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Bandera Partners Issues Statement on Luby's Election Results

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Bandera Partners LLC, a significant stockholder of Luby's Inc. (NYSE: 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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