#1Denny's INVESTOR PRESENTATION March 2017 Denny's Denny's AMERICA'S DINER#2FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES Denny's Denny's Corporation urges caution in considering its current trends and any outlook on earnings disclosed in this presentation. In addition, certain matters discussed may constitute forward-looking statements. These forward-looking statements, which reflect the Company's best judgment based on factors currently known, are intended to speak only as of the date such statements are made and involve risks, uncertainties, and other factors that may cause the actual performance of Denny's Corporation, its subsidiaries and underlying restaurants to be materially different from the performance indicated or implied by such statements. Words such as "expects", "anticipates", "believes", "intends", "plans", "hopes", and variations of such words and similar expressions are intended to identify such forward-looking statements. Except as may be required by law, the Company expressly disclaims any obligation to update these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events. Factors that could cause actual performance to differ materially from the performance indicated by these forward- looking statements include, among others: the competitive pressures from within the restaurant industry; the level of success of the Company's operating initiatives, advertising and promotional efforts; adverse publicity; health concerns arising from food-related pandemics, outbreaks of flu viruses, such as avian flu, or other diseases; changes in business strategy or development plans; terms and availability of capital; regional weather conditions; overall changes in the general economy, particularly at the retail level; political environment (including acts of war and terrorism); and other factors from time to time set forth in the Company's SEC reports, including but not limited to the discussion in Management's Discussion and Analysis and the risks identified in Item 1A. Risk Factors contained in the Company's Annual Report on Form 10-K for the year ended December 30, 2015 (and in the Company's subsequent quarterly reports on Form 10-Q). The presentation includes references to the Company's non-GAAP financials measures. The Company believes that, in addition to other financial measures, Adjusted Income Before Taxes, Adjusted EBITDA, Free Cash Flow, Adjusted Net Income and Adjusted Net Income Per Share are appropriate indicators to assist in the evaluation of its operating performance on a period-to-period basis. The Company also uses Adjusted Income Before Taxes, Adjusted EBITDA and Free Cash Flow internally as performance measures for planning purposes, including the preparation of annual operating budgets, and for compensation purposes, including bonuses for certain employees. Adjusted EBITDA is also used to evaluate its ability to service debt because the excluded charges do not have an impact on its prospective debt servicing capability and these adjustments are contemplated in its credit facility for the computation of its debt covenant ratios. Free Cash Flow, defined as Adjusted EBITDA less cash portion of interest expense net of interest income, capital expenditures, and cash taxes, is used to evaluate operating effectiveness and decisions regarding the allocation of resources. However, Adjusted Income Before Taxes, Adjusted EBITDA, Free Cash Flow, Adjusted Net Income and Adjusted Net Income Per Share should be considered as a supplement to, not a substitute for, operating income, net income or other financial performance measures prepared in accordance with U.S. generally accepted accounting principles. See Appendix for non- GAAP reconciliations. 2#3DENNY'S INVESTMENT HIGHLIGHTS Denny's Consistently Growing Same-Store Sales Expanding Global Footprint Growing Profitability with 90% Franchised Business Strong Free Cash Flow* Generation Consistently Returning Capital to Shareholders System-wide same-store sales growth in 14 of last 15 quarters Highest annual same-store sales growth in over a decade in 2015 • More than 450 new restaurants opened since 2009 (>25% of the system) • More than 50 international locations opened since 2009 (8 new countries) • 35% Adjusted EBITDA* growth since 2010 27% Adjusted EPS* growth in 2016 with 175% Adjusted EPS* growth since 2011 Generated over $280M in Free Cash Flow* over the last 6 years, capital expenditures, cash interest, and cash taxes. after ⚫ 2017 Full Year Guidance¹ is $58M to $60M in Free Cash Flow* • Nearly $60M allocated to repurchase shares in 2016 • More than $270M allocated to share repurchase program since November 2010² See Appendix for reconciliation of Net Income to Adjusted EBITDA, Adjusted Income Before Taxes, Adjusted Net Income, Adjusted Net Income per Share (also called Adjusted Earnings per Share), and Free Cash Flow. 1. Full Year Guidance provided in Fourth Quarter 2016 Earnings Release dated February 15, 2017. 