Annual Meeting of Shareholders

Tuesday, June 14, 2011

V55 v5

Agenda

Call to Order Director Introductions Management Introductions Report on Notice of Meeting, Appointment of Inspector of Election and Quorum Election of Directors Advisory Vote on Executive Compensation Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation Ratification of Appointment of Independent Registered Public Accounting Firm Report on the Business Report on Results of Voting Adjournment Question and Answer Period

Agenda

Call to Order Director Introductions Management Introductions Report on Notice of Meeting, Appointment of Inspector of Election and Quorum Election of Directors Advisory Vote on Executive Compensation Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation Ratification of Appointment of Independent Registered Public Accounting Firm Report on the Business Report on Results of Voting Adjournment Question and Answer Period

Board of Directors
Robert S. McCoy, Jr., Lead Independent Director Charles A. Blixt Lynn Crump-Caine C. Stephen Lynn Andrew J. Schindler Michael H. Sutton Lizanne Thomas Togo D. West, Jr. James H. Morgan, Chairman

Agenda

Call to Order Director Introductions Management Introductions Election of Directors Advisory Vote on Executive Compensation Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation Ratification of Appointment of Independent Registered Public Accounting Firm Report on the Business Report on Results of Voting Adjournment Question and Answer Period

Senior Management Group

Jim Morgan Doug Muir Cindy Bay Dwayne Chambers Ken Hudson Steve Lineberger President & CEO EVP & Chief Financial Officer SVP Company Store Operations SVP & Chief Marketing Officer SVP Human Resources SVP Corporate Strategy & President US Franchise Operations SVP & General Counsel SVP Supply Chain & Off-Premises Operations SVP & President International
6

Darryl Marsch Brad Wall Jeff Welch

Agenda

Call to Order Director Introductions Management Introductions Report on Notice of Meeting, Appointment of Inspector of Election and Quorum Election of Directors Advisory Vote on Executive Compensation Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation Ratification of Appointment of Independent Registered Public Accounting Firm Report on the Business Report on Results of Voting Adjournment Question and Answer Period

Voting Rules

Shareholders who have already sent in proxies, and who do not wish to change their votes, do NOT need to vote by ballot today. If you are voting by proxy for someone else, and did not turn in your proxy at the registration desk, please hand it to one of the ushers at this time. If any shareholder or proxy wishes to vote in person, please raise your hand at this time and an usher will bring you a ballot.

Agenda

Call to Order Director Introductions Management Introductions Report on Notice of Meeting, Appointment of Inspector of Election and Quorum Election of Directors Advisory Vote on Executive Compensation Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation Ratification of Appointment of Independent Registered Public Accounting Firm Report on the Business Report on Results of Voting Adjournment Question and Answer Period

Election of Directors

Class Class III Class III Class III

Nominees Stephen Lynn Michael H. Sutton Lizanne Thomas

Term To Expire 2014 2014 2014

10

Agenda

Call to Order Director Introductions Management Introductions Report on Notice of Meeting, Appointment of Inspector of Election and Quorum Election of Directors Advisory Vote on the Executive Compensation Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation Ratification of Appointment of Independent Registered Public Accounting Firm Report on the Business Report on Results of Voting Adjournment Question and Answer Period

11

Agenda

Call to Order Director Introductions Management Introductions Report on Notice of Meeting, Appointment of Inspector of Election and Quorum Election of Directors Advisory Vote on the Executive Compensation Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation Ratification of Appointment of Independent Registered Public Accounting Firm Report on the Business Report on Results of Voting Adjournment Question and Answer Period

12

Agenda

Call to Order Director Introductions Management Introductions Report on Notice of Meeting, Appointment of Inspector of Election and Quorum Election of Directors Advisory Vote on Executive Compensation Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation Ratification of Appointment of Independent Registered Public Accounting Firm Report on the Business Report on Results of Voting Adjournment Question and Answer Period

13

Agenda

Call to Order Director Introductions Management Introductions Report on Notice of Meeting, Appointment of Inspector of Election and Quorum Election of Directors Advisory Vote on Executive Compensation Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation Ratification of Appointment of Independent Registered Public Accounting Firm Report on the Business Report on Results of Voting Adjournment Question and Answer Period

