2 Forward-Looking Statement Part of our discussion today will include forward-looking statements. These statements are not guarantees of future performance and therefore undue reliance should not be placed on them. We refer all of you to our filings with the Securities and Exchange Commission for a more detailed discussion of the risks.

3 Management Participants Jim McCloskey CFO

4 Investment Highlights  Casual Dining Leader Serving America’s Families  Casual Dining Leader in Gourmet Burgers  Powerful Demographics Lead to Great Sites  Operations Focused Management Team  Significant Average Unit Volume and Unit Growth Potential  30% Cash on Cash Returns

5 Target Growth Model Balanced Predictable Growth

6 Company History  1969 – First Red Robin opens  Mike opens first franchise Red Robin  1996 – Mike joins company and becomes CEO in 1997, helping to successfully reposition Red Robin for growth Returned to successful gourmet burger focus Streamlined operations and brought discipline to Ops Focused entire company on customer service  2002 and 2003 – IPO and Secondary 4.0 m shares sold in July 2002 at $12.00 per share 750,000 shares sold in Nov 2003 at $26.50 per share

7 Industry averages obtained from Knapp & Associates Red Robin’s Average Same Store Sales have Exceeded the Industry Mean For the Past Eight Quarters Continued Strong Momentum

8 Proven Management Team

9 Three Full Service Eating Lifestyles: o Business: Capital Grill, Mortons, etc. o Dating: P.F. Changs, Cheesecake o Family: Red Robin Restaurants and Lifestyles

10 WHY DO GUESTS COME TO RED ROBIN ?  Wholesome Fun and Atmosphere  Wholesome People  Great Food  Fast Service

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12 The Red Robin Gourmet Burgers Concept  Lifestyle Restaurant Concept With a Broad Appeal  Imaginative and Cravable Food  Fast Service  Flexible Seating  Popular Destination for Both Lunch and Dinner  Red Robin Has Created the Most Popular Casual Dining Restaurant for America’s Families

13 An Award Winning Concept

14 The Red Robin Gourmet Burgers Concept  Imaginative and Cravable Food FRECKLED LEMONADE WHISKEY RIVER BBQ BURGER

15 The Red Robin Gourmet Burgers Concept  Imaginative and Cravable Food TOWERING ONION RINGS CARNITAS FAJITAS

16  Fastest Service in Casual Dining? 8 minute Ticket Times 37 minute Experience at Lunch 42 minute Experience at Dinner  Happy Team Members! Industry Leading Low Turnover The Red Robin Gourmet Burgers Concept

17 Low Average Check Drives Customer Traffic at Lunch (49%) and Dinner (51%) Strong Value Proposition The Red Robin Gourmet Burgers Concept

18 Price to Value Report

19 Diverse Food & Beverage Offerings Q1-05 Food Sales Non Alcoholic Beverages 13.8% Alcoholic Beverages 7.5% Food 78.8% * Includes Chicken, fish, turkey, pot roast, veggie and other Q1-05 Total Sales

20 Minimal Exposure to Fluctuations in Commodity Prices

21 Key Demographics

22 Attractive to Retail Developers  Red Robin Seeks to Attract High Income Women, Teens and Tweens  Specialty Retail Is Focused on Women, Teens and Tweens  Red Robin Delivers the Specialty Retail Customer  With $3.3 Million Average Annual Unit Volumes and a $10.43 Per Person Average Ticket, Red Robin Helps Deliver More Customers to Retail Sites and Developments

23 Attractive to Retail Developers  70% of Family Meal Decisions Heavily Determined by Teens and Tweens  Older “Family” Restaurants Do Not Appeal to Teens and Tweens  Red Robin has 46% More Guests under 18 Than Other Casual Dining Chains  Polls Show That Increasingly,Teens and Tweens Like Hanging Out with Their Families

24 Unique Demographics Lead to Strong Growth Opportunities  Existing Restaurants 147 company-owned units 124 franchised units Canada Alaska  Existing Locations 31 states in the U.S. 2 Canadian Provinces Corporate Franchise Corporate – 2004 openings = 22 Franchise – 2004 openings =17

25 Substantial New Unit Opportunity to Expand Chain in U.S. Note: Total U.S. locations as per recent SEC filings or company website disclosures Growth Opportunities

26 Typical New Unit Ramp Up The Line Graph Below Depicts a Typical Six Quarter Sales Trend Based on Actual 2002 and 2003 New Restaurants Openings

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Financial Overview

29 New Unit Prototype Restaurant (a)Excludes pre-opening costs. (b)Excludes $50,000 in non-cash holiday rent (c)Assumes $120,000 average ground lease capitalized at 10x’s Superior Target Unit-Level Economics

30 Historical Financial Performance: $ in millions Total Revenues Net Income, before taxes Rest Level Operating Profit Cash Flow from Operations CAGR = 21.3% CAGR = 26.2% CAGR = 86.0% CAGR = 55.6%

31 Q Financial Performance $ in millions Total Revenues Net Income, before taxes Rest Level Operating Profit Cash Flow from Operations Increased 22.6% Increased 64.5% Increased 29.5% Increased 47.3%

32 Industry Comparisons 2004 Revenue Growth

33 Industry Comparisons 2004 Restaurant Operating Margin

34 Capitalization $ in millions As of April 17, 2005 (end of Q1) Stockholders’ Equity Long-term Debt

35 Current Wachovia Line of Credit $ in millions As of April 17, 2005 (end of Q1) on an $85.0 million line of credit Cash on hand at the end of Q equaled $6.6 million Available Borrowings Borrowing’s Outstanding Letter of Credit (a) (a)This is an irrevocable letter of credit that backs the Company’s self-insured worker’s comp plan

36 Target Growth Model Balanced Predictable Growth

Gourmet Burger Leader in Casual Dining Category

38 Historical Financial Performance $ in millions Total Revenues CAGR = 21.3%

39 Historical Financial Performance $ in millions Restaurant Level Operating Profit CAGR = 26.2%

40 Historical Financial Performance $ in millions Net Income, before taxes CAGR = 86.0%

41 Historical Financial Performance $ in millions Cash Flow From Operations CAGR = 55.6%