INVESTOR  PRESENTATION     21st Annual ICR Conference        January 2019
 FORWARD-LOOKING STATEMENTS AND  NON-GAAP FINANCIAL MEASURES  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 27, 2017 (and in the Company’s subsequent quarterly reports on Form 10-Q).   The presentation includes references to the Company’s non-GAAP financials measures.  All such measures are designated by an asterisk   (*).  The Company believes that, in addition to other financial measures, Adjusted Income Before Taxes, Adjusted EBITDA, Adjusted 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 Adjusted 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.  Adjusted 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, Adjusted 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.                                                                                       INVESTOR PRESENTATION        2
 DENNY’S INVESTMENT HIGHLIGHTS          Consistently Growing                             Eight consecutive years of system-wide same-store sales1                    growth            Same-Store Sales3                             Strong same-store sales1         performance relative to peers                                                            Nearly 350 new restaurants opened since 2011 (~20% of the system)2          Global Development                              60 international locations opened since 2011 (5 new countries)2                                                          Enhanced international development agreements       Strong Adjusted Free Cash                            Generated nearly $340M in Adjusted Free Cash Flow* over the last 7 years        Flow* and Shareholder                                                                                                                                  3                       Return                              Over $393M allocated to share repurchase program since November 2010                                                           Transitioning to a lower risk business model expected to have accretive impacts         Refranchising and Real                             on Adjusted Earnings per Share* and Adjusted Free Cash Flow*               Estate Strategy                            Upgrading the quality of real estate portfolio through a series of like-kind                                                            exchanges      *  See Appendix for reconciliation of Net Income to Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per Share (also called Adjusted Earnings per Share), and Adjusted         Free Cash Flow.     1. Same-store sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open the same period in the prior year. Total operating         revenue is limited to company restaurant sales and royalties, fees and occupancy revenue from franchised and licensed restaurants. Accordingly, domestic franchise same-store         sales and domestic system-wide same-store sales should be considered as a supplement to, not a substitute for, our results as reported under GAAP.     2. Data as of December 26, 2018, the end of Fiscal Fourth Quarter 2018.      3. Data as of September 26, 2018, the end of Fiscal Third Quarter 2018.                                                                                                                             INVESTOR PRESENTATION        3
 EXECUTION OF BRAND REVITALIZATION STRATEGY DRIVING RESULTS              “Become the World’s Largest, Most Admired               and Beloved Family of Local Restaurants”        Deliver a        Consistently        Grow         Drive Profitable    Differentiated and   Operate          the Global      Growth for All     Relevant Brand  Great Restaurants    Franchise       Stakeholders                      Enabled Through Technology and Training                                   +                    Close Collaboration with Franchise Partners                                                        INVESTOR PRESENTATION        4
 DELIVERING A DIFFERENTIATED AND RELEVANT BRAND      Welcome to America’s Diner where we serve classic,      comforting food at a fair price around the clock for            unpretentious, everyday occasions.          Food         Service      Atmosphere                                    INVESTOR PRESENTATION        5
 MENU EVOLUTION TO MATCH GUESTS’ NEEDS  FOCUS ON BETTER QUALITY, MORE CRAVEABLE PRODUCTS  Nearly 80% of Core Menu Entrées Changed or Improved Since Our Revitalization Began    Leading to Significant Improvement in Taste and Quality Scores and Sales Growth                                                        INVESTOR PRESENTATION        6
 NEWEST LIMITED TIME ONLY OFFERINGS FEATURED PRODUCTS INCLUDE OMELETTES AND HEARTY COMFORT DINNER ENTREES                                                        INVESTOR PRESENTATION        7
 EVERYDAY VALUE 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                     19% average incidence rate of $2468 Value Menu                      since national launch in April 2010, ranging from                      approximately 15% to 23%                                         Positive guest response to new                                        LTO value entrée                                                INVESTOR PRESENTATION        8
 DENNY’S ON DEMAND                    Sales by Channel1                                              Share of Transactions by Daypart1  100%                     4%                         3%                          40%                     7%                         8%                                                       38%    90%                                                                     30%                                                                                    30%                                                                                          27%    80%                                                                                            25%                                                                            20%                                  23%                                                                                                                       21%      22%                    89%                        89%    70%                                                                     10%                                                       14%     60%                                                                      0%                   Company                    Franchise                              Breakfast       Lunch          Dinner       Late Night                      Dine In   Pick Up   Delivery                                       Off-Premise Transactions   Dine-In Transactions                                             2                    Delivery Status                                                       Online Transactions by Age1 100%                                                                       50%   80%                                                                       40%            86%   82%                                                                            43%                              76%               77%  60%                                70%               71%                  30%   40%                                                                       20%                              25%   20%                                                                       10%                                                                                     12%                                 12%                                                                                                                                      8%   0%                                                                        0%             Company       Domestic Franchise   Total Domestic                      18 - 24     25 - 34     35 - 44     45 - 54       55+               Eligible for Delivery Active with Delivery                    1.  Data for the Fiscal Fourth Quarter 2018.                   2.  Data as of December 26, 2018, the end of Fiscal Fourth Quarter 2018.                                                                                                            INVESTOR PRESENTATION        9
