Krispy Kreme Doughnuts 8K Regulation FD Disclosure | KKD 5 Feb 07

Agenda

Call to Order

Introductions

Report on Notice of Meeting, Appointment

of Inspector of Election and Quorum

Election of Directors

Shareholder Proposal

Report on the Company and its Business

Question and Answer Period

Report on Results of Voting

Adjournment

Introductions

Executive Team

Jeff Jervik

Executive Vice President –
Operations

25+ years food service experience

Extensive new concept new market

development

14 years “hands-on” experience

with PepsiCo/Yum

Papa John’s franchisee

Mike Phalen

Chief Financial Officer

15 years of finance and accounting

experience

10 years of restaurant industry

experience

Significant capital raising and

advisory experience

Executive Team

Chuck Blixt

General Counsel

30 years of legal experience

Over 20 years business experience

Seasoned executive in a

challenging industry

Executive Team

Wesley Suttle

Vice President, Secretary
and Corporate Counsel

Corporate Counsel at Krispy

Kreme since June 2004

Secretary since December 2005

Formerly, Corporate Associate at

the law firm of Shearman &
Sterling LLP in its New York, NY
and Washington, DC offices

Executive Team

Ken Hudson

Senior Vice President –
Human Resources &
Organizational Development

25 year career in operations and

human resource management

Experience in mergers and

acquisitions

Proven track record in union

awareness / labor relations

Executive Team

Doug Muir

Chief Accounting Officer

30 years in finance and accounting

13 years with NYSE companies

Former Big 4 audit partner

Executive Team

Stan Parker

Senior Vice President –
Marketing

19 years in consumer marketing

and strategic planning

Multi sales channel and product

category experience

9 years with Krispy Kreme

Executive Team

Mansour Tavangaran

Vice President –
Research & Development

22 years food and beverage

Experience in food service and

convenience stores

Extensive research and

development experience

Executive Team

Brad Wall

Senior Vice President –
Supply Chain

11 years of experience in the

food service industry

Broad knowledge of the Krispy

Kreme business model with
experience in store operations
and support functions

Executive Team

Jeff Welch

Senior Vice President –
International & Development

18 years of international

experience in Europe, Africa,
Middle East, Latin America and
Asia

22 years of real estate

development experience

Extensive new concept / reconcept

development experience

Executive Team

Agenda

Call to Order

Introductions

Report on Notice of Meeting, Appointment

of Inspector of Election and Quorum

Election of Directors

Shareholder Proposal

Report on the Company and its Business

Question and Answer Period

Report on Results of Voting

Adjournment

Agenda

Call to Order

Introductions

Report on Notice of Meeting, Appointment

of Inspector of Election and Quorum

Election of Directors

Shareholder Proposal

Report on the Company and its Business

Question and Answer Period

Report on Results of Voting

Adjournment

Class II	Chuck Blixt Daryl Brewster	2007 2007
Class III	Bob Strickland Lizanne Thomas Mike Sutton	2008 2008 2008
Class I	Jim Morgan Togo West Andy Schindler	2009 2009 2009

Business Meeting

Election of Board of Directors

Voting Rules

I now declare the polls open for each matter to be voted on at this

Meeting. We will close the polls and collect the ballots after all items
on the Agenda have been presented.

If any shareholder or proxy wishes to vote in person, please raise

your hand at this time and a representative of the Inspector of
Election or ushers will bring you a ballot.

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.

Our first item of business, the election of Directors is deemed

presented to this Meeting for a vote.

If you are voting by ballot, please mark it now with respect to Item 1.

Please remember that if you have already voted by proxy, you don’t
need to hand in a ballot unless you wish to change your vote.

Agenda

Call to Order

Introductions

Report on Notice of Meeting, Appointment

of Inspector of Election and Quorum

Election of Directors

Shareholder Proposal

Report on the Company and its Business

Question and Answer Period

Report on Results of Voting

Adjournment

Agenda

Call to Order

Introductions

Report on Notice of Meeting, Appointment

of Inspector of Election and Quorum

Election of Directors

Shareholder Proposal

Report on the Company and its Business

Question and Answer Period

Report on Results of Voting

Adjournment

Safe Harbor

Information contained in this presentation, other than historical

information, may be considered forward-looking in nature and is
subject to various risks, uncertainties and assumptions. Should
one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, estimated or expected. Among
the key factors that may have a direct bearing on Krispy Kreme’s
operating results, performance or financial condition are its
dependence on franchisees to execute its store expansion
strategy, changes in consumer preferences and perceptions,
competition and numerous other factors discussed in Krispy
Kreme’s periodic reports, proxy statement and other information
statements filed with the Securities and Exchange Commission.

