Insider Trades - GEIGER DUANE

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GEIGER DUANE: Declared Holdings
Company/Relationship	Reported	Shares	Ownership
Biglari Holdings Inc. Officer NYSE:BH (historical quotes, profile, other insiders)	24-Dec-12 27-Feb-12	1,248 128 1,376	Direct Indirect Total

Insider & restricted shareholder transactions reported over the last two years
Date Shares Stock Transaction
24-Dec-12 45 BH Disposition (Non Open Market) at $0 per share.
3-May-12 349 BH Option Exercise at $324.40 per share.
(Cost of $113,215)
3-May-12 296 BH Disposition (Non Open Market) at $408.71 per share.
(Value of $120,978)
27-Feb-12 *13 BH Acquisition (Non Open Market) at $413.96 per share.
(Value of $5,381)
22-Dec-11 45 BH Disposition (Non Open Market) at $0 per share.

* Indicates that some (or all) shares are held indirectly (e.g. in a trust, by a spouse, etc.)

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Insider & restricted shareholder transactions reported over the last two years
Date	Shares	Stock	Transaction
24-Dec-12	45	BH	Disposition (Non Open Market) at $0 per share.
3-May-12	349	BH	Option Exercise at $324.40 per share. (Cost of $113,215)
3-May-12	296	BH	Disposition (Non Open Market) at $408.71 per share. (Value of $120,978)
27-Feb-12	*13	BH	Acquisition (Non Open Market) at $413.96 per share. (Value of $5,381)
22-Dec-11	45	BH	Disposition (Non Open Market) at $0 per share.