Domino’s Pizza

®

July 2005

Investor Presentation

1

Forward-Looking Statements

This presentation and our accompanying comments may contain “forward-looking statements.” These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from these expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We caution you not to place undue reliance on forward-looking statements, which reflect our analysis only and speak only as of the date of this presentation. We undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances.

This presentation contains trade names, trademarks and service marks of other companies. We do not intend our use or display of other parties’ trade names, trademarks and service marks to imply a relationship with, or endorsement or sponsorship of, these other parties.

2

Business Overview

33

International

Domestic

Domino’s is a Global Business

Domino’s…− delivers an average of over 1 million pizzas a day

− drives 9 million miles a week

− operates approximately 7,800 stores worldwide

− employs over 145,000 people worldwide

− is located in more than 55 countries

2004 Global Retail Sales: $4.6 Billion

31%69%

44

Our Industry

Delivery = $12 Billion

Pizza = $33 Billion

QSR = $187 Billion

Retail Food = $467 Billion

Domestic Landscape

0%

25%

50%

75%

100%

1991 1997 2004

Delivery Carry-out Dine-In

Delivery is Fastest Growing Over Time

Pizza Channel Share (%)

33%

41%

26%

31%

40%

29%

26%

38%

36%

Food Industry = $922 Billion

Carry-out includes Drive-Thru

Large and Growing Channel

5

Domestic StoresDomestic Stores Domestic DistributionDomestic Distribution InternationalInternational

Domino’s Business Units

4,428 franchise stores

580 company-owned stores

18 dough manufacturing & distribution facilities

1 equipment supply facility

2,728 franchise stores

21 company-owned stores

8 dough manufacturing & distribution facilities

As of year-end 2004

66

The Domino’s Advantage

Domino’s Pizza is a powerful global brand

#1 pizza delivery company in the U.S.

Large and growing international presence

Strong and proven business model with superior returns

Profitable, value-added distribution system

Proven 44-Year History

Strong and Consistent Cash Flow Generator

7

“Mega Brand” as defined by Advertising Age

Clear leader in delivery channel –“Get the Door. It’s Domino’s®”

Invested approximately $1.3 billion in advertising over the last five years (9% - 10% of sales)

Increased national contribution rate from 3% to 4% of sales in 2005

Increasing national contribution rate from 4% to 5% of sales for 2006

Powerful Global Brand

88

#1 Pizza Delivery Company in the U.S.

Growing Market Share

Source: NPD Crest2004 breakdown does not include drive-thru

2000 2004 2000 2004 2000 2004

8.6% 10.0% 1.4% 18.9% 19.5% 0.6% 5.1% 6.5% 1.4%

15.4% 15.5% 0.1% 15.6% 17.6% 2.0% 13.9% 12.6% (1.3%)

4.9% 5.1% 0.2% 9.3% 9.7% 0.4% 4.2% 3.9% (0.3%)

All Other 71.1% 69.4% (1.7%) 56.2% 53.2% (3.0%) 76.8% 77.0% 0.2%

Change Change Change

Total Pizza Pizza Delivery Carry Out

9

2,1592,259

2,3822,523

2,749

2000 2001 2002 2003 2004

4.0%

6.4%

3.7%4.1%

5.9%

2000 2001 2002 2003 2004

Large and Growing International Presence

International Store Growth Same Store Sales Growth

5 Year Growth - 819 Stores

Constant Dollar

10

International Leadership with Significant Upside

4,5002,150TOTAL

600#377France

200#162Netherlands

300#189India

150#1108Taiwan

800#3172Japan

300#2247South Korea

350#3247Canada

400#1317Australia

800#1333United Kingdom

600#1498Mexico

Potential Store Count

Delivery Market Position

01/02/05 StoresTop 10 Markets

11

Strong and Proven Business Model

Drives

Strong Unit Economics

Strong and Diversified Domestic Franchise System

Strong and Stable Cash FlowTo Domino’s

Drives

1212

Strong Unit Economics

Focused and efficient operating model

– Delivery and carry-out only (no dining area)