14

Forward-Looking Statements
Some of the information in this presentation represents forward-looking statements that are protected under the Private Securities Litigation Reform Act of 1995. Such statements may reflect our expectations or beliefs about the future, including, without limitation, expectations or beliefs regarding our financial performance. We cannot assure you that we will achieve or realize these expectations. Like any such statements, they are subject to a number of factors, risks and uncertainties that could cause actual results to differ materially from our expectations or beliefs. These factors include items discussed in our SEC filings, including our annual report on Form 10-K for the year ended January 30, 2011. New factors emerge from time to time, and it is not possible for us to predict all such factors or assess the impact of each such factor on Krispy Kreme. If we do make forward-looking statements, we undertake no obligation to update those statements in the future in light of subsequent events. Please note that all of our SEC filings, along with other shareholder relevant information, can be found on the IR portion of our website at www.krispykreme.com.

15

Our Mission and Vision

Mission:
To touch and enhance lives through the joy that is Krispy Kreme

Vision:
To be the worldwide leader in sharing delicious tastes and creating joyful memories

16

Fiscal 2011 Highlights

Revenue decline reversed

First gain since fiscal 2005

Domestic business growing again

First year over year store growth gain since fiscal 2005

International growth continues Net income of $7.6 million

First profit since 2004

Refinancing of credit facilities and significantly lowered interest rate Set the stage for continued progress in FY12

17

Going Forward

18

Strategic Initiatives

Refine small shop format Improve shop operations and execution Continue renovation of older locations Develop and deploy new products Improve off-premises economics through new products and better management and marketing Increase franchisee support and reduce logistics costs Continue building domestic and international new store pipeline
19

Company-owned Small Shop Potential

Opportunity to build over 65 Companyowned small shops in currently targeted Southeast markets Development pipeline includes: Raleigh Charlotte Louisville Columbia Nashville Virginia Beach
20

Small Hot Shop Example

21

Small Factory Shop Example

22

Fiscal 2012 Development Plans

Ongoing new small shop expansion 5 to 10 Company stores in the Southeast 5 to 15 new domestic franchise stores More than new 30 international franchise stores

23

Expand Our Worldwide Presence

Australia - 29 Bahrain - 7 Canada - 5 China - 1 Dominican Republic - 1 Indonesia - 10 Japan - 26 Kuwait - 26 Lebanon - 10 Malaysia - 5 Mexico - 59 Philippines - 21 Puerto Rico - 4 Qatar - 6 Saudi Arabia- 83 South Korea - 44 Thailand - 2 Turkey - 13 UAE - 21 United Kingdom - 48 United States - 231

652 stores in 21 countries

24

Continue Building Domestic and International Pipeline

Dominican Republic
25

Continue Building Domestic and International Pipeline

Bangkok
26

Develop and Deploy New Products

Limited Time Offerings currently featuring Krispy Kreme Cookies & Kreme Doughnut Krispy Kreme Baked Creations

Kool Kreme

27

New Coffee Program

National program launch in September 2011 Three new signature coffees Extensively tested with consumers House blend, dark roast and house decaf New marketing campaign Exciting and engaging creative campaign Merchandising plan to maximize consumer touch points Social media, PR and Local Restaurant Marketing plans

28

Financial Review

29

Fiscal 2011 Highlights

Systemwide sales in constant dollars +9.1% Company same store sales +4.0% Added a net 64 Krispy Kreme stores Net income of $7.6 million was a dramatic improvement from net loss in fiscal 2010 Reduced debt

30

Q1 FY12 Continued Progress

Revenues increased +14% to $105 MM Operating income rose + 62% to $10 MM Net income of $9.2 MM vs. $4.5 MM EPS of $0.13

31

Total Stores at Period End

FY06
International Franchise

Q1 FY12
International Franchise Domestic Franchise

68 207 127
Company Owned Domestic Franchise

145 421 86
Company Owned

402 Stores 68% Franchised 402 Stores 68% Franchised

652 Stores 87% Franchised 652 Stores 87% Franchised

32

Domestic Domestic Stores

Stores

Domestic Growth Beginning Anew

334 272 245 225 224 229 231 245

FY06

FY07

FY08

FY09

FY10

FY11

Q1 FY12

FY12E

33

International Stores
Continue to Build the Global Franchise Network
417 358 298 421 435