 THE MODERN AMERICAN FAMILY                                Who they are:                                  Largely identify as part of the Millennial generation                                  Have a family-first focus and are increasingly                                   becoming multi-generational (especially amongst                                   Hispanics)                                  Mobile-centric and constantly have access to                                   multiple screens                                 How we are connecting with them:                                     TV        Digital Video Content                                  Digital & Social Data & Tech Search                                                       INVESTOR PRESENTATION        10
 REMODEL PROGRAM ENHANCING TRAFFIC AND SCORES                                                Q4 20181                                 Estimated Year End 2019                                      ~81%                       System                             ~90%                                   ~100% Company                                                   System    1.  Data as of December 26, 2018, the end of Fiscal Fourth Quarter 2018.  Includes new openings and international restaurants.                                                                                                                             INVESTOR PRESENTATION        11
 HERITAGE REMODEL KEY TO REVITALIZING LEGACY BRAND     New Denny’s  New   Legacy Denny’s                                          INVESTOR PRESENTATION        12
 FOCUS ON CONSISTENTLY OPERATING GREAT RESTAURANTS  LEADING TO SUSTAINED IMPROVEMENT  • Investments in training talent, tools, and    strategies driving improvements in service    scores • Denny’s Pride Review Program used to    evaluate and share best practices • Close collaboration with franchisees    executing remodels, improving speed of    service, and growing margins                                                        INVESTOR PRESENTATION        13
 GLOBAL DEVELOPMENT     Growth Initiatives Enabled Nearly 350 New Restaurant Openings Since 2011 With                          95% Opened by Franchisees1      70           61     60     5                                                50     50                   46            45                   40                          5      38             14     39     40                                  8                   6                                 6                     7      30     30    56                                                              9                          41     20                                 37      36                   34            32                    32     10                                                       21       0          2011    2012   2013   2014   2015    2016   2017   2018                 Domestic Openings International Openings System Openings     1. Data as of December 26, 2018, the end of Fiscal Fourth Quarter 2018.                                                       INVESTOR PRESENTATION        14
 DOMESTIC FOOTPRINT      Approximately 1,600 Restaurants in the U.S.1 with Strongest Presence in West Coast,                               Southwest, Texas, and Florida                                                             TOP 10 U.S. MARKETS1                                                           DMA                    UNITS                                                           Los Angeles              179                                                      6                                                      5    Phoenix                   66                                                     11                                                   8       Houston                   61                                                   1                                                   25      Dallas/Ft. Worth          53                                                    2      Sacramento/Stockton       51                                                           San Francisco/Oakland     44                                                           Orlando/Daytona           41                                                           San Diego                 40                       6                                    Chicago                   38                                                           Miami/Ft. Lauderdale      35    1. Data as of December 26, 2018, the end of Fiscal Fourth Quarter 2018.                                                                    INVESTOR PRESENTATION        15
 INTERNATIONAL FOOTPRINT       International Presence of 131 Restaurants in 12 Countries and U.S. Territories has                          grown by over 50% Since Year End 20101                                                                  United States      1,578                                                                Canada               74                                                                Puerto Rico          14                                                                Mexico               11                                                                New Zealand           7            Honduras                     Guatemala City         Philippines           7                                                                Honduras              6                                                                Costa Rica            3                                                                United Arab Emirates  3                                                                Guam                  2                                                                United Kingdom        2                                                                El Salvador           1                                                                Guatemala             1              Dubai                       Philippines    1. Data as of December 26, 2018, the end of Fiscal Fourth Quarter 2018.                                                                    INVESTOR PRESENTATION        16
 STRONG PARTNERSHIP WITH FRANCHISEES          Well Diversified, Experienced, and Energetic Group of 246 Franchisees                                         Ownership of 1,536 Franchisee Restaurants1                                      Number of                 Total Franchise                                                Number of Total Franchise   • 35 franchisees with more than 10  Franchise                  Units as % of                                                Franchisees Units    restaurants each collectively comprise Units                   Total    over 60% of the franchise system    1        84       84       5%  • Largest-ever turnout at the 2018 Annual 2 – 5 92      255      17%    Denny’s Franchisee Association     6 – 10    35       268      17%    Convention is evidence of our growing 11 – 15 12      149      10%    momentum and brand relevance       16 – 30   13       277      18%                                        > 30     10       503      33%                                       Total     246     1,536    100%    1. Data as of December 26, 2018, the end of Fiscal Fourth Quarter 2018.                                                       INVESTOR PRESENTATION        17
