Goldman Sachs
Investor Conference
New York City
June 5, 2007
Safe Harbor
We make forward-looking statements in this presentation which
represent our expectations or beliefs about future events and
financial performance. Forward-looking statements are
identifiable by words such as “believe,” “anticipate,” “expect,”
“intend,” “plan,” “will,” “may” and other similar expressions. In
addition, any statements that refer to expectations, projections
or other characterizations of future events or circumstances are
forward-looking statements. Forward-looking statements are
subject to known and unknown risks and uncertainties,
including those described in the Company’s filings with the
Securities and Exchange Commission. In addition, actual
results could differ materially from those suggested by the
forward-looking statements, and therefore you should not place
undue reliance on the forward-looking statements.
Michael Coles
Chairman and Chief Executive Officer
Caribou Coffee - Investment Highlights

Gourmet coffee among the fastest growing segments in
the restaurant industry

Second largest company-owned gourmet coffeehouse
operator

Significant growth opportunities
 Coffeehouse openings
 Non-coffeehouse sales


Store level comparable sales and margin opportunities
Experienced management team successfully
implementing key strategic initiatives
INDUSTRY OVERVIEW
Coffee Industry – Large and Growing Market



$22 billion market in the U.S.
Specialty Coffee Consumption Grew Over 48% in the U.S. from 2001 - 2006
Coffeehouses Account for 69% of Specialty Coffee Sales
$12.3bn
$12.0bn
$11.8bn
$11.1bn
$11.4bn
$11.0bn
$10.6bn
$10.2bn
$9.6bn
$10.0bn
$9.6bn
$9.0bn
$9.2bn
$8.8bn
$8.4bn
$8.4bn
$8.0bn
2002
2003
2004
2005
2006
Specialty Coffee Experiencing Double-Digit Growth
Source: Specialty Coffee Association of America, National Coffee Association, International Coffee Association.
Coffeehouses are the Pub of the 21st Century
Among fastest growing segments in the restaurant industry
23,900
21,400
22,000
14,305
18,600
13,739
17,400
17,000
15,400
12,600
12,000
10,000
6,700
7,000
3,600
2,000
2,085
425
1992
1994
10,826
9,624
8,245
9,595
6,504
5,696
7,661
5,517
3,175
165
12,096
11,883
4,574
1,004
1996
1,755
1998
2,976
2000
2002
2003
-3,000
Starbucks
Source: Specialty Coffee Association of America and SEC filings.
(1)
Reflects Starbucks locations in U.S. and Canada.
Other U.S. Specialty Coffeehouses
2004
2005
2006
Caribou Coffee
“An Experience that Makes the Day Better”
Growth Strategy
 Enhanced Growth Opportunities versus One Year Ago
 Franchise
 U.S. and International
 Commercial
 Brand Licensing
 Focus on Growth at Existing Coffeehouses
 Drive comps via:

 Product
 Marketing Initiatives
 Continued Focus on Operational Excellence
Balanced and Diversified Growth Strategy
 Improve Financial Performance
 Optimize ROIC
 Minimize Capital Requirements
 Grow Revenue, EBITDA and Achieve Positive Net Income
The Caribou Formula
Product: Selection and Preparation



Sourcing
Only the highest
grade of arabica
coffee beans
Rainforest
Alliance
Fair Trade
Roasting and
Packaging
Blending

Roastmasters
create custom
blends


Craft roasting in
small batches to
optimize flavor
profile
Valve technology
ensures
freshness


Brewing
High standards
for in-store
brewing
Strict freshness
policy
Product: Selected Drink Offerings
Turtle
Mocha
Mint
Condition
Lite-White
Berry
Caramel
Hi-Rise
Depth
Charge
Latte
Mocha
Caramel
Cooler
Cold Press
Cappuccino
Pom-A-Mango
Smoothie
Iced
Latte
Product: Selected 'Bou Gourmet Offerings

'Bou Gourmet rolled-out August 1, 2005 – proprietary recipes

High quality food that complements store image & premium quality
beverages

Exciting pipeline for 2007
 First Quarter Launches Included:
 New Muffins
 Low Fat Banana Nut Bread
 Upgraded Biscotti
 Cheese Bagels
 Enhanced lunch program in
in Chicago market
Product: Promotional Offerings