204

123 68

FY06

FY07

FY08

FY09

FY10

FY11

Q1 FY12

FY12E

34

Revenues
($ in millions)
$543 $461 $430 $386 $347 $362

$92

$105

FY06

FY07

FY08

FY09

FY10

FY11

Q1 FY11 Q1 FY12

35

Operating Income
($ in millions)
$12 $5 FY06 FY07 FY08 FY09 FY10 FY11 $15 $23 $6 Q1 FY11 $10

Q1 FY12

FY12E

($28) ($43)

($117)

36

Interest Expense
($ in millions)
$20.2 $20.3

$9.8

$10.7

$10.7

$6.4

$1.9 $0.5 FY06 FY07 FY08 FY09 FY10 FY11 Q1 FY11 Q1 FY12

$2.0

FY12E

37

Net Income
($ in millions)
$19 $0 FY06 FY07 FY08 FY09 ($4) ($42) ($67) FY10 $8 FY11 $5 Q1 FY11 $9 Q1 FY12 FY12E

($136)

FY12E excludes estimated after tax gain of $4.4 MM on sale of 30% interest in KK Mexico. Assumes achievement of midpoint of estimated operating income ex. impairment charges and lease termination costs of $22-24 MM.

38

Total Debt & Contingent Liabilities

($ in millions)
$30 $23 $18 $123 $108 $77

$9 $75 $4 $43 $3 $35

FY11

$3 $28
Today

FY06

FY07

FY08

FY09

FY10

39

Sources of Funding for Business Development

($ in millions)

$33 $25 $12 Liquidity Revolving Credit Availability $17 Capital Expenditures Cash on Hand Free Cash Flow

40

41

Conclusion

Continued progress on strategic initiatives Positioned for accelerated growth in both revenue and earnings over the long-term Small store development and economics will be a driving force behind success Strong cash flow Low debt

42

Our Mission and Vision

Mission:
To touch and enhance lives through the joy that is Krispy Kreme

Vision:
To be the worldwide leader in sharing delicious tastes and creating joyful memories

43

What Our Brand Means

44

The Joy that is Krispy Kreme

45

The Joy that is Krispy Kreme

46

47

Agenda

Call to Order Director Introductions Management Introductions Report on Notice of Meeting, Appointment of Inspector of Election and Quorum Election of Directors Advisory Vote on Executive Compensation Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation Ratification of Appointment of Independent Registered Public Accounting Firm Report on the Business Report on Results of Voting Adjournment Question and Answer Period
48

Agenda

Call to Order Director Introductions Management Introductions Report on Notice of Meeting, Appointment of Inspector of Election and Quorum Election of Directors Advisory Vote on Executive Compensation Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation Ratification of Appointment of Independent Registered Public Accounting Firm Report on the Business Report on Results of Voting Adjournment Question and Answer Period
49

Agenda

Call to Order Director Introductions Management Introductions Report on Notice of Meeting, Appointment of Inspector of Election and Quorum Election of Directors Advisory Vote on Executive Compensation Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation Ratification of Appointment of Independent Registered Public Accounting Firm Report on the Business Report on Results of Voting Adjournment Question and Answer Period
50

Questions

Please approach the microphone attendant located in the aisle. Once you are in line to ask a question, the microphone attendant will give you a card to fill out, so we can introduce you. On the card, please print your name, and state whether you are a shareholder or a proxy holder. If you are a proxy holder, please also identify the shareholder whom you are representing. When your turn comes, please hand the attendant the card and the attendant will announce you. As a courtesy to everyone present, we ask that shareholders limit their questions to no more than two minutes each. Once you have asked your question and have received an answer, the next shareholder in line will be given a chance to ask a question. If you have a follow-up question or a new question, please return to the end of the line. When everyone else has had a chance to speak, and if we still have time, you may have another turn at the microphone.

51

Our Mission and Vision

Mission:
To touch and enhance lives through the joy that is Krispy Kreme

Vision:
To be the worldwide leader in sharing delicious tastes and creating joyful memories

52