INDIANAPOLIS, July 11 — On the heels of announcing the conversion to 0 grams trans fat frying oil, The Steak n Shake Company (NYSE: SNS) has expanded its menu with the addition of a
line of Lighter Choices in all its restaurants across 20 states.

Headlining the menu of Lighter Choices are new made-to-order entree salads, available beginning July 16 — following the recent introduction of grilled chicken sandwiches and Fruit ‘n Frozen
Yogurt Milk Shakes. Within the salad line, there are two new entree salads, Apple Walnut Grilled Chicken and Classic Grilled Chicken as well as new and improved versions of Beef or Grilled
Chicken Taco, Fried Chicken and Deluxe Garden. All of the salads feature a romaine lettuce blend and premium toppings such as grape tomatoes, dried cranberries, Granny Smith apples, honey
roasted walnuts, ranch pecans and sea salt ‘n black pepper croutons.

In addition to new salads, guests may also enjoy two additional flavors of Fruit ‘n Frozen Yogurt Milk Shakes — Peach and Black Cherry — this summer along with lighter side options such as
improved side salads paired with new and improved dressings, and apple slices ‘n grapes, which may also be substituted for fries in junior meals.

“Two years ago, we embarked on a mission to address consumers’ desire for lighter options at Steak n Shake,” said Chief Marketing Officer Steven Schiller. “After significant culinary work and
consumer testing, we are pleased to now offer some really terrific Lighter Choices for our guests. Within Steak n Shake’s new 8-page menu, a green ‘Lighter’ symbol has been added to help guests
identify more than a dozen lighter menu items. The launch of Lighter Choices and salads will be supported by television, consumer magazines and couponing in most of our markets beginning July
23.” Steak n Shake announced the conversion to zero grams of trans fats from its frying oil systemwide on May 30. The company’s long-term plan is to remove added trans fats from the menu
wherever possible. In the coming months, Steak n Shake will continue to identify options for food products that are made without added trans fats.

Nutritional information for all Steak n Shake menu items can be found in the online nutritional guide at Updated nutritional information showing trans fat and sugar
content will be added to the Web site during August 2007.

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 are open 24 hours a day, seven days a week.