From 2014 CAGNY conference

1. 2014 CAGNY CONFERENCE – FEBRUARY 19, 2014
Brian Kelley, Chief Executive Officer

2. FORWARD-LOOKING STATEMENTS
Certain information contained herein constitutes "forward-looking statements." Forward-looking statements can be identified by the fact that they do
not relate strictly to historical or current facts. They often include words such as "believes," "expects," "anticipates," "estimates," "intends," "plans,"
"seeks" or words of similar meaning, or future or conditional verbs, such as "will," "should," "could," "may," "aims," "intends," or "projects." However,
the absence of these words or similar expressions does not mean that a statement is not forward-looking. These statements may relate to: the
expected impact of raw material costs and our pricing actions on our results of operations and gross margins, expected trends in net sales and
earnings performance and other financial measures, the expected productivity and working capital improvements, the success of introducing and
producing new product offerings, the impact of foreign exchange fluctuations, the adequacy of internally generated funds and existing sources of
liquidity, such as the availability of bank financing, the expected results of operations of businesses acquired by us, our ability to issue debt or
additional equity securities, our expectations regarding purchasing shares of our common stock under the existing authorizations, projections of
payment of dividends, and the impact of the inquiry initiated by the SEC and any related litigation or additional governmental inquiry or enforcement
proceedings. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or
circumstances may not occur. Management believes that these forward-looking statements are reasonable as and when made. However, caution
should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made.
We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or
otherwise. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially
from our Company's historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to,
those described in Part I, "Item 1A. Risk Factors," and Part II "Item 7. Management's Discussion and Analysis of Financial Condition and Results of
Operations" in our fiscal 2013 Annual Report filed on Form 10-K, as amended, and elsewhere in this report and those described from time to time in
our future reports filed with the Securities and Exchange Commission.
Actual results could differ materially from those projected in the forward-looking statements. We expressly disclaim any obligation to update or revise
any forward-looking statements, whether as a result of new information, future events or otherwise.

3. GAAP TO NON-GAAP RECONCILIATIONS
In addition to reporting financial results in accordance with generally accepted accounting
principles (GAAP), the Company provides non-GAAP operating results that exclude any gain from
sale of the Filterfresh U.S.-based coffee services business; legal and accounting expenses related
to the SEC inquiry and pending securities and stockholder derivative class action litigation; and
non-cash acquisition-related items such as amortization of identifiable intangibles, each of which
include adjustments to show the tax impact of excluding these items. These amounts are not in
accordance with, or an alternative to, GAAP. The Company's management believes that these
measures provide investors with transparency by helping illustrate the underlying financial and
business trends relating to the Company's results of operations and financial condition and
comparability between current and prior periods. Management uses the measures to establish
and monitor budgets and operational goals and to evaluate the performance of the Company.
Please see the "GAAP to Non-GAAP Reconciliation" table that accompanies this document for a
full reconciliation the Company's GAAP to non-GAAP results.

4. Who We Are
Creating a Premium
in the Beverage Category
Our Innovation Capabilities
Financial Overview

5. Who We Are
Creating a Premium
in the Beverage Category
Our Innovation Capabilities
Financial Overview

6. GMCR TODAY
Revenue Growth
Operating Margin
Revenue
Dividend Yield
ROIC
*Excluding 53rd Week
12%*
18%
$4.4B
1%
19%
LTM as of Q1 Fiscal Year 2014
* excluding 53rd week of Fiscal Year 2013
EBITDA $1.0B

7. Technology Company?
Appliance Company?
WE ARE
Beverage Company?
Coffee Company?
an innovative,
technology-driven,
values-based,
personal beverage
system company

8. COFFEE TECHNOLOGY
&

9. A UNIQUE MERGER IN 2006 ACCELERATED THE DISRUPTION
Socially Responsible
Premium Coffee
Sustainability Focused
Enlightened Capitalism
Win-Win Partnerships
Advanced Food Science
Progressive Blending
& Roasting
Brewing A Better World
Engineers
Systems Design & Integration
Materials Science
Heat Transfer
Injection Dosing
Advanced Electronics
Fluid Dynamics
Continuous Innovation

