May 14 & 15, 2014   Investor Presentation
 2   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; 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 25, 2013 (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, 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, 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.
 3   Denny’s Investment Highlights   Iconic brand with 96% brand awareness in the U.S.* and approximately   1,700 restaurants in all 50 states in the U.S. and 11 countries & U.S.   territories   * Source: Denny’s BrandTracker, Year End 2013.   ** See Appendix for reconciliation 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.   Franchised-focused business that is 90% franchised provides lower risk   profile with upside from owning meaningful base of high volume   restaurants   Strong balance sheet enables brand investments while returning of   cash to shareholders   Growing Earnings per Share** with significant Free Cash Flow**   Unlocking long-term growth through brand revitalization and growing   number of domestic and international locations in both traditional and   non-traditional distribution points
 4   Achieve Consistent, Positive Same-store Sales   Performance through Continued Improvements   in Food, Service and Atmosphere   Driving Shareholder Returns with   America’s Diner Revitalization   Guests &    Sales   * See Appendix for reconciliation of Net Income to Adjusted EBITDA, Adjusted Income Before Taxes, Adjusted Net Income, Adjusted Net Income   per Share and Free Cash Flow.   Increasing Growth Domestically and    Internationally through Traditional and    Non-Traditional Locations   Portfolio   Growth   Model Franchisor with Close Partnerships with   Franchisees, Community and Vendors Relationships   Support Growth of Profitability and Free Cash    Flow* with Disciplined Focus on Operating    Costs, Corporate G&A and Capital Allocation   Costs &   Margins
 5   Driving Guest Traffic with America’s   Diner Strategy
 6   “America’s Diner” Positioning   “Unpretentious, come as you are environment   open to all tastes and wallet sizes.”   Celebration of Diner Heritage   “Offering a wide variety of unique and familiar   products that you can’t make at home.”   “Promise of Everyday Value with craveable    Diner-esque products beyond just breakfast   entrées served all day.”   Combination of Everyday Affordability with   Limited Time Only Products   Strengthening of the Core Menu    for Broader Set of Customers
 7   Continuous Improvement of Core Menu   with Craveable and Unique Products   Rolled Out in 2014   Rolled Out in 2011, 2012 & 2013 New Core Menu
 8   Leading Everyday Value Platform   Provides attractive price points for   customers at all dayparts helping   drive 1 in 5 visits       Achieved over 75% brand awareness   with average incidence rate in 19% to   21% range since national launch      Consistently refresh some products   and utilize local and national media   targeting popular products like $4   Everyday Value Slam
 9   Strong and Consistent Pipeline of   Limited Time Only Products   High quality offerings for breakfast, lunch and dinner providing tiered   pricing approach combining everyday value and premium offerings
 10   50%   55%   60%   65%   70%   75%   80%   2010 2011 2012 2013   Overall Satisfaction (“OSAT”)*   Commitment to deliver consistent, reliable service throughout the   brand   Driving improvements in guest satisfaction measurements (Speed,   Taste, Attentiveness, Restaurant Atmosphere)   Guest satisfaction scores improved by almost 10 ppts. over the past   three years      * End of period data (December) from Denny’s STAR Guest Satisfaction Program managed by Service Management Group.   Improving Guest Service
 11   New Heritage Remodel Program   Common Exterior Look for Older Restaurants
 12   New Heritage Remodel Program   Common Interior Look for Older Restaurants
 13   New Heritage Remodel Program