 STRONG COLLABORATION WITH FRANCHISEES      Denny’s Franchisee         Marketing Brand Advisory     Operations Brand Advisory          Association                     Council                       Council         Annual Convention              Menu Innovation               Training Initiatives    Steering Committee Meetings        Media Support                 PRIDE Reviews       Joint Board Meetings            Product Testing             Operations Support    Supply Chain Oversight          Development Brand         Technology Brand Advisory          Committee                  Advisory Council                   Council      Purchase product for system   Successful Heritage Remodels  Customer Facing Technology Outperformed PPI by avg of ~1ppt   Prototype Development          Denny’s On Demand   each year over the last decade Lease & Asset Management        Common POS Platform                                                                     INVESTOR PRESENTATION        18
 REFRANCHISING STRATEGY     Divider Slide:   Recent Performance                    INVESTOR PRESENTATION        19
 REFRANCHISING STRATEGY – Planned Objectives   Transition to a 95% to 97% franchised brand over next 18 months      Sell 90 to 125 Company operated restaurants      Stimulate growth through attached development commitments      Generate over $100 million in pre-tax proceeds  Reduce annual cash capital expenditures by $7 - $10 million with a   more asset-light business model  Moderately increase leverage  Deliver shareholder-friendly returns                                          INVESTOR PRESENTATION        20
 REFRANCHISING STRATEGY –Annual Impact                            Estimated Refranchising Impact             Restaurants to be refranchised                  90 - 125             Estimated Adjusted EBITDA* Impact            ($20M - $27M)              + Incremental Royalties (@4.5%)             $8M - $11M              + Incremental Rent                           $2M - $3M              + Cost Savings                              $10M - $12M            Net Adjusted EBITDA* Impact                       ~$0              + Benefit of lower maintenance Cash CapEx   $7M - $10M            Adjusted Free Cash Flow* Impact               $7M - $10M             *  See Appendix for reconciliation of Net Income to Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per Share (also called             Adjusted Earnings per Share), and Adjusted Free Cash Flow.                                                               INVESTOR PRESENTATION        21
 REFRANCHISING –                                Restaurant Portfolio                                                              Restaurant Store Count                     1,800                      1,750                                                       40 -   50                             60 -  70                     1,700                                                                                                                          56                                                                                    91                     1,650                                              173                     1,600                      1,550                                                                                                                        1,659                     1,500                                                        1,624                                             1,536                     1,450                      1,400                                            Current    1                    Refranchise 90                       Refranchise 125                                  Franchise Restaurants           Company Restaurants              Est. Development Commitments                                                                                       Current               Post Refranchising                             States with Company Restaurants                              21                           ~8                             DMAs with Company Restaurants                                48                          ~14                         1.  Data as of December 26, 2018, the end of Fiscal Fourth Quarter 2018.  Includes the sale of 8 restaurants that occurred in Fiscal Fourth Quarter 2018.                                                                                                                           INVESTOR PRESENTATION        22
 REFRANCHISING –          Company Restaurants & Proceeds                                      AUV’s & Margins           $4.0                                                            25%              $3.5                                             19% - 21%                                                                                GAAP)                                                                            20%  -           $3.0                                          15.0%1                                (non           $2.5                                                            15%         ($ in millions)  in ($ 10% - 12%           $2.0           $1.5                                                            10%           $1.0                                                                           5%             $0.5     $1.9 - $2.1           $2.31            $2.7 - $2.9         Average Unit Volume Volume  Unit  Average            $0.0                                                            0%    Margin  Operating  Restaurant                   What We Are Selling Current Company Portfolio What We Are Keeping                            AUV    Company Restaurant Operating Margin (Non-GAAP)                             Estimated Refranchising Proceeds                  Restaurants to be refranchised              90 - 125                  AUV of restaurants we are selling        $1.9M - $2.1M                  Company Restaurant Operating Margin (Non-GAAP) 10% - 12%                  Estimated Multiple                         4.0x - 5.0x                  Pre-tax Refranchising Proceeds              >$100M             1. Data as of September 26, 2018, the end of Fiscal Third Quarter 2018.                                                                    INVESTOR PRESENTATION        23
 REFRANCHISING –          Expected Cost Savings                                                                                  1        25%            25%                     G&A % of LTM System-Wide Sales                                       2.4%                                       2.3%          Total Savings                       2.3%               2.3%          $10M -  $12M                 2.2%                                       2.1%                                                    2.1%                2.1%                                       2.0%                                                                              2.0%   2.0%                                       1.9%                50%                                       1.8%        Field Support (Operating Margins)       Pre    Post                                             Refranchsing Refranchsing      Corporate Support (G&A)       Franchise Support Cost Sharing (G&A)     1. Source: Company filings as of 9/7/2018.                                                                    INVESTOR PRESENTATION        24