10. SIGNIFICANT VALUE CREATION & OPPORTUNITY
FOR CONSUMERS, FOR CUSTOMERS, FOR SHAREHOLDERS
The ultimate
at-home coffee experience
Accelerated a category
Creating significant value for
consumers, customers &
shareholders

11. SIGNIFICANT VALUE CREATION & OPPORTUNITY
FOR CONSUMERS, FOR CUSTOMERS, FOR SHAREHOLDERS
+20 billion packs sold
+35 million Keurig®
brewers sold
83% Keurig® brand awareness
+60% repeat rates

12. OUR PURPOSE AND MISSION
Our Purpose
Create the ultimate beverage experience in
every life we touch, from source to cup –
transforming the way the world understands
business
A Keurig® brewer on every counter and a
beverage for every occasion
Our Mission

13. OUR VALUES
Our boundaryless approach to collaboration creates benefits for all.
We Partner for Mutual Success
With courage and curiosity, we are shaping the future by redefining the consumer experience.
We Innovate with Passion
Our team sets ambitious goals and meets each challenge with unified purpose and character.
We Play to Win
We use the power of business to make the world a better place.
We Brew a Better World

14. GMCR LEADERSHIP BACKGROUNDS

15. WHO ARE WE
9 PRODUCTION FACILITIES
2 R&D FACILITIES
460 ENGINEERS & SCIENTISTS
6250 EMPLOYEES
320 PATENTS ISSUED GLOBALLY
244 PATENT APPLICATIONS
PENDING GLOBALLY

16. OUR GLOBAL SUPPLY CHAIN FOOTPRINT
BREWER SOURCINGGMCR OFFICES & MANUFACTURING BEVERAGE SOURCING

17. A Keurig® brewer on every
counter and a beverage for
every occasion
OUR BUSINESS MODEL
INSTALLEDBASEOFBREWERS
DAILY SINGLE USE PACKS PER BREWER

18. 18
FOUNDATION
OF THE KEURIG
SYSTEM’S SUCCESS
Intuitive simplicity
Less waste
Ultra-convenient
Vast brand selection
Freshest taste… every time

19. DESIGNED FOR THE FIVE SENSES

20. A network system effect
KEURIG® IS AN ADVANCED, PERSONAL BEVERAGE SYSTEM
A brand accelerator
A premium experience brought
into the home
An enabler to understand the demand signal
in home
An in-home beverage creation system

21. A POWERFUL PORTFOLIO OF BRANDS

22. A BREWER ON EVERY COUNTER
• HOUSEHOLDS
• OFFICES
• OTHER LOCATIONS
• REGIONS
KEURIG®BREWED® BRANDS
22
BEVERAGE SYSTEM
A NEW GATEWAY FOR
BRANDS
REGENERATING GROWTH CYCLE
NEW BEVERAGE CATEGORIES

23. MULTI-BRANDED SYSTEM
UNIQUE BEVERAGE &
APPLIANCE MODEL
VALUABLE, ‘SMART’ COUNTERTOP REAL ESTATE MUTUALLY BENEFICIAL PARTNERSHIP CAPABILITY
OUR COMPETITIVE EDGE
INNOVATION VIA HOLISTIC
SYSTEM DESIGN & EXECUTION

24. DISCIPLINED CAPITAL ALLOCATION STRATEGY
Reinvest in the business to drive revenue growth
Tuck In M&A for specific technologies, market distribution and/or brands
Return cash to shareholders in form of dividends and share repurchases