 14   New Heritage Remodel Program
 15   Enhancing Denny’s Atmosphere with   New Heritage Remodel Program   Creating updated atmosphere with attractive return on investment   Initial 49 Heritage remodels completed in 2013 with 26 completed at   company restaurants   0   50   100   150   200   250   300   2010 2011 2012 2013 2014   Guidance*   R   emo   d   els*   *      Franchise   Company   * 2014 Annual Guidance issued with First Quarter 2014 Earnings Release dated April 28, 2014.   ** Refresh remodel cost approximately $50k vs. $150k to $300k for a full remodel, excluding deferred maintenance.   Completed 250   Refresh** remodels   during 3-year period   (2010, 2011, 2012)   174   201   171   107   ≈190
 16   New Restaurant with Heritage Image
 17    Redevelopment of location by landlord provides opportunity to   rebuild Denny’s highest volume restaurant   Rebuilding Denny’s Casino Royale   Restaurant in Las Vegas
 18   Growing group of 274 franchisees with 37 owning more than 10   restaurants, or 53% of system   Utilizing Brand Advisory Councils and Denny’s Franchisee Association   (DFA) to drive improvements   Leading full-service franchisor providing support through a number of   avenues:   • In-house purchasing group contracts for the entire system with no product   mark-ups   • Credit card program utilized in more than 90% of the domestic system to   collect fees providing lower risk franchise revenue stream   • Short-term loans to franchisees for new coffee equipment and installation   of Denny’s POS system   • Work closely with third-party lenders by providing limited loan guarantees   for new development programs (Flying J, New & Emerging Markets,   Heritage Remodel Program)   Continue to Grow and Energize   Franchise System
 19   (12.0%)   (10.0%)   (8.0%)   (6.0%)   (4.0%)   (2.0%)   0.0%   2.0%   4.0%   Q1   2010   Q2   2010   Q3   2010   Q4   2010   Q1   2011   Q2   2011   Q3   2011   Q4   2011   Q1   2012   Q2   2012   Q3   2012   Q4   2012   Q1   2013   Q2   2013   Q3   2013   Q4   2013   Q1   2014   Denny's System-wide Same-Store Sales (Domestic)   Denny's 2-year Same-Store Sales   Improving Same-store Sales Driven by   Revitalization Strategy   * 2014 Annual Guidance issued with First Quarter 2014 Earnings Release dated April 28, 2014.   2014 Annual Guidance*   Company Same-Store Sales 2% to 3%   Domestic Franchised Same-Store Sales 1% to 2%
 20   20 23   34   40   136   61   40 46   (33)   1    (5)   10    107    27    3    12    (60)   (40)   (20)   0   20   40   60   80   100   120   140   160   2006 2007 2008 2009 2010** 2011** 2012 2013   New   R   e   st   au   ra   n   t Op   e   n   in   gs   &      Net   Sy   st   e   m    U   n   it   G   ro   w   th       System-wide Openings*    Net System Unit Growth   * Excludes acquisitions and relocations.   ** Includes total of 123 Flying J Travel Center conversion openings with 100 opened in 2010 and 23 opened in 2011.   *** 2014 Annual Guidance issued with First Quarter 2014 Earnings Release dated April 28, 2014.   Franchise-Focused Restaurant Growth   Growth initiatives have led to more than 280 new restaurants in last   four years with franchisees opening around 90% of new locations   2014 Annual Guidance***   45 to 50 New Franchised Restaurants   5 to 15 Net Growth System Restaurants
 21   Strong market share in many top markets in California, Florida, Arizona   and Nevada   New & Emerging Markets* development incentive program increasing   growth in underpenetrated markets   Denny’s Key Markets**   DMA Share Units   San Diego 32% 39   Las Vegas 31% 28   Miami 28% 41   Los Angeles 27% 192   San Francisco 27% 48   Phoenix 24% 63   Orlando 18% 48   Current   Penetration   DMA Units   New York 8   Charlotte 7   Boston 6   Atlanta 6   Nashville 3   Memphis 3   Cincinnati 1   * New & Emerging Markets defined as DMAs where Denny’s does not have #1 or #2 market share in Family Dining spending as defined  by Restaurant Trends.    **  Source: MidYear 2012 Restaurant Trends FSR MarketSHARE Report with peer group including: IHOP, Mimi’s Café, Marie Callendar, Coco’s, Carrow’s, Waffle   House, Shoney’s, Perkins, Friendly’s, Original Pancake House, First Watch, Panera Bread and other notable brands.   New & Emerging Markets*   Domestic Growth Opportunity
