September 2007

Benihana Inc.

Safe Harbor Statement

This presentation contains various "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent our expectations or beliefs concerning future events, including unit growth, future capital expenditures, and other operating information. A number of factors could, either individually or in combination, cause actual results to differ materially from those included in the forward-looking statements, including changes in consumer preferences, fluctuations in commodity prices, availability of employees, changes in the economy, trend cycles in the industry, and in consumer disposable income, competition, availability of locations, weather conditions in areas in which we and our franchisees operate, acceptance of our concepts, changes in governmental laws and regulations, ability to complete construction and obtain governmental permits on a reasonably timely basis and other factors that we cannot presently foresee.

Leader in Upscale Japanese Themed & Sushi Restaurants

• High brand recognition

• 80 company-owned units in the U.S.

• 19 franchised Benihana restaurants in the U.S. & abroad

• Q1’08 restaurant sales $89.4 million (up 12.6%)

• FY’07 restaurant sales of $271.1 million (up 11.1%)

• Q1’08 restaurant operating profit of $15.7 million (17.6% of rest. sales; up 12%)

• FY’07 restaurant operating profit of $45.6 million (16.8% of rest. sales; flat vs. FY’06)

• Positive comparable sales and traffic continues despite overall challenges in restaurant industry

• Q1’08 of 6.4% vs. Q1’07 of 9.2%

• FY’07 of 8.5% vs. FY’06 of 8.7%

• Industry Comp % YTD June 30, 2007 ~ -1.1%*

• Focused on expansion of all concepts and rejuvenation of mature Benihana locations

*Based Upon Knapp Track YTD comparable sales figures for June 30, 2007

Three Distinct ConceptsJapanese themed -

Each with its own demographics

Benihana, the original, venerable teppanyaki restaurant

with a 43 year history

RA Sushi, a chain of vibrant and hip sushi restaurants

considered to be an emerging growth vehicle

Haru, an upscale, urban-centric sushi chain located in

Manhattan and Philadelphia offering large portions at

reasonable prices

3Michigan

1Maryland

1Indiana

33Illinois

3Georgia

17Florida

1D.C.

2Colorado

314California

52Arizona

1Alaska

HARURA SUSHI

BENIHANASTATES HARURA SUSHI

BENIHANASTATESCONT’D

71459TOTAL

1Utah

17Texas

1Tennessee

11Pennsylvania

1Oregon

3Ohio

63New York

2New Jersey

1Nevada

2Minnesota

Company-Owned Units

Located in 20 States & D.C.Located in 20 States & D.C.

1Maryland

1Massachusetts

1Illinois

21Florida

2California

11Arizona

HARURA SUSHI

BENIHANASTATES HARURA SUSHI

BENIHANASTATESCONT’D

287TOTAL

1Virginia

21Texas

1Pennsylvania

1New York

1New Jersey

Company- Owned UnitsUnder Development

Entering 2 New States Entering 2 New States —— MA & VAMA & VA

Sr. Management Team

JOEL A. SCHWARTZ, 66Chairman of the Board and Chief Executive Officer•Director since 1982•CEO since 1998•President from 1982 until 2007

JUAN C. GARCIA, 43President and Chief Operating Officer•Appointed President and COO during April 2007•SVP-COAO from 2005 until 2007•VP/Controller from 1994 until 2005•Various accounting positions prior to 1994

TAKA YOSHIMOTO, 61Executive Vice President – Operations and Director•Director since 1990•EVP- Operations since 1989•Director of Operations from 1986 until 1989•Various positions from 1979 until 1986

SCOTT KILPATRICK, 37Vice President of Sushi Operations •Oversees both RA Sushi and Haru operations•VP since 2002•One of the original founders of the RA Sushi concept

JOSE I. ORTEGA, 35Vice President – Finance, Chief Financial Officer and Treasurer•Appointed VP-Finance, CFO and Treasurer during September 2006•Controller from 2005 until 2006•Burger King from 2001 until 2005