2007 Promotional
Offerings
 Northern Lite Lattes
 ‘Bou Gourmet Bagels
 National Geographic
Wild Adventure
 Northern Lite Coolers
Environment – A Destination Place
 Mountain lodge environment: fireplaces, wood beams and earth tones
 Comfortable for in-store relaxation or high-level meetings
 Efficient for fast take-away, including drive-thru
 Free wireless internet access and kids’ corner
Service: "BAMA"
Be Excellent, Not Average
Meeting Customers
Expectations
Act with Urgency
Make a Connection
Exceeding Customers
Expectations
Anticipate Needs
“An experience that makes the day better”
CARIBOU OPPORTUNITY
Coffeehouse Growth
Coffeehouse Franchise Opportunity
 Management Expertise
 Michael Coles
 21 years of franchising experience
 Chris Rich-VP Global Store Licensing
 13 years with TGIF
 Negotiated agreements covering 50 countries

Domestic Area Developers
 Well qualified
 Financial resources
 Market expertise
 Proven successful operators

International Opportunities
Coffeehouse Franchise Rationale
 Management expertise

Infrastructure in place

Unique branded specialty coffee licensing opportunity

Accelerate coffeehouse growth in U.S.

Increase domestic market share
 Leverage internal resources, including training

Allocate capital more efficiently
New Coffeehouse Franchise Agreements

United States
 2007 Franchise Agreements
 Hartsfield- Jackson Atlanta Airport
 (first opened December 2006)
 Dulles International Airport – Washington, D.C.
 Denver International Airport
 Total of 7 locations by year-end 2007

International
 South Korea – Announced December 2006
 Three coffeehouses opened Q1 2007
 Agreement allows for 50 coffeehouses over next 10 years
Limited Footprint Provides Growth Opportunity
442 company-owned coffeehouses and 8 franchised coffeehouses in 18 states and the District of Columbia*
(6)
(196)
(2)
(4)
Market
Expansion
(13)
(6)
1992
(5)
(61)
(7)
(2)
(30)
(1)
(37))
(1)
(16)
(21)
1994
1995
1996
2001
2004
2005
2006
*Excludes 25 international franchise coffeehouses. As of April 01, 2007
(12)
(20)
Washington D.C.
(10)
Markets
Minnesota
Illinois
Ohio
Michigan
North Carolina
Georgia
Maryland
Wisconsin
Virginia
Washington, D.C.
Pennsylvania
Iowa
North Dakota
South Dakota
Nebraska
Colorado
Indiana
Kansas
Missouri
Significant Growth in Coffeehouses
550
Stores Open at Year End
514*
450
464
350
395
306
250
251
203
152
-50
50
150
185
2000
2001
2002
2003
Co. Owned
* Assumes mid-point of guidance issued January 8, 2007
2004
Franchise
2005
2006
2007E
Comparable Coffeehouse Sales Trends
11.0%
9.0%
7.0%
5.0%
3.0%
1.0%
(1.0%)
(3.0%)
2002
2003
(5.0%)
2007E = 0% to +5% Guidance issued January 8, 2007
2004
2005
2006
2007E
1Q 07
CARIBOU OPPORTUNITY
Non-Coffeehouse
Compelling Commercial Business Opportunity
Grocery Stores & Mass Merchandisers
Office Coffee & Food
Service Providers
Sports, Entertainment
& Health/Fitness
Strategic Partners – Product Licensing
Launched
July 2006
Launched
March 2006
Strategic Partners – Product Licensing
Launch
Second Half
2007
Launched
April 2007
Experienced Management Team
Executive
Michael Coles
Position
Years of Experience
Years at Caribou
CEO
40+
4
President & COO
30
<1
CFO
29
6
Amy O’Neil
SVP, Store Operations
13
13
Henry Stein
VP, Business
Development &
Commercial Sales
25
3
VP, Marketing
20
2
VP, Franchising
20
<2
Roz Mallet
George Mileusnic
Kathy Hollenhorst
Chris Rich
George Mileusnic
Chief Financial Officer
Financial Opportunity
Comparable coffeehouse sales
New coffeehouse openings
Improved financial performance
Increase in non-coffeehouse sales
Leverage fixed costs
Balance sheet supports growth
Annual Revenue Trends
$250.0
$236
$198
$200.0
($ in millions)
$160
$150.0
$124
$101
$108
$100.0
$50.0
$0.0
2001
CAGR:
2002
2003
2001 - 2003
+10.7%
2004
2005
2003 – 2006
+24.1%
2006
Historical Results Impacted by Infrastructure Growth
First Quarter
2002
($ millions)
General & Administrative Expense ($10.3)
(1)
Adjusted EBITDA
$11.8
(2)
Depreciation & Amortization / Other ($8.1)
2003
2004
2005
2006
2006
2007
($12.3)
($15.5)
($22.7)
($25.9)
($6.1)
($6.6)
$11.6
$14.4
$15.9
$15.0
$3.8
$3.5
($11.8)
($15.3)
($19.4)
($23.6)
($5.3)
($6.6)
EBIT
$3.7
($0.2)
($0.9)
($3.5)
($8.6)
($1.5)
($3.1)
Net Income / (Loss)
$3.1
($0.9)
($2.1)
($4.9)
($9.1)
($1.6)
($3.3)
Cap Ex
$12.2
$20.7
$32.4
$43.2
$34.3
$7.0
$3.0
203
251
306
395
464
402
475
Total Coffeehouses
(3)
(1) See the Company’s 2005 10-K at www.cariboucoffee.com for a reconciliation of fiscal year 2003 through 2005 net loss to
Adjusted EBITDA. See the Company’s 10-K filed April 2, 2007 for a reconciliation of the fiscal 2006 net loss to adjusted EBTIDA.
See Company’s 10-Q filed on May 14, 2007 for a reconciliation of the fiscal 1Q 2007 and 1Q 2006 net loss to adjusted EBITDA.
(2) Includes one time non recurring expenses excluded from adjusted EBITDA
(3)Company owned and franchised coffeehouses opened at end of period.
Unit Level Economics *
Average Investment
($ in 000s)
Capital Expenditures (Net of Tenant Improvements
Allowances)
$365 - $415
Initial Inventory
$10
Total
$375 - $425
Comparable Coffeehouse Sales Range
Year 1 (Months 13th -24th)
Year 2 (Months 25th – 36th)
Mid Teens
Mid Single Digits
Mature Store Performance –
(New stores open at ~ 80% of a mature store level)
$500 – $700
Sales
Store-Level Cash Flow Margin
17% – 20%
Year 3 Contribution
$85 – $140
Year 3 Cash-on-Cash ROI
~30%
4 – 5 Years
Average Store Payback
* Historical average range /future expectations
Balance Sheet to Support Growth
 Cash – approximately $9.7 million
 Credit Facility – $60 million available
(As of April 1, 2007)
Caribou Coffee - Investment Highlights