 22 * Although there are approximately 400 Denny’s restaurants in Japan, Denny’s sold all of the rights to the country of Japan in 1984.   United States (1,594)   Canada (65)   Puerto Rico (12)   New Zealand (7)   Mexico (6)   Costa Rica (3)   Honduras (3)   Guam (2)   Curaçao (1)   Dominican Republic (1)   El Salvador (1)   Chile (1)   *   Growing International Footprint   Announced development   agreement for Middle East   on January 7, 2014   Currently have 102 international restaurants with 16 opened in past   three years
 23   Growing through Non-Traditional   Locations   Travel Centers   Airports   Universities   Military Bases
 24   $0.20    $0.26    $0.31    $0   $5   $10   $15   $20   $25   $30   $35   $40   $45   $50   $0.00   $0.05   $0.10   $0.15   $0.20   $0.25   $0.30   $0.35   $0.40   2011 2012 2013   A   d   ju   st   ed    N   et   In   co   me   *   ($   in    Mil   lio   n   s)      A   d   ju   st   ed    N   et   In   co   me    p   er    Sha   re   *       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.   Franchise-focused business model that is 90% franchised provides lower   risk with upside from base of high volume restaurants   Growing Adjusted Earnings per Share*
 25   $108    $120    $93    $88  $85    $74  $82  $78  $77    $11    $34    $19    $28    $37    $22    $48  $49  $44    $0   $200   $400   $600   $800   $1,000   $1,200   $0   $20   $40   $60   $80   $100   $120   $140   2005 2006 2007 2008 2009 2010** 2011 2012 2013   To   tal    Op   e   ra   ti   n   g   R   ev   e   n   u   e      ($   in    Mil   lio   n   s)      $    in   M   ill   io   n   s    Total Operating Revenue  Adjusted EBITDA*  Free Cash Flow*   Franchise-focused business model generating stronger profitability and   free cash flow   Franchised-Focused Business Model with   Strong Free Cash Flow* Characteristics   * 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 and Free Cash Flow.   ** Includes new construction capital expenditures for 21 Flying J conversion units.   *** 2014 Annual Guidance issued with First Quarter 2014 Earnings Release dated April 28, 2014.   2014 Annual Guidance***   Adjusted EBITDA*    $77 to $79 Million   Free Cash Flow*       $44 to $47 Million
 26   Strong Balance Sheet with Significant   Flexibility   $554    $175    5.1 x   2.3 x   0.0 x   1.0 x   2.0 x   3.0 x   4.0 x   5.0 x   6.0 x   2005 Q1 '14   $0   $100   $200   $300   $400   $500   $600   To   ta   l Ou   ts   tan   d   ing    De   b   t*   /   A   d   ju   st   ed    E   B   IT   D   A   *   R   ati   o      To   ta   l Ou   ts   tan   d   ing    De   b   t*      ($   M   )   Total debt has decreased almost 70% with current leverage ratio of 2.3x   Enhanced flexibility provides ability to minimize debt repayment   enabling brand investments while returning cash to shareholders   * Total Outstanding Debt is Gross Debt including Capital Lease Obligations.  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 and Free Cash Flow.
 27   $3.9    $21.6  $22.2    $24.7    $15.6    1.0   5.7   4.8   4.2   2.4   0.0   1.0   2.0   3.0   4.0   5.0   6.0   7.0   8.0   9.0   10.0   Q4 '10 2011 2012 2013 YTD   2014*   $0.0   $5.0   $10.0   $15.0   $20.0   $25.0   $30.0   #   o   f Sha   re   s   R   e   p   u   rc   h   as   e   d    (M   )   Sha   re      R   e   p   u   rc   h   as   e   s   ($M   )   Approximately $88 million of Free Cash Flow allocated to repurchase   18.1 million shares since November 2010*   6.9 million shares available in share repurchase authorization as of   April 25, 2014   * Data through April 25, 2014.   Returning Value to Shareholders