CEO Perspective

Delighted

Disappointed

Determined

Since 1937

Old Salem

4 Continents

Delighted

Great History

Brands	Unaided Awareness	Likelihood to Recommend
Krispy Kreme	81%	80%
Dunkin’ Donuts	70%	64%
Entenmann’s	19%	39%

Source: Krispy Kreme Market Research

Delighted

Great History

Great Brand

Food Quality Excellent/Very Good Rating
Krispy Kreme	71%
Dunkin’ Donuts	57%
Tim Horton's	58%

Source: 2006 Consumer's Choice in Chains Survey

Delighted

Great History

Great Brand

Great Product

Over 400 Years Experience

Delighted

Great History

Great Brand

Great Product

Great People

5,000 Colleagues

Krispy Kreme

Experience and
New Leadership

Delighted

Great History

Great Brand

Great Product

Great People

Great Partners

61 Franchisees

10 Countries

Delighted

Great History

Great Brand

Great Product

Great People

Great Partners

Great Consumers

	FY00(IPO)	FY04	FY06*
Systemwide Sales	$318	$985	$889
Revenues	$220	$649	$543
Net Income/(Loss)	$6	$49	($136)
Cash from Operations	$9	$83	$2
Share Price**	$5.25	$35.64	$5.33

In Millions

* Ending Jan 29, 2006

** As of 4/4/00 (IPO); Closing Price 1/30/04 & 1/27/06

Disappointed

Thru FY06

Investigations & Litigation

Need to Restate FY01 – FY05

Extraordinary Professional Fees

Declining Cash Position

Lacked Innovation

Organizational Turmoil

Determined

Survive

Stabilize

Sustain Growth

FY06

FY07 YTD

Determined

Moving from Survival Mode Toward Stability

Reorganized Senior Management Interim (KZC) New Management

Rebuilt Cash Flow $(11M) $19MM

Restated FY01-FY05 Financials Delayed Completed

Reported Financials 5 Years “Open” Current

Resolved Critical Legal Matters $1.7B Exposure Announced

& #160; Settlements

Restructured Franchisees~ 10 1-2

Reduced Guarantees $40MM $17MM

Reduced Special Professional Fees $32MM $8MM

Reduced Financing Need $225MM $175MM

Refinancing Credit Facility $16M Interest Exp TBD

Requiring Management Stock Ownership None Required

Reconstituting Board of Directors

Average Weekly Sales -

Company

Average Weekly Sales -

Systemwide

11%

-7%

Determined

Showing Signs of Stability

Overall Systemwide Sales Declining, Driven by Store Closures

Cash Balances have increased from $17 Million to $36 Million

Average Weekly Sales Per Store:

Determined

Plans Emerging for Sustained Growth

Innovation

Convenience Store Growth

International Expansion

Completing Strategic Studies

Issue	Action Plans
£ Compliance	£ Hired VP, Internal Audit & Compliance £ Implementing Remediation Plans
£ Domestic Area Developers	£ Improving Communications £ Restructuring
£ Health & Wellness	£ Hired VP, Research and Development £ Developing Health & Wellness Options
£ Competition	£ Drive Product News £ Develop Small Retail Concept
£ Commodity Costs	£ Completing Cost/Benchmarking Studies £ Taking Actions to Offset

Determined

While Addressing Key Issues

Sustained Growth & Reward Shareholders

Emerging Plans

Vision

Values

Goals

Key Strategies

Sustained Growth & Reward Shareholders

Vision

Global Leader in Doughnuts and

Complementary Products

Sharing Sweet Smiles Worldwide

Sustained Growth & Reward Shareholders

Values with compliments to Vernon Rudolph (Founder)

We Believe….