25. YTD TOTAL RETURN 5YR TOTAL RETURN3YR TOTAL RETURN
STOCK PERFORMANCE
Source: Bloomberg
*YTD return (12/31/2013-2/14/2014)
*3 year return (2/14/2011-2/14/2014)
*5 year return (2/13/2009-2/14/2014)
54%
-4%
0%
GMCR Peer Group Russell 1000
Index
151%
70%
48%
GMCR Peer Group Russell 1000
Index
1165%
252%
154%
GMCR Peer Group Russell 1000
Index

26. Who We Are
Creating a Premium
in the Beverage Category
Our Innovation Capabilities
Financial Overview

27. POWER OF KEURIG® TO PREMIUMIZE
Coffee
Tea
Brewers

28. 80%
20%
% U.S. Households
90%
10%
Consumption Growth* 2009-2012
U.S. CONSUMPTION GROWTH SKEWS HEAVILY TOWARD
HIGH-INCOME HOUSEHOLDS
• Source: Institute for New Economic Thinking
• Inflation-adjusted consumption between 2009 and 2012
% US HH
by Income
Increase in inflation adjusted
consumption ’09-’12

29. SINGLE CUP COFFEE SKEWS TO HIGHER INCOME
DEMOGRAPHIC
63% 55% 44%
37% 45%
56%
% of U.S. Households % of Dollars Sales % of Dollars Sales
HH Income
Greater Than or
Equal To $70K
HH Income Less
Than $70K
Total coffee Single cup
coffee
Source: IRI U.S. All Outlet Panel Data Ending 12.29.13

30. HOT BEVERAGES LEAD CATEGORY DOLLAR GROWTH
6%
-1%
0%
-1%
0%
1%
2%
3%
4%
5%
6%
Hot Beverages Cold Beverages All Beverages
Source: IRI U.S. Multi-Outlet Data Ending 12.29.13

31. BEVERAGE CATEGORY DOLLAR GROWTH
Source: IRI, 52 Weeks Ending 12/29/13
7%
5%
-1%-2%
3%
8%
Hot Tea Coffee All Other
Beverages
Source: IRI U.S. Multi-Outlet Data Ending 12.29.13
Note: All Other includes: CSD, Water, Energy Drinks, Sports Drinks, Juices and Milk

32. THE KEURIG® SYSTEM IS DRIVING COFFEE CATEGORY
DOLLAR GROWTH
5%
44%
3%
-6% -9%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
Coffee Single Cup Instant Ground Whole
Source: IRI, 52 Weeks Ending 12/29/13Source: IRI U.S. Multi-Outlet Data Ending 12.29.13

33. THE KEURIG® SYSTEM IS DRIVING TEA CATEGORY
DOLLAR GROWTH
7%
38%
4%
0%
10%
20%
30%
40%
50%
60%
Hot Tea Single Cup Non- Single Cup
Source: IRI, 52 Weeks Ending 12/29/13Source: IRI U.S. Multi-Outlet Data Ending 12.29.13

34. TOTAL COFFEE EQ SERVINGS GREW 5% SINCE 2009
34
33,473 33,673 33,340 33,897 35,243
2009 2010 2011 2012 2013
+5%
Source: IRI Multi-Outlet Data Ending 12/22/13Source: IRI U.S. Multi-Outlet Data Ending 12.22.13

35. PRICE PER COFFEE EQ SERVING IS UP 45% VS. 2009
35
$0.16 $0.17
$0.21
$0.23 $0.24
2009 2010 2011 2012 2013
+45%
Source: IRI Multi-Outlet Data Ending 12/22/13Source: IRI U.S. Multi-Outlet Data Ending 12.22.13

36. $5,427 $5,755
$7,013
$7,882 $8,290
$0
$2,000
$4,000
$6,000
$8,000
$10,000
2009 2010 2011 2012 2013
Coffee Dollar Sales (millions)
COFFEE CATEGORY DOLLARS GREW 53% SINCE 2009
36
+53%
Source: IRI Multi-Outlet Data Ending 12/22/13Source: IRI U.S. Multi-Outlet Data Ending 12.22.13

