|   | Re: | Amendment                No. 7 to Amended and Restated Note Purchase and Private Shelf                Agreement |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

| Name                of Entity                           | State                of Incorporation | EIN        | Owner                                         | Guarantor                of Indebtedness |
|---------------------------------------------------------|---------------------------------------|------------|-----------------------------------------------|------------------------------------------|
| The                Steak n Shake Company                | IN                                    | 37-0684070 | Public                Company                 | YES                                      |
| Steak                n Shake Enterprises, Inc.          | IN                                    | 20-3757648 | Steak                n Shake Operations, Inc. | YES                                      |
| Steak                n Shake Operations, Inc.           | IN                                    | 35-1604308 | The                Steak n Shake Company      | YES                                      |
| SNS                Investment Company, Inc.             | IN                                    | 35-1853143 | The                Steak n Shake Company      | YES                                      |
| Consolidated                Specialty Restaurants, Inc. | IN                                    | 35-1637905 | The                Steak n Shake Company      | NO                                       |
| Steak                n Shake LLC                        | IN                                    | 30-0342951 | Steak                n Shake Operations, Inc. | NO                                       |

----

| Name                of Entity                           | State                of Incorporation | EIN        | Owner                                         | Guarantor                of Indebtedness |
|---------------------------------------------------------|---------------------------------------|------------|-----------------------------------------------|------------------------------------------|
| The                Steak n Shake Company                | IN                                    | 37-0684070 | Public                Company                 | YES                                      |
| Steak                n Shake Enterprises, Inc.          | IN                                    | 20-3757648 | Steak                n Shake Operations, Inc. | YES                                      |
| Steak                n Shake Operations, Inc.           | IN                                    | 35-1604308 | The                Steak n Shake Company      | YES                                      |
| SNS                Investment Company, Inc.             | IN                                    | 35-1853143 | The                Steak n Shake Company      | YES                                      |
| Consolidated                Specialty Restaurants, Inc. | IN                                    | 35-1637905 | The                Steak n Shake Company      | NO                                       |
| Steak                n Shake LLC                        | IN                                    | 30-0342951 | Steak                n Shake Operations, Inc. | NO                                       |