Brian Kelley, CEO of Keurig Green Mountain, discussed the company's outlook and priorities at the CAGNY Conference on February 19, 2015. The company expects mid-single digit non-GAAP EPS growth in fiscal year 2015 despite negative impacts from foreign exchange rates and equity transactions. Keurig's priorities are to successfully launch the Keurig Cold system, continue investing in innovation, improve growth of the Keurig hot system, and begin global expansion of the Keurig system.

1. CAGNY CONFERENCE – FEBRUARY 19, 2015
1
Brian Kelley, Chief Executive Officer

2. FORWARD LOOKING STATEMENT
2
Certain information 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, the impact of pending shareholder litigation, and the impact of antitrust litigation pending against the
Company in the United States and Canada. 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 Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended September 27,
2014, and elsewhere in that report and those described from time to time in our future reports filed with the Securities and Exchange
Commission.

3. GAAP TO NON-GAAP RECONCILIATION
3
In addition to reporting financial results in accordance with generally accepted
accounting principles (GAAP), the Company provides non-GAAP operating results that
exclude 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. In each case 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 of the
Company's GAAP to non-GAAP results.

4. AGENDA
4
Power of premiumization
Overview
Power of innovation
Keurig® hot system opportunity
Keurig® cold system launch update

5. AGENDA
5
Power of premiumization
Overview
Power of innovation
Keurig® hot system opportunity
Keurig® cold system launch update

6. 6
*Non-GAAP EPS is a Non-GAAP financial measure. Please see the attached “GAAP to Non-GAAP
*

7. 7

8. A UNIFIED DIRECTION
8
PURPOSE:
MISSION:
VISION:

9. 9
A network system effect
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
KEURIG® IS AN ADVANCED,
PERSONAL BEVERAGE SYSTEM

10. THE NETWORK EFFECT
10
= Keurig Households
Both brands and households representative only. Not actual numbers
WE SELF-GENERATE & BENEFIT FROM IT

11. WE SELF-GENERATE & BENEFIT FROM IT
THE NETWORK EFFECT
Source: 2014 Omnibus Survey. * Estimated.
= Keurig Households
Both brands and households representative only. Not actual numbers
11

12. BROAD KEURIG BREWED® FAMILY OF BRANDS
12

13. FY 2015 OUTLOOK
13
Tax rate 34-35%
Non-GAAP EPS growth mid-single digits
Capital investment $425M to $475M
Negative impact of fx on EPS ($0.15)
Dilutive impact of 2014 Coca-Cola &
Lavazza equity transactions
($0.27)
Free cash flow
Revenue growth mid-single to high-single digits
$225M to $325M
Per Keurig guidance given on 2/4/15

14. LONG-TERM OUTLOOK
14
Per Keurig guidance given on 2/4/15
Non-GAAP EPS growth mid-teens
Revenue growth double digit
Gross margins + 40%
Operating margins + 20%

15. DISCIPLINED CAPITAL DEPLOYMENT
15
Reinvest in the business to drive top tier growth
Small tuck-in M&A for specific technologies, market distribution and/or
brands with disciplined capital deployment
Return cash to shareholders in form of dividends and share repurchases

16. FY2012 FY2013 FY2014 FY2015 YTD
Share Repurchase
Dividends
$76M
$188M
$1.2B
$340M
INCREASING CASH RETURN TO SHAREHOLDERS
16
• Raised quarterly dividend
15% in FY15 from FY14
• Current annual dividend of
$1.15 per share, yield of ~1%
• Returned ~$1.2 billion to
shareholders in FY2014
• Returned $340 million to
shareholders YTD in FY2015
Note: FY2015 YTD is as of 02/13/2015

17. CORE TRENDS THAT WILL DRIVE BEVERAGE SYSTEMS
17
FRESHNESS
PERSONALIZED
SIMPLE
WELLNESS
SUSTAINABLE
CHOICE/VARIETY
DEMOCRATIZEDNATURAL

18. LOOKING AHEAD
• Bringing premium experiences into the home through innovative technology
• Single serve capsules/pods will experience growth globally across beverages
• Innovation in technology systems will be driven by personalization & brand choice,
fresh, sustainable, simple, 5 sense experiential
• In-home beverage systems will create new opportunities for brand creation, trial and
growth
• In-home consumption data will change how we market to consumers
• Online and mobile will be advantaged due to 1:1 relationships
• The home will become an exciting beverage experience center
A global revolution in the beverage industry
18

19. Successfully introduce Keurig® KOLD™
to North American consumers
Continue to invest in our strong
innovation pipeline
Improve growth trajectory in our
Keurig® hot system
Begin to set framework for the
globalization of the Keurig® system
19
OUR PRIORITIES

20. AGENDA
20
Power of premiumization
Overview
Power of innovation
Keurig® hot system opportunity
Keurig® cold system launch update

