Goldman Sachs Investor Conference

New York CityJune 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 ColesChairman 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

$8.4bn

$9.0bn

$9.6bn

$8.0bn

$8.4bn

$8.8bn

$9.2bn

$9.6bn

$10.0bn

$10.2bn

$10.6bn

$11.0bn

$11.4bn

$11.8bn

2002 2003 2004

$11.1bn

2005

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

Source: Specialty Coffee Association of America, National Coffee Association, International Coffee Association.

Specialty Coffee Experiencing Double-Digit Growth

2006

$12.3bn$12.0bn

Coffeehouses are the Pub of the 21st Century

165

7,6616,504

5,517

4,5742,976

1,7551,004

425

9,595

3,175

8,245

9,624

10,826

11,88312,096

13,739

5,696

2,085

14,305

-3,000

2,000

7,000

12,000

17,000

22,000

1992 1994 1996 1998 2000 2002 2003 2004 2005 2006

Starbucks Other U.S. Specialty Coffeehouses

3,600

6,700

10,000

12,600

15,400

17,40018,600

21,400

Source: Specialty Coffee Association of America and SEC filings.(1) Reflects Starbucks locations in U.S. and Canada.

Among fastest growing segments in the restaurant industry

23,900

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 PreparationSourcing

Only the highest grade of arabica coffee beans

Rainforest Alliance

Fair Trade

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

Roasting and

Packaging

Product: Selected Drink Offerings

Iced Latte

Pom-A-MangoSmoothie

Cold PressCaramelCooler

Latte Mocha Cappuccino

DepthCharge

TurtleMocha

MintCondition

Lite-WhiteBerry

CaramelHi-Rise

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

Act with Urgency

Make a Connection

Anticipate Needs

Meeting Customers Expectations

Meeting Customers Expectations

Exceeding Customers Expectations

Exceeding Customers Expectations

“An experience that makes the day better”“An experience that makes the day better”

CARIBOU OPPORTUNITYCoffeehouse 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

(196)

(61)

(30)

(37))

(20)

(21)

(13)

1992

1994

1995

1996

2001

2004

2005

2006

Market Expansion

(5)(4)(6)

MarketsMinnesotaIllinoisOhioMichiganNorth CarolinaGeorgiaMarylandWisconsinVirginiaWashington, D.C.PennsylvaniaIowaNorth DakotaSouth DakotaNebraskaColoradoIndianaKansasMissouri

(16)

Washington D.C. (10)(7)

(6)

(12)(1)

*Excludes 25 international franchise coffeehouses. As of April 01, 2007

(2)

(2) (1)

442 company-owned coffeehouses and 8 franchised coffeehouses in 18 states and the District of Columbia*

Significant Growth in Coffeehouses-5

050

150

250

350

450

550

2000 2001 2002 2003 2004 2005 2006 2007E

Co. Owned Franchise

152185

203

251

306

395

464

514*

* Assumes mid-point of guidance issued January 8, 2007

Stores Open at Year End

Comparable Coffeehouse Sales Trends

2007E = 0% to +5% Guidance issued January 8, 2007

2005200420032002 2006

1Q 072007E

(5.0%)

(3.0%)

(1.0%)

1.0%

3.0%

5.0%

7.0%

9.0%

11.0%

CARIBOU OPPORTUNITYNon-Coffeehouse

Compelling Commercial Business Opportunity

Grocery Stores & Mass MerchandisersOffice Coffee & Food

Service Providers

Sports, Entertainment & Health/Fitness

Strategic Partners – Product Licensing

Launched March 2006

Launched July 2006

Strategic Partners – Product Licensing

Launched April 2007

Launch Second Half 2007

Experienced Management Team

Executive Position Years of Experience Years at Caribou

Michael Coles CEO 40+ 4

Roz Mallet President & COO 30 < 1

George Mileusnic CFO 29 6

Amy O’Neil SVP, Store Operations 13 13

Henry Stein VP, Business Development &

Commercial Sales

25 3

Kathy Hollenhorst VP, Marketing 20 2

Chris Rich VP, Franchising 20 < 2

George MileusnicChief Financial Officer

Financial Opportunity

Comparable coffeehouse sales

New coffeehouse openings

Increase in non-coffeehouse sales

Leverage fixed costs

Improved financial performance

Balance sheet supports growth

Annual Revenue Trends

$101$108

$124

$198

$160

$236

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

2001 2002 2003 2004 2005 2006

($ i

n m

illi

on

s)

CAGR:+10.7% +24.1%

2001 - 2003 2003 – 2006

Historical Results Impacted by Infrastructure Growth

(2) Includes one time non recurring expenses excluded from adjusted EBITDA(3)Company owned and franchised coffeehouses opened at end of period.

(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.

($ millions)2002 2003 2004 2005

General & Administrative Expense ($10.3) ($12.3) ($15.5) ($22.7)

Adjusted EBITDA $11.8 $11.6 $14.4 $15.9

Depreciation & Amortization / Other (2)

($8.1) ($11.8) ($15.3) ($19.4)

Net Income / (Loss)

$3.1

($0.9)

($2.1)

($4.9)

Cap Ex $12.2 $20.7 $32.4 $43.2

Total Coffeehouses (3) 203 251 306 395

(1)

2006

($25.9)

$15.0

($23.6)

($9.1)

$34.3

464

2006

($6.1)

$3.8

($5.3)

($1.6)

$7.0

402

2007

($6.6)

$3.5

($6.6)

($3.3)

$3.0

475

First Quarter

$3.7 ($0.2) ($0.9) ($3.5) ($8.6) ($1.5) ($3.1)EBIT

Unit Level Economics *

* Historical average range /future expectations

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) Mid Teens

Year 2 (Months 25th – 36th) Mid Single Digits

Mature Store Performance –

(New stores open at ~ 80% of a mature store level)

Sales $500 – $700

Store-Level Cash Flow Margin 17% – 20%

Year 3 Contribution $85 – $140

Year 3 Cash-on-Cash ROI ~30%

Average Store Payback 4 – 5 Years

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 ReconciliationThe table below reconciles net income (loss) to EBITDA and Adjusted EBITDA for the periods presented.

(In thousands)

December 31,January 1,January 2,December 28,

2006200620052003Statement of Operations Data:Net income (loss) $ (9,059) $ (4,905) $ (2,074) $ (937)Interest expense 695 1,603 963 511 Interest income (554) (266) (6) (9)Depreciation and amortization(1) 23,645 18,284 14,791 11,768 Provision for income taxes 313 80 219 228 EBITDA 15,040 14,796 13,893 11,561 Consolidation of corporate and operating locations — — 500 Derivative income — (623) — Amendment of employment agreement — 1,738 — Adjusted EBITDA 15,040 15,911 14,393 11,561

(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.

Fiscal Year Ended

December 29,

2002

$ 3,113 496 (29)

8,050 156

11,786

11,786

— — —

April 1, April 1,

2007 2006

$ (3,251) $ (1,572) 130 148 (33) (187) 6,583 5,281 20 147 3,449 3,817

— — — — — —

3,449 3,817

Three months Ended