Caribou Coffee Company, Inc.

Company Profile

Publication Date: 28 Apr 2011

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Caribou Coffee Company, Inc.

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TABLE OF CONTENTS

TABLE OF CONTENTS

Company Overview..............................................................................................4
Key Facts...............................................................................................................4
Business Description...........................................................................................5
History...................................................................................................................6
Key Employees.....................................................................................................7
Key Employee Biographies..................................................................................8
Major Products and Services............................................................................14
Top Competitors.................................................................................................15
Company View.....................................................................................................16
Locations and Subsidiaries...............................................................................18

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Caribou Coffee Company, Inc.
Company Overview

COMPANY OVERVIEW

Caribou Coffee Company (Caribou Coffee) is a coffeehouse operator in the US. The company
operates around 410 company-owned coffeehouses and 131 franchised and licensed locations.
Caribou Coffee offers coffee and hand crafted espresso-based beverages, as well as specialty teas,
baked goods, whole bean coffee, branded merchandise and other coffee lifestyle items. In addition,
the company sells products to grocery stores, mass merchandisers, club stores, office coffee and
foodservice providers, hotels, entertainment venues and e-commerce channels. Caribou Coffee is
a subsidiary of Caribou Holding Company Limited. The company primarily operates in the US, where
it is headquartered in Minneapolis, Minnesota and employs around 1,642 people.

The company recorded revenues of $284 million in the fiscal year ended December 2010, an increase
of 8.2% over 2009. The company's operating profit was $10.1 million in fiscal 2010, an increase of
82.4% over 2009. Its net profit was $9.4 million in fiscal 2010, an increase of 83% over 2009.

KEY FACTS

Head Office Caribou Coffee Company, Inc.

3900 Lakebreeze Avenue
North Brooklyn Center
North Minneapolis
Minnesota 55429
USA
Phone 1 763 592 2200
Fax
Web Address http://phx.corporate-ir.net/
Revenue / turnover 283.9
(USD Mn)
Financial Year End December
Employees 1,642
NASDAQ Ticker CBOU

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Caribou Coffee Company, Inc.
Business Description

BUSINESS DESCRIPTION

Caribou Coffee Company (Caribou Coffee) is a gourmet coffeehouse operator in the US. It operates
around 541 coffeehouses, including 131 franchised locations. The company offers coffee and
espresso-based beverages, specialty teas, baked goods, whole bean coffee, branded merchandise
and related products. Caribou Coffee sells its products under the Caribou Coffee, Reindeer Blend
and other trade names.

Caribou Coffee primarily operates through three business segments: retail, commercial and franchise.

The retail segment operates about 410 company-operated coffeehouses located in 16 states and
the District of Columbia, including 211 coffeehouses in Minnesota and 53 coffeehouses in Illinois.
The coffeehouses offer customers gourmet coffee and espresso-based beverages, and also offer
specialty teas, baked goods, whole bean coffee, branded merchandise and related products.

Caribou Coffee's commercial segment sells whole and ground coffee to grocery stores, mass
merchandisers, club stores, office coffee and foodservice providers, hotels, entertainment venues
and on-line customers nationwide.

The company’s commercial segment sells whole bean and ground coffee to grocery stores, mass
merchandisers, club stores, office coffee and foodservice providers, hotels, entertainment venues
and on-line customers. In addition, Caribou Coffee sells its blended coffee and licenses its brand to
Keurig, Inc.

The franchise segment franchises its Caribou Coffee brand coffeehouses to domestic and international
franchisees. It has around 131 franchised coffeehouses in the US and international markets.

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Caribou Coffee Company, Inc.
History

HISTORY

Caribou Coffee Company (Caribou Coffee) was established in 1992.

From 2002 to 2006, Caribou Coffee expanded from 203 to 395 Coffeehouses, including nine licensed
locations. During this period, the company also expanded geographically increasing the number of
coffeehouses outside of Minnesota from 105 to 221.

Caribou Coffee became a public company with an initial public offering in 2005. In the following year,
the company entered into the Asian market, to develop a minimum of 25 Caribou Coffee stores in
South Korea through a licensing agreement with E & Z Coffee Company.

The company partnered with Keurig, a company in gourmet single cup brewing, to market Caribou
Coffee’s gourmet coffees in Keurig K-Cup portion packs, in 2007. In the following year, the company
introduced La Minita Peaberry coffee, a hand-sorted bean, harvested from the growers at Hacienda
La Minita in the Tarrazu region of Costa Rica.