21. 21

22. KEURIG® SYSTEM BREWED COFFEE GROWTH
20.4%
6.1% 5.3% 4.5% 4.3% 3.2% 2.7% 1.5%
-0.5% -0.6%
-2.0% -3.0%
Keurig
System
Brewed
Coffee
Energy
Drinks
Bottled
Water
Coffee Milk Canned
Juice
Non Fruit
Drinks
Sports
Drinks
Bottled
Juices
CSD Aseptic
Juices
Drink
Mixes
Total U.S. Multi Outlet Dollar % Change vs Year Ago
Leading the beverage category
22
Source: IRI Market Advantage Total U.S. Multi Outlet 52wks ending 12/28/14

23. SINGLE CUP COFFEE IS PROPELLING COFFEE CATEGORY $ GROWTH
While all other segments soften
23
4.5%
25.8%
-2.9% -4.3%
-9.5%
Total Coffee Single Cup Coffee Instant Coffee Ground Coffee Whole Bean Coffee
Total U.S. Multi Outlet $ Pct Chg vs YAG
Source: IRI Market Advantage Total U.S. Multi Outlet 52wks ending 12/28/14

24. $7,062
$7,937 $8,357 $8,731
12%
22%
30%
36%
0%
10%
20%
30%
40%
$-
$2,000
$4,000
$6,000
$8,000
$10,000
2011 2012 2013 2014
Total U.S. Multi Outlet Coffee Dollar Sales (Billions)
Total U.S. Multi Outlet Coffee Dollar Sales (Billions)
Single Cup Coffee Share of Total Coffee
SINGLE CUP SHARE OF COFFEE
24
Source: IRI Market Advantage Total U.S. Multi Outlet 52wks ending 12/28/14

25. BRANDS ARE BUILT DIFFERENTLY IN THE KEURIG® SYSTEM
25

26. BRANDS ARE BUILT DIFFERENTLY IN HOT
Top 5 coffee brands category $ share
26
Roast & Ground Coffee Category Keurig System Brewed
A wider variety of
brands are built
and can grow
64%
Top 5
Brands
~28%Same Top
5 Brands
Source: IRI Total US-MULO, latest 52 weeks ending 12.28.14
®

27. BRANDS WILL BE BUILT DIFFERENTLY IN COLD
Top 5 cold brands category $ share
27Source: IRI Total US-MULO, latest 52 weeks ending 12.28.14
How will brands
evolve in the
Keurig® cold
system in the
future?
Carbonated
Beverages
Sparkling Water RTD Tea Sports Drinks

28. AGENDA
28
Power of premiumization
Overview
Power of innovation
Keurig® hot system opportunity
Keurig® cold system launch update

29. 29

30. THE KEURIG® BRAND IS POWERFUL
30
Supplier of the Year4
• 80% Brand Awareness1
• #1 Coffee maker
in category dollar sales
for 53 months running2
• Brand of the Year
Single Serve Coffee Maker3
1 Sentient Brand Tracking Study. January 2015
2 NPD All Channels
3 2014 Harris Poll EquiTrend® Rankings 2014
4 for 2014 in association with Keurig 2.0 system launch

31. 31
25.2%
6.7%
5.4% 5.3% 4.6% 3.8%
2.6% 2.5% 2.2% 1.5%
Keurig Keurig Keurig Keurig Keurig Keurig Keurig Hamilton Beach Keurig Black & Decker
% of Total Coffee/Espresso Maker by Item in Dollars Share – Q1 FY’15
Source: NPD All Channels Note: Total Coffeemaker category includes all coffeemakers and espresso makers. NPD data does not include all retailers, and is
estimated to represent 60-70% of the total market
8 OF THE TOP 10 BREWERS SOLD BY DOLLAR SHARE
WERE KEURIG® BREWERS IN THE HOLIDAY

32. DISRUPTIVE INNOVATION ADOPTION CYCLE
Early Majority
Late Majority
Early Adopters
Innovators
Laggards
Early
Market
2.5% 13.5% 34% 34% 16%
Keurig’s hot system is still in the early stages of development
32

33. HOW WE’LL CONTINUE TO WIN
33
New Technologies Expanded Choice Creative Design

34. NEW TECHNOLOGIES: INTRODUCING KEURIG® 2.0 K200
34

35. 35
KEURIG® 2.0 K200
POSITIONING
For users that desire a smaller footprint
Lowest introductory price point for 2.0
Expanded color options

36. PORTFOLIO STRATEGY TO REACH OUR TARGET
Brewer innovation at every price point
36

37. EXPANDED CHOICE: SIZE VARIETY
37
• Launching K-Mug™ pack line on Keurig.com in mid-March
• Launches with 5 varieties and expands to 9 in Fall ‘15
• Expanding K-Carafe™ pack line with 9 additional varieties
• 23 total K-Carafe pack varieties will be available
• In Fall ’15 K-Carafe will expand to partner brands

