Rocky Mountain Chocolate Factory Reminds Stockholders to Vote “FOR” ALL RMCF Nominees on the WHITE Proxy Card

Rocky Mountain Chocolate Factory, Inc. (NASDAQ: RMCF) (the "Company" or “RMCF”), one of North America's largest retailers, franchisers and manufacturers of premium, handcrafted chocolates and confections, is reminding all stockholders to vote on the WHITE proxy card today FOR ALL of RMCF’s director nominees ahead of the Company’s 2021 Annual Meeting of Stockholders (the "Annual Meeting"), to be held October 6, 2021.

The Company today issued the following open letter to stockholders, detailing the transformative omnichannel and digital strategy the Company is implementing, as well as the diverse skills, relevant expertise and public company experience possessed by the Company’s director nominees:

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October 4, 2021

Your vote could decide the future of Rocky Mountain Chocolate Factory (“RMCF”) – no matter how many shares you own. But time is running out! It is imperative that stockholders vote as soon as possible. Please vote on the WHITE proxy card today FOR ALL of RMCF’s director nominees.

RMCF’s 2021 Annual Meeting of Stockholders (the “Annual Meeting”) is just a few days away and will be held on October 6, 2021. If you have not voted yet, please VOTE TODAY. If you have voted on the blue proxy card, you can still change your vote to the WHITE proxy card! Please do so by following the instructions at the bottom of this letter.

A dissident group is seeking to obtain control of RMCF’s Board, yet has only presented a superficial and ineffective plan to stockholders. You deserve better. Here are the facts:

• RMCF is taking decisive, strategic action to accelerate a transformation strategy focused on growth and innovation. We have completed one phase of a brand refresh, are expanding our digital and omnichannel platforms, and are executing our strategy to increase revenue, profitability and drive stockholder value.

• RMCF has nominated a strong slate of directors with the mission-critical skills to execute our strategic plan, accelerate our transformation and grow our Company. Our nominees are ideally positioned to support our ongoing brand refreshment, market expansion and development of new distribution channels, and the execution of our transformative strategy to maximize value for ALL stockholders.

• RMCF’s nominees bring deep experience across e-commerce, product innovation, digital marketing, branding, supply chain and logistics, franchising and accounting and capital markets, key areas of forward-looking expertise for the Company. Further, the nominees understand what it takes to lead retail and CPG companies and have public company Board and leadership experience.

• Over the last several years, RMCF has thoughtfully refreshed the Board. Upon election at the Annual Meeting, five of six directors will be independent, and 50% of the Board will be diverse by race, ethnicity or gender.

• RMCF’s financial and operational performance continues to improve despite an unpredictable environment. With a healthy balance sheet, strong free cash flow and no debt, RMCF has a solid financial foundation from which to execute its transformational strategy and seize the growth opportunities ahead. The Company is confident that the plan and strategic actions it is implementing will benefit franchisees and team members, and drive increasing value for all RMCF stockholders.

• The dissident group has presented a superficial and ineffective plan for RMCF. We believe they lack the expertise to create value for stockholders, and are pursuing a self-serving public contest at your expense that is built on misleading and inaccurate information. Further, AB Value has a clear record of value destruction, including a recent situation in which it took control of another company, installed one of its unqualified principals as CEO and ultimately oversaw a bankruptcy filing at that same company. For RMCF stockholders, the choice is clear.

RMCF strongly urges stockholders to discard any blue proxy cards you may receive and vote on the WHITE proxy card today FOR ALL six of the highly-qualified and very experienced nominees. If you have already returned a blue proxy card, you can change your vote simply by voting by telephone, via the Internet or by signing, dating and returning a WHITE proxy card today.