Noble Roman's, Inc. presented its annual business review to shareholders. The company operates primarily in non-traditional venues like grocery stores, convenience stores, and entertainment centers. It recently expanded into grocery stores through a Take-N-Bake pizza program requiring minimal costs. The program has been successful, with over 675 licensing agreements signed. Noble Roman's also discussed challenges like commodity prices and the economy. However, the company sees significant opportunities from its current list of prospects across venues.

1. Noble Roman’s, Inc.
1
BUSINESS REVIEW
AS PRESENTED AT THE ANNUAL
SHAREHOLDER’S MEETING
JUNE 22, 2011
Contains 49 Slides

2. Brief Review of Business Model
2
A Quick Review of
Company Brands and Target Markets

3. Brand Overview
3
Noble Roman’s Pizza Typically the “Anchor” Brand
Tuscano’s Subs Created to Expand Sales Opportunity

4. Primary Business Focus
4
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

5. Multiple Venue Strategy
5
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

6. Examples of Non-Traditional Venues
6
Bowling & Entertainment Centers
Convenience Stores
Universities
Hospitals
Military Bases
Parks & Attractions

7. Newest Venue
7
• Grocery Stores

8. Grocery Unit Growth
8
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)

9. Factors Underlying Take-N-Bake Program
9
Brief Digression into Conditions
Leading Up to Program Development

10. 2010 – 2011 Operating Environment
10
Unique Nature of Recession & Aftermath
Limited Access to Traditional Financing
Bank Lending
Equipment Leasing
Small Business Financing
Commodity Price Pressures
Petroleum
Agricultural

11. Crude Oil Prices
11
$140.00
$120.00
$100.00
$80.00
Brent Sea
$60.00 West Texas
$40.00
$20.00
$-
Dec-08 Current

12. Corn Prices
12
$8.00
$7.00
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
$-
Dec-09 Current

13. Block Cheddar Prices
13
$2.50
$2.00
$1.50
$1.00
$0.50
$-
Dec-08 Current

14. The Bottom Line
14
Decision Makers
Are Exercising
Extreme Caution!

15. What Kind of Program Fits This Market?
15
Minimal Cost of Entry
Great Sales Potential
High Profit Margins
Minimal Legal Hassle
Simple to Do

16. Noble Roman’s Take-n-Bake Program
16
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

17. Current Take-n-Bake Pizza Varieties
17

18. Current Take-n-Bake Marketing Support
18

19. Pizza Monster Becomes a Celebrity!
19

20. Projected NRI Revenue from Take-n-Bake
20
$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. 2010 Act. 2011 Proj.*
* Management Estimate

21. Targeting Operators & Distributors
21
Individual Operators Buy Through Our Existing
Distribution System
Groceries Are Largely Supplied Through Focused
Grocery Distribution companies

22. Stocking Through Grocery Distributors
22
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

23. Current Grocery Distributors
23

24. How Grocery Distributors Are Supplied
24

25. NRI Gross Profit Per TNB Pizza
25
Approximately $1.12 per pizza
When Sold from NRI Distribution System

26. Recently Implemented
26
New Carton-to-Shelf Retail Items

27. Carton-to-Shelf Retail Items
27

28. Carton-to-Shelf Retail Items
28
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

29. Payson, UT
29

30. Visibility Upon Approach
30

31. Primary Product Display - Deli
31

32. Frozen Bread Section – Cheesy Stix
32

33. Frozen Entrée Section - Lasagna
33

34. Welcome to Payson, Utah!
34

35. Paul, ID
35

36. Visibility Upon Approach
36

37. Primary Product Display (No Deli)
37

38. Pasta Sauce and Parmesan Section
38

39. Welcome to Paul, ID!
39

40. Jasper, IN – End Cap Display
40

41. Soon to be Implemented
41
Signature Line of
Specialty Pizzas!

42. Coming Soon! Signature Specialty Pizzas
42
Big Daddy’s BBQ Four Cheese Chicken BBQ
Hawaiian Hopin’ Jalapeno Parmesan Tomato

43. New Specialty Pizzas
43
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

44. Specialty Pizza Box
44

45. Some Final Observations
45
Will Now Touch Briefly on:
Status of Other Venues
Upcoming Challenges
Significant Opportunity

46. Other Non-Traditional Venues
46
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

47. Challenges Ahead Remain the Same
47
Fragile state of the Economy
Rising Commodity Prices
Implementing Creative Strategies
Using freight trains to move ingredients
Tweaking specifications and procedures

48. Current List of Active Prospects is Long!
48
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!

49. Noble Roman’s, Inc.
49
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.