 APPENDIX
 29   Company Owned Restaurants Refranchised   (By Operating Margin Quintile)   # of Refranchised Restaurants   130   79 81   24 30   36   66%   75%   80%   85% 86%   88% 90%   50%   60%   70%   80%   90%   100%   0   20   40   60   80   100   120   140   2006 2007 2008 2009 2010 2011 2012   %    F   ra   n   ch   ise   d      #   o   f   FG   Is      0   15   30   45   60   75   90   105   Bottom 20% Top 20%   7.1% 10.9% 14.3% 16.4% 20.6%   2006 Restaurant   Operating Margin (1)   Focus of   FGI   Program   (1) Excludes area management and other costs.   Successful Transition to Franchise Based   Business Model through FGI Program   ✔Franchise Growth Initiative (“FGI”)   • Strengthen company portfolio (sale of   lower performing restaurants)   • Tighten company operating geography   • Gain commitments to future growth   ✔FGI Successfully Delivered Results   • Sold 380 company owned restaurants   generating $164 million in total   proceeds, excluding real estate   • Increased franchise mix from 66% to 90%   • Enhanced performance metrics of   company owned restaurant portfolio   • 66 separate franchisees bought   restaurants through FGI (28 new; 38   existing)   • Franchisees attracted by opportunity to   “turn around” weak performers   ✔Goal to maintain a meaningful   base of high volume company   restaurants  going forward
 30   * Includes a 53rd Week.   ** 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.   *** Tax adjustments for 2014 based on the 2014 year-to-date tax rate of 28.9%; for 2013 use full year effective tax rate of 31.9%.  Tax adjustments for full year 2011 and 2012 are calculated using the   Company's full year 2012 effective tax rate of 36.4%.   **** Adjusted provision for income taxes based on full year ended Dec. 27, 2012 effective income tax rate of 36.4% and excludes impact of net deferred tax benefit.   Non-GAAP Financial Reconciliations      $ in millions 2005 2006 2007 2008   *   2009 2010 2011 2012 2013 2012 2013   Net income (loss) ($7.3) $28.5 $29.5 $12.7 $41.6 $22.7 $112.3 $22.3 $24.6 $7.1 $6.4   Provision for income taxes** 1.2 16.3 6.7 3.5 1.4 1.4 (84.0) 12.8 11.5 3.6 2.6   Operating gains, losses and other charges, net 3.1 (47.9) (31.1) (6.4) (14.5) (4.9) 2.1 0.5 7.1 0.1 0.4   Other nonoperating expense, net (0.6) 8.0 0.7 9.2 (3.1) 5.3 2.6 7.9 1.1 0.0 (0.1)   Share-based compensation 7.8 7.6 4.8 4.1 4.7 2.8 4.2 3.5 4.9 1.2 1.2   Adjusted Income before Taxes $4.2 $12.5 $10.5 $23.2 $30.0 $27.3 $37.3 $47.0 $49.2 $12.0 $10.5   Interest expense, net 55.2 57.7 43.0 35.5 32.6 25.8 20.0 13.4 10.3 2.8 2.3   Depreciation and amortization 56.1 55.3 49.3 39.8 32.3 29.6 28.0 22.3 21.5 5.2 5.2   Cash pmts for restructuring charges and exit costs (6.7) (5.1) (9.1) (9.1) (7.5) (7.0) (2.7) (3.8) (2.8) (0.7) (0.6)   Cash pmts for share-based compensation (1.2) (0.9) (0.9) (1.0) (2.4) (1.9) (0.8) (1.0) (1.2) (0.9) (1.1)   Adjusted EBITDA $107.6 $119.5 $92.9 $88.4 $85.0 $73.8 $81.8 $77.9 $76.9 $18.4 $16.4   Adjusted EBITDA Margin % 11.0% 12.0% 9.9% 11.6% 14.0% 13.5% 15.2% 16.0% 16.6% 16.1% 14.6%   Cash Interest Expense (48.2) (50.9) (38.5) (31.6) (29.3) (23.1) (17.0) (11.6) (9.1) (2.5) (2.1)   Cash Taxes (1.3) (1.3) (2.3) (1.1) (0.6) (0.9) (1.1) (2.0) (2.8) (0.3) (0.8)   Capital Expenditures (47.2) (33.1) (33.1) (27.9) (18.4) (27.4) (16.1) (15.6) (20.8) (3.0) (6.9)   Free Cash Flow $11.0 $34.3 $19.0 $27.9 $36.7 $22.4 $47.6 $48.8 $44.3 $12.6 $6.7   Net income (loss) $112.3 $22.3 $24.6 $7.1 $6.4   Gains on sales of assets and other, net (3.2) (7.1) (0.1) 0.0 (0.0)   Impairment charges 4.1 3.7 5.7 0.0 0.0   Early extinguishment of debt 1.4 7.9 1.2 0.0 0.0   Tax effect of adjustments*** (0.8) (1.6) (2.2) (0.0) 0.0   Adjusted provision for income taxes**** (94.3)   Adjusted Net Income $19.5 $25.2 $29.2 $7.1 $6.4   Adjusted Net Income per Share $0.20 $0.26 $0.31 $0.08 $0.07   Year-to-Date