Ramius Capital Group Comments on Luby's Annual Meeting of Shareholders

Preliminary Indications Show That Independent Shareholders Voted
in Favor of Change on the Luby's Board of Directors
NEW YORK--(Business Wire)--Starboard Value and Opportunity Master Fund Ltd., an affiliate of
RCG Starboard Advisors, LLC and Ramius Capital Group, L.L.C.
(collectively, "Ramius"), today announced that it appears that the
shareholders of Luby's, Inc. ("Luby's" or the "Company") (NYSE: LUB)
have re-elected the incumbent board members to the Luby's Board of
Directors.

Ramius Partner Jeffrey C. Smith stated, "Although we are
disappointed that our nominees were not elected to the board of
Luby's, we believe the independent shareholders of Luby's have sent a
strong message. The preliminary indications show that a majority of
the independent shareholders of Luby's voted in favor of changes to
the composition of the Luby's board. In fact, if you exclude the
Pappases' share ownership above the 15% poison pill threshold from the
vote, it appears that a majority of shares voting would have supported
change to the Luby's Board of Directors."

Mr. Smith concluded, "This should be a wake up call for the
independent members of the Luby's board. They must be accountable to
independent shareholders and represent the best interests of all
shareholders, not just the best interests of the Pappases. We hope and
expect that the board will enter 2008 with a re-invigorated sense of
independence and oversight. It is clearly needed at Luby's. We greatly
appreciate the strong support we received from the independent
shareholders of Luby's and hope that our voice has been heard."

About Ramius Capital Group, L.L.C.

Ramius Capital Group is a registered investment advisor that
manages assets of approximately $9.6 billion in a variety of
alternative investment strategies. Ramius Capital Group is
headquartered in New York with offices located in London, Tokyo, Hong
Kong, Munich, and Vienna.

Media & Stockholders:
Sard Verbinnen & Co.
Dan Gagnier or Renee Soto, 212-687-8080

Copyright Business Wire 2008