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2	Concept Description
3	Competitive Strategy Compete in upscale end of casual dining segment Full table service No reservations Positioned closer to fine dining (white tablecloth) than the more casual or heavily themed concepts Key competitive factors Intense professional service Food quality Ambiance
4	Corporate Profile Average annual sales per restaurant - $4,971,000 ($95,600 per week) in 2007 Fourth quarter sales average was $95,200 per week First quarter 2008 check average - $24.82 (inclusive of alcoholic beverages) vs. $24.35 last year (1.9% increase) Focus on quality leadership with operational characteristics that are extremely difficult to replicate 30 J. Alexander’s presently open in 12 states
5	Points of Differentiation Value principle/culinary-driven Selection of over 100 distinct high quality feature products A special emphasis on fresh seafood 95% of all products made in the restaurant Upscale environment with contemporary flair Intense focus on quality control, service and guest satisfaction
6	2007 Summary Had eight and one half months of good performance Same store sales turned down in mid September Disappointing fourth quarter – same store sales down 2.9% Weekly average same store sales were up 1.6% for the year to $95,600
7	2007 Summary
8	J. Alexander’s Corporation Results of Operations
9	J. Alexander’s Corporation Historical Results (000’s omitted)
10	2007 Business Review “Running the business profit” improved by 1.4% Average check continued to increase – up 6.4% Guest counts decreased by 4.8% Sales weakness in Ohio market Unfavorable beef contract Menu price increases and operating efficiencies generally offset escalating costs, including higher minimum wages for tipped employees Maintained restaurant operating margin of 12.3% vs. 12.6% in 2006
11	State of the Business Same store sales continue to be affected by economic issues – we believe fuel and grocery prices affect our guests most Alcohol sales more impacted than food sales Do not foresee consumer spending improving noticeably for some time Could see some improvement in same store sales trends later in 2008 when 2007 comparisons become weaker
12	State of the Business Expect continued cost escalation Implemented “at the market” beef purchase program in March – no prices locked in Are cautious with respect to menu price increases Menu adjustments in Ohio appear to be improving sales trends there somewhat
13	Competitive Factors Traffic down in all segments creating an intense operating environment Competition remains intense in upscale segment – for guests and management Continue to differentiate ourselves to maintain separation from other concepts
14	Corporate Governance Committed to high standards and exemplary corporate behavior SOX 404 internal control documentation and reporting requirements were effective in 2007 Will continue to incur general and administrative expenses and use management resources in connection with compliance matters
15	J. Alexander’s Corporation First Quarter Results
16	J. Alexander’s Corporation Restaurant Operating Results
17	2008 Focus
18	2008 Focus
19	2008 Outlook Most difficult operating environment in 25 plus years - sales and costs Same store sales expected to be down or flat for remainder of year Three new restaurants to open: The Rialto, Orlando Summer The Borgota, Scotsdale Late summer/fall St. Johns Town Center, Jacksonville Fourth quarter
20	Development Moving cautiously 2009 2010