37. $5,427 $5,755
$7,013
$7,882 $8,290
2%
5%
11%
21%
29%
0.0
10.0
20.0
30.0
40.0
$0
$2,000
$4,000
$6,000
$8,000
$10,000
2009 2010 2011 2012 2013
Coffee Dollar Sales (millions) Single Cup Share of Total Coffee
COFFEE CATEGORY DOLLARS GREW 53% SINCE 2009
37
Source: IRI Multi-Outlet Data Ending 12/22/13Source: IRI U.S. Multi-Outlet Data Ending 12.22.13
+53%

38. TEA EQ SERVINGS HAVE SLIGHTLY DECLINED SINCE 2009
38
13,501 13,574 13,629 13,233 13,260
2009 2010 2011 2012 2013
-2%
Source: IRI Multi-Outlet Data Ending 12/22/13Source: IRI U.S. Multi-Outlet Data Ending 12.22.13

39. PRICE PER TEA EQ SERVING GREW BY 24% SINCE 2009
39
$0.08 $0.08 $0.08
$0.09
$0.09
2009 2010 2011 2012 2013
+24%
Source: IRI Multi-Outlet Data Ending 12/22/13Source: IRI U.S. Multi-Outlet Data Ending 12.22.13

40. $1,026 $1,046 $1,087 $1,164 $1,245
$0
$2,000
2009 2010 2011 2012 2013
Tea Dollar Sales (millions)
TEA CATEGORY DOLLARS GREW BY 21% SINCE 2009
40
+21%
Source: IRI Multi-Outlet Data Ending 12/22/13Source: IRI U.S. Multi-Outlet Data Ending 12.22.13

41. $1,026 $1,046 $1,087 $1,164 $1,245
0.2% 0.9%
3.3%
8.6%
11.0%
0.0
10.0
20.0
$0
$2,000
2009 2010 2011 2012 2013
Tea Dollar Sales (millions) Single Cup Share of Total Tea
TEA CATEGORY DOLLARS GREW BY 21% SINCE 2009
41
+21%
Source: IRI Multi-Outlet Data Ending 12/22/13Source: IRI U.S. Multi-Outlet Data Ending 12.22.13

42. 15% 14% 10% 10% 7% 7% 5%
-7% -11% -12%
COFFEE #1 IN FOOD & BEVERAGES IN
DOLLARS PER BUYER % CHANGE 2009 - 2013
42
Source: IRI All Outlet Panel Data Ending 12/29/13
Coffee is #1 among 170 food/drink categories
Source: IRI Dollars per Buyer % Change – CY 2013 vs. CY 2009 – Total U.S. All Outlet
49% Key beverage categories

43. TOTAL BEVERAGE CATEGORY
43
Source: IRI All Outlet Panel Data Ending 12/29/13
Carbonated
Beverages
24%
Milk
20%
Bottled Water
11%
Shelf-Stable Juice
10%
Rfg Bev
9%
Sports & Energy
Drinks
7%
Ground Coffee
6%
Single Cup Coffee
3%
RTD Cold
Tea/Coffee
3%
Tea Bags
1%
All Other Cold
4%
All Other Hot
2%
Total Beverage Sales
CY 2013: $79,607 million
Source: IRI U.S. Multi-Outlet Data Ending 12.29.13

44. TOTAL BEVERAGE CATEGORY
44
Source: IRI All Outlet Panel Data Ending 12/29/13
Carbonated
Beverages
24%
Milk
20%
Bottled Water
11%
Shelf-Stable Juice
10%
Rfg Bev
9%
Sports & Energy
Drinks
7%
Ground Coffee
6%
Single Cup Coffee
3%
RTD Cold
Tea/Coffee
3%
Tea Bags
1%
All Other Cold
4%
All Other Hot
2%
Total Beverage Sales
CY 2013: $79,607 million
Source: IRI U.S. Multi-Outlet Data Ending 12.29.13

