Enter Presentation Title Here - Cott Investment Highlights of the Combined Business Highly diversified product, package and channel mix High -quality, efficient and well utilized facilities

Cott Corporation – Analyst and Investor Day June 2015

2

Safe Harbor Statements

Forward Looking Statements: This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and applicable Canadian securities laws conveying management's expectations as to the future based on plans, estimates and projections at the time the Company makes the statements. Forward-looking statements involve inherent risks and uncertainties and the Company cautions you that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statement. The forward-looking statements contained in this presentation include, but are not limited to, statements related to expected future operating results of the Company and the potential impact the acquisition of DSS Group, Inc. will have on the Company. The forward-looking statements are based on assumptions regarding management's current plans and estimates. Management believes these assumptions to be reasonable but there is no assurance that they will prove to be accurate. Factors that could cause actual results to differ materially from those described in this presentation include, among others: (1) changes in estimates of future earnings; (2) expected synergies and cost savings are not achieved or achieved at a slower pace than expected; (3) integration problems, delays or other related costs; (4) retention of customers and suppliers; and (5) unanticipated changes in laws, regulations, or other industry standards affecting the companies. The foregoing list of factors is not exhaustive. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Readers are urged to carefully review and consider the various disclosures, including but not limited to risk factors contained in the Company's Annual Report in the Form 10-K for the year ended January 3, 2015 and its quarterly reports on Form 10-Q, as well as other periodic reports filed with the securities commissions. The Company does not, except as expressly required by applicable law, undertake to update or revise any of these statements in light of new information or future events. Non-GAAP Measures: The Company routinely supplements its reporting of GAAP measures by utilizing certain non-GAAP measures to separate the impact of certain items from its underlying business results. In this presentation, we use non-GAAP measures such as EBITDA, adjusted EBITDA, adjusted free cash flow yield and certain ratios using these measures. Since the Company uses these non-GAAP measures in the management of its business, management believes this supplemental information, including on a pro forma basis, is useful to investors for their independent evaluation and understanding of the business. Any non-GAAP financial measures used by the Company are in addition to, and not meant to be considered superior to, or a substitute for, the Company's financial statements prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this presentation reflects management's judgment of particular items, and may be different from, and therefore may not be comparable to, similarly titled measures reported by other companies. A reconciliation of this non-GAAP measure may be found on www.cott.com.

http://www.cott.com/

3

Agenda

• The New Diversified Cott Corporation

• DS Services – Company Overview

• North America Business Unit – Update

• Q&A

• Appendix

The New Diversified Cott Corporation

5

Investment Highlights of the Combined Business

Highly diversified product, package and channel mix

High-quality, efficient and well-utilized facilities with multiple product and package capabilities

Low-cost philosophy concentrating on Customers, Costs, Capex and Cash

Scale business with enhanced EBITDA and margin growth profile

Platform for M&A to enhance business profile and provide upside through synergies

Strong adjusted free cash flow yield that drives returns to shareholders

❶ Extensive manufacturing footprint for private label, contract manufacturing and own brands

❷ low-cost philosophy and high cash generation

❸ High-quality facilities with diversified capabilities

❹ Supply chain provider of choice

❺ Significant growth potential in contract manufacturing

❶ Market leader in growing water and coffee services categories with strong regional brand heritage

❷ Established national direct-to-consumer distribution network – diverse customer base and service focus

❸ New initiatives and partnerships driving customer growth

❹ Proven acquirer, with ongoing capacity to pursue synergistic and complimentary acquisitions

❺ Attractive growing financial profile

Diversified

1

2

3

4

5

6

6

Strategic Initiatives and Acquisitions Transform Profile While Reducing Risk & Concentration

6/18/2013

Purchase Price: ~$12mm

~$60mm sales (3)

5/30/2014

Purchase Price: ~$139mm (2)

~$108mm sales (3)

12/12/2014

Purchase Price: ~$1.25bn

~$966mm sales (3)

FY12 Sales by Channel (1) Pro Forma FY14 Sales by Channel (4)

Pro Forma FY14 Sales by Product (3)

1. Own Brands includes concentrate sales. 2. Reflects working capital adjustment, deferred consideration and on-target earnout (based on estimate of $17.9mm contingent payment to be paid in July 2016). 3. Annual sales figures are as of LTM June 2013, LTM March 2014 and LTM Sept. 2014 for Calypso, Aimia Foods and DS Services, respectively. 4. Cott management estimate.

Dedicated resources behind growing contract manufacturing (Nearly doubled volume in 2014)

3-year goal of 50mm – 80mm serving equivalent cases by

2017

Contract Manufacturing

FY12 Sales by Product 2013 2014 2015

7

A Diversified Cott with an Increased Health & Wellness Product Mix

2014 Pro Forma Sales by Product (1)

More consistent growth in line with beverage category expectations

Water, sparkling water, energy, and coffee are expected to grow in line with or exceed category growth

Growth of private label juice and drinks is expected to be flat to slightly positive

Less exposure to large format retailers

Introduces significant presence in “Good-for-You” beverage categories

Source: Cott and DS Services management.