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Key Employees

KEY EMPLOYEES

Name Job Title Board Compensation

Michael J Tattersfield President and Chief Executive Executive Board 1034587 USD
Officer
Gary Graves Chairman Non Executive Board
Michael J Coles Director Non Executive Board
Charles L Griffith Director Non Executive Board
Charles H Ogburn Director Non Executive Board
Kip R Caffey Independent Director Non Executive Board
Wallace B Doolin Independent Director Non Executive Board
Sarah Palisi Chapin Independent Director Non Executive Board
Philip H Sanford Independent Director Non Executive Board
Timothy J Hennessy Chief Financial Officer Senior Management 636028 USD
Daniel J Hurdle Senior Vice President, Retail Senior Management 533357 USD
Operations
Alfredo V Martel Senior Vice President, Marketing Senior Management
Henry J Hank Suerth Senior Vice President, Commercial Senior Management
Businesses
Dan E Lee General Counsel, Vice President Senior Management
and Secretary
Karen E McBride-Raffel Vice President, Human Resources Senior Management

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Key Employee Biographies

KEY EMPLOYEE BIOGRAPHIES

Michael J Tattersfield

Board: Executive Board

Job Title: President and Chief Executive Officer
Since: 2009
Age: 45

Mr. Tattersfield has been the President and Chief Executive Officer at Caribou Coffee Company
since 2009. From 2006 to 2008, Mr. Tattersfield served as the Chief Operating Officer and the
Executive Vice President at lululemon athletica, a yoga-inspired athletic apparel company. From
2005 to 2006, he served as the Vice President of Store Operations at Limited Brands, an operator
of specialty stores that sell apparel, personal care, beauty and lingerie products. From 2003 to 2005,
Mr. Tattersfield held the position of President at A&W All American Food Restaurants of Yum! Brands
Inc, a quick service restaurant company, and from 1992 to 2002, he served in various positions at
Yum! Brands Inc.

Gary Graves

Board: Non Executive Board

Job Title: Chairman
Since: 2007
Age: 51

Mr. Graves has been the Chairman at Caribou Coffee Company since 2007. He served as the
President and Chief Executive Officer at La Petite Academy. Earlier in his career, Mr. Graves held
Executive roles at InterParking, and Boston Market, and held various positions in operations at
PepsiCo. Mr. Graves serves as a Member of the Make-A-Wish Foundation Board of Directors. He
holds a Bachelor of Science degree in Chemical Engineering from the University of Michigan and a
Masters of Business Administration degree from the University of Chicago.

Michael J Coles

Board: Non Executive Board

Job Title: Director
Since: 2003
Age: 67

Mr. Coles has been a Director at Caribou Coffee Company since 2003. He served as the Chief
Executive Officer and President since 2003 and as the Chairman from 2005 until 2007. Prior to
joining Caribou, Mr. Coles co-founded Great American Cookie Company in 1977 and served as the

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Key Employee Biographies

Chief Executive Officer until he sold his remaining interest in the company in 1998. From 1987 until
2003, he also served on the Board at Charter Bank & Trust, of which he was a founder, and from
1998 to 2001, he was Chairman of the Board.

Charles L Griffith

Board: Non Executive Board

Job Title: Director
Since: 2005
Age: 56

Mr. Griffith has been a Director at Caribou Coffee Company since 2005. He has been an Executive
Director at Arcapita (the majority shareholder in Caribou Coffee) since 2005. From 2003 to 2004,
Mr. Griffith served as the Group President at Johns Manville, a Berkshire Hathaway-owned company
that manufactures insulation and building products. From 2002 to 2003, he served as the Executive
Vice President at Electronic Data Systems Corporation, a global technology services company. From
2001 to 2002, he was a Partner with Investcorp International, a global investment group, and from
1998 until 2001, Mr. Griffith served as the President and Chief Executive Officer at Ingersoll Dresser
Pump Company, a manufacturer and aftermarket service provider of comprehensive flow control
systems. Prior to his appointment at the company, he was at Allied Signal Corporation and McKinsey
and Company.