45. SINGLE CUP BREWERS SKEW TO HIGHER INCOME
DEMOGRAPHIC
63% 52%
69%
37% 48%
31%
% of U.S. Households % of Dollars Sales % of Dollars Sales
HH Income
Greater Than or
Equal To $75K
HH Income Less
Than $75K
Drip
Coffeemakers
Single Cup
Brewers
Source: NPD U.S. Consumer Panel Data – 12 Months Ending Nov ‘13

46. COFFEE MAKER UNITS GROWING SLIGHTLY
46
21M 21M 22M
2011 2012 2013
Coffee Maker Units (millions) Total Keurig Share
+2%
Source: IRI Multi-Outlet Data Ending 12/22/13Source: NPD U.S.; total Keurig share includes licensed brewer partners
15% 22% 25%

47. PRICE PER COFFEE MAKER UNIT GREW 26% SINCE 2011
47
$41.00
$49.00
$52.00
2011 2012 2013
+26%
Source: IRI Multi-Outlet Data Ending 12/22/13Source: NPD U.S. Data

48. $880
$1,049 $1,130
$0
$2,000
2011 2012 2013
Coffee Maker Sales (millions)
COFFEE MAKER CATEGORY DOLLARS GROWING AT 28%
48
Total Coffee Dollar Sales Trend by Year and Single-Cup Pack Share – Total U.S. Multi-Outlet
+28%
Source: IRI Multi-Outlet Data Ending 12/22/13Source: NPD U.S. Data

49. Source: IRI Multi-Outlet Data Ending 12/22/13
$880
$1,049 $1,130
43%
53% 55%
40.0
60.0
80.0
$0
$2,000
2011 2012 2013
Coffee Maker Sales (millions) Single Serve Unit Share of Total Coffee
COFFEE MAKER CATEGORY DOLLARS GROWING AT 28%
49
Total Coffee Dollar Sales Trend by Year and Single-Cup Pack Share – Total U.S. Multi-Outlet
+28%
Source: NPD U.S. Data

50. Who We Are
Creating a Premium
in the Beverage Category
Our Innovation Capabilities
Financial Overview

51. OUR INNOVATION CAPABILITIES
KEVIN SULLIVAN, CHIEF TECHNOLOGY OFFICER

52. INNOVATION
OUR INNOVATION CAPABILITIES
52
BEVERAGES TECHNOLOGY

53. OUR POWERFUL ‘SYSTEM ENGINEERING’ APPROACH
53
Great Beverages, Constant Innovation, At Scale
APPLIANCE PORTION PACK
MANUFACTURING
EQUIPMENT
BEVERAGE

54. THE COMBINATION OF OUR SYSTEM APPROACH
54
Appliance
Manufacturing Equipment
Portion Pack
Beverage

55. A SYSTEM APPROACH IS OUR ADVANTAGE

56. OUR APPLIANCE R&D LEADERSHIP

57. FOCUS ON RESEARCH & DEVELOPMENT
57
2011 2013
+226%
* GMCR FY 2011 and 2013 R&D Expenses

58. OUR BEVERAGE INNOVATION
CAPABILITIES
TOM NOVAK, SVP, BEVERAGE R&D AND REGULATORY AFFAIRS

59. OUR INTEGRATED BEVERAGE SYSTEM
59
THE POD
THE INGREDIENTS
PROCESSING
THE BREWER
4 COMPONENTS:
• 4 Degrees of Freedom
• 6 Interactions/Synergies
• Multiple Brewer Settings
Capability for Breakthrough Quality
THE BEVERAGE

60. SYSTEM-INHERENT ADVANTAGES FOR BEVERAGE DELIVERY
60
Taste
Convenience Nutrition
VarietyFreshness
Experiential

61. OUR BEVERAGE DEVELOPMENT ORGANIZATION
61
PRODUCT
DEVELOPMENT
PROCESS
DEVELOPMENT
PACKAGE
DEVELOPMENT
Sensory Testing
Marketing
Consumer Insights
Analytical Testing
Manufacturing
Microbiology
Pod
Carton
Display
Distribution
Shelf Life
Regulatory Affairs
System Partners
Brewer Platforms Supplier Partners