2. Data as of December 28, 2016, the end of Fiscal Fourth Quarter 2016. 3#4EXECUTION OF BRAND REVITALIZATION STRATEGY DRIVING RESULTS "Become the World's Largest, Most Admired and Beloved Family of Local Restaurants" Deliver a Differentiated and Relevant Brand Consistently Operate Great Restaurants Grow the Global Franchise GUESTS Denny's Drive Profit Growth for All Stakeholders Run Restaurants Serving Classic American Comfort Food at a Good Price Around the Clock OUR GUIDING PRINCIPLES $2 $4 $6 $8 VALUE MENU EMBRACE Liti FIRST OPEN OPENNESS PROUD HUNGRY OF X OUR HERITAGE TO WIN THE POWER OF WE 4#5DELIVERING A DIFFERENTIATED AND RELEVANT BRAND Welcome to America's Diner Denny's For unpretentious, loyal, hardworking people everywhere, Denny's is always there for you. Our light is always on and our door is always open, welcoming you, and the people you care about, to come inside. Our friendly staff lets everyone forget about the small stuff, be themselves and focus on what's important, while savoring a varied menu of classic, comforting American fare, at a fair price. Food Denny's AMERICA'S DINER Service Atmosphere 5#6Denny's MENU EVOLUTION TO MATCH GUESTS' NEEDS FOCUS ON BETTER QUALITY, MORE CRAVEABLE PRODUCTS More Than 50% of Core Menu Items Changed or Improved Since 2013 Leading to Significant Improvement in Taste and Quality Scores ERMIL New! BUTTERMILK PANCAKES Our old panels were fine, but Amaries deserved better. Se, we reworked our recipe. Added goodstuff like fresh buttermilk, real eggs, flour and a hint of vanilla. The result? Fluff in, tastier, better buttermilk pancakes. But don't take our word for it-you decide. STICKY BUN PANCAKE BREAKFAST Skillets CLASSICS Skillets served sizzlin' hot. DER PEACK PERRTPANCAKE BREAKFAST સ્વીટમા આપ SLOW-COOKED POT ROAST WELCOME TO AMERICA'S DINER Denny's NEW! BUTTERMILK PANCAKES FLUFFIER TASTIER BETTER Thew! STICKY BUN PANCAKE BREAKFAST Cinesauces id cream cheese icing drizzled over two sew fluffy buttermilk pancakes with gleed pecensicooked inside. Served with two egg and hash browns, phat your choice of two strips of bacon or two sausageli lor. (Cal 9097759 PEAH UT BUNTEER CUP DATE ARE PREAKFAST PEANUT BUTTER CUP PANCAKE BREAKFAST Chocolate chip and white chocolatechipe inside two new fluffy buttermilk pancakes, topped with hot fudge and drizzled with butter sauce Served wi two eggs and hash browns, plus youre hoice off two-strips of bacon ortwo sausage lines (Cal 1860-1750) 7.59 BANANA PECAN PANCAKE BREAKFAST Glad pecans cooked in side two hearty wheat pancakes and topped with fresh banner Served with the scrambled we and two ripe off turkey bacon. (Cal 750) 7.59 LLAN Under Tig Fresh that subject to nailability Tha! SUPER BLACKBERRY PANCAKE BREAKFAST Two hearty wheat pancake topped with blackberry sauce, Fresh blackberries and flacced streusel. Served with two eggs and hash browns, plus your choice of two strips of bacon or Two sausage lines, (Cel 700-1070) 7.99 BLUEBERRY PANCAKE BREAKFAST Juicy blueberries cooled inside two new fluffy buttermilk panceler. Served with two eggs and hash browns, phar your chole of two stripe of bacon or two sausage links. Call 720-1070) 2:59 New! SALTED CARAMEL & BANANA CREAM PANCAKE BREAKFAST Two new fluffy buttermilk pans skes with shortbread piese cooled inside, layered with vanilla cream and topped with free b Bananas, warmsalted caramels suce and eves more short bread pieces. Served with two eggs and hash browns, plus your choice of two stripe of bacon or two range in CC1250-15500 8.99 SALTED CARAMEL & BARANG REAR PANCAKE BREAKFAST BOURBON CHICKEN SKILLET Two grilled seas sed chicken breasts covered with a delicious sweet bourbon glaze, topped with mushrooms and fire-routed bell peppers and onions, all stop broccoli and rend red-sked potatoes. (Cal40) 969 STEAR SHOWER SLOW-COOKED POT ROAST Slow-cooled pot roast, creamy mashed potatoes and herb-roasted carrots, celery, mushrooms and onions atop garlic tort and covered in rich gravy. 