Green Mountain Coffee Roasters, Inc.

1. Green Mountain Coffee Roasters, Inc. April 30, 2013 Hada Jang Shicheng Tang Yijin (Iris) Zhang

2. Agenda • Introduction • Company Overview • Industry Overview • Stock Performance • Financial Analysis • Valuation • Recommendation

3. Company Profile Introduction Company Industry Valuation • Headquartered in Waterbury, Vermont • One of the leading companies in the specialty coffee and coffee maker businesses. • Employed about 5,800 people as of Sep 29, 2012 • Top four best-selling coffeemakers by dollar volume in the United States Source: GMRC Inc. 2012 Annual Report

4. Company History Introduction Company Industry Valuation 2011: GMCR sold the "Filterfresh" US coffee service portion of Van Houtte's business to Aramark 2006: GMCR acquired KEURIG, Incorporated, a manufacturer of single-cup brewing systems. 1981: Green Mountain Coffee Roaster was established as a small café in Vermont 1981 1993 2006 2010 2011 1981 1993 2006 2010 2004 2010: Green Mountain Coffee acquired Diedrich Coffee for $305.3 million and bought coffee services company Van Houtte for $907.8M 1993: GMCR started publicly trading on the NASDAQ national market Source: GMRC Inc. 2012 Annual Report

5. Product Segments Introduction Company Industry Valuation • The Company manages its operations through three operating segments, the Specialty Coffee business unit (“SCBU”), the KEURIG business unit (“KBU”) and the Canadian business unit (“CBU”). • SCBU sources, produces and sells coffee, hot cocoa, teas and other beverages, in a variety of packaging formats, to consumers in the United States. • KBU targets its premium patented single cup brewing systems for use both at-home (“AH”) and away-from-home (“AFH”), in the United States. • CBU sources, produces and sells coffees and teas and other beverages to Canadian consumers. Source: GMRC Inc. 2012 Annual Report

6. Sales Breakdown Introduction Company Industry Valuation • Net sales for fiscal 2012 increased 46% to $3,859.2 million, up from $2,650.9 million reported in fiscal 2011. The primary drivers of the increase in the Company’s net sales were a 59%, or $1,004.9 million, increase in single serve pack net sales, and a 45%, or $235.1 million, increase in KEURIG Single Cup Brewer and accessories sales. Source: GMRC Inc. 2012 Annual Report

7. Historical Financials Introduction Company Industry Valuation Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg

8. Competitive Strength – SWOT Analysis Introduction Company Industry Valuation Source: Marketline

9. Porter’s Five Forces Introduction Company Industry Valuation

10. Macroeconomic Indicators Introduction Company Industry Valuation

11. Stock Performance Introduction Company Industry Valuation Equity Snapshot • Price: $ 56.47 (April 29, 2013) • Beta: 0.31 (0.94 on 5yr avg.) • Trailing P/E: 24.39 • Forward P/E: 17.54 • PEG Ratio (5 yr. expected): • 1.04 • P/B Ratio: 3.63 • No divined Source: Finance.yahoo.com

12. Stock Performance Introduction Company Industry Valuation

13. Key Financial Ratios Introduction Company Industry Valuation Source: Capital IQ

14. Valuation – Trading Comparables Introduction Company Industry Valuation

15. Valuation – Trading Comparables (Cont’d) Introduction Company Industry Valuation

16. Valuation – WACC Analysis Introduction Company Industry Valuation

17. Valuation – Revenue Projection Introduction Company Industry Valuation FY 2009: acquired the wholesale business and certain assets of Tully’s Coffee Corporation FY 2010: acquired Timothy’s Coffee of the World Inc. (Nov 13, 2009); Diedrich Coffee, Inc. (May 11, 2010) FY 2011: acquired LJVH Holdings, Inc. and Subsidiaries (“Van Houtte”) on December 17, 2010

18. Valuation – DCF Introduction Company Industry Valuation

19. Risks & Drivers Introduction Company Industry Valuation

20. Recommendation Watch List