SAFE HARBORSAFE HARBOR Certain statements contained in this presentation regarding Rick's Cabaret Certain statements contained in this presentation regarding Rick's Cabaret

future operating results or performance or business plans or prospects and any future operating results or performance or business plans or prospects and any other statements not constituting historical fact are "forward-looking other statements not constituting historical fact are "forward-looking statements" subject to the safe harbor created by the Private Securities statements" subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995.  Where possible, the words "believe," "expect," Litigation Reform Act of 1995.  Where possible, the words "believe," "expect," "anticipate," "intent," "would," "will," "planned," "estimated," "potential," "goal," "anticipate," "intent," "would," "will," "planned," "estimated," "potential," "goal," "outlook," and similar expressions, as they relate to the company or its "outlook," and similar expressions, as they relate to the company or its management have been used to identify such forward-looking statements.  All management have been used to identify such forward-looking statements.  All forward-looking statements reflect only current beliefs and assumptions with forward-looking statements reflect only current beliefs and assumptions with respect to future business plans, prospects, decisions and results, and are based respect to future business plans, prospects, decisions and results, and are based on information currently available to the Company.   Accordingly, the statements on information currently available to the Company.   Accordingly, the statements are subject to significant risks, uncertainties and contingencies, which could are subject to significant risks, uncertainties and contingencies, which could cause the Companycause the Company‘‘s actual operating results, performance or business plans or s actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by, these prospects to differ materially from those expressed in, or implied by, these statements.  Such risks, uncertainties and contingencies include, but are not statements.  Such risks, uncertainties and contingencies include, but are not limited to, risks and uncertainties associated with (i) operating and managing an limited to, risks and uncertainties associated with (i) operating and managing an adult business, (ii) the business climates in cities where the company operates, adult business, (ii) the business climates in cities where the company operates, (iii) the success or lack thereof in launching and building the company(iii) the success or lack thereof in launching and building the company’’s s businesses, (iv) the operational and financial results of the company's adult businesses, (iv) the operational and financial results of the company's adult nightclubs, (v) conditions relevant to real estate transactions, (vi) the loss of nightclubs, (v) conditions relevant to real estate transactions, (vi) the loss of key personnel, and (vii) laws governing the operation of adult entertainment key personnel, and (vii) laws governing the operation of adult entertainment businesses.  Additional factors that could cause the Companybusinesses.  Additional factors that could cause the Company’’s results to differ s results to differ materially from those described in the forward-looking statements are described materially from those described in the forward-looking statements are described in forms filed with the SEC from time to time and available at in forms filed with the SEC from time to time and available at www.ricksinvestor.com or on the SEC's internet website at or on the SEC's internet website at www.sec.gov. Unless . Unless required by law, Rick's Cabaret does not undertake any obligation to update required by law, Rick's Cabaret does not undertake any obligation to update publicly any forward-looking statements, whether as a result of new information, publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. future events, or otherwise.

Definition of Definition of Adjusted Adjusted EBITDAEBITDA

During this Conference Call you may hear us refer to During this Conference Call you may hear us refer to Adjusted Adjusted EBITDAEBITDA. We consider . We consider Adjusted EBITDAAdjusted EBITDA to be a key metric to to be a key metric to measure our performance. It is a financial statement measure measure our performance. It is a financial statement measure that was not derived in accordance with GAAP. In calculating that was not derived in accordance with GAAP. In calculating Adjusted EBITDAAdjusted EBITDA the company excludes the largest recurring the company excludes the largest recurring non-cash charge, depreciation, amortization and impairment non-cash charge, depreciation, amortization and impairment charges. charges. Adjusted EBITDAAdjusted EBITDA provides a core operational provides a core operational performance measurement that compares results without the performance measurement that compares results without the need to adjust for Federal, state and local taxes, which have need to adjust for Federal, state and local taxes, which have considerable variation between domestic jurisdictions.  Also, considerable variation between domestic jurisdictions.  Also, the company excludes interest cost in the calculation of the company excludes interest cost in the calculation of Adjusted EBITDAAdjusted EBITDA. The results are, therefore, without . The results are, therefore, without consideration of financing alternatives of capital employed. The consideration of financing alternatives of capital employed. The company uses company uses Adjusted EBITDAAdjusted EBITDA as one guideline to assess as one guideline to assess unleveraged performance return on investments. unleveraged performance return on investments. Adjusted Adjusted EBITDAEBITDA is also the target benchmark for acquisitions of is also the target benchmark for acquisitions of nightclubs.nightclubs.