1900999 CHICKEN STRIPS Fourspicy, golden-brown breaded chicken strips served with a dipping sauce, your choice of two sides and dis ser bread. Cal 010-1520) 10.79 BROOKLYN SPAGHETTI & MEATBALLS New! STEAK SKEWER SKILLET OF A grilled sirloin steakslewer stop fire-roast ad bell peppers and onions, zucchin and squash, and sooned red-skinned pos then topped with a sweet bourbos glase (C 6200 10.69 New! WILD ALASKA SALMON SKILLET F A grilled wild-caught Alaska salmon fillet seasoned with a delicious blend of garlic and herbs. Served atopsessed red-skinned potatoes, fresh spinach, broccoli, sautidad inus rooms and grape tomatoes (Cal40) 10.29 CAUTION Srebot. Handie with can BROOKLYN SPAGHETTI & MEATBALLS The reasoned meatballs atop a bed of parts covered in arich, avesty tomato sauce. Served with aside of shredded kalian cheeses and garlic tout (Cal 1230) 9.79 FISH & CHIPS Two wild-caught white fish fillets fried golden-brows and served with wavy-out French fries. Served wit tartar esuse and your choice of one ride and dinner bread. (+1250769.99 TILAPIARCHERO New Buttermilk Pancakes Recipe Red Cyps How Fresk-bulle mit -- Vanille Hand mix ingredido and griddle wit golden Pufe lasher belle bullemilk pancakes WILD ALASKAS ALMON TILAPIA RANCHERO A sassoned white fish fillet grilled and topped with freshly made pico de gallo and freeh avocado. Served with s sides and din ser bread. (CAL SECURIC Oyours boice of two under 550 when your muted owned Over 20 GF wh and the Guten Free D = 2000ies a day is used for gene autike nadice, but 90 6#7COMPELLING LIMITED TIME ONLY OFFERINGS FOUR MODULES IN 2016 HELPED DRIVE TRAFFIC WITH FEWER, HARDER WORKING PRODUCTS LEADING TO OPERATIONAL EFFICIENCIES Denny's Denny's Denny's EXTREME SKILLETS EXTREME SKILLETS FOR A LIMITED TIME ONLY FOR A LIMITED TIME ONLY Denny's EXTREME SKILLETS EXTREME SKILLETS FOR A LIMITED TIME ONLY FOR A LIMITED TIME ONLY Denny's RED, WHITE BACON FOR A LIMITED TIME ONLY NEW! BUTTERMILK PANCAKES FLUFFIER TASTIER BETTER IN CELEBRATION OF INDEPENDENCE DAY RESURGENCE IN THEATERS JUNE 24 NEW! BUTTERMILK PANCAKES - FEATURING SEASONAL FLAVORS Denny's Denny's 7#8NEWEST LIMITED TIME ONLY OFFERINGS HIGHLIGHT OUR NEW AND IMPROVED PANCAKES AND NEW SKILLETS New! Denny's BUTTERMILK PANCAKES New! FLUFFIER, TASTIER, BETTER buttermilk pancake creations served with two eggs and hash browns, plus your choice of two strips of bacon or two sausage links The BANANA BERRY PANCAKE BREAKFAST Tully tartarik pancake with juicy cocked and with bananas. Cal 195-1040129 Add Denny's TOAST TORTILLAS to any skillet. Cal (270/260) 99€ Denny's SIZZLIN SKILLETS CRAZY SPICY SKILLET GF Crumbled chorizo sausage, jalapeños, sauteed mushrooms and fire-roasted bell peppers and onions blended together with seasoned red-skinned potatoes. Topped with grilled chicken breast, shredded Cheddar cheese, a spicy five pepper sauce and Pepper Jack queso. (Cal 1020) 8.49 Add two eggs to your skillet CF (Cal 60-2500 for 1.00 more PEANUT BUTTER CUP PANCAKE BREAKFAST Chip and white chocolate chos aide w newuffy buttermilk pancake topped with with peanut butter an 60-15 A Craving just the Order any of these casa la carta for 14. alimited time addition to our MENLE BLUEBERRY PANCAKE Madewith PUPPIES chip and tossed in powdered sugar. Served with a sof cream chewking Tan apples (940 19 St Pippie HD 1.99 W STICKY BUN PANCAKE BREAKFAST cheese icing dried over Tilly Car 1170 New! SMOKY GOUDA CHICKEN & BROCCOLI SKILLET Roasted seasoned chicken with caramelized onions, sautéed mushrooms and broccoli served atop whole grain rice. Topped with Italian cheeses and Gouda cheese sauce. (Cal 840) 9.49 New! Smoky Gouda Prime Rib & Broccoli Skillet (Cal 830) 10.49 C-Calories 2000ady for peltonacce EGCS SERVED OVER EASY POACHED, SUNNY-SIDE-UP OR SOFT-BOILED MAY BE UNDERCOOKED AND WILL ONLY BE SERVED UPON THE CONSUMERS REQUEST NOTICE: CONSUMING RAIN OR UNDERCOCKED MEATS, POULTRY SEAFOOD, SHELLFISH OR EGGS MAY INCREASE YOUR RISK OF FOODBORNE ILLNESS ESPECIALLY IF YOU HAVE CERTAIN MEDICAL CONDITIONS New! WILD ALASKA SALMON SKILLET GF A grilled wild caught Aleska salmon fillet seasoned with a delicious blend of garlic and herbs. Served atop seasoned red-skinned potatoes, fresh spinach, broccoli, sautéed mushrooms and grape tomatoes. (Cal 740) 9.69 CAUTION SKILLETS ARE HOT HANDLE WITH CARE. GF indicates food options that are GLUTEN FREE. Menu items marked as GF meet the FDA specified definition of less than 20 parts per million for a gluten free claim. Please note that our restaurants are not set up as a strictly gluten free environment. SUPER BLACKBERRY