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CONSENT OF THE LION FUND II, L.P.

Board of Directors

Biglari Holdings Inc.

19100 Ridgewood Parkway, Suite 1200

San Antonio, TX 78259

Members of the Board:

We hereby consent to the use by Biglari Holdings Inc. of the audited financial statements of The Lion Fund II, L.P. as of and for the periods ended December 31, 2024, 2023 and 2022 appearing in the Form 10-K/A for the fiscal year ended December 31, 2024 filed by Biglari Holdings Inc. with the Securities and Exchange Commission and any amendment thereto.

			The Lion Fund II, L.P.
			By:			Biglari Capital Corp., its general partner
			By:			/s/ Sardar Biglari
						Name: Sardar Biglari
						Title: Chairman and Chief Executive Officer
						March 31, 2025