Sr. Management Team cont’d

About Benihana• Theatrical, family friendly experience that is also value oriented • Potential for 100+ company-owned units

• 59 owned, 19 franchised• Seven additional units under development

• Average check Q1 FY’08 of ~ $27.75• Q1’08 sales of $65.5 million – 73% of total • FY’07 sales of $200.2 million – 74% of total• More relevant than ever with strong sales trends

• Q1’08 comp sales of 6.2% • FY’07 comp sales of 7.4%

• Acquired in 2002 - potential for 100+ units in both urban and suburban markets

• Currently 14 units located throughout Metro Phoenix, Metro Chicago, Southern California, Houston and South Florida

• 8 units under development• New markets Dallas and Baltimore• Average check ~ $21 with 35% beverage mix• Q1’08 sales of $13.5 million - 15% of total• FY’07 sales of $39.0 million – 14% of total• Q1’08 comp sales of 4.4%• FY’07 comp sales of 13.3%

About RA Sushi

About Haru• Acquired in 1999 as a 2-unit chain • Higher priced, sophisticated, urban concept• 6 units in Manhattan, 1 in Philadelphia• 2 under development • Expansion limited to high density urban markets• Potential for 20+ units• Average check ~ $30.00 • Take out/delivery is approximately 40% of sales• Q1’08 sales of $10.4 million – 12% of total• FY’07 sales of $31.7 million – 12% of total • Q1’08 comp sales of 10.3%• FY’07 comp sales of 11.0%

Benihana – Design Initiative

• Improve ROI by reducing building cost and size on new units

• Maximize efficiencies between BOH and FOH

• Improve backdrop to emphasize natural theater presentation

• Increase privacy between tables

• Create a variety of dining options & zones

• Design adapts well to renovation program

• Prototype operating in Miramar, FL and Maple Grove, MN, and willbe in operation in Chandler, AZ

Sushi Bar & LoungeSushi Bar & Lounge

Prototype layoutPrototype layout

Theatrical table presentationTheatrical table presentation

Miramar, FL Miramar, FL –– June 2006June 2006First groundFirst ground--up prototype unit built in Ft. Lauderdale suburb up prototype unit built in Ft. Lauderdale suburb has thus far exceeded expectations by a wide margin.has thus far exceeded expectations by a wide margin.

Miramar, FL Miramar, FL –– June 2006June 2006First groundFirst ground--up prototype unit built in Ft. Lauderdale suburb up prototype unit built in Ft. Lauderdale suburb has thus far exceeded expectations by a wide margin.has thus far exceeded expectations by a wide margin.

Theatrical table presentationTheatrical table presentation

Maple Grove, MN Maple Grove, MN –– May 2007May 2007

Exterior DisplayExterior Display

Benihana – Renovation Program• Remodels based on condition, opportunity & lease terms

• Current restaurant average - 19 years

• Only 15 units less than 5 years old

• Restaurant average upon completion - 12 years

• 50% of units will be less than 5 years old

• Expecting 12 month lift between 10%- 20%

• Twelve units completed – program performing within stated goals

• Three currently in progress and expect to have 17 completed by end of FY’08

• Average closure period - 24 weeks with cap ex of $2.0- $2.3 million

RA SushiYouth orientedEdgyVibrantHip

Torrance, CA Torrance, CA –– November, 2006 November, 2006

Lombard, IL Lombard, IL –– July, 2007 July, 2007

Haru

Philadelphia

Contemporary Japanese fusionSakeLarge portions

New York

Planned Unit Development by StateBenihana

• Chandler, AZ

• Coral Springs, FL

• Chicago, IL

RA Sushi

• Mesa, AZ

• Huntington Beach, CA

• Tustin , CA

• South Miami, FL

Haru

• Boston, MA (Prudential Center in Back Bay)

• NYC, NY (Wall Street Financial District)