Charles H Ogburn

Board: Non Executive Board

Job Title: Director
Since: 2003
Age: 55

Mr. Ogburn has been a Director at Caribou Coffee Company since 2003. He has been an Executive
Director at Arcapita since 2001. Prior to joining Arcapita, Mr. Ogburn spent more than 15 years at
the investment banking firm of The Robinson-Humphrey Company, as the Senior Managing Director
and co-head of investment banking. Mr. Ogburn serves on the Board of Directors at Crawford &
Company, an insurance Claims management and related services provider.

Kip R Caffey

Board: Non Executive Board

Job Title: Independent Director
Since: 2005
Age: 55

Mr. Caffey has been an Independent Director at Caribou Coffee Company since 2005. He has been
Managing Director at Cary Street Partners, an investment banking and wealth management firm,

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Key Employee Biographies

since 2004. From 1999 to 2004, Mr. Caffey was employed at SunTrust Robinson Humphrey and its
predecessor firm, The Robinson-Humphrey Company, where he served as the Senior Managing
Director and Co-Head of Investment Banking. Upon consummation of this offering, he became an
Independent Director at Caribou.

Wallace B Doolin

Board: Non Executive Board

Job Title: Independent Director
Since: 2005
Age: 64

Mr. Doolin has been an Independent Director at Caribou Coffee Company since 2005. He has been
the Chairman of the Board of Directors, Chief Executive Officer and President at Buca, an owner
and operator of full service restaurants, since 2004. From 2002 to 2004, Mr. Doolin served as the
Chief Executive Officer and President at La Madeleine de Corps, a French restaurant and bakery
company. From 1994 to 2002, he served as the Chief Executive Officer and President at TGI Friday's,
an owner and operator of casual dining restaurants, and its parent, Carlson Restaurants Worldwide,
a global restaurant company.

Sarah Palisi Chapin

Board: Non Executive Board

Job Title: Independent Director
Since: 2007
Age: 49

Ms. Chapin has been an Independent Director at Caribou Coffee Company since 2007. She is a
founding partner in The Chain Gang, a private equity restaurant investment practice. Previously Ms.
Chapin was the Chief Executive Officer and then Chair at Enersyst Development Center, a research
and development intellectual property, food and technology incubator. She has also held Executive
positions at PepsiCo and Grand Metropolitan’s Burger King. Ms. Chapin serves on the Board of
Directors at Sandstone, IRM and PrimeSource Foodservice Equipment and has previously served
on the Boards at Jersey Mike’s Subs and Maggie Moo’s. She holds a Bachelor of Science degree
from Purdue University.

Philip H Sanford

Board: Non Executive Board

Job Title: Independent Director
Since: 2009
Age: 57

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Key Employee Biographies

Mr. Sanford has been an Independent Director at Caribou Coffee Company since 2009. He serves
as the President and Chief Operating Officer at Value Place, an extended stay hotel chain, since
2009. From 2003 to present, Mr. Sanford has been the Principal at Port Royal Holdings, a private
equity firm. From 1997 to 2003, he served as the Chairman and Chief Executive Officer at The
Krystal Company, an owner, operator and franchisor of quick-service restaurants. Mr. Sanford serves
on the Board of Directors at Chattem Inc, a marketer and manufacturer of over-the-counter healthcare
products, toiletries and dietary supplements.

Timothy J Hennessy

Board: Senior Management

Job Title: Chief Financial Officer
Since: 2008
Age: 49

Mr. Hennessy has been the Chief Financial Officer at Caribou Coffee Company since 2008. Previously,
he served at Carlson Wagonlit Travel (Carlson Wagonlit), a European-based travel management
company, where he served as Chief Financial Officer and Executive Vice President from 2001 to
2007, Chief Financial Officer of America and Vice President from 1999 to 2000 and Group Controller
from 1997 to 1999. Prior to joining Carlson Wagonlit, Mr. Hennessy served as Director of Acquisitions
and Strategic Planning at Carlson Companies (Carlson), a private company providing travel, hotel,
restaurant, cruise and marketing services directly to consumers, corporations and government
entities, from 1994 to 1996. Prior to joining Carlson, Mr. Hennessy served at Deloitte & Touche, an
audit, consulting, financial advisory, risk management and tax services firm, from 1983 to 1992.

