Red Robin Issues Statement in Response to Vintage Capital Management

Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) (“Red Robin” or the “Company”) today issued the following statement in response to the nomination by Vintage Capital Management, LLC (“Vintage”) of four director candidates to stand for election to the Red Robin Board of Directors at the Company’s 2020 Annual Meeting of Stockholders. Red Robin issued the following statement:

The Red Robin Board and management team are committed to acting in the best interests of the Company and all shareholders. Maintaining a strong, independent Board that serves the best interests of our shareholders, team members, guests, franchisees and partners remains a top priority. We regularly engage with our shareholders on a range of issues and value their input. Members of the Board and management team have engaged in multiple discussions with Vintage, and we intend to continue the dialogue.

Over the past year, the Board has taken decisive actions to ensure we have the right leadership team and Board in place to position the Company for long-term success. In October 2019, Paul J.B. Murphy III was appointed as President and Chief Executive Officer, and over the past seven months, the Company has appointed five new highly qualified directors, four of whom are independent – Tom Conforti, G.J. Hart, David Pace and Allison Page, along with Mr. Murphy. These individuals possess significant restaurant, consumer and retail experience relevant to the Company’s business and track records of leading successful transformations to create shareholder value. The new directors add valuable financial expertise and experience leading public companies and round out the Board’s diverse, balanced skillset, strongly positioning Red Robin as it continues to execute on its strategic plan.

Given the significant undervaluation of our stock price as compared to our strategic plan, and the recent unusual trading in our stock, we intend to implement our share repurchase program in the near term pursuant to our authorization.

The Red Robin Board and management team remain focused on executing the Company’s strategic plan while accelerating Red Robin’s turnaround and transforming the business to drive value for all shareholders. The Company continues to make measurable progress towards its stated 2021 - 2023 goals, underscored by the second consecutive quarter of comparable restaurant revenue growth in the fourth quarter and consistent improvements in key financial, operating and guest metrics under Mr. Murphy’s leadership. Red Robin has identified several clear strategic initiatives and capital allocation policies that it believes will drive profitable, sustainable growth while enabling the Company to de-lever and return significant capital to shareholders.