Einstein Noah announces authorization of US$20M share repurchase program; company expects to promptly initiate purchases for up to US$5M of its common stock in open market or through privately negotiated transactions

LAKEWOOD, Colorado , May 2, 2014 (press release) – Einstein Noah Restaurant Group, Inc. (BAGL), a leader in the quick-casual segment of the restaurant industry operating under the Einstein Bros.® Bagels, Noah's New York Bagels®, and Manhattan Bagel® brands, today announced that its Board of Directors has authorized a $20 million share repurchase program. The Company expects to initiate repurchases promptly for up to $5 million of its common stock in the open market or through privately negotiated transactions.

The authorization does not obligate the Company to repurchase any particular amount of common stock and it may be suspended or discontinued at any time. The amount and timing of any purchases under the program will depend upon a number of factors, including the price and availability of the Company’s shares, trading volume, and general market conditions. Purchases under the repurchase program will comply with applicable Securities and Exchange Commission rules.

About Einstein Noah Restaurant Group

Einstein Noah Restaurant Group, Inc. is a leading company in the quick-casual segment of the restaurant industry that operates, franchises and licenses locations under the Einstein Bros.®, Noah's New York Bagels® and Manhattan Bagel® brands. The Company's retail system consists of over 860 restaurants in 42 states and the District of Columbia. It also operates a dough production facility. The Company's stock is traded on the NASDAQ under the symbol BAGL. Visit www.einsteinnoah.com for additional information.

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