Daniel J Hurdle

Board: Senior Management

Job Title: Senior Vice President, Retail Operations
Age: 45

Mr. Hurdle serves as the Senior Vice President of Retail Operations and Product Management at
Caribou Coffee Company. He served as the Senior Vice President of Supply Chain, Product
Management and Real Estate Development at the company since 2008. Previously, Mr. Hurdle was
the Senior Vice President of North American Field Operations at Weight Watchers. From 2006 to
2008 Mr. Hurdle served as the Senior Vice President of Strategy and Business Development at
Washington Mutual. He also held various leadership roles with Starbucks Coffee Company where
he served as the Vice President of Existing Stores Portfolio from 2005 to 2006; the Vice President
of Retail Food Business from 2002 to 2005; and Vice President of Strategy and Chief of Staff to the
President North America from 2001 to 2002.

Alfredo V Martel

Board: Senior Management

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Key Employee Biographies

Job Title: Senior Vice President, Marketing

Since: 2008
Age: 45

Mr. Martel has been the Senior Vice President of Marketing at Caribou Coffee Company since 2008.
He served held a variety of marketing position and served as the Director of Marketing at KFC USA,
Yum! Brands.

Henry J Hank Suerth

Board: Senior Management

Job Title: Senior Vice President, Commercial Businesses
Since: 2009
Age: 65

Mr. Suerth has been the Senior Vice President of Commercial Businesses at Caribou Coffee Company
since 2009. He also served as the President and Chief Executive Officer at Infinity Systems, a global
audio company; the Chief Executive Officer at Recoton Corporation's multi brand home audio
business, as well as general management roles at Ethan Allen, the Cahners Exposition Group and
FMC Corporation. Mr. Suerth also managed his own Connecticut-based management consulting
company, Decision Resources, for six years. He holds an MBA degree from the Harvard Graduate
School of Business Administration and a BS in Industrial Management from Purdue University.

Dan E Lee

Board: Senior Management

Job Title: General Counsel, Vice President and Secretary
Since: 2005
Age: 54

Mr. Lee has been the General Counsel, Vice President and Secretary at Caribou Coffee Company
since 2005. Prior to joining Caribou Coffee, he served as an Attorney for MoneyGram International,
a global payment services company. From 1988 to 2004, Mr. Lee served at Carlson Companies, a
private company in the hospitality, marketing and travel industries. From 2003 to 2004, he served
as the Executive Vice President of Program Manager and Associate General Counsel at CW
Government Travel, a part of the travel operations of Carlson Companies. From 1988 to 2003, Mr.
Lee served as the Associate General Counsel and Assistant Secretary at Carlson Companies.

Karen E McBride-Raffel

Board: Senior Management

Job Title: Vice President, Human Resources
Since: 2003
Age: 45

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Key Employee Biographies

Ms. McBride-Raffel has been the Vice President of Human Resources at Caribou Coffee Company
since 2003. She served as the Senior Director of Field Human Resources from 2000 to 2003. Prior
to that Ms. McBride-Raffel held various other positions at Caribou Coffee Company since joining in
1995, including Human Resource Manager and Director of Human Resources.

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Caribou Coffee Company, Inc.
Major Products and Services

MAJOR PRODUCTS AND SERVICES

Caribou Coffee Company (Caribou Coffee) operates as a gourmet coffeehouse operator in the US.
The company's key products include the following:

Products:
coffee
Espresso-based beverages
Specialty teas
Baked goods
Whole bean coffee
Branded merchandise and related products
Premium hot teas

Brands:

Caribou Coffee
Reindeer Blend

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Top Competitors

TOP COMPETITORS

The following companies are the major competitors of Caribou Coffee Company, Inc.

Starbucks Corporation
Kraft Foods, Inc.
Nestlé SA
Proctor & Gamble

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Caribou Coffee Company, Inc.
Company View

COMPANY VIEW

A statement by Michael J Tattersfield, the President and Chief Executive Officer at Caribou Coffee
Company, is given below. The statement has been taken from the company's 2010 annual report.

Dear Fellow Shareholders,

I am grateful for this opportunity to communicate with you. I enjoy the time I spend reflecting on The
Caribou Coffee Company, where it has come from, and more importantly where it is headed. This
letter provides the perfect opportunity for that reflection.

Two years ago, our message was about the steps necessary to turn around the company, such as
rationalizing our cost base and returning the company to profitability.

