Bandera Partners Issues Statement on Luby's Election Results

Bandera Partners LLC, a significant stockholder of Luby's Inc. LUB issued the following statement:

At the Luby's Annual Meeting of Stockholders held on January 25, 2019, an agent of Bandera Partners submitted a Master Ballot to the Inspector of Elections that contained an inadvertent error that was not discovered by Bandera or its advisors. After the results of the election were certified on January 30, 2019, Bandera Partners became aware of the error that led to its proxies not being voted in favor of five of Luby's nominees, as intended and planned. To the extent Luby's lawyers were aware of the error, they chose not to inform us of our mistake. Once Bandera became aware of the error, we offered to work with Luby's after certification to have our proxies voted in favor of those management nominees for whom we always intended to vote. Bandera Partners' offer to try to fix this mistake has not been accepted by the Company.

We are immensely grateful to our fellow Luby's stockholders who supported us with their proxies, and we want them to understand what happened, and hear this clarification. Bandera apologizes to Luby's five nominees, and especially Joe McKinney, who should have surpassed the 50% threshold for election with our support.

About Bandera Partners

Bandera Partners is a value-oriented hedge fund based in New York.

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