Consumers are our lifeblood, the center of the doughnut

There is no substitute for quality in our service to consumers

Impeccable presentation is critical wherever Krispy Kreme is sold

We must produce a collaborative team effort that is unexcelled

We must cast the best possible image in all that we do

We must never settle for “second best”; deliver on our commitments

We must coach our team to ever-better results

Sustained Growth & Reward Shareholders

Goals

Restore Top–Line Growth

Expand Margins

Generate Cash

Build Replicable Growth Model

Company

Stores

Franchise

Operations

Retail

Convenience Store

Grocery Store

Domestic

International

Manufacturing

and Distribution

Mix

Components

Sustained Growth & Reward Shareholders

Krispy Kreme Business Segments

FY07

Run

Great
Doughnut Shops

Expand

International

Klean-Up

Save

Money
Everywhere

for illustrative purposes

Building Blocks

New

Products

Small

Retail
Concept
(USA)

Sustained Growth & Reward Shareholders

Strategies

Klean Up Past Issues & Keep Klean

Run Great Doughnut Shops

Ignite Innovation & Growth

Save Money Everywhere

Power the Organization

You – The Owners

Klean Up Past Issues & Keep Klean

Remain Current in Financial Reporting

Remediate Material Weaknesses

Address Remaining Special

Committee Recommendations

Complete Refinancing

Write-offs

Continue to Cooperate with Investigations

Strategies

Klean Up Past Issues & Keep Klean

Run Great Doughnut Shops

Ignite Innovation & Growth

Save Money Everywhere

Power the Organization

You – The Owners

Run Great Doughnut Shops

Consumer at Center of Doughnut

Love Krispy Kreme Brand

View Brand as Extendable

Want Stores Nearby

Grocery/Convenience Stores Help Address

Run Great Doughnut Shops

For Self

To Share

Where?

Convenience

Destination

Why?

Run Great Doughnut Shops

For Self

To Share

Where?

Convenience

Destination

Why?

Q1 Q2 Q3

Same Store Sales vs YAG

Run Great Doughnut Shops

Revitalizing Retail

Recruited Experienced Retail Executive

Set Key Performance Indicators

Same Store On-Premises Sales Trending Positive

Get Consumers In

Run Great Doughnut Shops

Get Consumers In

Trade Them Up

Run Great Doughnut Shops

Get Consumers In

Trade Them Up

Get Them Back

Run Great Doughnut Shops

Quality

Service

Cleanliness

Get Consumers In

Trade Them Up

Get Them Back

Do It Profitably

Run Great Doughnut Shops

Production Efficiency Tool

Labor Management Tool

Gross Margin Improvement

Run Great Doughnut Shops

For Self

To Share

Where?

Convenience

Destination

Why?

Q1 Q2 Q3

Revenue vs YAG

Run Great Doughnut Shops

Lever Convenience Store

32% of Sales

Growing at 7% YTD

Sold in 10K of 150K Outlets

Lever Convenience Store

Run Great Doughnut Shops

For Self

To Share

Where?

Convenience

Destination

Why?

	Share	% ACV	$/ACV
KKD	23	46	$3.3M
Entenmann’s	24	79	$2.0M

Run Great Doughnut Shops

Source: IRI for 52 weeks ending December 3, 2006

Reinvent Grocery Store/Mass

Weak Trends, but Improving

#1 Channel to Purchase Sweets

30% of Company Store Sales

#1 in Velocity

Reinvent Grocery Store/Mass

Run Great Doughnut Shops

Promotions

Extended Shelf Life

Company Associate Area Developer

Run Great Doughnut Shops

Partner with Domestic Franchisees

286 Domestic Stores

114 Company

54 Associates

118 Area Developers

Partner with Domestic Franchisees

Run Great Doughnut Shops

Improving Communication and Performance

Franchisee Advisory Council

Monthly Conference Calls

Quarterly Meetings

Franchisee Coaching Team

—

Help Franchisees Make More Money

—

Key Performance Indicators

—

Best Practices Sharing

—

Improve Marketing Programs Participation

Participation is Rising, But Still A Way To Go…

Partner with Domestic Franchisees

Run Great Doughnut Shops

Strategies

Klean Up Past Issues & Keep Klean

Run Great Doughnut Shops

Ignite Innovation & Growth

Save Money Everywhere

Power the Organization

You – The Owners

Ignite Innovation & Growth

Drive Product News

Expand International

Develop Small Retail Concept (USA)