Today, it is with great pride and confidence I can tell you that Caribou Coffee has never been in a
stronger position than we are currently, both strategically and financially. We have diversified and
strengthened our brand and business model by becoming a true multi-channel branded coffee
company. We are poised to grow within each of our business channels and we will continue to
provide the meaningful experiences our guests love, while enhancing returns for our shareholders.
In short, we are fulfilling our commitment to transform Caribou Coffee into a successful multi-channel
branded coffee company, with vast potential to grow using five key growth levers across our three
business segments.

2010 was an extremely rewarding year for us. Our multi-channel strategy drove a consolidated
top-line revenue increase of more than 10% for the year. This growth came from every business
channel. We also continued to drive a solid increase in our return to shareholders, as our earnings
per share increased by 77% to $0.46 cents in 2010.

While our multi-channel branded coffee company approach is gaining traction, we continue to maintain
a significant focus on our largest channel, the coffeehouse segment. I am a firm believer in having
a healthy and growing coffeehouse business. In fact, it is where the soul of this company resides
and drives most of our product, branding and service innovations. This was evident during 2010
when our team focused on raising our average unit volume as our #1 objective. We introduced oven
technology into our system and launched two new food platforms to significantly upgrade our food
portfolio. We continued to improve our beverage platforms with new flavors in our Real Chocolate
platform and introduced an innovative tea extract beverage line. We also launched our new branding
system in all of our coffeehouses during the second half of the year.

In terms of service, our team members are more dedicated than ever to creating a meaningful human
connection with our guests. We know we are a little different in the coffeehouse space. We don’t
mind disrupting our guests in a positive fashion when we interact with them on a daily basis. In fact
we take pride in showing our fun, quirky and authentic side. We believe in letting ideation come from
all sources and we’ve even asked our guests to participate in our marketing efforts. One example

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Company View

of this came in asking our guests to engage in our “Make The Cup” campaign, by urging them to tell
us what Caribou Coffee helps them “Stay Awake For.” I personally love two comments that were
chosen for print on the cup: “Cake for Breakfast” and a mother hearing the question, “Mommy, what
letter does S start with?”

Running a great coffeehouse business requires a combination of exceptional quality products

delivered in a unique and engaging environment by outstanding people. These factors combine to
help us build the community place our guests love.The hard work over the past two years has started
to materialize. JD Power and Associates recently recognized The Caribou Coffee Company as a
Customer Service Champion for 2011. This puts us on par with some of the best customer-centric
brands in the world and gives us confidence that our coffeehouse strategy is sound and we are on
the right path to re-start our domestic development. In 2011 we will build approximately 10 new
domestic coffeehouses. Over the next three years, we will be ramping up to an eight to ten percent
growth rate in domestic coffeehouse expansion. This new growth will be augmented by continued
existing growth in our franchise and licensing business, which continues to add an additional 25 to
30 stores on an annual basis in domestic and international markets.

Our Commercial business continues to thrive, and 2010 marked the second consecutive year that
we grew our top line in this channel by more than 50%. Our commercial business makes us a
nationwide brand, and we now have raving fans from coast to coast. We know that loyalty won in
one of our channels will have a synergistic benefit in other channels - that is a core of our multi-channel
strategy. The commercial channel continues to evolve rapidly and Caribou is well positioned to
benefit from this evolution, as well as through increasing velocity within existing doors and building
new door growth for our core bean and ground coffee products.

Overall, 2010 was a great year for the Caribou Team and our fellow shareholders. We experienced
success solidifying our brand and growing our profitability. And we have done so while positioning
the company to embark on a multi-year growth strategy while building upon our great culture.

So what’s next for The Caribou Coffee Company? We celebrate our successes, but are even more
motivated by our future. The best is yet to come and our potential is limitless.

With that, I would like to extend my sincere thanks to the Caribou Family for their energy, dedication
and hard work. I would also like to thank our shareholders for their continued support.

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Locations and Subsidiaries

LOCATIONS AND SUBSIDIARIES

Head Office
Caribou Coffee Company, Inc.
3900 Lakebreeze Avenue
North Brooklyn Center
North Minneapolis
Minnesota 55429
USA
P:1 763 592 2200
http://phx.corporate-ir.net/

Other Locations and Subsidiaries

Caribou Coffee Company, Inc.

3900 Lakebreeze Avenue
North Brooklyn Center
North Minneapolis
Minnesota 55429
USA

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