PANCAKE BREAKFAST warty wheat p 8#9EVERYDAY VALUE MENU HELPING TO DRIVE TRAFFIC • High awareness as 1 in 5 guests say they visit Denny's because of $2468 Value Menu • Utilize local and national media targeting popular products like $4 Everyday Value Slam • Changed 50% of the menu in the past 24 months providing more percent margin friendly products •19% average incidence rate of 16 products since national launch in April 2010, ranging from approximately 16% to 23% $2 Denny's $2 $4 $6 $8 VALUE MENU Slice of French Toast No substitutions, please. Ask your server for details. One thick slice of our fabulous French toast sprinkled with powdered sugar. (Cal 320) Stack of Pancakes Two new fluffy buttermilk pancakes are a tasty addition to any meal. (Cal 450) New! Shareable Turtle Sundae Two scoops of vanilla and two scoops of chocolate premium ice cream on a bed of hot fudge, then topped with caramel sauce, glazed pecans and whipped cream. (Cal 930) Everyday Value Slam* Two new fluffy buttermilk pancakes, two eggs and two bacon strips or two sausage links. (Cal 420-950) $6 New! Loaded Breakfast Sandwich Two strips of bacon, shaved ham, American cheese and an egg* cooked to order on a toasted English muffin. Served with crispy hash browns cooked with diced bacon and shredded Cheddar cheese. (Cal740-910) Southwest Turkey Sandwich with Cup of Soup Thinly sliced turkey, fresh avocado, Swiss cheese and a creamy pepper spread on grilled sourdough bread. Served with a cup of piping hot Soup of the Day and crackers. (Cal 910-1110) Soup served from 11 am to 10 pm. Other side choices available upon request. $8 New! Southern Chicken Slugger™ Two golden-brown breaded chicken strips atop a warm open-faced biscuit smothered in rich country gravy and topped with shredded Cheddar cheese. Served with two eggs" and hash browns or choice of bread, plus coffee and juice. (Cal 1210-1350) French Toast Slugger™ A thick slice of our fabulous French toast sprinkled with powdered sugar, two eggs", two bacon strips or two sausage links. Served with hash browns or choice of bread, plus coffee and juice. (Cal 600-1250) Cheese Quesadilla A flour tortilla filled with Cheddar cheese. Topped with freshly made pico de gallo and sour cream. (Cal 730) Pancake Puppies Sundae Three of our seasonal Pancake Puppies served with premium ice cream and toppings. Ask your server for the featured flavor. (Cal 450-700) Biscuit & Gravy Breakfast A warm open-faced biscuit smothered with rich sausage gravy. Served with two eggs and hash browns. (Cal 720) All You Can Eat Pancakes We start you off with three new fluffy buttermilk pancakes and then deliver them hot, two at a time, until you've had your fill. (Cal 650) Restrictions may apply. Eggs in a Basket Two eggs fried into the center of grilled Cheddar bun halves. Served with two slices of bacon and crispy hash browns cooked with diced bacon and shredded Cheddar cheese. (Cal 940-990) New! Build Your Own Chicken Wraps Two warm flour tortillas filled with grilled seasoned chicken breast or golden-brown breaded chicken strips, either tossed in your choice of Buffalo or BBQ sauce or topped with Sriracha mayo, plus lettuce and Cheddar cheese. Served with wavy-cut French fries and your choice of dipping sauce. (Cal 540-1120) Country-Fried Steak & Eggs* Skillet Our delicious Country-Fried Steak in rich country gravy and two eggs atop seasoned red-skinned potatoes, fire-roasted bell peppers and onions and shredded Cheddar cheese served on a sizzlin' hot skillet. (Cal 940-1120) Chicken Loaded Potato Skillet GF Grilled seasoned chicken breast with red-skinned potatoes, diced bacon and broccoli served on a sizzlin' hot skillet. Topped with Pepper Jack queso, shredded Cheddar cheese and a dollop of sour cream. (Cal 860) CAUTION: Skillets are hot. Handle with care. GF indicates food options that are GLUTEN FREE. Menu items marked as GF meet the FDA specified definition of less than 20 parts per million for a gluten free claim. Please note that our restaurants are not set up as a strictly gluten free environment. Cal Calories 2,000 calories a day is used for general nutrition advice, but calorie needs very *EGGS SERVED OVER-EASY, POACHED, SUNNY-SIDE-UP OR SOFT-BOILED MAY BE UNDERCOOKED AND WILL ONLY BE SERVED UPON THE CONSUMERS' REQUEST. NOTICE: CONSUMING RAW OR UNDERCOOKED MEATS, POULTRY, SEAFOOD, SHELLFISH OR EGGS MAY INCREASE YOUR RISK OF FOODBORNE ILLNESS, ESPECIALLY IF YOU HAVE CERTAIN MEDICAL CONDITIONS. This menu may not be reproduced, in whole or in