 REFRANCHISING –                                Debt Leverage                                                      Total Debt to LTM EBITDA Benchmarking1                              8                               6                                                                                         7.3x                                                                                 6.6x                6.8x                              4                                                            4.1x                              2          3.1x                               0                                                               Denny’s Current Target Range2                                             2.5x                                                                 3.5x                                          2.45x                   2.79x        2.94x                                                                                                      Current Credit Facility                                        Q4 2016                Q4 2017      Q3 2018                           Limitation                         1.  Source: FactSet based on most recent company filings as of 12/31/2018.                        2.  Denny’s target leverage guidance (Total Debt / LTM Adjusted EBITDA*) provided in conjunction with credit facility refinance announced October 31, 2017.                                                                                                                            INVESTOR PRESENTATION        25
 REAL ESTATE STRATEGY –  Planned Objectives      Upgrade quality of real estate portfolio through a series of like-kind exchanges    Sell between 25% and 30% of the 951 properties currently owned    Generate proceeds of approximately $30 million    Redeploy proceeds to acquire higher quality real estate    Cash proceeds from the sale of property are not captured in Cash Capital     Expenditures while purchases of property are included    1. Data as of December 26, 2018, the end of Fiscal Fourth Quarter 2018.                                               INVESTOR PRESENTATION        26
 RECENT PERFORMANCE    Divider Slide:  Recent Performance                   INVESTOR PRESENTATION        27
 TOTAL SYSTEM SALES AND ADJUSTED EBITDA* GROWTH                Total System Sales Have Grown by Approximately $500 Million Since 2011                                    Adjusted EBITDA* Growth of 26% Over Last 6 Years                           Total System Sales1                                                                Adjusted EBITDA*     $2.9                                                                            $110.0                                                                  22.0%                                                                                                                                                  $103.3                                                                       $2.9          $105.0                                                                  21.0%    $2.8                                                                                                                                 $100.0                                                              $2.8                   $100.0                                                                                                                                                            20.0%    $2.7                                           $2.7                                                                                     $95.0                                                                                                                                  $88.8    19.7%            19.0%    $2.6                                                                                                                                           19.5%     $ Bs  $                                                                           $90.0                                            $2.6                                     Ms                                    $83.1                              18.0%                                                                                   $                                              18.1%    $2.5                                                                             $85.0      $81.7            $78.0                                                                                                                          17.6%                              17.0%                                                                                     $80.0              $78.6     $2.4                         $2.4                       $2.4                                                                                      16.9%                                      16.0%                                                                                     $75.0              $2.4                                                                                       16.1%    $2.3                                                                                     $70.0      15.2%                                                       15.0%    $2.2                                                                             $65.0                                                                  14.0%             2011      2012     2013     2014      2015     2016     2017                       2011    2012     2013    2014     2015    2016     2017   1. Total system sales is a non-GAAP measure representing the sum of sales generated at      all Denny’s locations worldwide, including franchise and licensed restaurants which Adjusted EBITDA* $          Adjusted EBITDA* % of Total Revenue     are non-consolidated entities.  Total operating revenue is limited to company      restaurant sales and royalties, fees and occupancy revenue from franchised and    *  See Appendix for reconciliation of Net Income to Adjusted EBITDA, Adjusted Net      licensed restaurants.  Accordingly, total system sales should be considered as a    Income, Adjusted Net Income per Share (also called Adjusted Earnings per Share),      supplement to, not a substitute for, our results as reported under GAAP.            and Adjusted Free Cash Flow.                                                                                                                            INVESTOR PRESENTATION        28
 COMPANY SALES AND MARGINS                    Steady Growth in Company Restaurant Average Unit Volumes              Company Restaurant Margins Expanded by 370 bps Over Last 6 Years                                                                            Company Restaurant                Company Restaurant AUVs                                Operating Margin (Non-GAAP)   $2.35                                                      $70.0                                           19.0%                                                                                                $65.2 $65.6                                                 $2.3  $2.20                                  $2.3                $65.0                                           18.0%                                   $2.2                                                             $60.0                         $58.7 17.8%       17.0%  $2.05                      $2.1                                                                                                      16.8%                                                                    $53.8                         $2.0                                  Ms $55.0                                         16.0%  $ Ms  $                                                            $             $51.5   $1.90         $1.9                                                                       16.6%                                                             $50.0                                           15.0%          $1.8                                                                       $45.9   $1.75                                                                        $44.8                                                              $45.0                                           14.0%                                                                          14.6%                                                                                     13.7%  $1.60                                                             $40.0              13.6%                        13.0%                                                                     13.1%  $1.45                                                      $35.0                                           12.0%         2011   2012  2013  2014   2015  2016  2017                 2011  2012  2013 2014  2015 2016  2017                                                                              Margin $    Margin %                                                                                        INVESTOR PRESENTATION        29
