Einstein Noah To Review Strategic Alternatives

Einstein Noah Restaurant Group, Inc. (NASDAQ: BAGL), a leader in the quick-casual segment of the restaurant industry operating under the Einstein Bros.(R) Bagels, Noah’s New York Bagels(R), and Manhattan Bagel(R) brands, today announced that its Board of Directors has authorized a review of strategic alternatives available to the Company, including a possible business combination or sale of the Company, to maximize value for all stockholders. As part of the evaluation process, the Board of Directors has selected Piper Jaffray to serve as its financial advisor and Bryan Cave HRO to serve as its legal advisor.

E. Nelson Heumann, Chairman of the Board of Einstein Noah, said, “Given our current momentum and strength of industry trends, the Board has determined that a broad evaluation of strategic alternatives to maximize value for all stockholders is now warranted. We look forward to reviewing all options available to us and communicating our intentions at the appropriate time.”

There can be no assurance that the evaluation of strategic alternatives will result in a sale of the Company or in any other transaction. There is no timetable for the review and the Company does not intend to disclose developments regarding the process unless a specific transaction is recommended by the Board of Directors or disclosure is otherwise deemed appropriate.

As of March 31, 2012, Greenlight Capital, L.L.C. and its affiliates beneficially own approximately 64% of the Company’s common stock. As a result, Greenlight Capital, L.L.C. has sufficient voting power, without the vote of any other stockholders, to determine whether a change in control of the Company can occur.

May 3, 2012