62. 2007 2013
SPECIALTY BEVERAGES DEVELOPMENT
62
ICED COFFEES
HOT COCOAS - SWEET TREATS
HOT APPLE CIDER ICED FRUIT BREWS LEMONADE
LATTES - CAPPUCCINOS SWEET & CREAMY ICED COFFEES
WELLNESS COFFEES
ICED TEAS WELLNESS TEAS
COFFEE
TEA
BLACK COFFEES
INDULGENT
LEAF TEAS
FRUIT BREWS

63. KEURIG®COLD BEVERAGE DEVELOPMENT
COLA
ICED
TEA
Stills
Carbonated
FLAVORED
CLEAR
OLD FASHIONED SODA FOUNTAIN SPARKLING FLAVORED WATERSNATURAL
DIET FLAVORED SELTZERS
ISOTONICS
JUICE DRINKS
FLAVORED
WATERS
LEMONADE
JUICE SPRITZERS

64. OUR BEVERAGE R&D LEADERSHIP

65. INNOVATION UPDATE
BRIAN KELLEY, CHIEF EXECUTIVE OFFICER

66. INNOVATION PIPELINE
Keurig® 2.0 Keurig® Cold

67. NEW
KEURIG® 2.0
Offers all 50+ Keurig® system
beverage brands
Brews all Keurig® K-Cup®, Vue® and
K-Carafe™ packs
First ever Keurig® brewer to brew a single
cup or carafe of coffee
Uses proprietary technology to identify and
perfectly brew only Keurig® packs
Offered at similar price points
Will be available at all current Keurig® retailers and
replaces current Keurig® brewer models

68. KEURIG® SUCCESS – SOLVING CONSUMER TRADE-OFFS
68
Larger volume
Multiple servings
Inexpensive

69. KEURIG® SUCCESS – SOLVING CONSUMER TRADE-OFFS
69
Convenient
Low mess
Fast
Reduce coffee waste
Brand variety
Consistent taste
Larger volume
Multiple servings
Inexpensive
vs

70. HIGHLY CONFIDENTIAL – INTERNAL USE ONLY 70

71. KEURIG®2.0 – STRATEGIC GROWTH OPPORTUNITY
Brings new households into the Keurig®system
Drives increased consumption among
Keurig®households
Drives incremental volume, profit and consumer value

72. KEURIG®2.0 – STRATEGIC GROWTH OPPORTUNITY
Brings new households into the Keurig®system
Drives increased consumption among
Keurig®households
Drives incremental volume, profit and consumer value

73. 80%
of U.S. households still
not using single cup
SINGLE CUP AT EARLY STAGE OF DEVELOPMENT
73
20%
58%
22%
Single Serve
Drip
Other
Source: 2013 NCA Study; method of preparation among past-day drinkers
20%
58%
22%

74. WHY HAVE YOU NOT YET BOUGHT A KEURIG®?
60%#1 Reason (non-price):
60%
Does not brew
pot or larger size
Source: GMCR Survey

75. KEURIG®2.0 – STRATEGIC GROWTH OPPORTUNITY
Brings new households into the Keurig® system
Drives increased consumption among
Keurig® households
Drives incremental volume, profit and consumer value

76. Remaining 25% is for larger volume
brewing needs
COFFEE CONSUMPTION WITHIN KEURIG® HOUSEHOLDS
25%
75%
Keurig®gets ~75% of in home coffee
consumption
Source: GMCR internal data

77. WHY CURRENT KEURIG® OWNERS STILL USE A DRIP
COFFEE MAKER?
#1 Reason:
72%
want larger brew
sizes
Source: GMCR Survey

78. KEURIG®2.0 – STRATEGIC GROWTH OPPORTUNITY
Brings new households into the Keurig®system
Drives increased consumption among
Keurig®households
Drives incremental volume, profit and consumer value