38. EXPANDED CHOICE: BEVERAGE VARIETY
38

39. NEW LOOK ACROSS GREEN MOUNTAIN COFFEE BRAND
39

40. AND ACROSS THE KEURIG® SYSTEM BRANDS
40

41. CREATIVE DESIGN: NEW MERCHANDISING
41

42. WE CAN LEAD RETAILERS IN DESIGNING A BETTER AISLE
42

43. 43
$5.99
for 36 months
$7.99
for 36 months
$16.99
for 36 months
EXPLORER ADVENTURER PIONEER

44. AGENDA
44
Power of premiumization
Overview
Power of innovation
Keurig® hot system opportunity
Keurig® cold system launch update

45. 45

46. 46CONFIDENTIAL: FOR INTERNAL USE ONLY
APPLIANCE, BEVERAGE, POD AND PROCESS EQUIPMENT

47. VERTICAL-HORIZONTAL SYSTEM INTEGRATION
Balanced and linked technology capabilities across the Keurig system
Concepts & Interactions
Design
Development
Assembly Fabrication
Quality Assurance
Appliance Beverage Pod
Process
Equipment
47

48. KEURIG GREEN MOUNTAIN BEVERAGE R&D
Our Beverage Innovation Center
• Start-up in 2013
• Part of our Vermont infrastructure
• Complements our Boston campus
State-of-the-Art Beverage Science Capabilities
• Product development & culinary labs
• Sensory testing facility
• Hot & cold process pilot plants
• Analytical & microbiology labs
• Package design & distribution testing
• Siemens product lifecycle management system
Home of our coffee heritage and birthplace of our Keurig cold technology
48
Deep in the Green Mountains near Stowe, Vermont

49. BEVERAGE R&D SENIOR LEADERSHIP
Combined 350+ years of beverage and CPG experience, incl. from the following companies
49

50. OUR BEVERAGE INNOVATION TEAM
125 Scientists, Engineers and Technicians
Areas of Expertise
• Coffee, Culinary & Food Science
• Beverage Formulation & Processing
• Chemical & Mechanical Engineering
• Packaging Science
• Chemistry & Material Science
• Sensory & Nutrition Science
• Microbiology & Analytical Chemistry
Culture of innovation = talent x environment x process
50
Practicing Innovation Through Collaboration

51. OUR MANDATE FOR WINNING BEVERAGES
51
FRESHNESS
PERSONALIZED
SIMPLE
WELLNESS
SUSTAINABLE
CHOICE/VARIETY
DEMOCRATIZEDNATURAL

52. OPENING WORLDS OF BEVERAGES
52
Fresh-made, endless variety, new qualities and just-for-you
COLDHOT

53. AGENDA
53
Power of premiumization
Overview
Power of innovation
Keurig® hot system opportunity
Keurig® cold system launch update

54. How Can The Cold Beverage Category
Be Revolutionized…
54

55. 55

56. COLD BEVERAGES ARE 5X THE SIZE OF HOT BEVERAGES
Dollar share by major category in the U.S.
56
Coffee
83%
Tea Bags
13%
Hot Cocoa
4%
Carbonated
Beverages
36%
Bottled Water
17%
Shelf-Stable
Juice
15%
Rfg Bev
13%
Sports &
Energy Drinks
11%
RTD
Tea/Coffee
4%
All Other
4%
Total Cold Beverage Sales*
CY 2014: $50 billion +
Total Hot Beverage Sales
CY 2014: $10 billion+
*excluding dairy
Source: IRI U.S. Multi Outlet 52wks ending 12/28/14

57. COLD PROBLEMS HIDDEN IN PLAIN SIGHT
TEMPERATURE
FRESHNESS
FORM FACTOR
INFLUENCES TASTE
CHOICE
SHOPPABILITY
CARBONATION
LEVELS
IN HOME STORAGE
57

58. 58
Carbonation with no CO2 canister
Perfect dosing & one touch simplicity
Beverage delivered cold
Vast brand selection
Sustainable
Freshly prepared carbonated,
sparkling, and still beverages
Launching Fall 2015

59. 59

60. WILL OFFER BROAD COLD BEVERAGE PORTFOLIO
Beloved partner brands – plus new Keurig-owned brands
60

61. INTRODUCING OUR NEW OWNED BRANDS
61

62. Successfully introduce Keurig® KOLD™
to North American consumers
Continue to invest in our strong
innovation pipeline
Improve growth trajectory in our
Keurig® hot system
Begin to set framework for the
globalization of the Keurig® system
62
OUR PRIORITIES

63. GAAP TO NON-GAAP RECONCILIATION
63
Fiscal 2014
Diluted earnings per share $ 3.74
After tax:
Expenses related to SEC inquiry (1) 0.01
Amortization of identifiable intangibles (2) 0.18
Non-GAAP earnings per share $ 3.93
(1) Represents legal and accounting expenses related to the SEC inquiry and pending securities and
stockholder derivative class action litigation classified as general and administrative expense.
(2) Represents the amortization of intangibles related to the Company's acquisitions classified as general and
administrative expense

64. THANK YOU
64