1. Cott management estimate.

2. Euromonitor, 2014.

2014-2019 North America Retail Volume Growth (2)

Cott’s diversified beverage platform is more reflective of the total beverage category

8

Cott’s Strategic Priorities Build on the Platform Created

The combination of contract manufacturing growth and further diversification alongside DS Services’ integration, synergies & expansion strengthens Cott’s financial performance and should drive valuation improvement.

Continuation of our approach including tight operating controls and a focus on cash generation

1

Further contract manufacturing growth and diversification supported by dedicated resources (note: lower revenue per case but similar margins)

2

Incorporation of DS Services: • Integration & synergy capture • Customer expansion and HOD water market roll-up 3

Focus on deleveraging the balance sheet and early redemption of preferred shares

4

Continuation of our return of funds to shareowners through our quarterly dividend in USD

5

9

1. Represents a non-GAAP measure. This measure does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other issuers. Please refer to slide 2 of this presentation for more information regarding the use of this measure and to the appendix of this presentation for a reconciliation to GAAP figures.

Post Synergy EBITDA Multiples of ~3.0x

Focus on deleveraging the balance sheet and early redemption of preferred shares – accelerated via equity offering June 3rd 4

Financially Prudent Accelerates Deleveraging Allows for Tuck-in Acquisitions

$116 million issued

$6.28 per share

Convertible after year 3

9% coupon with 1% annual increase ($11 million)

Convertible Preferred Shares

$33 million issued

$6.28 per share

No conversion

10% coupon with 1% annual increase ($3 million)

Early Redemption of the Preferred Shares Provides a Number of Benefits Including:

Non-Convertible Preferred Shares

Redeemable with 30 days notice

No cost to set up/redeem

Non deductible

Additional dividend tax ($2 million)

Redeemable with 30 days notice

No cost to set up/redeem

Non deductible

Additional dividend tax ($1 million)

Covenants and restrictions associated with the preferred shares limited our ability to do HOD water and OCS tuck-in acquisitions

More Rapidly Deleveraging – Pro Forma Net Debt to EBITDA (1)

More Rapidly Increases Interest Coverage (1)

5.1x

2014 Pro Forma

Leverage

Excluding Preferred

Shares

4.7X 2.9x

2015E Excluding Preferred Shares

3.3x

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More balanced scale business with $3 billion of revenue and $350 million of EBITDA.

Accelerated deleveraging by one year through equity offering which allowed redemption of preferred shares and in turn results in the allocation of cash flows to the repayment of other debt instruments.

Highly diversified product, package and channel mix

High-quality, efficient and well-utilized facilities with multiple product and package capabilities

Low-cost philosophy concentrating on Customers, Costs, Capex and Cash

Platform for M&A to enhance business profile and provide upside through synergies

Strong adjusted free cash flow yield that drives returns to shareholders

Diversified Cott

The combination of contract manufacturing growth and further diversification alongside DS Services’ integration, synergies & expansion strengthens Cott’s

financial performance and should drive valuation improvement.

16%

6% 5% 5%

2%

Cott High Cash Flow Consumer

Mid Cap Beverages

Large Cap Beverages

Private Label European

2014 Adjusted FCF Yield % (1)

1. Source: Company data, FactSet, Bloomberg. Large cap beverages: Coca-Cola, PepsiCo. Mid cap beverages: Britvic, Coca-Cola Enterprises, Dr. Pepper Snapple, Lessonde Industries, Monster. Private label European: Ontex, Refresco Gerber. High cash flow consumer: B&G, Pinnacle, Post, Smucker’s, Snyder’s-Lance, Spectrum Brands, TreeHouse. Adjusted free cash flow yield defined as (adjusted free cash flow / shares outstanding) / share price. Represents a non-GAAP measure. This measure does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other issuers. Please refer to slide 2 of this presentation for more information regarding the use of this measure and the appendix of this presentation for a reconciliation to GAAP figures. Market data as of 1/3/2015 (Cott share price of $7.00). Adjusted free cash flow for peer set calculated as cash flow from operations less capital expenditures.