part, without the prior written permission of DFO, LLC. 2016 DFC, LLC. Printed in the USA. OREO and the ORED Water Design are registered trademarks of Mondelez International group, used under license. At participating restaurants for a limited time only Selection and prices may vary Sales tax will be added to the retail price on all taxable items. In Hawa, an amount equal to 4.712% will be added to your total charge to cover the cost of the Hawaii general excise tax. 16088F3 6#10ENGAGING KEY CUSTOMER SEGMENTS THROUGH TRADITIONAL AND NEW MEDIA tbs T XFX UNIVISION TELEMUNDO LOS ANGELES LAKERS GIANTS Denny's Denny's AARP YAHOO! hulu Denny's PENGUINS Boomers Denny's FANTASTIC TURES MARVEL #FANTASTIC FOUR 08-07-15 DREAMWORKS FOR AGES 10 & UNDER f t Grand Slams 10 PISS BOOTS Families with Kids (under 12) Hispanic Millennials 10#11REMODEL PROGRAM ENHANCING TRAFFIC AND SCORES THE HERITAGE IMAGE RESTAURANT * ALWAYS Year End 2016* Denny's Year End 2018 >50% System =100% Company >75% System Data as of December 28, 2016, the end of Fiscal Fourth Quarter 2016. Includes new openings and international restaurants. Denny's Warm up with AMERICA'S DIN all winter long Denny's benn DINERS Give the gi Seratore D 11#12HERITAGE IMAGE KEY TO REVITALIZING LEGACY BRAND Legacy Denny's New Denny's Denny's AMERICA'S DINER Denny's Denny's BREAKFAST LUNCH DINNER LATE NITE Denny's 12#13Denny's FOCUS ON OPERATING GREAT RESTAURANTS LEADING TO SUSTAINED IMPROVEMENT OVERALL SATISFACTION SCORES HIGHEST SINCE WE STARTED MEASURING • Investments in training talent, tools, and strategies driving improvements in guest satisfaction scores Denny's Pride Review Program introduced in 2014 with new team of coaches evaluating and sharing best practices . Close collaboration with franchisees executing remodels, improving speed of service, and growing margins • High level of involvement with franchisees planning and executing initiatives through Brand Advisory Councils and Denny's Franchisee Association (DFA) 13#14Denny's EXPANDING GLOBAL FOOTPRINT Growth Initiatives Enabled More Than 450 New Restaurant Openings Since 2009 with 90% Opened by Franchisees 140 136 107 100 60 2017 Annual Unit Growth Guidance* New Restaurant Openings: 45 - 50 Net Restaurant Growth: 10 - 20 61 50 27 46 45 40 40 23 38 20 12 20 10 8 3 2 (20) 2009 2010 2011 2012 2013 2014 2015 2016 New Restaurant Openings Net Restaurant Growth** * Full Year Guidance provided in Fourth Quarter 2016 Earnings Release dated February 15, 2017. ** Excludes acquisitions, refranchisings, and relocations. Includes total of 123 Flying J Travel Center conversion openings with 100 opened in 2010 and 23 opened in 2011. 14#15Denny's DOMESTIC EXPANSION OPPORTUNITY More than 1,600 Restaurants in the U.S.* with Strongest Presence in West Coast, Southwest, Texas, and Florida * TOP 10 U.S. MARKETS* DMA UNITS 45 8 4 4 17 23 53 10 3 24 4 21 39 3 5 43 34 55 38 30 27 29 401 40 15 Los Angeles 186 65 Phoenix 65 Houston 63 Sacramento/Stockton 52 22 28 Dallas/Ft. Worth 51 83 27 15 9 17 San Francisco/San Jose 44 5 6 22 Orlando 43 195 4 3 136 San Diego 42 Miami 37 Chicago 35 Data as of December 28, 2016, the end of Fiscal Fourth Quarter 2016. 15#16GROWING NUMBER OF INTERNATIONAL LOCATIONS Denny's International Presence of 123 Restaurants in 13 Countries and U.S. Territories has grown by 60% Since Year End 2009* DESAYUNO, ALMUERZO Y C A CUALQUI Sandman Denny's NOW OPEN! Denny's Denny's BAR ONE Puerto Rico Mexico New Zealand United States Canada 1,610 73 13 9 7 PARQUEO Honduras 5 Santo Domingo Abbotsford Costa Rica 3 Dominican Republic 3 Denny's United Arab Emirates Guam 3 2 Diner, Your Place. any's ALWAYS OPEN Philippines 2 Curaçao 1 El Salvador 1 ALWAYS OP Trinidad and Tobago 1 ENEAST LUNCH Dubai Data as of December 28, 2016, the end of Fiscal Fourth Quarter 2016. Tegucigalpa 16#17GROWING BASE OF NON-TRADITIONAL LOCATIONS Leading Full-Service Brand in Travel Centers Denny's Pilot Denny's Pilot TRAVEL CONTER 2 DIESEL UNLEADED 457379 Pilot Flying J Travel Center KWIK TRIP Denny's Denny's KWIKERY UNLEADED (99% PREMIUM 269% DIESEL 2218 MUFFINS 79€ Kwik Trip Travel Center Non-Traditional Locations at Universities and Military Bases THE DEN ― DOINTS Breakfast Along Hard Bangers FLAVONI ATOM GET YOUR FILLOREIVE BREAKFAST FLAVORS ALL DAY UNC Charlotte University of Alabama Birmingham 17#18Denny's STRONG PARTNERSHIP WITH FRANCHISEES Well Diversified, Experienced, and Energetic Group of 266 Franchisees • 37 franchisees with more than 10 restaurants each collectively comprise 