• Meadowlands, NJ

• Plymouth Meeting, PA (Philadelphia)

• Plano, TX

• Dulles, VA (DC Area)

• Pembroke Pines, FL

• Baltimore, MD

• Plano , TX

• Houston, TX

Overall Growth Objectives• Capitalize on legendary Benihana brand

• Refine prototype & build 2-4 units annually

• Complete renovation of up to 25 total units to new prototype design during Fiscal 2009

• Accelerate development of RA Sushi at 8-10 per year and increasing thereafter

• Strategically expand Haru in major urban centers at 1-2 per year

• Evaluate complimentary Asian concepts for acquisition

System Restaurant Sales

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

2003 2004 2005 2006 2007 2007 Q1 2008 Q1

CAGR~ 9.4%

Benihana - Unit Level Economics

20.8%Fully capitalized ROI (including leases at 8X)

25.3%Cash ROI$3,400,000Investment to open (1)

20.0%Restaurant Operating profit margin

$861,000Restaurant level cash flow (2)$3,540,000Revenue (2)7,900 sq ftUnit Size

(1) Includes $400K for opening costs, initial inventories, uniforms. Capital costs of $3.0 million based upon current construction cost estimates FY07.

(2) Based upon ‘06 averages.

Benihana Sales (000's)

$0

$50,000

$100,000

$150,000

$200,000

$250,000

2003 2004 2005 2006 2007 2007 Q1 2008 Q1

RA Sushi - Unit level economics

26.2%Fully capitalized ROI (including leases at 8x)

37.7%Cash ROI$2,325,000Investment to open (1)

21.3%Restaurant Operating profit margin$876,000Restaurant level cash flow (2)

$3,600,000Revenue (2)4,600 sq ftAverage sq. ft.

(1) Includes $325K for opening costs, initial inventories, uniforms. Capital costs of $2.0 million based upon current construction cost estimates.

(2) Based upon ‘07 averages.

RA Sushi Sales (000's)

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

2003 2004 2005 2006 2007 2007 Q1 2008 Q1

Haru - Unit level economics

25.8%Fully capitalized ROI (including leases at 8X) 33.1%Cash ROI $4,200,000Investment to open (1)22.9%Restaurant Operating profit margin $1,390,000Restaurant level cash flow (2)$5,000,000Revenue (2)4,500 sq ftAverage sq. ft.

(1) Includes $400K for opening costs, initial inventories, uniforms. Capital costs of $3.8 million based upon current construction cost estimates.

(2) Based upon ‘07 averages.

Haru Sales (000's)

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

2003 2004 2005 2006 2007 2007 Q1 2008 Q1

Consolidated Revenues Net Income

$-

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

Selected financial information

(1)

(1) Increased professional fees as a result of the Benihana of Tokyo, Inc. litigation.

Shareholder’s Equity as of July 22, 2007

Class A Common• Trades Nasdaq BNHNA• Issued and outstanding ~8.2 MM sharesCommon• Trades Nasdaq BNHN• Convertible into Class A• Issued and outstanding ~ 6.9 MM shares Market Capitalization• Approximately $280M• 3-2 stock dividend paid June 15, 2007

Capitalization as of July 22, 2007

• Mezzanine and Equity ~ $168 million

• Wachovia $75 million revolving credit facility• Borrow up to $75 million through March 15, 2012• Option to pay interest at Wachovia’s prime rate or at libor

plus applicable margin. • Preferred Stock (Mezzanine) ~ $20.0 million

• Convertible into approximately 1.6 million common shares • 5% coupon

Investment Highlights• Leader in Japanese theme and sushi dining with three

distinct brands target diverse market segments

• Core Benihana restaurants provide growth foundation while RA Sushi adds significant growth potential

• Remodeling program is proving to be prudent use of capital and completed units generating strong returns

• Strong balance sheet with credit facility in place

• Continue to enhance infrastructure to support growth

• Experienced management team