 FRANCHISE SALES AND MARGINS                    Steady Growth in Franchise Restaurant Average Unit Volumes              Franchise Operating Margins Expanded by 670 bps Over Last 6 Years                                                                                 Franchise                 Franchise Restaurant AUVs                            Operating Margin (Non-GAAP)1   $1.65                                                     $105.0                                            72.0%   $1.60                                                                                                $99.5                                                             $100.0                               $98.8        71.0%                                                $1.6                                                    71.7%  $1.55                                          $1.6                                             $94.9              70.0%                                   $1.5                      $95.0                    $92.9      70.8%  $1.50                                                                                                                69.0%                                                           Ms Ms                          $1.5                            $90.0        $88.0 $88.2     $1.45                                                    $ $ $                                                                                        68.6%             68.0%  $1.40                                                      $85.0                      $1.4                                          $82.6                 $1.4                                                                                          67.0%  $1.35                                                                               67.5%          $1.4                                               $80.0                                                                                                              66.0%  $1.30                                                             $75.0              65.7%  $1.25                                                                   65.3%                               65.0%                                                                    65.0%  $1.20                                                      $70.0                                            64.0%         2011   2012  2013  2014   2015  2016  2017                 2011  2012  2013  2014  2015 2016  2017                                                                              Margin $    Margin %  1. Reflects data prior to the adoption Topic 606.  See appendix for further details.                                                                                        INVESTOR PRESENTATION        30
 CONSISTENTLY GROWING SAME-STORE SALES1        Eighth Consecutive Year of Positive Domestic System-Wide Same-Store Sales1                                                               Growth         7.0%                                    Domestic System-Wide Same-Store Sales1        6.0%                                                  5.8%        5.0%        4.0%        3.0%                                       2.8%        2.0%                                                                                                        1.5%                            1.4%                            1.3%                                                  1.1%                                                                        0.9%                 0.8%                                       1.0%       1.0%       0.7%                 0.5%        0.0%      (1.0%)                                                                                                                  (0.7%)      (2.0%)                 2011       2012       2013       2014       2015       2016      2017       2018                 Q1 '18     Q2 '18     Q3 '18    Q4 '18      1. Same-store sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open the same period in the prior year. Total        operating revenue is limited to company restaurant sales and royalties, fees and occupancy revenue from franchised and licensed restaurants. Accordingly, domestic franchise        same-store sales and domestic system-wide same-store sales should be considered as a supplement to, not a substitute for, our results as reported under GAAP.                                                                                                                            INVESTOR PRESENTATION        31
 GROWING ADJUSTED NET INCOME PER SHARE*                 Highly Franchised Business Provides Lower Risk with Additional Upside                                from Operating Higher Volume Company Restaurants                                                                                                                                    $0.58                      $0.60                                                                                          $0.55                          $50                                                                                                                                                                Adjusted Net Income         *                   $0.50                                                                          $0.43                                                                                     $0.37                                                          $40                                                                                                                                                         ($Millions)                     $0.40                                          $0.31                                                   $0.26                                                                                          $30                per Share per $0.30                                  $0.20                                                                                                                   $42.3           $40.7          $20                                                                                                    $36.7                                                                                                                                                                *          Adjusted Net Income  Net  Adjusted $0.20                                $32.9                                                                   $29.3                                                   $25.2                                                                                                                                                  $10                   $0.10          $19.5                     $0.00                                                                                                                         $0                                   2011            2012            2013            2014           2015            2016            2017                                           Adjusted Net Income*                       Adjusted Net Income per Share*      * See Appendix for reconciliation of Net Income to Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per Share (also called Adjusted Earnings per Share), and        Adjusted Free Cash Flow.                                                                                                                            INVESTOR PRESENTATION        32
