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Changed Risks for RED ROBIN GOURMET BURGERS INC (RRGB)

Any failure to repurchase the Company’s stock up to the maximum amounts permitted under our previously announced repurchase program may negatively impact investor perception of us and may affect the market price and volatility of our stock

The global and domestic economic environment may negatively affect frequency of guest visits and average ticket spend at our restaurants, which would negatively affect our revenues and our results of operations

We are subject to the risks presented by acquisitions or refranchising

Risks Related to Owning Our Stock

The market price of our common stock is subject to volatility, which could in turn attract the interest of activist stockholders

If we are unable to successfully recruit and retain qualified restaurant management and operating personnel in an increasingly competitive market, we may be unable to effectively operate and grow our business and revenues, which could materially adversely affect our financial performance

We are subject to all of the risks associated with leasing space subject to long-term non-cancelable leases, as well as risks related to renewal

We rely on our senior executive team for the development and execution of our business strategy and the loss of any member of our senior executive team could negatively affect our operating results

Changes in consumer buying patterns, particularly due to declines in traffic near our leased locations, and the increase in popularity of e-commerce sites and off premise sales, may affect our revenues, operating results, and liquidity

Our current insurance may not provide adequate levels of coverage against claims

Our marketing and branding strategies to attract, engage, and retain our Guests may not be successful, which could negatively affect our business

The large number of Company-owned restaurants concentrated in the western United States makes us susceptible to changes in economic and other trends in that region