1. Professional Opportunities Orientation Program The Steak n Shake Company Greg Streicher - Assistant Controller

2. The Steak n Shake Company Headquartered in downtown IndianapolisHeadquartered in downtown Indianapolis NYSE - Symbol - “SNS”NYSE - Symbol - “SNS” High growth, small cap company - S&P 600 Small Cap Index - Rated 14th best small company by ForbesHigh growth, small cap company - S&P 600 Small Cap Index - Rated 14th best small company by Forbes Brand has tripled in size in past decadeBrand has tripled in size in past decade EW Kelley - Chairman of the Board since 1984EW Kelley - Chairman of the Board since 1984

3. The Steak n Shake Company Total units: Approximately 400 todayTotal units: Approximately 400 today FY 2001 System-wide sales: $500 millionFY 2001 System-wide sales: $500 million Current sources of financing for expansion:Current sources of financing for expansion: –Cash flow from operations –$75 million senior note/private shelf agreement –$30 million unsecured revolving line of credit –Stock offerings based on market conditions

4. Development Strategy -Controlled Expansion -New market areas contiguous to existing markets identified -Open sufficient number of stores in newer markets to afford proper TV weights

6. Development Areas Existing Markets New Markets ChicagoBroward, Dade and Palm Tampa Beach Counties in Florida Dayton Kansas City CincinnatiPittsburgh Dallas

7. Accounting Department Career Paths and Opportunities

8. Entry Level Position Minimum Requirements GPA = 3.0 or aboveGPA = 3.0 or above Active in outside activitiesActive in outside activities Sorority / FraternitySorority / Fraternity Campus clubs, teamsCampus clubs, teams EmploymentEmployment Strong verbal and written communication skillsStrong verbal and written communication skills Outgoing personalityOutgoing personality Energetic, assertiveEnergetic, assertive Leadership skillsLeadership skills Problem solverProblem solver Team playerTeam player Good P.C. skillsGood P.C. skills Proficient in Excel, Word, Access and PowerPointProficient in Excel, Word, Access and PowerPoint Entry Level Position Minimum Requirements GPA = 3.0 or aboveGPA = 3.0 or above Active in outside activitiesActive in outside activities Sorority / FraternitySorority / Fraternity Campus clubs, teamsCampus clubs, teams EmploymentEmployment Strong verbal and written communication skillsStrong verbal and written communication skills Outgoing personalityOutgoing personality Energetic, assertiveEnergetic, assertive Leadership skillsLeadership skills Problem solverProblem solver Team playerTeam player Good P.C. skillsGood P.C. skills Proficient in Excel, Word, Access and PowerPointProficient in Excel, Word, Access and PowerPoint

9. Staff Accountant Activities Opportunities in various areas Cash ManagementCash Management PropertyProperty Cost accountingCost accounting PayrollPayroll TaxTax Restaurant accountingRestaurant accounting FranchisingFranchising MarketingMarketing Financial reportingFinancial reporting Almost every area in a company has the need for the work of a staff accountant... Staff Accountant Activities Opportunities in various areas Cash ManagementCash Management PropertyProperty Cost accountingCost accounting PayrollPayroll TaxTax Restaurant accountingRestaurant accounting FranchisingFranchising MarketingMarketing Financial reportingFinancial reporting Almost every area in a company has the need for the work of a staff accountant...

10. Staff Accountant Activities (cont.) Staff Accountant Activities (cont.) …but there are similarities in the work no matter what area you are in: -Understand the general ledger system and chart of accounts of accounts -Responsible for monitoring, reporting, reconciling and balancing a group of accounts balancing a group of accounts -Respond to questions regarding income statement and balance sheet line items effected by the accounts balance sheet line items effected by the accounts -Reconcile subsidiary ledgers to the general ledger -Accounts receivable -Accounts payable -Inventory-Property Staff Accountant Activities (cont.) Staff Accountant Activities (cont.) …but there are similarities in the work no matter what area you are in: -Understand the general ledger system and chart of accounts of accounts -Responsible for monitoring, reporting, reconciling and balancing a group of accounts balancing a group of accounts -Respond to questions regarding income statement and balance sheet line items effected by the accounts balance sheet line items effected by the accounts -Reconcile subsidiary ledgers to the general ledger -Accounts receivable -Accounts payable -Inventory-Property

11. Cross Functional Support and Experience MarketingMarketing –Evaluation of Media Proposals and Results (TV/Radio) –Menu Analysis –Effects of Advertising Programs - Coupons…etc OperationsOperations –Sales and Profitability - Benchmarks (Over/Under performers) –Bi - weekly Labor analysis by division and store Construction - Replace vs. RepairConstruction - Replace vs. Repair Legal - Eminent DomainLegal - Eminent Domain Human ResourcesHuman Resources –Insurance Plans –Stock Purchase Plan –Lease/Buy Company Vehicles –Competitive pricing analysis for insurance programs Staff Accountant Activities (Cont.)

12. In addition to the day-to-day activities, a Staff Accountant will have opportunities to work on special projects with multi-disciplined teams. Examples may include: - New systems design and implementation -Mergers, acquisitions and dispositions -End of period reporting -Analysis of effects of new or proposed rules, laws and regulations -Budget preparation

13. Accounting Department

14. Accounting Department Career Path Management Development Plan Management Development Plan Step 1- Understand the Company, its culture, products and systems -Entry level position in one of many functional areas -After 12-18 months, move to a different area -After 12-18 months, move to another area or rotate to another department, such as finance, purchasing, operations department, such as finance, purchasing, operations -Technical and management skills training Step 2- Learn the budget cycle, develop management skills, gain exposure to upper management to upper management -Promotion to Senior Accountant -Direct the work of 1 or more accountants / accounting clerks -Interact with Department Heads, such as Marketing, Finance Franchising, Purchasing Franchising, Purchasing -Technical and management skills training Step 3- Develop Executive Skills -Promotion to Manager -Responsible for a functional area such as tax, restaurant accounting, payroll, financial reporting, etc. payroll, financial reporting, etc. -Activities include staff development, goal setting, budgeting, cost control, etc. -Exposure to highest levels of management -Technical and management skills training

15. Executive Development - EW Kelley InfluenceExecutive Development - EW Kelley Influence –Emphasis on learning and management development –Examples: Director of Financial Planning promoted to VP of Financial Planning and Information Systems / TreasurerDirector of Financial Planning promoted to VP of Financial Planning and Information Systems / Treasurer Controller promoted to Operations VP and Deputy National General ManagerController promoted to Operations VP and Deputy National General Manager Staff attorney promoted to Director of Manager Development and Recruitment and then to Operations Division ManagerStaff attorney promoted to Director of Manager Development and Recruitment and then to Operations Division Manager Accounting Department Career Path (Cont.)

16. Accounting Department The Steak n Shake Company THANK YOU!!!