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

May 10, 2012 • Summary of Q2

• Chief Drivers of Revenue, Earnings, EBITDA & Cash Flow

• Discussion of Acquisition Program

• Outlook for Remainder of 2012

• Q & A

SNAPSHOT: Q2 ‘12 SNAPSHOT: Q2 ‘12 vs ‘11vs ‘11

• Q2 ‘12 Revenue $25.4 million vs $21.6 million in Q2 ‘11, a 17.8% Increase • Q2 ’12 Same Store Sales Rose 8.1% over Q2 ‘11, to $22.6 million• Q2 ’12 Net Income (Without Legal

Settlement) $3.3 million vs. $2.9 in Q2 ’11

• Q2 ’12 Adjusted EBITDA* $7.5 million (Without Legal Settlement), vs. $6.9 million

• Net Cash Provided by Operating Activities in the Six Months Ended March 31, 2012 Was $12.0 million Compared to $8.5 million

… … SNAPSHOT SNAPSHOT (Cont.)(Cont.)

• Q2 ’12 Expenses Include One-Time $1.8 million Reserve to Settle Shareholder Lawsuit

• Exclusive of Legal Settlement, Operating Margins Improved to 22.2% vs. 19.8% in Previous Quarter

Current UpdateCurrent Update

• Rick’s Cabaret/DFW Grand Opening Party This Week – Great Start• Silver City Cabaret Gives Us Further Strength in DFW Metroplex

• Basketball Crowds Are Back • Have Implemented Minor Price Increases in Recent Weeks

Current Debt 3/31/12 at $47 million, $27.9 Current Debt 3/31/12 at $47 million, $27.9 million of Which is Real Estatemillion of Which is Real Estate

Reduced Debt by $2.9 million in Reduced Debt by $2.9 million in

Three Months ended 3/31/13Three Months ended 3/31/13

$6 million To Be Paid Down Over $6 million To Be Paid Down Over

Next YearNext Year

DEBT UPDATEDEBT UPDATE

Forward Growth Strategy

• Have Focused Our Search On Have Focused Our Search On Multi-Club Operators Multi-Club Operators

• Will Will Continue Emphasis on Continue Emphasis on Organic Growth & Cash Organic Growth & Cash GenerationGeneration

• Goal Is Accretive Acquisitions Goal Is Accretive Acquisitions Adding Quickly to Bottom Adding Quickly to Bottom Line PerformanceLine Performance

OutlookOutlook• We Continue to Produce Solid &

Consistent Numbers• Examining Several Opportunities

for Significant Growth of Top and Bottom Lines

• Clubs Acquired in Past Year Meeting or Exceeding Expectations

• Remain Highly Confident in Our Management & Our Business Model

THANK YOU!THANK YOU!If you are in the New York Area Please If you are in the New York Area Please Attend Tonight’s Due Diligence Ball at Attend Tonight’s Due Diligence Ball at

Rick’s Cabaret, 50 West 33Rick’s Cabaret, 50 West 33rdrd Street Street