Multiple Lift Opportunity – Cott vs. Peers (2)

2. Source: IBES consensus estimates per FactSet, company filings. Bottlers (National Beverage, A.G. Barr, Coca-Cola Bottling, Britvic, Coca-Cola Amatil, Coca-Cola Enterprises, Coca-Cola Femsa) Route Based Services (G&K Services, Unifirst, ABM Industries, Chemed, Servicemaster, Cintas Corp, Aramark)

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DS Services – Company Overview Tom Harrington, Cott Corporation – DS Services CEO

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Market Leading Business with High Margins and Direct-to-Consumer Model

Market leader in the direct-to-consumer beverage services industry

Provides bottled water, coffee and filtration services Serves commercial and residential customers, with

footprint covering ~90% of U.S. households Categories with a steady growth profile Proven acquisition track record

Largest national presence in the HOD industry for bottled water with 31% market share and top five national market share position in office coffee services “OCS” and Filtration Services

Reaches over 1.5 million customer locations (~61% commercial and 39% residential) from over 2,200 routes located across national network

Over 180 sales and distribution facilities and a fleet of over 2,800 on-road vehicles

Well-known regional bottled water brands (e.g., Hinckley, Sparkletts, Crystal Springs)

Revenue Business Overview

FY14 Revenue by Product Line

Water Delivery Services

69%

OCS 15%

Retail 14%

Filtration Services

2%

Adjusted EBITDA

$765 $895 $926 $978

2011 2012 2013 2014

$129 $154 $161 $174

2011A 2012A 2013A 2014A

($ in millions)

($ in millions)

1. Source: Beverage Marketing Corporation, 2014 volume share. 2. Represents a non-GAAP measure. This measure does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other issuers. Please refer to slide 2 of this presentation for

more information regarding the use of this measure and to the appendix of this presentation for a reconciliation to GAAP figures.

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Four Principal Lines of Business with Water Delivery Services By Far the Largest

2014 Revenue: $674mm (69%)

Water Delivery Services Office Coffee Services

2014 Revenue: $143mm (15%)

Filtration Services

2014 Revenue: $25mm (2%)

Revenue $978 million Pro Forma Fiscal 2014

Retail

2014 Revenue: $136mm (14%)

Source: Cott Management

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Leading Direct-to-Consumer Services Provider

2014 Revenue: $674mm (69%)

2014 Customer Base: 1,332k


Office Coffee Services

2014 Revenue: $143mm (15%)

2014 Customer Base: 104k

• Product sales and brewer rentals primarily to commercial customers

‒ Products sales include national brand single cups, roast and ground (house and national brands), brewed tea, and accessories

• Top 5 market position in highly fragmented industry. Key brands include Mars Alterra®, Keurig®, as well as DS brand’s Standard Coffee and Javarama

‒ Top 5 players account for only ~20% of market

• Bottled water direct delivery to commercial and residential customers

‒ Includes 3 and 5 gallon returnable bottles, dispenser rental, premium water and small pack sales

• Largest national presence and top market position in HOD bottled water market. Key brands include Sparkletts, Crystal Springs and Hinckley Springs

‒ #1 or #2 HOD bottled water brand in 39 of the 43 largest U.S. cities in which we operate

• Periodic payment model creates recurring revenue stream with average tenure of over 4 years


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Leading Direct-to-Consumer Services Provider

• Installation, rental and repair of filtration products to commercial customers

• Top 5 market position in highly fragmented industry

‒ Top 5 players account for less than 35% of market

• Upfront revenues from installation/repair services and recurring revenues from filtration rentals and service

• Partnership with national office supply stores to provide installation of their products through our national footprint

• DS Services brand product sales and premium sparkling water distribution to retailers

‒ Product sales for 1 gallon, 2.5 gallon and small pack, as well as Sparklets Sparkling Water and Sparkletts ice, and U.S. distribution for Ferrarelle

• Private label manufacturer for 1 gallon and 2.5 gallon bottles for large national retailers

• Provides an additional source of fixed cost leverage within our manufacturing plants

Filtration Services

2014 Revenue: $25mm (2%)

2014 Customer Base: 75k

Retail

2014 Revenue: $136mm (14%)


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DS Services – Leadership Position in Attractive Growth Categories

Established national direct-to-consumer distribution Network consisting of ~2,200 routes stemming from ~180 depots and 28 manufacturing facilities

Highly diversified customer base

Access to 90% of the U.S. households Customer density enables low cost operations Growing HOD water, OCS and water filtration markets

Source: Beverage Marketing, Packaged Facts, Zenith International, Management estimates, Ernst & Young. 1. Volume indexed to 2010. 2. Filtration 2014 market estimated per management.

B A

Market Leader in Growing Water and Office Coffee Services Categories A

Established National Direct-to-Consumer Distribution Network – Diverse Customer Base and Service Focus B

Market Leader in Brands with Strong Regional Heritage C

Attractive Growing Financial Profile D

Large Opportunity Set of Value Enhancing Acquisitions E

Market Leader in Growing Water and Office Coffee Services Industries

Established National Direct-to-Consumer Distribution Network

2010 2011 2012 2013 2014 HOD OCS Water Filtration

Volume(1) CAGR 2010 – 2014

~5%

~3%

~10% (2)

CAGR

Water, Coffee and Filtration Locations

Coffee and Filtration Locations

Production Facilities

Co-Packer

Water, Coffee and Filtration Coverage

Coffee and Filtration Coverage

17

DS Services – Leadership Position in Attractive Growth Categories continued

Market Leader in Brands with Strong Regional Heritage

C

1. Represents a non-GAAP measure. This measure does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other issuers. Please refer to slide 2 of this presentation for more information regarding the use of this measure and to the appendix of this presentation for a reconciliation to GAAP figures.

