2h amreihlloilodne rp aronrda tIeSdS i nrecsepnotinvsee ,p aByimgleanrit ruenvdiseer dt hhiiss pplraonp foosra tlh ien cfirresats iqnuga rttheer ihtu wrdalse irna tpe ltaoc e6 (%4Q a nodf iFnYst a1l1li)ng an annual cap at $10mm -“ ORniceh oafr dt hGe isbwboeentse,s tT choem Mpeontlseayti oFno oalr;r aMngaeym 2e0n1ts0 I’ve ever seen at a public company - one that would deeply cut into shareholder returns” “kThe pay is too rich for such little growth” “- TKheen c Surkraernbte csky,s tMeman, aagsi npgro Ppoarstende,r ,i sA rliddeicbualroanu sC bayp iittasle;l fA aungd-,2 0ad1d0itionally, runs contrary to the ethos Mr. Biglari claimed to have when nominating himself for election to the Board of Steak ‘n Shake. s“iTmhep ldye ucinswioinll ibnyg tthoe tBakoea rad sotaf nBd iagglaariin sHt oMldri.n Bgsi g(lBarHi”) to accept such a generous and easily manipulated compensation system, demonstrates they either fail to understand the nuances of the proposal or they are S- oNuFrcI eS: hBaHre hAolndneura Ll eMtteer ttion gB Pigrolaxryi; SMtaatye m20en1t0 3N5ote: Permission to use quotes was neither sought nor obtained

.And Maintaining Control Despite His BMiignloarit’ys DOuwanl eCrslhaisps Stock Proposal XB iUglnadrie ri st haett epmropptoinsagl tCo lcarsesa tBe as hdaureasl c=l a1s/s5 o Ef csotoncokm, iwc haincdh 1w/1o0u0ld V eontaibnlge Rhiimgh ttos /c o4nsolidate voting rights in BH to himself X Cloauslsd Ben shtaonccke whoisu lvdo tbien gh icso cnutroreln acnyd f orer dfuuctue rve oatciqnugi spiotiwoenrs of future shareholders of Biglari Holdings 3B6ut given shareholder challenges to these proposals, these actions are “on hold”

IBJjijgilvaer ii nOvdedsltyed V aibeowust H$1is0 0S hmariellhioolnd einrs ’t hMe ostnoecyk aosf HCirsa cOkwern Barrel whereas the entire Board since 2003 has spent a total of $251,600 in purchasing stock in the open market.” B-Bigiglalarir id’so elest tneor tt op eCrsBonRaLll ys hoawrenh oalndye rsst,o 1ck2 dSierpectetlmy bienr C20ra1c1ker Barrel—Biglari Holdings and the Lion Fund do. 3If7 Biglari really views a public company’s ownership as his own, what other governance issues do we not know about at Biglari Holdings?

Sharodualrd B Bigiglalarir iH baesc oam Beu as iDneisrse cCtoorn oflf iCctracker Barrel, he would have fiduciary duties to serve the best interest of both BH AND Cracker Barrel shareholders: •ty Hofo Cwa crea n• BDiugtlyar io ff uLlofiylla lhtyis -d>u Htieosw o cf alno yhael tbye o lno ytwalo t ob obaortdhs? with inherently competing interests? We sceoemk pteot ea twtriatcht mresatnayu rraenst aturraafnfitc caownacyep ftrsom these other restaurant concepts WCrhaactk eBr iBglaarrrie ll’esa rbnosa frrdo mreg ouularr lbyo acrodn scioduelrds bperi caipnpgl,i epdr oadt uSctte aakn d‘ nm Sehnauk deevelopment, promotions, advertising, store locations, growth and expansion, and strategic plans 3• 8Biglari’s proposed board service also raises antitrust concerns under the Clayton Act

Cracker Barrel and Steak *n Shake are Competitors LFunllc hService, Family Dining Format Breakfast SDiimnnilearr Menu Items MGeiodg —rap Hhiicgahl OSivnegrllaep D Aigmitesricana Brand Alcoholic Beverages Average Check 3M9id — High Single Digits

OIllluds Ctraotuivnetr yM Sentour eItem Similarities SNkEiWlle tC BOrUeaNkfTaRstY1 MCAomKEmSa ’*s NP aEnGcaGkSes CGhRiIcLkLenE D*n C VHeIgCetKabElNe Salad 4S0ource: Cracker Barrel archive and Steak ‘n Shake website 1 Not currently offered.

Extensive Geographical Overlap: We Compete for the Same Guests 4S1ource: Company websites

4B2iglari Slashed Capital Expenditures, But Paid to Put His Picture in Every Restaurant

SKaeryd aMr Besisgalgaeri Firso wmr oYnogu fro Cr uorurre nsth aBreohaordlders We haraev ea dsterloivnegr ecdo mstproanyg arensdu lat sl eoavdeerr tiinm teh,e a inndd uhsatvrye the strategy to continue to drive performance WOuer bceulrireevnet Bboigarldar ii si sa cdteivdeiclyat eidn vtool vBeidg laatr iC —rac nkoert Bthaer rbeel satn idn tceorensttisn uoof uasllly C sreaeckkse rt oB carrerealt es hvarleuheolders 4W3e believe Biglari’s playbook of creeping control and poor corporate governance will harm Cracker Barrel and its shareholders