Noble Roman’s, Inc.

1

BUSINESS REVIEW
AS PRESENTED AT THE ANNUAL SHAREHOLDER’S MEETING JUNE 22, 2011

Contains 49 Slides

Brief Review of Business Model
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A Quick Review of Company Brands and Target Markets

Brand Overview
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Noble Roman’s Pizza Typically the “Anchor” Brand Tuscano’s Subs Created to Expand Sales Opportunity

Primary Business Focus
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Non-Traditional Foodservice Locations
Locations where there is usually an underlying host organization Foodservice is usually ancillary to the host’s primary function Food customers are largely (but not exclusively) “captured” from the existing base of traffic Represent the vast majority of current units As differentiated from a “traditional” location where the brand(s) stand alone in a self-contained facility

Multiple Venue Strategy
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A venue is similar to a retail channel of distribution Each venue represents a target market for prospecting franchisees and licensees Multiple venues allows for shifting sales efforts based on market conditions
Micro-economic variables such as strategic shifts within a venue Macro—economic variables impacting the entire economy

Examples of Non-Traditional Venues
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Bowling & Entertainment Centers Convenience Stores Universities Hospitals Military Bases Parks & Attractions

Newest Venue
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• Grocery Stores

Grocery Unit Growth
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At last Year’s Shareholder Meeting:
134 Licensing Agreements Signed

At this Year’s Shareholder Meeting:
675 Licensing Agreements Signed (as of 6/19/2011)

Factors Underlying Take-N-Bake Program
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Brief Digression into Conditions Leading Up to Program Development

2010 – 2011 Operating Environment
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Unique Nature of Recession & Aftermath
Limited Access to Traditional Financing
Bank Lending Equipment Leasing Small Business Financing

Commodity Price Pressures
Petroleum Agricultural

Crude Oil Prices
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$140.00 $120.00 $100.00 $80.00 $60.00 $40.00 $20.00 $Dec-08 Current Brent Sea West Texas

Corn Prices
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$8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $Dec-09 Current

Block Cheddar Prices
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$2.50 $2.00 $1.50 $1.00 $0.50 $Dec-08 Current

The Bottom Line
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Decision Makers Are Exercising Extreme Caution!

What Kind of Program Fits This Market?
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Minimal Cost of Entry Great Sales Potential High Profit Margins Minimal Legal Hassle Simple to Do

Noble Roman’s Take-n-Bake Program
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High Quality Restaurant Pizza Only Requires $200 in Equipment & Smallwares Approximately 50% Margins at SRP of $5.99-$6.99 Simple, On-Site Training from Reps Free Marketing Package Only Obligated NOT to Misuse Our Ingredients & Products

Current Take-n-Bake Pizza Varieties
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Current Take-n-Bake Marketing Support
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Pizza Monster Becomes a Celebrity!
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Projected NRI Revenue from Take-n-Bake
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$1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $2009 Act.
* Management Estimate

2010 Act.

2011 Proj.*

Targeting Operators & Distributors
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Individual Operators Buy Through Our Existing Distribution System Groceries Are Largely Supplied Through Focused Grocery Distribution companies

Stocking Through Grocery Distributors
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Makes Our Distribution Easier and More Flexible Gives Program Instant Credibility with Operators Allows Us Access to Customer Databases Permits Us to Present at Distributor Food Shows

Current Grocery Distributors
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How Grocery Distributors Are Supplied
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NRI Gross Profit Per TNB Pizza
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Approximately $1.12 per pizza When Sold from NRI Distribution System

Recently Implemented
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New Carton-to-Shelf Retail Items

Carton-to-Shelf Retail Items
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Carton-to-Shelf Retail Items
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Marginally Increase Sales in Our Deli Displays
Increases Size of Our Display Area Sale of Retail Items Larger Display Area Sells More Pizza Some Opportunity to Place Retail Items Elsewhere

Other Potential Sales Opportunities
Specialty Food Distributors

Payson, UT
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Visibility Upon Approach
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Primary Product Display - Deli
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Frozen Bread Section – Cheesy Stix
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Frozen Entrée Section - Lasagna
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Welcome to Payson, Utah!
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Paul, ID
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Visibility Upon Approach
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Primary Product Display (No Deli)
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Pasta Sauce and Parmesan Section
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Welcome to Paul, ID!
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Jasper, IN – End Cap Display
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Soon to be Implemented
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Signature Line of Specialty Pizzas!

Coming Soon! Signature Specialty Pizzas
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Big Daddy’s BBQ

Four Cheese

Chicken BBQ

Hawaiian

Hopin’ Jalapeno

Parmesan Tomato

New Specialty Pizzas
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Increase Our Deli Spaces Further Premium Pricing Ability = Higher Grocer Margins Adds to Quality Image of Our Program Promoting the Program Will . . .
Excite Existing Licensees Open the Door to New Prospects

Specialty Pizza Box
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Some Final Observations
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Will Now Touch Briefly on:
Status of Other Venues Upcoming Challenges Significant Opportunity

Other Non-Traditional Venues
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Continue to Pursue All Other Active Venues as Opportunities Present Themselves Revamped C-Store Program Offers All the Benefits at Substantially Reduced Investment Military Base Opportunities are Out There
Must be selective based on current deployments Take a long time to move to opening due to red tape

Attractions/Parks/Entertainment – Some Operators Starting to Find Investment Dollars Again

Challenges Ahead Remain the Same
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Fragile state of the Economy Rising Commodity Prices
Implementing Creative Strategies
Using freight trains to move ingredients Tweaking specifications and procedures

Current List of Active Prospects is Long!
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Recent Trade Show Appearances Have Produced Significant Active Interest Recent Solicitations for C-Stores Has Started to Generate Additional Interest Recent Solicitations for Specialty Distributors of Retail Products Are Active GOAL: TO MOVE LEADS TO CONSUMATION!

Noble Roman’s, Inc.
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End of Presentation
The statements contained in this presentation concerning the company's future revenues, profitability, financial resources, market demand and product development are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) relating to the company that are based on the beliefs of the management of the company, as well as assumptions and estimates made by and information currently available to the company's management. The company's actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the company’s operations and business environment, including, but not limited to, market acceptance of recently introduced products, competitive factors and pricing pressures, the current litigation with certain former traditional franchisees, non-renewal of franchise agreements, shifts in market demand, general economic conditions and other factors including, but not limited to, changes in demand for the company's products, franchises or licenses, the success or failure of individual franchisees and licensees, and changes in prices or supplies of food ingredients and labor as well. In addition, the company has no previous experience selling its products through retail channels and there can be no assurance that grocers will stock them or that customers will buy them. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. The company undertakes no obligations to update the information in this presentation for subsequent events.

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