Buffalo Wild Wings
May 26, 2017

Leading Independent Proxy Advisory Firm Glass Lewis & Co. Recommends Buffalo Wild Wings Shareholders Vote "FOR" All Nine of Buffalo Wild Wings' Director Nominees

Glass Lewis Recognizes the Strength of Buffalo Wild Wings' Nominees and Strategy for Value Creation

Buffalo Wild Wings Urges Shareholders to Protect the Value of Their Investment and Vote "FOR" Buffalo Wild Wings' Director Nominees on the YELLOW Proxy Card Today

MINNEAPOLIS--(BUSINESS WIRE)-- Buffalo Wild Wings, Inc. (NASDAQ:BWLD) today announced that Glass Lewis & Co. ("Glass Lewis"), a leading independent proxy firm, in its thorough and balanced, has recommended that Buffalo Wild Wings shareholders vote "FOR" all nine of Buffalo Wild Wings' highly qualified and experienced director nominees, as stated in its report1: "We believe shareholders would be best served by electing all nominees comprising the reconstituted board as proposed by the Company."

The Buffalo Wild Wings' 2017 Annual Meeting of Shareholders ("Annual Meeting") will be held on June 2, 2017. To vote in accordance with Glass Lewis' recommendations, shareholders should vote the YELLOW card for ALL nine company nominees.

Glass Lewis failed to recommend any nominees proposed by Marcato Capital Management, L.P. ("Marcato" or the "Dissident"). In its 39-page analysis of Buffalo Wild Wings, Glass Lewis concluded:

"[W]e believe the Dissident has failed to make a compelling case for the additional changes it seeks on the board, which would have the effect of removing most of the board's remaining independent institutional knowledge. Further, we believe the Dissident's nominees other than the one also nominated by the Company either have experience that would not be additive to the refreshed board or potential conflicts which weakens their candidacies, especially when compared to the valuable perspectives the incumbent directors are in position to contribute to the board going forward as the Company seeks to enhance its overall performance and returns. Based on these factors, we believe shareholders would be best served by electing the Company's entire slate of director nominees."

In supporting all nine Buffalo Wild Wings nominees to the Board of Directors at the 2017 Annual Meeting, Glass Lewis also stated in its report:

Commenting on the only specific proposal that Marcato has made to increase returns for shareholders, Glass Lewis noted the inherent risk associated with Marcato's "aggressive, unprecedented plan" as well as its agreement with the company's more carefully evaluated approach:

Glass Lewis also raised concerns about the Marcato nominees for the Board and their abilities to add value to the Buffalo Wild Wings Board:

Glass Lewis also called into question Marcato's focus on discrediting Buffalo Wild Wings' peer group and record of outperformance, stating:

Commenting on the Glass Lewis report, Buffalo Wild Wings issued the following statement:

We are pleased that Glass Lewis has recommended that shareholders vote for all nine of Buffalo Wild Wings' highly qualified and experienced director nominees, reaffirming our confidence that our directors and nominees have the right combination of fresh perspective and experience in the restaurant food service, entertainment, technology, retail and consumer sectors.

By supporting Buffalo Wild Wings' nominees, Glass Lewis has recognized the company's record of outstanding performance compared to casual dining peers. Under the oversight of our best-in-class, refreshed Board, reflecting a wide diversity, Buffalo Wild Wings is successfully executing on a clear, unique strategy driven by innovation, differentiation and financial discipline. The company is taking proactive steps in response to the current operating environment, undertaking a number of initiatives to drive sales, reduce costs and optimize its portfolio. We are confident that we will continue to deliver sustainable and significant value for shareholders.

We strongly urge shareholders to follow Glass Lewis' recommendation and protect the value of their investment by voting "FOR" all nine of Buffalo Wild Wings' director nominees - Cynthia L. Davis, Andre J. Fernandez, Janice L. Fields, Harry A. Lawton, J. Oliver Maggard, Jerry R. Rose, Sam B. Rovit, Harmit J. Singh and Sally J. Smith - on the YELLOW card today.

Lazard Ltd is serving as financial advisor and Faegre Baker Daniels is serving as legal advisor to the company.

If you have any questions or require any assistance with voting your shares,
please contact the company's proxy solicitor listed below:

Partners, Inc.

105 Madison Avenue
New York, New York 10016
Call Collect: (212) 929-5500
Toll-Free (800) 322-2885
Email: proxy@mackenziepartners.com

About the Company

Buffalo Wild Wings, Inc., founded in 1982 and headquartered in Minneapolis, is a growing owner, operator and franchisor of Buffalo Wild Wings(R) restaurants featuring a variety of boldly-flavored, made-to-order menu items including its namesake Buffalo, New York-style chicken wings. The Buffalo Wild Wings menu specializes in 21 mouth-watering signature sauces and seasonings with flavor sensations ranging from Sweet BBQ(TM) to Blazin'(R). Guests enjoy a welcoming neighborhood atmosphere that includes an extensive multi-media system for watching their favorite sporting events. Buffalo Wild Wings is the recipient of hundreds of "Best Wings" and "Best Sports Bar" awards from across the country. There are currently more than 1,220 Buffalo Wild Wings locations around the world.

To stay up-to-date on all the latest events and offers for sports fans and wing lovers, like Buffalo Wild Wings on Facebook, follow @BWWings on Twitter and visit www.BuffaloWildWings.com.

Cautionary Statement Regarding Certain Information

This communication contains "forward-looking statements" within the meaning of the federal securities laws. Such statements include statements concerning anticipated future events and expectations that are not historical facts. All statements other than statements of historical fact are statement that could be deemed forward-looking statements. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, including the factors described under "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 25, 2016, as updated or supplemented by subsequent reports we file with the SEC. We do not assume any obligation to publicly update any forward-looking statement after they are made, whether as a result of new information, future events or otherwise.

Important Information

Buffalo Wild Wings, Inc., its directors and certain of its executive officers and employees are participants in the solicitation of proxies from Buffalo Wild Wings shareholders in connection with its 2017 annual meeting of shareholders to be held on June 2, 2017. Information concerning the identity and interests of these persons is available in the definitive proxy statement Buffalo Wild Wings filed with the SEC on April 21, 2017.

Buffalo Wild Wings has filed a definitive proxy statement in connection with its 2017 annual meeting. The definitive proxy statement, any amendments thereto and any other relevant documents, and other materials filed with the SEC concerning Buffalo Wild Wings are (or will be, when filed) available free of charge at http://www.sec.gov and http://ir.buffalowildwings.com. Shareholders should read carefully the definitive proxy statement and any other relevant documents that Buffalo Wild Wings files with the SEC when they become available before making any voting decision because they contain important information.


1 Permission to use quotations neither sought nor obtained. Emphasis added.

Buffalo Wild Wings, Inc.
Investor Relations:
Heather Pribyl, 952-540-2095
Additional Investor Contact
MacKenzie Partners, Inc.
Bob Marese/Paul Schulman, 212-929-5500
Joele Frank, Wilkinson Brimmer Katcher
Meaghan Repko / Nick Lamplough, 212-355-4449

Source: Buffalo Wild Wings, Inc.

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