1. Professional Opportunities Orientation Program The Steak n Shake Company Jim Stehlik - Manager - Financial Services Theresa McDaniel - Financial Analyst

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: 385 todayTotal units: 385 today FY 2000 System-wide sales: $500 millionFY 2000 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 –$20 million per year from sale/leasebacks –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 Cincinnati Broward, Dade and Palm Orlando Beach Counties in Florida Tampa Kansas City Dayton Pittsburgh Jacksonville Dallas Cleveland

7. Finance Department

8. Finance Function Revenue and earnings projectionsRevenue and earnings projections –Period, Quarter, Fiscal Year, 3 Year, 12 year –Used by Execs, Board, Outside Analysts Cash Flow and Financing AlternativesCash Flow and Financing Alternatives Planning - Coordinate semi-annual budgetPlanning - Coordinate semi-annual budget Multi-functional analysis - real estate, marketing, operations, constr, legal, HRMulti-functional analysis - real estate, marketing, operations, constr, legal, HR Asset and capital managementAsset and capital management Forward lookingForward looking

9. 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 –Cost/Benefit of HR Information System

10. Proactive Analyses Exception Reporting / Trend AnalysisException Reporting / Trend Analysis Drive Thru Efficiency Study and RecommendationsDrive Thru Efficiency Study and Recommendations New Market Studies (Currently Texas)New Market Studies (Currently Texas) Division Structure AnalysisDivision Structure Analysis Impact of Modified Marketing EffortsImpact of Modified Marketing Efforts

11. Pickle Front

12. Before After Before & After

13. Finance Department Today - small by design:Today - small by design: But Growing & Evolving... But Growing & Evolving...

14. Career Path Finance DepartmentFinance Department –Intern, analyst, senior analyst, manager - train your replacement –Executive interaction and exposure –Background and experience creates opportunity 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 RecruitmentStaff attorney promoted to Director of Manager Development and Recruitment

15. Financial Analyst The problem solverThe problem solver –Seeks the reasons behind the numbers in order to predict the future –Forward looking No protocolNo protocol –Responsibilities tailored to the strengths and interests of the individual Skill requirementsSkill requirements –Analytical & reasoning –Communication –Interpersonal

16. FINANCIAL PLANNING The Steak n Shake Company THANK YOU!!!