Gourmet coffee among the fastest growing segments in
the restaurant industry

Second largest company-owned gourmet coffeehouse
operator

Significant growth opportunities
 Coffeehouse openings
 Non-coffeehouse sales


Store level comparable sales and margin opportunities
Experienced management team successfully
implementing key strategic initiatives
Appendix
EBITDA Reconciliation
The table below reconciles net income (loss) to EBITDA and Adjusted EBITDA for the periods presented.
(In thousands)
Fiscal Year Ended
December 29,
December 28,
January 2,
January 1,
December 31,
2002
2003
2005
2006
2006
Statement of Operations Data:
$
3,113 $
Net income (loss)
496
Interest expense
(29)
Interest income
8,050
Depreciation and amortization(1)
156
Provision for income taxes
11,786
EBITDA
Consolidation of corporate and operating locations —
—
Derivative income
—
Amendment of employment agreement
11,786
Adjusted EBITDA
(937) $
511
(9)
11,768
228
11,561
11,561
(2,074) $
963
(6)
14,791
219
13,893
500
—
—
14,393
(4,905) $
1,603
(266)
18,284
80
14,796
—
(623)
1,738
15,911
(9,059) $
695
(554)
23,645
313
15,040
—
—
—
15,040
Three months Ended
April 1,
April 1,
2007
(3,251) $
130
(33)
6,583
20
3,449
—
—
—
3,449
(1) Includes depreciation and amortization associated with our headquarters and roast facility that are categorized as general and
administrative expenses and cost of sales and related occupancy costs on our statement of operations.
2006
(1,572)
148
(187)
5,281
147
3,817
—
—
—
3,817