– Limited menu

Low cost to open

– Minimal square footage

– $100K - $250K cost range

Strong cash-on-cash returns

– 30% - 40% annually

Franchise Model Generates Exceptional Returns

Drives

Strong and Diversified Franchise System

1313

Solid partnership– 17+ years average relationship with top 50

– 99+% renewal rate

– 98+% voluntary participation in Distribution

– 99+% collection rate

Owner-operators with no outside business interests

Geographically diverse

No significant concentrations– Average domestic franchisee owns 3 stores

– Only 4 franchisees own more than 50 stores

Strong and Diversified Domestic Franchise System

Our Franchisees Succeed Because Our Model Works

Drives

Strong and Stable Cash Flow

to Domino’s

14

Ensures quality and consistency

Leverages purchasing power

Enhances partnerships

− 50% profit sharing program

Allows stores to focus on sales

and customer service

Profitable, Value-AddedDistribution System

15

Many Available Growth Levers

Low Density Expansion

Increase Share of Voice

Market ShareConsolidation

Operate More Corporate Stores

Deploy Excess Distribution Capacity

Strategic Investments Day/Week Part Expansion

Grow Ticket

Grow Domestic StoresGrow International Stores

Marketing

Strategies

Long-TermEarnings Growth

Grow Order Count

Core Operations

Inve

stm

ent

Opp

ortu

nitie

s

16

Financial Review

17

Steady and Consistent Top Line Growth

2,647.2 2,816.7 2,926.7 3,003.4 3,113.3

896.3967.9 1,035.0 1,189.0

1,431.0

2000 2001 2002 2003 2004

Domestic International

378.0 362.2 376.5 375.4 375.1

120.6 134.2 140.7 144.5 152.0

604.1 691.9 676.0 717.1 775.3

96.470.0 81.8

114.5

63.4

2000 2001 2002 2003 2004

Domestic Company-owned Domestic Franchise

Domestic Distribution International

5 Year CAGR: 4.1%*

$1,166.1$1,258.3 $1,275.0

$1,333.3$1,416.9

Company Revenues ($M)

5 Year CAGR: 6.2%*$4,544.3

$3,543.5$3,784.6 $3,961.7

$4,192.4

Global Retail Sales ($M)

* CAGR is adjusted to remove the impact of the 53rd week.

18

Increased Store Counts and Same Store Sales

4,818 4,813 4,848 4,904 5,008

2,159 2,259 2,523 2,7492,382

2000 2001 2002 2003 2004

Domestic International

5 Year Growth - 1,198 Stores

6,977 7,072 7,230 7,427

Store Counts Same Store Sales

0.0%

2.6%

1.3%1.8%

3.7%

6.4%

4.1%

5.9%

4.0% 4.0%

2000 2001 2002 2003 2004

Domestic International

International same store sales on a constant dollar basis

7,757

11 consecutive years without a negative annual same store sales comparison

19

$123.3$132.4

$157.8

$175.2$181.4

2000 2001 2002 2003 2004

Operating Income ($M)

5 Year CAGR: 10.9%

Excludes covenant not to compete amortization and 2003 recap expense and 2004 IPO expense

Strong and Growing Operating Income

20

16.6% 16.7%

19.1%

21.0% 20.7%

12.5%13.1%12.4%

10.5%10.6%

2000 2001 2002 2003 2004

Expanding Operating Income Margins

Operating Income Margin (%)

Pizza Only Margins – 410 bps

Total Company Pizza Only (Excludes Distribution)

Drivers

Higher domestic and international retail sales− Royalty income− Distribution earnings

Disciplined G&A spending

Offset by

Lower corporate store margins

Area Of Opportunity

21

0.0

10.0

20.0

30.0

40.0

50.0

60.0

2000 2001 2002 2003 2004

Recurring Store Reimage ProgramDomino's Pulse WRC Renovation

Low Capital Investment to Grow Business

Capital Expenditures ($M)

$37.9$40.6

$53.9

$29.2

Normalized Capex run-rate $20M to $30M

$39.8

5-year capital spend -$201 million

Breakdown Includes− Recurring capital

expenditures− Store reimage

program− New store computer

technology (Domino’s Pulse)

− World Resource Center renovations

22

Total Debt to EBITDA

3.6x

4.7x

3.2x

4.0x

4.6x

5.4x

1999 2000 2001 2002 2003 2004

$30.5

$47.8 $50.5

$88.0 $87.7

2000 2001 2002 2003 2004

Free Cash Flow ($M)

Strong and Reliable Cash Flow Growth

$305M Free Cash FlowLeverage

Leverage

2323

Q1 2005 Financials

Global Retail Sales 13.8%

Same Store SalesDomestic 11.2%International 8.5%

Net Store GrowthQuarter 42Trailing 4 Quarters 326

Top Line Growth

+

++

++

2424

Q1 2005 Financials

Earnings Growth

Operating Income $50.5 million

Net Income $25.0 million

EPS $0.35

* Pro Forma Comp

Strong earnings enabled us to:− Increase dividend from $0.26/share to $0.40/share

− Reduce debt by $25 million

− Repurchase $75 million of non-registered

shares in Q2

+ 16.2%

+ 26.6% *

+ 25.7% *

2525

Top Line Growth

- Domestic Same Store Sales 1% - 3%

- International Same Store Sales 3% - 5%

- Net Units 200 - 250

Margin Expansion

De-leveraging

Long Range Outlook

Grow Shareholder Returns by 13% to 15% through:

+

+

+

2+%Dividend

Yield

NET INCOME GROWTH 11% - 13%+

Total Shareholder Return + 13% - 15%

26

Net Income Growth Generates Significant Free Cash Flow

Growing Net Income by 11% - 13%

Buy Back

Shares

Invest in GrowingBusiness

Pay a SignificantDividend

Reduce Long-Term

Debt

Low CapitalInvestments

Generates Significant Free Cash

Flow

2727

The Domino’s Advantage

Domino’s Pizza is a powerful global brand

#1 pizza delivery company in the U.S.

Large and growing international presence

Strong and proven business model with superior returns

Profitable, value-added distribution system

Proven 44-Year History

Strong and Consistent Cash Flow Generator

®