60% of the franchise system As we strive to be a model franchisor, we listen, partner, share, refine and invite participation from our franchisees in virtually all brand strategies and initiatives through our Denny's Franchisee Association and Brand Advisory Councils • The largest-ever turnout at the 2016 Annual Denny's Franchisee Association Convention is evidence of our growing momentum and brand relevance Ownership of 1,564 Franchisee Restaurants Total Franchise Number of Number of Total Franchise Franchise Units Franchisees Units as % Units of Total 1 94 94 6% 2-5 104 297 19% 6-10 31 237 15% 11-15 14 176 11% 16-30 13 282 18% > 30 10 478 31% Total 266 1,564 100% 18#19CONSISTENTLY GROWING SAME-STORE SALES Denny's Positive System-Wide Same-Store Sales in 14 of Last 15 Quarters Achieved Highest Annual Domestic Same-Store Sales Growth in Over a Decade in 2015 8.0% 7.0% 6.0% 5.0% 4.0% 2017 Annual Same-Store Sales Guidance* Company: Flat to 2% Domestic Franchised: Flat to 2% 4.7% 7.2% 7.3% 6.1% 3.0% 2.5% 2.0% 1.0% 2.4% 1.8% 1.9% 1.7% 1.2% 1.2% 0.9% 0.5% 0.6% 2.9% 2.5% 1.0% 0.5% 0.0% (1.0%) (0.6%) (0.5%) (2.0%) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 '12 '12 '12 '12 '13 '13 '13 '13 '14 '14 '14 '14 '15 '15 Q3 Q4 Q1 Q2 Q3 Q4 '15 '15 '16 '16 '16 '16 Denny's System-Wide Same-Store Sales (Domestic) * Full Year Guidance provided in Fourth Quarter 2016 Earnings Release dated February 15, 2017. 19#20Denny's GROWING EARNINGS PER SHARE* Highly Franchised Business Provides Lower Risk with Additional Upside from Operating Meaningful Base of High Volume Company Restaurants Adjusted Net Income* ($ Millions) $0.60 $0.50 27% $0.55 $50 16% 18% $0.43 $42.3 $40 $0.40 21% $0.37 $0.31 $36.7 $0.30 33% $0.26 $32.9 $30 $0.20 $29.3 $0.20 $25.2 $20 $19.5 $0.10 $10 $0.00 2011 2012 2013 $0 2014 2015 2016 Adjusted Net Income* per Share Adjusted Net Income* Adjusted Net Income per Share* * See Appendix for non-GAAP financial reconciliations of Net Income to Adjusted EBITDA, Adjusted Income Before Taxes, Adjusted Net Income, Adjusted Net Income per Share (also called Earnings per Share), and Free Cash Flow. 20 20#21* Denny's STRONG FREE CASH FLOW* GENERATION Over $280 Million in Free Cash Flow* Generated Over Last 6 Years 2017 Investments include 3 High-Performing Company Restaurant Relocations $ Millions $120 $99.4 $101-$103 $100 $88.7 $81.8 $82.5 $77.9 $76.9 $22 - $24 $80 $34.0 $16.1 $15.6 $22.1 $32.8 $1.1 $20.8 $7 - $9 $3.0 $60 $2.0 $3.8 $17.0 $11.6 $2.8 $11.2 $11.5 - $12 $8.1 $5.4 $9.1 $8.3 $40 $47.6 $48.8 $48.5 $51.1 $58 - $60 $44.2 $42.3 $20 $0 2011 2012 2013 2014 2015 2016 2017 Guidance** Cash Capital Cash Taxes Cash Interest Adjusted EBITDA* Free Cash Flow* ** Full Year Guidance provided in Fourth Quarter 2016 Earnings Release dated February 15, 2017. See Appendix for non-GAAP financial reconciliations of Net Income to Adjusted EBITDA, Adjusted Income Before Taxes, Adjusted Net Income, Adjusted Net Income per Share (also called Adjusted Earnings per Share), and Free Cash Flow. 21#22Denny's SOLID BALANCE SHEET WITH FLEXIBILITY Growing Adjusted EBITDA* Enables Higher Leverage while Maintaining Financial Flexibility to Make Investments and Return Capital to Shareholders Total Debt ($ Millions) 3.5x $600 2x to 3x Total Debt to 3.0x Adjusted EBITDA* Ratio Target $500 2.5x $400 2.0x $300 1.5x $200 1.0x $100 0.5x 0.0x $0 2010 2011 2012 2013 2014 2015 2016 Total Debt / Adjusted EBITDA* Total Debt* Total Debt / Adjusted EBITDA* * See Appendix for non-GAAP financial reconciliations of Net Income to Adjusted EBITDA, Adjusted Income Before Taxes, Adjusted Net Income, Adjusted Net Income per Share (also called Adjusted Earnings per Share), and Free Cash Flow. Total Debt is Gross Debt including Capital Lease Obligations. 22 22#23CONSISTENTLY RETURNING EXCESS CAPITAL TO SHAREHOLDERS Denny's Over $270 Million Allocated Towards Share Repurchases Since We Started to Return Excess Capital to Shareholders in Late 2010* • Nearly $60 million allocated to SHARE REPURCHASES ($ Millions) repurchase shares in 2016, including $25 million accelerated share repurchase program • Over $270 million allocated to repurchase shares since November 2010* • $79 million remaining in share repurchase authorization program* $105.8 $58.7 $36.0 $24.7 $21.6 $22.2 $3.9 Q4 '10 2011 2012 2013 2014 2015 2016 * Data as of December 28, 2016, the end of Fiscal Fourth Quarter 2016, and includes the $25 million accelerated share repurchase program. 