$765 $895 $926 $978

2011 2012 2013 2014

($ in millions)

Revenue

$129 $154 $161 $174

2011A 2012A 2013A 2014A

($ in millions)

Adjusted EBITDA (1)

Large Opportunity Set of Value Enhancing Acquisitions

E

Post Synergy EBITDA Multiples of ~3.0x

Market Leader in Growing Water and Office Coffee Services Categories A

Established National Direct-to-Consumer Distribution Network – Diverse Customer Base and Service Focus B

Market Leader in Brands with Strong Regional Heritage C

Attractive Growing Financial Profile D

Large Opportunity Set of Value Enhancing Acquisitions E

Attractive Growing Financial Profile

D

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A Market Leader in Growing Water Delivery and Office Coffee Services Categories

DS Services ~31%

Nestle ~30%

Smaller Competitors

~39%

Note: 2014 market shares based on management estimates. 1. Source: Beverage Marketing Corporation. Category size of $1.6 billion reflects only bottled water and excludes items such as cooler rent, cups, etc. 2. Source: ‘Coffee sales rise, so do costs: State of the Coffee Service Industry’, Automatic Merchandiser, September 2014.

DS Services ~3%

Remainder of Top 5

~17% Smaller

Competitors ~80%

DS Services has the largest HOD water national presence with access to ~90% of the US households and ~31% market share

Nestle is the other leading player with a ~30% market share but a regional presence

Remaining ~39% of the market is made up of roughly 3,000 regional players

On-trend category with health & wellness, and

environmental focus

2014 Category Size: $1.6bn (1)

2010-2014 Category Growth: ~3% Market Share (volume): ~31%


DS Services is a top 5 player, with top five making up only 20% of the market

Remaining market is highly fragmented

Stable commercial customer base with growth potential from single-cup expansion

2014 Category Size: $4.5bn (2)

2010-2014 Category Growth: ~5%

Market Share: ~3%

Office Coffee Services

19

National Direct-to-Consumer Distribution Network – Covers over 90% of U.S. Households with Low Customer Concentration

Diverse Customer Base – Top Brewed Beverages Customers

Diverse Customer Base – Top Water Delivery Services Customers

3%

4% 5%

6%

4%

# 1 Top 5 Top 10 Top 20 Top 20

% of Water Delivery Services Revenue % of Total DSS Revenue

8%

18% 22%

25%

4%

# 1 Top 5 Top 10 Top 20 Top 20

% of Brewed Beverages Revenue % of Total DSS Revenue

Direct Route-to-Market Overview

Route Service Representatives

Proprietary Routing Technology

Largest HOD bottled water national presence with a footprint that covers ~90% of U.S. households

Leading market positions in most major cities

Provides customers with regular personalized point of contact

~1.5 million customer locations ~30 million deliveries per year

Additional 15+% of route truck cube space available for portfolio expansion

Route optimization software Operates ~2,200 routes stemming

from ~180 depots and 28 manufacturing facilities

Tracks key performance metrics at the route level

DSS’ extensive and diverse customer base demonstrates opportunity to expand and grow combined water and coffee platform

Source: Cott Management FY2014.

Extremely diversified customer base with top 20 HOD water customers accounting for only 4.0% of total revenue

20

National Direct-to-Consumer Distribution Network Supports Improved Customer Retention

Strong customer retention

Marketing efforts focused on targeting stickier customer base through marketing partnership with a large retailer for in store displays, customer list acquisitions and more stringent customer approval standards

Improved Customer Retention (1)

Source: Cott Management. 1. Adjusted year-over-year cooler retention rates exclude the impact of customers that terminated service in the same year they started the service.

Retention Over Time

75%

77%

79%

82% 81%

82%

2009A 2010A 2011A 2012A 2013A 2014A

3.7

3.9 3.9

4.1 4.2

4.3

2009A 2010A 2011A 2012A 2013A 2014A

Adjusted Cooler Retention

Avg. Tenure per Water Delivery Services Customer in Years

21

Sources of New Customers (FY2014)

Source: Cott Management.

Sources of Organic New Customer Additions

22

Selected as the exclusive national partner to market home and office bottled water delivery service to large

retailer’s members (agreement through 2017)

• Has increased consumer awareness of DS products and services

• Expect 70 to 75 in-store events each week (excluding Q4 Holiday Season)

• Have gained approximately 2000 new customers per week from this activity

• Ability to attract higher quality customers, with better retention rates and attractive cost of acquisition

• Retailer customer adds have grown from 4% of total adds in 2012 to 25% in 2014

Capturing Untapped Demand for Bottled Water

DS Retailer Booth Customers

Q1 2015 = 164

In-Store Retail Strategic Relationship


23


Dispenser Innovation

24

Share Growth from Market Leading Brands with Strong Regional Heritage

Highly-recognized brands with long lived heritages in both HOD water and OCS

Largest or second-largest HOD water provider in 39 of 43 largest cities

Offers customers products under other leading brands, which include: Ferrarelle and Fiji water, Starbucks Coffee, Keurig Green Mountain, Caribou Coffee, Peet’s Coffee & Tea and Mars Alterra