79. KEURIG 2.0 – ADDRESSING MULTIPLE NEEDS AND
OCCASIONS
79
K-Cup® pack
K-Mug® pack
K-Carafe® pack

80. SMART & INTERACTIVE: PORTION PACK INFORMS BREWER
80
Proprietary Technology
on Pack
Informs Brewer
Perfect Cup
or Carafe

81. First Keurig® Brewer to brew a single cup + carafe

82. KEURIG COLD™

83. KEURIG COLD™ – A TECHNICAL BREAKTHROUGH
Temperature: it needs to be served cold
Dosing: precise flavor blend; precise carbonation every time
Carbonation: without a CO2 tank
Space/$: Keurig® footprint and attractive price range
Brand Variety: multi-brand system

84. One touch simplicity quality and variety
Ensures a consistently perfect taste and
carbonation profile every time
Freshly prepared carbonated, sparkling, and
still beverages
KEURIG COLD™
Multi-brand, open architecture platform to
optimize convenience and choice
Announced global strategic partner
Launching: fiscal 2015

85. Who We Are
Creating a Premium
in the Beverage Category
Our Innovation Capabilities
Financial Overview

86. FINANCIAL OVERVIEW
FRAN RATHKE, CHIEF FINANCIAL OFFICER

87. 5-year CAGR of 55%
$ IN MILLIONS
STRONG SALES GROWTH
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
2009 2010 2011 2012 2013 LTM Dec
'13
* Excludes the 53rd week of FY2012 which added approximately $90.0 million in net sales;
approximately $11.0 million (net of income taxes of $5.8 million) in net income; and,
approximately $0.07 in diluted earnings per share in the fourth quarter and fiscal year 2012.
*

88. STRONG IMPROVEMENTS IN GROSS MARGINS
31.2% 31.4%
34.1% 32.9%*
37.2%
28%
30%
32%
34%
36%
38%
$-
$400
$800
$1,200
$1,600
$2,000
2009 2010 2011 2012* 2013
Gross Profit % of Net Sales
Gross Profit
($ in millions)
Gross
Margin
* Excludes the 53rd week of FY2012 which added approximately $90.0 million in net sales; approximately $11.0 million (net of income taxes of $5.8 million) in net
income; and, approximately $0.07 in diluted earnings per share in the fourth quarter and fiscal year 2012.

89. PROCUREMENT LOGISTICSMANUFACTURING
PRODUCTIVITY WILL DELIVER $100M BY END OF FY15

90. STRONG NON-GAAP OPERATING MARGIN
IMPROVEMENT
10.4%
12.7%
16.2% 16.0%
18.7%
5.0%
8.0%
11.0%
14.0%
17.0%
20.0%
$(100)
$100
$300
$500
$700
$900
2009 2010 2011 2012* 2013
Non-GAAP Operating Income % of Net Sales
Non-GAAP
Operating
Income
($ in millions)
As % of
Net Sales
* Excludes the 53rd week of FY2012 which added approximately $90.0 million in net sales; approximately $11.0 million (net of income taxes of $5.8 million) in
net income; and, approximately $0.07 in diluted earnings per share in the fourth quarter and fiscal year 2012.

91. 5-year CAGR of 74%
STRONG NON-GAAP EPS GROWTH
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
2009 2010 2011 2012 2013 LTM Dec'13*
* Excludes the 53rd week of FY2012 which added approximately $90.0 million in net sales;
approximately $11.0 million (net of income taxes of $5.8 million) in net income; and,
approximately $0.07 in diluted earnings per share in the fourth quarter and fiscal year 2012.

