Noble Roman's Inc provides information on its business model which focuses on licensing and franchising non-traditional pizza franchises, grocery take-n-bake pizza distribution, and stand-alone take-n-bake pizza franchises. It highlights historical revenue and profit growth, a sustainable and profitable business model positioned in the fast-growing take-n-bake pizza industry segment, and an experienced management team focused on continued growth and profitability.

1. Noble Roman’s Inc
Roman s Inc.
OTC BB: NROM
January 2013
1/17/2013 1

2. Safe Harbor
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
forward looking
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
g p y y y
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, competitive factors and pricing pressures, non-renewal of franchise
agreements, shifts in market demand, general economic conditions, changes in
purchases of, or d
h f demand f th Company's products, licenses or f
d for, the C ' d t li franchises, the
hi th
success or failure of individual franchisees and licensees, changes in prices or
supplies of food ingredients and labor, and the success or failure of its recently
developed stand-alone take-n-bake operation. Should one or more of these risks
or uncertainties materialize or should underlying assumptions or estimates prove
materialize,
incorrect, actual results may differ materially from those described herein as
“anticipated,” “believed,” “estimated,” “expected” or “intended.” The Company
undertakes no obligation to update the information in this presentation for
subsequent events
events.
1/17/2013 2

3. Investor Highlights
Sustainable Profitability, Accelerating Growth
• Net income from continuing operations margin • Accelerating growth
of 20.6% for 2011 • Management methodically reducing debt
• ~40% operating margins
Strategically Well-Positioned
Licensing-franchising business model
Li i f hi i b i d l Positioned in Fastest-Growing Pizza
Superior financial performance while alleviating Industry Segment
the risk of owning and operating restaurants Take-N-Bake (TNB) is the growth segment of the
p a dust y
pizza industry
Diversified Platform for Growth Leveraging Take-N-Bake
TNB Grocery Distribution
y Stand-alone TNB franchises
• Distribution in 1350 grocery stores and growing • First unit opened October 29, 2012
• 14 grocery distributors • Second unit opened December 3, 2012
• Third opened January 14, 2013
• Six additional units are currently under development
y p
1/17/2013 3

4. Who We Are
Three Revenue Sources for Future Growth
Non-Traditional Franchises Grocery Take-N-Bake Stand-Alone Take-N-Bake
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5. Revenue Sources
Non-Traditional
Non Traditional Franchise Take-N-Bake:
Take N Bake: Grocery
2010 2011 YTD 2011 YTD 2012 2010 2011 YTD 2011 YTD 2012
Revenue 4.4 4.0 3.1 3.2 Revenue 0.463 1.167 0.873 1.045
% of 60 54 57 57 % of 6 16 16 19
Revenue Revenue
Growth -21 -10 +3 Growth +1223 +152 +20
Rate Rate
Take-N-Bake: Stand-Alone
First prototype opened 10/29/12. Second opened 12/3/12. Third opened 1/14/13
Six more in development/construction
1/17/2013 5

6. Industry
• 2010 U.S. pizza sales: $34.4 billion Top 5 U.S. Pizzeria’s by 2010 Sales
– 1 02% increase from 2009
1.02%
• 57% of pizza outlets independently Pizza Hut $5.31
owned and control 48% of total
Domino's $3.31
pizza industry sales
• Store unit count Papa John's $2.08
– 65,283 as of spring 2011, down774 units Little Caesars $1.25
from 66,057 in spring 2010
$ in billions
• Take-N-Bake is fastest growing Papa Murphy's Take-'N'-Bake $0.66
segment of the industry
• TNB can accept food stamps
– 47 million people using food stamps
All data: October 2011 PMQ Magazine
1/17/2013 6

7. Market Share
Americans Enjoy Home cooked Pizza
Home-cooked
By Type By Company
20%
31%
45% 52%
36% 17%
Carry out Delivery Dine-in "Big 4" Independents Other Chains
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8. Non-Traditional Franchises
• Target locations
– Bowling centers
– Military bases
– Hospitals
H i l
– Schools
– Entertainment centers
– Truck stops
– Convenience stores
C i t
Franchise/license
1772
1583
1112
834
12/31/09 12/31/2010 12/31/2011 YTD 9/30/12
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9. Non-Traditional Franchises
Business Model
Upfront Fee $6,000-9,000
$6 000-9 000 upfront fees
Ongoing 11% ongoing royalties and fees in the aggregate
Royalties
Annual Total
ua o a $20 22K
$20-22K expected per year per new franchise in
Per Unit total fees to Noble Roman’s
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10. Grocery Take-N-Bake Distribution
• Take-N-Bake licensing in grocery delis
– Emphasis on growth through partnerships
with grocery distributors across the country
• Grocery Take-N-Bake revenues
expected to be approximately $2.2
million by 2013
Grocery Take-N-Bake Revenues
$3
$Millions
$2
$1
$0
2009 2010 2011 2012 2013
Est. Est.
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11. Grocery Take-N-Bake Distribution
Business Model
Annual $2-2.2K expected per year per each new grocery store
Total Per license in total fees to Noble Roman’s
Unit
U it
Distributors by Quarter TNB Grocery Locations
14
by Quarter
12
11 11 1350
10 10 1206
1084
1016
910
778
630
565
292
190
87 93
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12. Stand-Alone TNB Franchises
• Currently only one national company
competing in this space: Papa Murphy’s®
– Able to accept EBT (food stamp) payments in most
locations
– 1 in 7 Americans on food stamps
• A few smaller, regional players
• Represents a growing sales opportunity
• Nine signed:
– First opened 10/29/12
– Second 12/3/12
– Third 1/14/13
– Six more under development
• Five under development
• L
Low-cost:
t
– Only $60-90k estimated total investment after
landlord allotments
– Food cost: 32% of sales
– Low labor requirements
– Minimal equipment requirement
1/17/2013 12