 STRONG ADJUSTED FREE CASH FLOW* GENERATION              Nearly $340 Million in Adjusted Free Cash Flow* Generated Over Last 7 Years                           2018 Investments include 6 Franchise Restaurant Acquisitions     $120                                                                                                                                         $105 -    $107                                                                                                            $100             $103    $100                                                                                   $89                    $82                                                  $83                                      $79               $78                                                                    $31           $37  - $39     $80                                                                                                    $34                     $16                                       $16                                $22              $33                                                 $3 - $5                     $1                                $21                                                                    $6                                       $2                                                                     $3      $60                                                                  $4                                $11              $15               ~$19    $ Millions  $    $17                                      $12                $3               $8                $5                                                         $9                                 $8                                                                                                             $52      $40           $48               $49                                $49                                                  $51           $44 -   $46                                                       $45                                $42      $20        $0                   2011             2012              2013             2014              2015              2016             2017              2018                                                                                                                                                        1                                                                                                                                           Guidance             Cash Capital             Cash Taxes             Cash Interest                        Adjusted EBITDA*               Adjusted Free Cash Flow*  *   See Appendix for reconciliation of Net Income to Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per Share (also called Adjusted Earnings per Share), and        Adjusted Free Cash Flow.  1.   Full Year Guidance provided in Third Quarter 2018 Earnings Release dated October 30, 2018.                                                                                                                            INVESTOR PRESENTATION        33
 SOLID BALANCE SHEET WITH FLEXIBILITY           Growing Adjusted EBITDA* Enables Higher Leverage while Maintaining Financial                        Flexibility to Make Investments and Return Capital to Shareholders                                 3.5x                                                                                               $600                                                                                                                                               Total Debt                               3.0x                                                                                               $500                      *                             2.5x                                                                                                                                $400                              2.0x                                                                                                               *                                                                                                                                $300           ($Millions)                               1.5x                   Total Debt / Debt  Total                                                                                     $200                        Adjusted EBITDA  Adjusted 1.0x                              0.5x                                                                                               $100                              0.0x                                                                                               $0                                        2010     2011      2012      2013     2014      2015      2016     2017        Q3                                                                                                                     2018                                                   Total Debt*               Total Debt / Adjusted EBITDA*      * See Appendix for reconciliation of Net Income to Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per Share (also called Adjusted Earnings per Share), and Adjusted       Free Cash Flow.  Total Debt is Gross Debt including Capital Lease Obligations.                                                                                                                             INVESTOR PRESENTATION        34
 CONSISTENTLY RETURNING EXCESS CAPITAL TO SHAREHOLDERS     Over $393 Million Allocated Towards Share Repurchases Since We Started to Return                 Excess Capital to Shareholders in Late 20101                                    SHARE REPURCHASES ($ Millions) • Approximately $83 million allocated   to repurchase shares in 2017  • Over $393 million allocated to              $105.8  repurchase shares since November   20101                                                      $82.9  • Approximately $159 million   remaining in existing share                     $58.7   repurchase authorization program1 • Announced $25 million accelerated        $36.0        $37.4   share repurchase program on    $21.6 $22.2 $24.7   November 16, 2018           $3.9                                Q4 2011 2012 2013 2014 2015 2016 2017 YTD Q3                              2010                       2018   1. Data as of September 26, 2018, the end of Fiscal Third Quarter 2018.                                               INVESTOR PRESENTATION        35