23 23#24(50%) 300% 250% 200% STOCK PRICE OUTPERFORMANCE Between 2010 and 2016, Denny's Stock Price Rose 258%, or 2.5X the S&P Small Cap 600 Index and 1.5X the S&P Small Cap 600 Restaurants Index DENN Up 258% S&P Small Cap 600 Restaurants Index Up 174% S&P Small Cap 600 Index Up 102% 150% 2011 The 100% 50% 0% Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Beginning of Denny's Brand Revitalization Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 24 224 Denny's#25EXPERIENCED AND COMMITTED LEADERSHIP TEAM Denny's John C. Miller, President and CEO since 2011 with over 30 years experience in restaurant operations and management. Prior to joining Denny's, served as President of Taco Bueno and spent 17 years with Brinker International where positions held included President of Romano's Macaroni Grill and President of Brinker's Mexican Concepts. F. Mark Wolfinger, Executive Vice President, Chief Administrative Officer and Chief Financial Officer since 2005. Previous roles include Chief Financial Officer of Danka Business Systems and senior financial positions with Hollywood Entertainment, Metromedia Restaurant Group (operators of Bennigans, Ponderosa Steakhouse, and Steak & Ale), and the Grand Metropolitan. Christopher D. Bode, Senior Vice President, Chief Operating Officer. Prior to joining Denny's in 2011, served as Chief Operating Officer of QSR Management, LLC (a franchisee of Dunkin' Donuts) and Vice President of Development & Construction of Dunkin' Brands, Inc. Before joining the restaurant industry, served as a United States Navy Communications Specialist. John W. Dillon, Senior Vice President, Chief Marketing Officer. Prior to joining Denny's in 2007, held multiple marketing leadership positions with various organizations, including 10 years with YUM! Brands/Pizza Hut, and was Vice President of Marketing for the National Basketball Association's Houston Rockets. Stephen C. Dunn, Senior Vice President, Chief Global Development Officer. Prior to joining Denny's in 2004, held executive-level positions with Church's Chicken, El Pollo Loco, Mr. Gatti's, and TCBY. Earned the distinction of Certified Franchise Executive by the International Franchise Association Educational Foundation. Timothy E. Flemming, Senior Vice President, General Counsel and Chief Legal Officer. Joined the Company in 1993 and has served as General Counsel since 2008 after having served in the same capacity for the primary subsidiaries since 2005. Additional food service experience includes serving as Assistant General Counsel of Compass Group, North America. Jill A. Van Pelt, Senior Vice President, Chief People Officer. Joined Denny's in 2006 as Senior Director of Total Rewards and named Vice President of Human Resources in 2008. Prior experience includes various positions in Accounting, Human Resources Systems, and Human Resources for Maytag, Coastal Corporation, and Dynegy. Robert P. Verostek, Senior Vice President, Finance. Joined Denny's in 1999 and served in numerous leadership positions across the Finance and Accounting teams. Named Vice President of Financial Planning and Analysis in 2012. Prior experience includes various accounting roles for Insignia Financial Group. 25#262016 AWARDS AND COMMENDATIONS Denny's ⚫TDn2K Global Best Practices Award 2016 • Nation's Restaurant News Power List (John C. Miller) • Diversity Journal's Women Worth Watching Award (April Kelly-Drummond) • Diversity Journal Awards of Excellence Honorable Mention •Savoy Top Influential Women in Corporate America (April Kelly-Drummond, Brenda Lauderback, and Laysha Ward) • Most Influential Black Corporate Directors (Brenda Lauderback, George Haywood, and Laysha Ward) • Human Rights Campaign Equality Award Honoree (Dawn Lafreeda, Franchisee) • Asian Enterprise Top 100 Places to Work for Asian Americans • Latino Magazine "Latino 100", Companies Providing the Most Opportunities for Latinos ⚫ Best Places to Work in South Carolina 26#27Denny's DENNY'S INVESTMENT HIGHLIGHTS • Consistently growing same-store sales through brand revitalization strategies to enhance food, service, and atmosphere ● Expanding global footprint with traditional and non-traditional distribution points Growing profitability with 90% franchised business provides lower risk profile with upside from operating meaningful base of high volume restaurants Strong Free Cash Flow* generation supported by solid balance sheet with significant flexibility to support brand investments • Consistently returning excess capital to shareholders through share repurchase program * See Appendix for