Customer growth combined with improved consumption and strong pricing driving HOD volume/revenue growth faster than the overall category


#1

#1

#1

#1 #1

#1

#1

#3

#1 #2

#1

#1 #2

#1

#2

#1

#3

#2

#2

#1

Leadership in Regional Brands DSS HOD Share - Volume

DSS HOD Share - Revenue

29.2% 29.5%

29.7% 30.0%

30.4% 30.7%

2012 2013 Q1 2014 TTM

Q2 2014 TTM

Q3 2014 TTM

Q4 2014 TTM

30.4% 30.9%

31.2% 31.5%

31.8% 32.1%

2012 2013 Q1 2014 TTM

Q2 2014 TTM

Q3 2014 TTM

Q4 2014 TTM

25

An Attractive, Growing Predictable and Dependable Financial Profile

Financial Profile

$129

$154 $161 $174

16.8% 17.2% 17.3% 17.8%

12.0%

17.0%

$-

$50

$100

$150

$200

2011A 2012A 2013A 2014A

Growth across key drivers of revenue

Customer base has grown both organically and via acquisition

Improved pricing through shift to higher revenue products (e.g., OCS) and best-in-class customer service

Business model primarily subscription style / recurring monthly revenue model

Improved EBITDA margin structure

Reformulated energy surcharge in 2012 to pass through majority of future volatility in energy costs

Route Service Representatives (“RSRs”) paid on commission linked to retention, revenue and new customers

Variable commission structure for partnership agreements

Market leading route network and capacity enables additional volume onto existing routes

Predictable maintenance capital expenditures; growth capital expenditures directly linked to net customer growth

Proven ability to grow platform through highly synergistic acquisitions

Acquisition of Standard Coffee in 2012 increased exposure to OCS market

Adjusted EBITDA & Margin (1)

1. Represents a non-GAAP measure. This measure does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other issuers. Please refer to slide 2 of this presentation for more information regarding the use of this measure and the appendix of this presentation for a reconciliation to GAAP figures.

($ in millions)

Revenue

$571 $598 $631 $674

$44 $127 $148 $143

$150

$169 $147 $161 $765

$895 $926 $978

2011 2012 2013 2014

Water Delivery Services Office Coffee Services Other

($ in millions)

Adjusted EBITDA Margin

26

The Sparkling Water Opportunity

Domestic sparkling waters have had their strongest year in recent memory

• After decelerating throughout 2013, domestic sparkling waters began to re-accelerate throughout 2014

• 2Q14 and 3Q14’s mid-19% growth, followed by 4Q14’s strong 22.3% growth contributed to domestic sparkling waters’ strong 17.9% 2014 YE growth

• The average growth over the past 16 quarters has been 12.3%

Source: Beverage Marketing Corp.

Domestic Sparkling Water Volume Growth 2011 – 2014 YE

2011 2012 2013 2014

6.0%

8.5% 8.1%

11.9%

14.2%

11.1%

14.1% 13.9% 13.1%

10.1% 9.9%

4.7%

10.1%

19.3% 19.9%

22.3%

17.9%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

22.0%

24.0%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 YE

12.3% Average Growth

27

The Sparkling Water Opportunity

17oz ice Water 12 Packs sold in HOD & Retail 12 Pack Cans sold in HOD & Retail

17oz Sparkling Water 12 pack sold in HOD 1 Liter Sparkling Water 12 Packs sold in Retail

28

Single-Cup Brewer Growth Opportunity

• Our commercial customer base is largely comprised of small and medium business customers

• National footprint and route density create profitable economics for delivery to small and medium businesses

• Small businesses are more heavily weighted toward pour-over brewing systems, resulting in greater growth potential through penetration of fast-growing single-cup brewers

• Our customer base has single-cup penetration of ~17% versus ~25% in the overall market

Single-Cup Brewer Placements (000’s)


Note: Represents Q4 2012 data; Small Workplace represents employee base of (5-14), Medium Workplace (15-74), Large Workplace (75-249), Jumbo Workplace (250+)

412

634

929 1,004

1,084

1,316

1,489 1,553

1,769

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2006 2007 2008 2009 2010 2011 2012 2013 2014

29

Commercial Water Delivery Cross-Selling Potential

• Approximately 5% of DS Services’ commercial water delivery customers also receive coffee from DS Services

• Nearly all commercial customers provide water and coffee to their employees

• Significant opportunity to leverage single-cup brewer adoption

• Significantly increased presence in coffee with $74 million acquisition of Standard Coffee in 2012

Water Delivery Commercial Ship-To’s December 2014 Commercial Water Delivery Ship-To Customers Purchasing Coffee

