Goldman Sachs Investor Conference New York City

1. Goldman Sachs Investor ConferenceNew York City June 5, 2007

2. 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.

3. Michael Coles Chairman and Chief Executive Officer

4. 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

5. INDUSTRY OVERVIEW

6. 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 2006 2005 2002 2003 2004 Specialty Coffee Experiencing Double-Digit Growth Source: Specialty Coffee Association of America, National Coffee Association, International Coffee Association.

7. Coffeehouses are the Pub of the 21st Century Among fastest growing segments in the restaurant industry 23,900 21,400 18,600 17,400 15,400 12,600 10,000 6,700 3,600 Source: Specialty Coffee Association of America and SEC filings.(1) Reflects Starbucks locations in U.S. and Canada.

8. Caribou Coffee “An Experience that Makes the Day Better”

9. 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

10. The Caribou Formula

11. Sourcing Only the highest grade of arabica coffee beans Rainforest Alliance Fair Trade Product: Selection and Preparation Roasting and Packaging Blending • Roastmasters create custom blends Brewing • High standards for in-store brewing • Strict freshness policy • Craft roasting in small batches to optimize flavor profile • Valve technology ensures freshness

12. Lite-White Berry Mint Condition Turtle Mocha Caramel Hi-Rise Depth Charge Latte Mocha Cappuccino Caramel Cooler Pom-A-Mango Smoothie Iced Latte Cold Press Product: Selected Drink Offerings

13. 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

14. Product: Promotional Offerings • 2007 Promotional Offerings • Northern Lite Lattes • ‘Bou Gourmet Bagels • National Geographic Wild Adventure • Northern Lite Coolers

15. 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

16. Be Excellent, Not Average Meeting Customers Expectations Act with Urgency Make a Connection Exceeding Customers Expectations Anticipate Needs Service: "BAMA" “An experience that makes the day better”

17. CARIBOU OPPORTUNITY Coffeehouse Growth

18. 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

19. 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

20. 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

21. Limited Footprint Provides Growth Opportunity 442 company-owned coffeehouses and 8 franchised coffeehouses in 18 states and the District of Columbia* (6) (196) (2) (13) (30) (6) (5) (4) Market Expansion (1) Washington D.C. (10) (61) (12) (37)) (7) 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 (2) (1) (16) 1992 1994 1995 1996 2001 2004 2005 2006 (21) (20) *Excludes 25 international franchise coffeehouses. As of April 01, 2007

22. 514* 464 395 306 251 203 185 152 Significant Growth in Coffeehouses Stores Open at Year End * Assumes mid-point of guidance issued January 8, 2007

23. 11.0% 9.0% 7.0% 5.0% 3.0% 1.0% (1.0%) 2002 2003 2004 2005 2006 2007E 1Q 07 (3.0%) (5.0%) Comparable Coffeehouse Sales Trends 2007E = 0% to +5% Guidance issued January 8, 2007

24. CARIBOU OPPORTUNITY Non-Coffeehouse

25. Compelling Commercial Business Opportunity

26. Launched July 2006 Launched March 2006 Strategic Partners – Product Licensing

27. Launch Second Half 2007 Launched April 2007 Strategic Partners – Product Licensing

28. Experienced Management Team

29. George Mileusnic Chief Financial Officer

30. Financial Opportunity • Comparable coffeehouse sales • New coffeehouse openings • Increase in non-coffeehouse sales • Leverage fixed costs • Improved financial performance Balance sheet supports growth

31. Annual Revenue Trends ($ in millions) 2001 - 2003 2003 – 2006 CAGR: +24.1% +10.7%

32. Historical Results Impacted by Infrastructure Growth First Quarter 2002 2003 2004 2005 2006 2006 2007 ($ millions) General & Administrative Expense ($10.3) ($12.3) ($15.5) ($22.7) ($25.9) ($6.1) ($6.6) (1) Adjusted EBITDA $11.8 $11.6 $14.4 $15.9 $15.0 $3.8 $3.5 (2) Depreciation & Amortization / Other ($8.1) ($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 (3) Total Coffeehouses 203 251 306 395 464 402 475 (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.

33. Unit Level Economics * * Historical average range /future expectations

34. Balance Sheet to Support Growth • Cash – approximately $9.7 million • Credit Facility – $60 million available (As of April 1, 2007)

35. 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

36. Appendix

37. EBITDA Reconciliation The table below reconciles net income (loss) to EBITDA and Adjusted EBITDA for the periods presented. (In thousands) Fiscal Year Ended Three months Ended April 1, April 1, December 29, December 28, January 2, January 1, December 31, 2002 2006 2003 2005 2006 2006 2007 Statement of Operations Data: $ 3,113 Net income (loss) $ (937) $ (2,074) $ (4,905) $ (9,059) $ (3,251) $ (1,572) 496 Interest expense 511 963 1,603 695 130 148 (29) Interest income (9) (6) (266) (554) (33) (187) 8,050 Depreciation and amortization(1) 11,768 14,791 18,284 23,645 6,583 5,281 156 Provision for income taxes 228 219 80 313 20 147 11,786 EBITDA 11,561 13,893 14,796 15,040 3,449 3,817 — Consolidation of corporate and operating locations 500 — — — — — Derivative income — (623) — — — — Amendment of employment agreement — 1,738 — — — 11,786 Adjusted EBITDA 11,561 14,393 15,911 15,040 3,449 3,817 (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.