Starboard Delivers Letter to Darden Restaurants CEO and Board of Directors

Expresses Serious Concerns with the Proposed Separation of Red Lobster

Believes Red Lobster Separation Will Impair Darden's Ability to Realize Full Value for the Company's Substantial Real Estate Holdings and Could Destroy Substantial Shareholder Value

Urges the Board to Delay the Red Lobster Separation and Immediately Conduct a Comprehensive Evaluation of All Opportunities to Create Value for the Benefit of All Shareholders

News provided by

Starboard Value LP

Jan 21, 2014, 09:48 ET

NEW YORK, Jan. 21, 2014 /PRNewswire/ -- Starboard Value LP (together with its affiliates, "Starboard"), one of the largest shareholders of Darden Restaurants, Inc. ("Darden" or the "Company") (NYSE:DRI), with ownership of approximately 5.5% of the outstanding common stock of the Company, today announced that it has delivered a letter to the Company's Chairman and CEO, Clarence Otis, and the Company's Board of Directors.

The full text of the letter is available for viewing at the following link: http://tinyurl.com/Starboard-Letter-to-Darden

About Starboard Value LP
Starboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to investing in publicly traded U.S. small cap companies. Starboard invests in deeply undervalued small cap companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.

Investor contacts:
Peter Feld, (212) 201-4878
Gavin Molinelli, (212) 201-4828
www.starboardvalue.com

SOURCE Starboard Value LP