% of Commercial Customer Base 4.2% 4.5% 579,924 Total Commercial Water Ship-To’s


30

The AquaCafé: Brewer and Cooler in One

• Single, space-saving footprint for water, coffee and tea

• Easy and intuitive operation

‒ Easy-to-use touchscreen interface on cooler/brewer

‒ Water bottle loads easily in the bottom – no need to lift heavy bottles

‒ Illuminated dispensing area

• Large dispensing area can fill “sports bottles” or carafes

• Brewer’s touchscreen gives options for:

‒ Bold, medium or mild coffee strengths

‒ Small, medium, and large cup sizes

• Supplies quality bottled water for better-tasting coffee

• Targeting existing DS Services water customers

• AquaCafe rolled out to Baltimore, Houston, LA, Seattle, Orlando, Portland, Atlanta and Sacramento in Q4 2014

• ~3,000 units placed to date

• Expanded rollout in 2015 including Boston, NYC, Chicago, San Diego, New Orleans, Phoenix, San Francisco, Dallas, Washington DC, and Philadelphia

Provides efficient, reliable, cost-effective way to provide both bottled water and single-cup coffee

Commercial Residential


(coming soon)

31

• DS has a proven ability to identify and execute both tuck-ins and transformational transactions

‒ Completed 48 acquisitions since 2007, with an average synergy-adjusted multiple of less than 3.0x(1)

‒ Targets have ranged from small tuck-ins to a transformational acquisition (average HOD acquisition

price ~$2.5 million excluding Standard Coffee)

• M&A pipeline of over 15 targets that collectively generate ~$25 million in revenue with post synergy multiples

consistent with historical trend

• Target $10 to $20 million per year allocation of funds for tuck-ins with anticipated $3 - $6 million of

incremental post-synergy EBITDA

Successful Track Record

EBITDA Multiples Paid by DS (PF for Synergies) (1)

Note: $ in millions. 1. Assumes revenues associated with acquired entity in each transaction were applied to DS Services cost model for that period. 2. 2012 included the larger Standard Coffee acquisition.

2.8x

2.0x 2.4x

3.2x 2.8x

3.4x

2.4x

2.8x

2007 2008 2009 2010 2011 2012 2013 2014

No. of

Acquisitions 5 4 4 7 7 5 9 7

Total Cash $28.0 $8.1 $14.7 $33.6 $13.9 $74.6 $7.5 $4.0

(2)

Proven Acquisition Track Record

32

Customer retention is also higher due to the acquisition of “seasoned” customers

Cost per new customer through M&A compares favorably to traditional, organic channels

Acquired customers show higher retention than organically acquired customers

1. Customer acquisition cost index based on cost per acquired customer calculated through third party valuations; includes a total of ~165,000 customers acquired through Abita, O’Premium,

Yosemite, Mt. Olympus and Deep Rock transactions vs. Total 2013 customer acquisition via all organic mechanisms. 2. Retention rates indexed to 100, which equals retention rate of Water Delivery Services customers added organically during relevant time period.

Cost Savings

Increased Route

Density

Improved

Customer Profile

• DS has realized significant cost synergies by rationalizing assets, customer service, IT and other overhead

and back-office functions

‒ Following the Standard Coffee acquisition, DS was able to close 350 mini warehouses in < 90 days,

convert the customer base to Oracle in 120 days and close the Standard headquarters in 5 months

• Synergies realized by combining delivery routes to increase route density

‒ DS was able to eliminate over 100 routes in the Standard Coffee acquisition

Acquired Customers

Show High Retention (2) Cost per Customer Add –

Acquisition vs. Organic

100 100

128

194

0

50

100

150

200

After 1 Year After 3 Years

Organic Through Acquisition

Acquisitions are Highly Accretive to DS

33

North America Business Unit Steve Kitching, President, North America Business Unit

34

Traditional Cott Overview: Efficient Business with Best-in-Class Asset Turnover and a Highly Cash Generative Business Model

• Industry-leading beverage manufacturer and distributor focused on

private label, contract manufacturing and own brands with revenues in

excess of $1.4 billion in our North America Business Unit which provides

procurement and scale leverage

• Leader in private label shelf stable juices and CSD in North

America with a rapidly growing contract manufacturing business

for top tier brand owners and growing positions in attractive

segments (such as sparkling waters, energy, ready-to-drink

alcohol and sports drinks)

• Fully integrated concentrate facility with strong R&D capabilities and

vertical integration with high service, low-cost production model

supplying high quality concentrates

• Customer relationship with leading retailers in the grocery, mass-

merchandise and drug store channels

• Low cost philosophy concentrating on Customers, Costs, Capex

and Cash resulting in a highly cash generative business.