13. Stand-Alone TNB Franchises
Business Model
UpfrontFee $18K upfront fees
Ongoing Fees 10-12% royalty and fees in the aggregate
Annual Total Expected gross revenues of $400-600K per unit per year.
Per Unit Results in $48-72K in royalties to Noble Roman’s per location
per year
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14. Competition
• Papa Murphy’s Take ‘N Bake is market Papa Murphy Franchises
leader with $655 million in 2010 sales 1283
• 1,202 traditional locations operated for a 1239
full 12 months for year ending 1/1/2012
y g / /
1171
– Average per store net sales: $559,495
• Highest 401 stores averaged $828,296 1119
• Next highest 400 stores averaged $511,241
g g ,
• Lowest 401 stores averaged $338,829
• “Big 4” unlikely to enter TNB:
1/1/2009 1/1/2010 1/1/2011 1/1/2012
– Formulations not conducive to TNB
– Would compete with delivery franchises
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15. Marketing
Revenue R&D Outreach
Expansion Leverage the results of Aggressively communicate the
extensive research and Company's competitive
Focus on revenue
development advantages to its target market
expansion through non-
of potential franchisees and
traditional franchises and
licensees
licenses
1/17/2013 15

16. Historical Revenue
$0.03 Through
$0.5 $1.2
$1.6 9 months
$1.5
$1.4
$1.1
$0.6
$ in millions
$5.0
$5 0
$4.4 $4.0
$3.2
2009 2010 2011 YTD 2012
Non-traditional franchises Full service restaurant Grocery store TNB
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17. Expenses
$4.3 $4.3 $4.5
$3.4
G&A
Depreciation
Restaurant Expenses
Other Op Expenses
$ in millions
Sales Commissions
Travel
Trade Shows
Salaries & Wages
2009 2010 2011 YTD through
9/30/2012
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18. Historical EBITDA
$3.32
$3.01 $3.05
$2.30
$ in millions
2009 2010 2011 YTD through
9/30/2012
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19. Historical Net Income
from Continuing Operations
g
$1.68
$1.51 $1.53
$1.11
$1 11
$ in millions
s
2009 2010 2011 YTD through
9/30/2012
1/17/2013 19

20. Balance Sheet Summary
9/30/12 12/31/11 12/31/10 12/31/09
Assets
Cash 163 233 337 333
Accounts & Notes Receivable - Net 1,212 885 920 1,343
Inventories 424 338 317 239
Other 2,160 1,931 1,882 1,536
Total Current Assets 3,959 3,388 3,456 3,451
Net Property & Equipment 281 308 367 440
Deferred Tax Asset (net of current portion) 8,920 9,613 10,151 10,704
Other Assets 4.454 3,915
, 2,921
, 2,087
,
Total Assets 17,614 17,224 16,895 16,682
Liabilities & Stockholders' Equity
Accounts Payable & A
A t P bl Accrued Expenses
dE 170 665 654 435
Notes Payable 4,583 4,831 5,356 5,625
Total Stockholders' Equity 12,861 11,728 10,885 10,623
Total Liabilities & Stockholder's Equity
Stockholder s 17,614 17,224 16,895 16,682
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21. Capital Structure
9/30/2012
Weighted Average Common Stock 19,506,886
Options 197,438
Convertible Preferred Stock 366,666
Total 20,070,990
1/17/2013 21

22. Management
Paul W. Mobley - Chairman of the Board and Chief Executive Officer
1991 – present: Chairman of the Board, CEO, CFO
1974 – present: Director
1981 – 1997: President of the Company
1974 – 1978: VP and COO
1978 – 1981: SVP
1975 – 1987: Significant shareholder and president of a Company that owned and
operated 17 Arby's franchise restaurants
A. Scott Mobley - Chief Operating Officer and President
1997 – present: President
1992 – present: Director
1993 – present: Secretary
1988 – 1997: VP
1987 – 1988: Director of Marketing
Prior to Noble Roman’s, strategic planning analyst with a division of Lithonia Lighting Company
Troy Branson - Executive Vice President of Franchising
1997 – present: EVP of Franchising
1992 – 1997: Director of Business Development
1987 – 1992: Owner of Branson-Yoder Marketing Group
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23. Investor Summary
Business model
B i d l Sustainable
S i bl Positioned in the
P i i di h Successfully
S f ll Experienced
that delivers profitability; fastest growing defended management
solid financial accelerating segment of the lawsuit; team
performance growth pizza industry – management
while mitigating
g g Take ’N Bake can focus on
risk growth and
profitability
1/17/2013 23