non-GAAP financial reconciliations of Net Income to Adjusted EBITDA, Adjusted Income Before Taxes, Adjusted Net Income, Adjusted Net Income per Share (also called Adjusted Earnings per Share), and Free Cash Flow. 27#28APPENDIX 28#29NON-GAAP FINANCIAL RECONCILIATIONS Denny's $ Millions Net Income (loss) Provision for Income Taxes² Operating (Gains) Losses and Other Charges, Net 3.1 Other Non-Operating (Income) Expense, Net (0.6) 8.0 0.7 9.2 2005 2006 2007 ($7.3) $28.5 $29.5 $12.7 $41.6 $22.7 $112.3 $22.3 $24.6 1.2 16.3 6.7 3.5 1.4 1.4 (84.0) 12.8 11.5 (47.9) (31.1) (6.4) (14.5) (4.9) 2.1 (3.1) 20081 2009 2010 2011 2012 2013 20141 2015 2016 $32.7 $36.0 $19.4 16.0 17.8 16.5 0.5 7.1 1.3 2.4 26.9 5.3 2.6 7.9 1.1 (0.6) 0.1 (1.1) Share-Based Compensation 7.8 7.6 4.8 4.1 4.7 2.8 4.2 3.5 4.9 5.8 6.6 7.6 Adjusted Income Before Taxes $4.2 $12.5 $10.5 $23.2 $30.0 $27.3 $37.3 $47.0 Interest Expense, Net 55.2 57.7 43.0 Depreciation and Amortization 56.1 55.3 49.3 35.5 32.6 39.8 32.3 25.8 29.6 20.0 28.0 22.3 13.4 $49.2 10.3 21.5 $55.3 $62.9 $69.3 9.2 9.3 12.2 21.2 21.5 22.2 Cash Payments for Restructuring Charges & Exit Costs (6.7) (9.1) (7.5) Cash Payments for Share-Based Compensation Adjusted EBITDA Adjusted EBITDA Margin % Cash Interest Expense Cash Taxes Capital Expenditures Free Cash Flow Net Income (loss) Pension Settlement Loss Losses (Gains) on Sales of Assets and Other, Net Impairment Charges Early Extinguishment of Debt Tax Effect of Adjustments³ (5.1) (9.1) (2.7) (3.8) (2.8) (2.0) (1.5) (1.2) (0.9) (0.9) (1.0) (2.4) (1.9) (0.8) (1.0) $107.6 $119.5 $92.9 $88.4 $85.0 $73.8 $81.8 $77.9 11.0% 12.0% 9.9% 11.6% 14.0% 13.5% 15.2% 16.0% (48.2) (50.9) (38.5) (31.6) (29.3) (23.1) (11.6) (1.3) (1.3) (2.3) (1.1) (0.6) (47.2) (33.1) (33.1) (27.9) (18.4) (7.0) (1.8) (1.2) (1.1) (3.4) $76.9 $82.5 $88.7 $99.4 16.6% 17.5% 18.1% 19.6% (2.5) (17.0) (0.9) (1.1) (2.0) (9.1) (8.1) (8.3) (11.2) (2.8) (3.8) (5.4) (3.0) (27.4) (16.1) (15.6) (20.8) (22.1) (32.8) (34.0) $11.0 $34.3 $19.0 $27.9 $36.7 $22.4 $47.6 $48.8 $44.2 $48.5 $42.3 $51.1 $112.3 $22.3 $24.6 $32.7 $36.0 $19.4 0.0 0.0 0.0 0.0 0.0 24.3 (3.2) (7.1) (0.1) (0.1) (0.1) 0.0 4.1 3.7 5.7 0.4 0.9 1.1 1.4 7.9 1.2 0.0 0.3 0.0 (0.8) (1.6) (2.2) (0.1) (0.4) (2.5) Adjusted Provision for Income Taxes4 Adjusted Net Income (94.3) Adjusted Net Income Per Share 1. Includes 53 operating weeks. $19.5 $25.2 $29.3 $32.9 $36.7 $42.3 $0.20 $0.26 $0.31 $0.37 $0.43 $0.55 2. In the fourth quarter of 2011, we recorded an $89 million net deferred tax benefit from the release of a substantial portion of the valuation allowance on certain deferred tax assets. This release was primarily based on our improved historical and projected pre-tax income. 3. Tax adjustments for full year 2011 and 2012 are calculated using the Company's full year 2012 effective tax rate of 36.4%. Tax adjustments for full year 2013, 2014, and 2015 use full year effective tax rates of 31.9%, 32.9%, and 33.0%, respectively. Tax adjustment for the loss on pension termination for the year ended December 28, 2016 is calculated using an effective tax rate of 8.8%. The remaining tax adjustments for the year ended December 28, 2016 are calculated using the Company's year-to-date effective tax rate of 30.9%. 4. Adjusted provision for income taxes based on effective income tax rate of 36.4% for full year ended Dec. 27, 2012 and excludes impact of net deferred tax benefit. 29 29#30$ Ms $ Bs MISCELLANEOUS FINANCIAL DATA YEARS 2011 THROUGH 2016 Total System Sales Company AUVs Franchise AUVs $2.9 $2.35 $1.60 $2.2 $2.3 $2.8 $2.8 $2.7 $2.20 $1.55 $2.7 $2.1 $2.0 $1.50 $1.5 $1.6 $1.5 $2.05 $2.6 $2.6 $ Ms $1.9 $1.90 $1.8 $ Ms $1.45 $1.4 $1.4 $2.5 $1.40 $2.5 $1.4 $2.5 $1.75 $1.35 $2.4 $2.4 $1.60 $1.30 $2.3 $1.45 $1.25 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 Adjusted EBITDA Company Margin Franchise Margin $99.4 $100.0 21% $70.0 19% $105.0 72% $65.2 $98.8 $95.0 20% $65.0 18% $100.0 71% $94.9 $88.7 $58.7 $92.9 70.8% 70% $90.0 19.6% 19% $60.0 417.8% 17% $95.0 S $53.8 69% $85.0 $81.8 $82.5 18% Σ $55.0 $51.5 16.6% 16% $90.0 $88.0 $88.2 69 18.1% 68.6% 68% $80.0 $77.9 $76.9 17% $50.0 15% $85.0 17.5% $44.8 $45.9 $82.6 67% 67.5% $75.0 16.6% 16% $45.0 14.6% 14% $80.0 66% 16.0% $70.0 15% $40.0 13.6% 13.7% 13% $75.0 65.7% 65% 15.2% 65.3% 13.1% 65.0% $65.0 14% $35.0 12% $70.0 64% 2011 2012 2013 2014 2015 2016 Adjusted EBITDA $ Adjusted EBITDA % 2011 2012 2013 2014 2015 2016 Company Margin $ Company Margin % 2011 2012 2013 Franchise Margin $ 2014 2015 2016 Franchise Margin % 30 30 Denny's