 STOCK PRICE OUTPERFORMANCE                             Between 2010 and January 4, 2019, Denny’s Stock Price Rose 365%, or 3.4X the S&P                                                                    Small Cap 600 Index and 1.7X the S&P Small Cap 600 Restaurants Index   450%                                                                                                          DENN Up 365%  400%                                                                                                          S&P Small Cap 600 Restaurants Index Up 218%  350%                                                                                                          S&P Small Cap 600 Index Up 107%   300%   250%   200%   150%                                                             2011     The                                                           Beginning of   100%                                                Denny’s Brand                                                         Revitalization        50%                0%                                                                                                 Oct-11                                                               Oct-12                                                              Oct-13                                                              Oct-14                                                               Oct-15                                                              Oct-16                                                              Oct-17                                                              Oct-18                                                                 Apr-11                                                               Apr-12                                                              Apr-13                                                              Apr-14                                                              Apr-15                                                               Apr-16                                                              Apr-17                                                              Apr-18                                                                                                                                                                                                                                                                       Feb-14                                                                                                                                                                                                                             Jun-17                                                  Feb-11                Jun-11                                        Feb-12                 Jun-12                                       Feb-13                 Jun-13                                                              Jun-14                                        Feb-15                 Jun-15                                       Feb-16                 Jun-16                                       Feb-17                                                               Feb-18                Jun-18                                                                                                                                                                                                                                                                                                                              Dec-14                                       Dec-10                                                              Dec-11                                                              Dec-12                                                               Dec-13                                                                                                                                  Dec-15                                                              Dec-16                                                               Dec-17                                                              Dec-18                                                                                          Aug-11                                                                                                                                                                                                                                                                                                                                                Aug-16                                                                                                                                                                                                                             Aug-13                                                              Aug-14                                                              Aug-15                                                                                                                                   Aug-17                                                              Aug-18 (50%)                                                                                                                                                  Aug-12                                                                                                                                                                                                                                                                                                                                                                                                                                                     INVESTOR PRESENTATION        36
 DENNY’S INVESTMENT HIGHLIGHTS   • Consistently growing same-store sales through brand    revitalization strategies to enhance food, service, and atmosphere   • Global development supported by commitments from refranchising    and enhanced international development agreements   • Strong Adjusted Free Cash Flow* and shareholder return    supported by solid balance sheet with significant flexibility to    support brand investments and share repurchase program   • Transitioning to a lower risk model expected to have accretive    impacts on Adjusted Earnings per Share* and Adjusted Free Cash    Flow*    * See Appendix for reconciliation of Net Income to Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per Share (also called Adjusted Earnings per Share), and Adjusted   Free Cash Flow.                                         INVESTOR PRESENTATION        37
 APPENDIX                                                               INVESTOR PRESENTATION        38
 EXPERIENCED AND COMMITTED LEADERSHIP TEAM              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 Brand 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.              Michael L. Furlow, Senior Vice President, Chief Information Officer.  Prior to joining Denny’s in 2017, served as Chief Information Officer and Senior              Vice President of IT at Red Robin Gourmet Burgers and CEC Entertainment, Inc. (an operator and franchisor of Chuck E. Cheese’s and Peter Piper              Pizza).                       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.                                                                                                            INVESTOR PRESENTATION        39
 AWARDS AND COMMENDATIONS    • National Association of Corporate Directors (NACD) Directorship 100 2017 (Brenda     Lauderback)   • Latino Leaders Magazine Most Relevant Latinos in Board Service in the Nation 2017     (José Gutiérrez)   • Nations Restaurant News Norman Award 2017 (John C. Miller)   • TDn2K Global Best Practices Award 2016   • Nation’s Restaurant News Power List 2016 (John C. Miller)   • Diversity Journal’s Women Worth Watching Award 2016 (April Kelly-Drummond)   • Savoy Top Influential Women in Corporate America 2016 (April Kelly-Drummond,     Brenda Lauderback, and Laysha Ward)   • Most Influential Black Corporate Directors 2016 (Brenda Lauderback, George     Haywood, and Laysha Ward)   • Human Rights Campaign Equality Award Honoree 2016 (Dawn Lafreeda,     Franchisee)   • Asian Enterprise Top 100 Places to Work for Asian Americans 2016                                                     INVESTOR PRESENTATION        40