• Highly recognized award-winning services (service awards from Publix,

and Walgreens in North America in 2014 as well as Top 10 private label

supplier for Walmart and selected to be the mixer category captain)

Business Overview

UNITED STATES

CANADA Surrey, BC Calgary, AB

Walla Walla, WA Pointe Claire, QB

Toronto, ON

Dunkirk, NY

E. Freetown, MA

Concordville, PA

Wilson, NC

North East, PA

Fredonia, NY Springville,

UT

St. Louis, MO

Joplin, MO Sikeston, MO

Blairsville, GA

Fontana, CA

San Antonio, TX

Ft. Worth, TX

Tampa, FL

Greer, SC

Columbus, GA

San Bernadino, CA

R&D / Concentrate

Hot Fill

Cold Fill

• Strong beverage manufacturing footprint in US and Canada with strategically located beverage manufacturing and fruit processing facilities providing a substantial competitive advantage to service national and super-regional accounts, with high service levels and low freight costs.

• High quality facilities SQF certified with multiple product and package capabilities offering a diversified product portfolio beyond traditional CSDs

• Efficient and highly utilized facilities producing industry leading asset turnover with low capex demands.

Industry-Leading Manufacturer with Global Footprint

35

High-Quality Facilities with Diversified Capabilities: Improved Business Mix and Reduced Product and Customer Concentration

PET Aluminum

CSD Waters Energy Liquid enhancers

Teas Sports drinks

Juices, cocktails & drinks

Smoothies RTD Alcohol

Product offering beyond traditional shelf stable juices and CSDs in North America

8oz 128oz

8oz

Shots & Enhancers Overwraps

Pouch

Carbonated soft drinks (natural and preserved)

100% shelf stable juices and juice-based products

Clear, still and sparkling flavored waters and new age beverages

Energy products, shots and liquid enhancers

Ready-to-drink teas

Ready-to-drink alcohol beverages

Sports products

Dilute-to-Taste (DTT) and beverage concentrates

Diversified Manufacturing Capabilities

Solutions in Every Major Beverage Segment

Package Sizes and Capabilities

Fridge Packs

36

Q1 2015 North America Category Summary: Establishing a Broader / More Stable Category Profile

Q1 2015 North America Business Unit Volumes

1. Other includes growth areas of energy and concentrate as well as case pack water, which the business unit has been exiting.

2. The North America Business Unit doubled its contract manufacturing volume adding an additional 8 million servings equivalent cases in Q1 2015 relative to Q1 2014.


37

National Brand Pricing Environment

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

2 Liter Price $ 1.05 $ 1.15 $ 1.20 $ 1.10 $ 1.13

12-Pack Price $ 3.35 $ 3.38 $ 3.29 $ 3.63 $ 3.60

Source: Cott Management. (1) Cott Management estimate in retail locations in which Cott CSD products and packages are present.

Cott CSD Percentage Volume Decline Over Last Five Quarters

Average National Brand Pricing(1)

• CSD volume improvement ended in Q1 2015. Increased promotions were seen over the Memorial Day weekend with $2.50 12 ounce 12 packs and environment continues to be competitive.

38

Sparkling Water / Mixer Category – Increasing Presence in Growing “Good-for-You” Beverage Categories

Volume Share of Total Cott North America Business Unit Revenue Share of Cott North America Business Unit

10.8% volume growth in Q1 2015 vs. Q1 2014


• Cott has continued to grow its sparkling water / mixer portfolio noting that the category represents between 20 – 25% of both volume and value of the North America Business Unit and is represented within all channels including private label, value brands and contract manufacturing.

39

Significant Growth Potential in Contract Pack – Supports Growth and Asset Utilization

Source: Cott management 1. Industry and Cott profit pool calculated based on $0.50 profit per case. 2. Industry volume is a management estimate based on manufacturing capabilities.

Opportunities (1), (2)

Co-Pack Advantages Recent Wins

Cott Contract Manufacturing Performance Over 110% Growth in 2014

Limited commodity exposure drives stable margin contribution

Provides gross margins that are consistent with Cott’s historical rates

Brand owners normally supply the ingredients and packaging materials

Lowers working capital requirements and improves line efficiency rates

Capitalizes on outsourcing trends by brand owners

Increases asset utilization

Expanded North America co-pack cases from ~21 million to ~45 million from fiscal 2013 to fiscal 2014

Recent customer wins:

Ready-to-Drink Teas

Hot Fill Drinks

Shelf-Stable Juice

Ready-to-Drink Alcohol Can

Energy Drinks

CSD Food Service

Three year goal of growing contract manufacturing business by 50-80 million serving equivalent cases by 2017 Substantial room for Cott to grow

Current Co-Pack Market Cott’s Current Share of Co-Pack Market at 1Q15

(mm) (mm)

Serving equivalent case growth

53

$27

Cott (Volume) Cott (Profit Pool)

800

$400

Industry (Volume) Industry (Profit Pool)

40


Contract Manufacturing Modeling Data Per 8oz Equivalent Case (Serving) – Q1 2015 Example

Co-pack revenue per case varies significantly by customer from tolling (leverage of labor) to full contract

manufacturing (inclusion of I&P and other services).

