What Cracker Barrel Says about its
$700 million plan on the Eve of the
Annual Meeting

What Cracker Barrel Previously Said
about its $700 million plan

"Sardar Biglari continues to misrepresent
Cracker Barrel's capital spending plan.
We are NOT spending $600 - $700
million on store remodels over the
next three years as Mr. Biglari falsely
claims. Our strategic plan contemplates
spending $225 - $325 million in
incremental capital (i.e., over and above
our normal rates of capital spending).
Store remodels are only a part of this
incremental amount. Other investments
include improvements to our technology
and highly successful loyalty program in
order to drive traffic."

(November 19, 2024 Press Release)

"Capital expenditures over the three-year
period of fiscal 2025 through fiscal
2027 of approximately $600
million to $700 million, which assumes
the Company's store remodel initiative
accelerates significantly following the test
of 25-30 stores in fiscal 2025."

(May 16 Cracker Barrel Press release)

"For the three-year period, we anticipate
total capital expenditures of $600
million to $700 million. This comprises
the following amounts per year,
approximately $160 million to $180 million
in fiscal 2025, approximately $180 million
to $220 million in fiscal 2026, and
approximately $260 million to $300 million
in fiscal 2027."

(May 16 Cracker Barrel Call – Craig
Pommells, CFO Cracker Barrel)

What Cracker Barrel Says on the Eve
of the Annual Meeting

The Reality

"Carl Berquist and Meg Crofton are
change agents for the Board and the
business, while also serving as important
sources of stability and institutional
knowledge"

(November 19, 2024 Press Release)

The two directors presided over a near
70% destruction in Cracker Barrel's
value. That is not a source of stability.

Sardar Biglari has more institutional
knowledge of Cracker Barrel and its
operations than any other Director.