92. 5-year CAGR of 76%
STRONG GAAP EPS GROWTH
$-
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
2009 2010 2011 2012* 2013
* Includes the 53rd week of FY2012 which added approximately $90.0 million in net sales;
approximately $11.0 million (net of income taxes of $5.8 million) in net income; and,
approximately $0.07 in diluted earnings per share in the fourth quarter and fiscal year 2012.

93. CAPITAL INVESTMENT TO SUPPORT GROWTH
11%
13%
5%
0%
2%
4%
6%
8%
10%
12%
14%
$-
$100
$200
$300
$400
$500
$600
2011 2012* 2013 2014
Hot Growth Cold Growth IT and Other As a % Net Sales
* Excludes the 53rd week of FY2012
($ in millions) As a % of Net Sales
1
1 Guidance provided by the Company on February 5, 2014
~ 9%

94. $(283)
$77
$200 - 300
$(300)
$(200)
$(100)
$-
$100
$200
$300
$400
$500
$600
2011 2012 2013 Q1'14
FREE CASH FLOW
Free Cash
Flow
($ in millions)
* Guidance provided by the Company on February 5, 2013
Free cash flow
$603
2014 Est.*

95. With improving
returns on capital
STRONG RETURNS
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
2009 2010 2011 2012 2013
Note: GAAP ROIC is the sum of LTM GAAP Net Income / ((1st quarter of LTM debt + equity plus 4th
quarter of LTM debt + equity)/2)

96. KEY TERMS OF RECENT STRATEGIC RELATIONSHIP
• 10-year strategic global partnership
• Collaborate on intro of The Coca-Cola Company brand portfolio in the
Keurig Cold™ beverage system
• Work together to introduce Keurig Cold™ to consumers worldwide
Commercial
Agreement
• 10% minority investment, representing 16.684 million new GMCR shares
• New shares priced at $74.98, for ~$1.25 billion in total proceeds
• Option to increase ownership to 16% with open market purchases
Equity
Agreement

97. FY 2014 OUTLOOK & NON-GAAP EPS WALK THROUGH*
* Per guidance provided by GMCR on February 5, 2014.
FY’13 non-GAAP EPS base $3.39
Expected Fx impact ($0.11)
Estimated Coca-Cola/Lavazza-related dilution
(absent any actions GMCR may take to offset dilution)
~ ($0.20)
Constant currency non-GAAP EPS growth 14% 17%to
Constant currency non-GAAP EPS $3.86 $3.96to
FY’14 non-GAAP EPS pre Coca-Cola transaction $3.75 $3.85to
FY’14 non-GAAP EPS post dilution $3.55 $3.65to
Revenue growth High single digits

98. FY 2015 NON-GAAP EPS WALK THROUGH*
* Per guidance provided by GMCR on February 5, 2014.
** includes Company’s assumptions on share repurchases
Underlying business mid-teens growth
Less: Net dilution impact for Coca-Cola transaction**
Non-GAAP EPS guidance Mid-single digit growth
(est. 4% to 7%)
FY’15 non-GAAP EPS estimate $3.69 $3.90to
Less: Incremental growth investment _______________
FY’14 non-GAAP EPS base $3.55 $3.65to

99. BALANCE SHEET & CAPITAL DEPLOYMENT
Share Repurchases & Dividend
• In Nov. 2013 announced incremental
share repurchase authorization of up
to $1 billion and as of Q1’14 $1.1
billion remains.
• Committed to meaningful share
repurchase program to reduce dilution
from The Coca-Cola Company
transaction
• Annual dividend of $1.00 per share,
yield of about 1%
• Latest 12 Months Earnings before Interest, Taxes, Depreciation and Amortization
• 2014 is estimated mid-point of free cash flow guidance on 2/5/14
Strong Balance Sheet Metrics
Total Debt Q1'14 $ 260M
Total Cash Q1'14 $ 350M
Net Cash $ 90M
LTM EBITDA $ 1,032M
Total Debt/EBITDA 0.3X
Net Debt/EBITDA 0X

100. THANK YOU!