CONFERENCE CALL OVERVIEW

FEBRUARY 7, 2012 • Summary of Q1

• Chief Drivers of Revenue Increase

• Summary of EBITDA, Cash Flow & Earnings

• Review of Cost Control Measures

• Outlook for Remainder of 2012

• Discussion of Acquisition Program

• Q & A

SNAPSHOT: Q1 ‘12 vs SNAPSHOT: Q1 ‘12 vs ‘11‘11

• Q1 ‘12 Revenue $22 million vs $19.7 million, a 12% Increase over ‘11• Higher Revenue Primarily Due to

Newly Acquired Clubs and Very Broad Growth at Existing Clubs.

• Q1 Same Store Sales up 6.7% over last year, to $20.6 million

• Strong Cash Flow from Operating Activities: $5.2 million vs. $2.9 million in Q1 ‘11

• Adjusted EBITDA in Q1 ‘12 was $5.5 million vs $5.3 million

……Q1 EXPENSE Q1 EXPENSE REVIEWREVIEW

• Q1 ‘12 Operating Expenses $17.7 million, vs Q1 ‘11 of $15.2 million

• Biggest Increases Were in Cost of Goods (liquor, food, etc), Salaries & Wages (primarily new clubs), D&A, Legal and ‘Other’

• Where Possible We Are Reducing Expenses; But Some Is Result of Legal Costs, Plus Natural Operating Costs and D&A for New Clubs

Current UpdateCurrent Update• Rick’s Cabaret Indianapolis Had Great Super Bowl Weekend…As Did Rick’s Cabaret NYC • TABC Granted Rick’s Cabaret DFW Liquor License; Open Weekend of February 9th • Late Start to NBA Season Impacted Clubs in NBA Cities; Basketball Crowds Are Now Back• Will Implement Minor Price Increases in Coming Weeks• Closed on the Silver City Cabaret Acquisition Giving Us 9 Clubs in DFW Metroplex

Current Debt 12/31/11 was $34.2 Current Debt 12/31/11 was $34.2 million, With additional $8.0 million million, With additional $8.0 million for Silver City Acquisitionfor Silver City Acquisition

Reduced Debt by $1.4 million in Three Reduced Debt by $1.4 million in Three Months ended 12/31/11Months ended 12/31/11

$5.5 million To Be Paid Down Over $5.5 million To Be Paid Down Over Next YearNext Year

DEBT UPDATEDEBT UPDATE

Forward Growth Strategy

• Renewed Focus on Growth Renewed Focus on Growth Through AcquisitionsThrough Acquisitions

• Searching for Multi-Club Operators Searching for Multi-Club Operators to Acquire, Merge With or Joint to Acquire, Merge With or Joint Venture to Accelerate GrowthVenture to Accelerate Growth

• Continue Emphasis on Organic Continue Emphasis on Organic Growth & Cash GenerationGrowth & Cash Generation

• Aim Remains Accretive Aim Remains Accretive Acquisitions (Especially In Areas Acquisitions (Especially In Areas Where We Currently Operate)Where We Currently Operate)

OutlookOutlook• We Are Producing Solid, Consistent

Numbers While Exploring Multiple Opportunities to Spur Growth

• Contributions from Both New and Existing Clubs Driving Current Growth

• Silver City Acquisition Already Contributing

• We Believe We Will Achieve Results in Line With or Exceeding Current Analyst Estimates

• Highly Confident in Our Management & Our Business Model Working Regardless of Economic Conditions.

THANK YOU!THANK YOU!Be Sure To Visit a RickBe Sure To Visit a Rick’’s Cabaret s Cabaret

Establishment Soon for Some Personal Establishment Soon for Some Personal Due DiligenceDue Diligence