 REVENUE RECOGNITION CHANGES                                                     ($ in millions)                        2017             2017                                                                                          (Actual)        (Pro Forma) Advertising and Other Fees & Costs                 Franchise and license revenue         $138.8            $221.8     Will now be separately reflected in             Advertising and other fees                       83    revenue and expense                             Advertising and other costs                     (83)                                                     Costs of franchise and license revenue (39.3)           (122.3)                                                     Franchise Operating Margin (Non-GAAP)  $99.5            $99.5                                                    Franchise Operating Margin Rate (Non-GAAP) 71.7%        44.9%  Initial Franchise Fees                             ($ in 000’S)                  EXAMPLE                                                          Initial Fee $40      Year 1   Year 2   Year 3 . . . . Year 20   Will now be recognized ratably       over franchise agreement term                         Cash Receipt          $40                                                       Previous                                                           Standard Revenue        $40                                                             Cash Receipt          $40                                                       New                                                           Standard Revenue        $2       $2       $2          $2   Note: We recorded deferred revenue of approximately $21 million as of the first day of fiscal 2018 related to previously recognized initial franchise fees.  The deferred revenue will be amortized over the remaining term of the related franchise agreements.     Revenue recognition changes will not impact any other components of franchise and      license revenue, costs of franchise and license revenue, overall business cash flows, or      cash taxes and effective tax rates.                                                                                        INVESTOR PRESENTATION        41
 NON-GAAP FINANCIAL RECONCILIATIONS                                                                                                                                                            YTD       $ Millions (except per share amounts)             2006    2007    20081   2009     2010    2011    2012    2013    20141    2015    2016     2017    2018      Net Income (loss)                                 $28.7    $29.5   $12.7   $41.6   $22.7   $112.3   $22.3   $24.6    $32.7   $36.0   $19.4   $39.6    $32.2      Provision for Income Taxes2                        16.3      6.7     3.5     1.4     1.4    (84.0)   12.8    11.5     16.0    17.8    16.5    17.2      7.2      Operating (Gains) Losses and Other Charges, Net   (47.9)  (31.1)    (6.4)  (14.5)   (4.9)     2.1     0.5     7.1      1.3     2.4    26.9     4.3      1.6      Other Non-Operating (Income) Expense, Net           8.0      0.7     9.2    (3.1)    5.3      2.6     7.9     1.1    (0.6)     0.1    (1.1)   (1.7)   (0.9)      Share‐Based Compensation                            7.6      4.8     4.1     4.7     2.8      4.2     3.5     4.9      5.8     6.6     7.6     8.5      3.7      Deferred Compensation Plan Valuation Adjustments5   0.5      0.5    (1.8)    1.0     0.5     (0.1)    0.7     1.1      0.5     0.0     0.9     1.6      0.5      Interest Expense, Net                              57.7     43.0    35.5    32.6    25.8     20.0    13.4    10.3      9.2     9.3    12.2    15.6     15.3      Depreciation and Amortization                      55.3     49.3    39.8    32.3    29.6     28.0    22.3    21.5     21.2    21.5    22.2    23.7     20.0      Cash Payments for Restructuring Charges & Exit Costs (5.1) (9.1)    (9.1)   (7.5)   (7.0)    (2.7)   (3.8)   (2.8)   (2.0)    (1.5)   (1.8)   (1.7)   (0.8)      Cash Payments for Share‐Based Compensation         (0.9)   (0.9)    (1.0)   (2.4)   (1.9)    (0.8)   (1.0)   (1.2)   (1.1)    (3.4)   (2.5)   (3.9)   (1.9)      Adjusted EBITDA5                                   120.3    93.3    86.6     86.0    74.3    81.7    78.6     78.0    83.1    88.8   100.0    103.3    76.8      Adjusted EBITDA Margin %                          12.1%    9.9%    11.4%   14.1%   13.6%   15.2%    16.1%   16.9%   17.6%    18.1%   19.7%   19.5%   16.3%      Cash Interest Expense                             (50.9)  (38.5)   (31.6)  (29.3)  (23.1)   (17.0)  (11.6)   (9.1)   (8.1)    (8.3)  (11.2)  (14.6)  (14.5)      Cash Taxes                                         (1.3)   (2.3)    (1.1)   (0.6)   (0.9)    (1.1)   (2.0)   (2.8)   (3.8)    (5.4)   (3.0)   (6.4)   (2.3)      Capital Expenditures                              (33.1)  (33.1)   (27.9)  (18.4)  (27.4)   (16.1)  (15.6)  (20.8)  (22.1)   (32.8)  (34.0)  (31.2)  (27.7)      Adjusted Free Cash Flow5                            35.1    19.5    26.1     37.7    23.0    47.5    49.4    45.3     49.1    42.3    51.9    51.2     32.3      Net Income (loss)                                                                          $112.3   $22.3   $24.6    $32.7   $36.0   $19.4   $39.6    $32.2      Pension Settlement Loss                                                                       0.0     0.0     0.0      0.0     0.0    24.3     0.0      0.0      Losses (Gains) on Sales of Assets and Other, Net                                             (3.2)   (7.1)   (0.1)   (0.1)    (0.1)    0.0     3.5    (0.8)      Impairment Charges                                                                            4.1     3.7     5.7      0.4     0.9     1.1     0.3      1.6      Early Extinguishment of Debt                                                                  1.4     7.9     1.2      0.0     0.3     0.0     0.0      0.0      Tax Reform                                                                                    0.0     0.0     0.0      0.0     0.0     0.0    (1.6)     0.0      Tax Effect of Adjustments3                                                                   (0.8)   (1.6)   (2.2)   (0.1)    (0.4)   (2.5)   (1.2)   (0.1)      Adjusted Provision for Income Taxes4                                                        (94.3)    0.0     0.0      0.0     0.0     0.0     0.0      0.0      Adjusted Net Income                                                                         $19.5   $25.2   $29.3    $32.9   $36.7   $42.3   $40.7    $32.8      Diluted Net Income Per Share                                                                $1.15   $0.23   $0.26    $0.37   $0.42   $0.25   $0.56    $0.49      Adjustments Per Share                                                                      ($0.95)  $0.03   $0.05     $0.0   $0.01   $0.30   $0.02    $0.01      Adjusted Net Income Per Share                                                               $0.20   $0.26   $0.31    $0.37   $0.43   $0.55   $0.58    $0.50      Diluted Weighted Average Shares Outstanding                                                99,588  96,754  92,903   88,355  84,729  77,206  70,403   66,122 1. Includes 53 operating weeks. 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, 2015 and 2017 use full year effective tax rates of 31.9%, 32.9%, 33.0%,     and 30.3%, 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 effective tax rate of 30.9%. Tax adjustment for the nine months ended September 26, 2018 is calculated using the Company's year-to-date effective tax rate of 18.3%. 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. 5. Historical presentations of Adjusted EBITDA and Adjusted Free Cash Flow have been restated to exclude the impact of market valuation changes in our non-qualified deferred compensation plan liabilities.                                                                                                                             INVESTOR PRESENTATION        42