Ignite Innovation & Growth

Product News

Simple News

Health & Wellness Options

Complementary Products

Ignite Innovation & Growth

Simple News

Current Platform

Shapes x Sprinkles x Stamps x Icings

1,000’s of Customizable Options

Tested in January

National Q1

Ignite Innovation & Growth

Health & Wellness Options

Ignite Innovation & Growth

Goal: Ø TFA and Great

Taste

Hired Industry Leader

Partnering with Global Suppliers

Commercializing

Conducting Consumer Studies

Ignite Innovation & Growth

3 Part Plan to Improve Beverage

Krispy Kreme

Competitor

15%

65%

Complementary Products

Great Coffee

Combos

Promotional Activities

Systemwide Store Breakdown

International Sales Increase

Ignite Innovation & Growth

25%

International

75%

Domestic

72% increase

Expand International

Phase I Phase 2 Phase 3

Ignite Innovation & Growth

Expand International

Franchise Model

Proven Operators; Well Capitalized

Generally Shared Infrastructure

Focus on Operating vs. Opening

Flexible Real Estate Model–Emphasize Retail

Small Factory Store - Korea

Ignite Innovation & Growth

Expand International

Hot Shop – Mexico

Ignite Innovation & Growth

Expand International

Fresh Shop – UK

Ignite Innovation & Growth

Expand International

Ignite Innovation & Growth

Kiosk– Australia

Expand International

For Self

To Share

Where?

Convenience

Destination

Why?

Ignite Innovation & Growth

Develop Small Retail Concept (USA)

Address Consumer Convenience Opportunity

Improve Shop/Market Economics

Flexible Model (under 2K sq. ft.)

Small Factory

Lever Big Factory Satellites

Hot

—

Fresh

—

Kiosk

—

Ignite Innovation & Growth

Develop Small Retail Concept (USA)

International Learning

New Shop Design

Company Focus:

Prove the Model

Build in the Heartland

Strategies

Klean Up Past Issues & Keep Klean

Run Great Doughnut Shops

Ignite Innovation & Growth

Save Money Everywhere

Power the Organization

You – The Owners

Overall Cost Structure

Save Money Everywhere

Named a Cross Company Cost Leader

Developed “Dollars to Doughnuts” Program

Initial Focus:

Strategic Sourcing

Shop Management Tools

Professional Fees

Save Money Everywhere

Information Technology

Credit Card

Transactions

Packaging

Early Wins

Power the Organization

Experienced Significant Change

Reduced Headcount

Revamped Executive Team

Values

Consumers are our lifeblood, the center of the doughnut

There is no substitute for quality in our service to consumers

Impeccable presentation is critical wherever Krispy Kreme is sold

We must produce a collaborative team effort that is unexcelled

We must cast the best possible image in all that we do

We must never settle for “second best”; deliver on our

commitments

We must coach our team to ever-better results

Power the Organization

Focus

Annual Meeting II	June 2007
Timely Reporting	Quarterly Releases
Appropriate Transparency	Quarterly Conference Calls
Effective Controls and Processes	Implementing SOX Remediation
Sustained Growth Mindset	Reward Shareholders

You – The Owners

Commitment to Shareholders

Summary

Delighted to be at Krispy Kreme

Aware of Disappointments

Determined to Drive Sustained Growth

and Reward Shareholders

Remains a Turnaround

Making Progress

Growth Plans Emerging

Agenda

Call to Order

Introductions

Report on Notice of Meeting, Appointment

of Inspector of Election and Quorum

Election of Directors

Shareholder Proposal

Report on the Company and its Business

Question and Answer Period

Report on Results of Voting

Adjournment

Questions

Anyone who wishes to ask a question during the question and answer period

should line up behind one of our microphone attendants located in the aisles.

Once you are in line to ask a question, the microphone attendants 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, you must also identify the shareholder whom you

are representing at this Meeting.

When your turn comes, hand the attendant the card. The attendant will then

announce you.

Again, as a courtesy to everyone present, each shareholder will be allowed

up to two minutes to ask a question.

Once you have asked your question and have received an answer, the next

shareholder in line will be given a chance to address the meeting. 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.

Krispy Kreme Doughnuts (KKD) Inactive 8-KRegulation FD Disclosure