Co-pack volume is generally more efficient in our plants due to the nature of long runs which generate better

leverage on our cost base

Our non Co-pack business will have greater working capital requirements as well. For example, we will harvest

fruit seasonally, process and store for months before placing in finished goods

On a net basis, Co-pack provides stability to the margins in our business as it is contracted for longer periods

than our traditional non Co-pack business

Q1 2015

North America North America Co-Pack vs.

All Other Co-Pack All Other

Revenue / 8oz equiv. case $2.10 $1.50 ($0.60)

Contribution Margin $ / 8oz equiv. case $0.50 - $0.55 $0.45 - $0.50 ($0.05)

Gross Margin 12% - 15% 12% - 15% Similar

41

Supply Chain Provider of Choice – Integration of Supply Chain Increasingly Provides Competitive Advantage

Cott aims to be the supply chain provider of choice for retailers and brand owners with a high

level of coordination with customers in areas such as supply chain, product development and

customer service


Partner closely with customers on supply chain planning and execution to:

Minimize freight costs

Provide superior manufacturing expertise and one-stop sourcing

Reduce working capital requirements

Increase in-store product availability

Warehousing and distribution center services

Product Innovation and

Development

Vertically-Integrated, Low-

Cost Production Platform Supply Chain Logistics

Work as partners with customers on new product and concentrate development and packaging designs

High product quality & blind taste preference scores

Provide market expertise and knowledge of category trends

Fully integrated concentrate facility with strong R&D capabilities

Offer customers dedicated, full-service, vertically integrated, low-cost production

Produce multiple SKUs and packages on production lines

Multiple sites and locations

Proven track record with key customers of maintaining high service levels

All facilities QSF level 3 certified

42

Building Value Through Cost Down Initiatives

Packaging Interplant Transfers

Warehouse Projects

Plant Projects

CC + I

• In the second half of 2014, the North America Business Unit initiated a three-year cost savings program “War on Waste” to take $30 million of costs out of the business through the middle of 2017.

• Through the first three quarters of the program, approximately $8.5 million has been achieved.


43

Key Takeaways

CSD Pricing Environment

Overall market remains competitive. Promotional pricing is favorable to last year. Recent signs of renewed/increased promotional pricing.

Contract Manufacturing and Other Category Growth

Growth helps offset CSD decline and supports a more stable volume environment.

Gross Margins Approximately 100bps of margin growth opportunity over 2015/ 2016 through volume stability/growth and cost down initiatives.

Cost Reduction War on Waste targeted to provide $30 million of cost savings over three years.

Low Capex Needs Drives high asset turnover and cash flow generation.

EBITDA More stable business profile provides opportunity for stability.

44

Q&A

45

Appendix

46

Non-GAAP Reconciliation DS Services Adjusted EBITDA

See slide 2 for additional information on non-GAAP measures

($ in millions) Year Ended December '11A - '14PF

2011A 2012A 2013A 2014A Adj. 2014PF CAGR

Net Income (Loss) ($15) ($41) ($49) ($59) $30 ($30)

Income Tax Expense (Benefit) (10) (1) (8) (4) 27 23

Interest Expense, Net 77 89 93 78 (5) 73

Accumulated Dividends on Preferred Shares - - - 15 - 15

Depreciation & Amortization 63 71 87 118 - 118

EBITDA $115 $118 $122 $148 $51 $199

Acquisition Costs and Adjustments 4 8 2 - - -

Refinance-related Costs 2 4 22 - - -

Loss on Disposal of Assets - 1 5 2 - 2

Stock Option Compensation Expense 2 2 2 - - -

Legal Settlement Costs - - 2 - - -

Monitoring Fees - - 1 - - -

Class Action Legal Costs - - 1 - - -

Pro Forma Acquisition Costs - 6 2 - - -

IPO Costs - - - (27) - (27)

Other (Primarily Acquisition Travel) - 0 0 - - -

Other (Income) Expense (1) 7 0 - - -

Other Adjustments 6 4 0 - - -

Adjusted ESC Fee - 5 - - - -

Adjusted EBITDA $129 $154 $161 $123 $51 $174 10.7%

Adjusted EBITDA (% Margin) 16.8% 17.2% 17.3% 17.8%

Revenue $765 $895 $926 $978 8.5%

47

Non-GAAP Reconciliation Cott Combined Historical Adjusted EBITDA


($ in millions) Traditional DSS DSS Total Traditional Total Traditional Total

Cott DSS Financing Acquisition DSS Cott Cott DSS Cott Cott DSS Cott

2014A 2014A Adj. Adj. Adj. 2014A PF 2014A 1Q15 1Q15 PF 1Q15 1Q14 1Q14 PF 1Q14

Revenue $2,121 (1) $978 (2) $0 $0 $978 $3,099 $470 $240 $710 $475 $231 $706

ESC Dollars - - - - - - - (8) (8) - - -

Adjusted ESC Dollars - - - - - - - 9 9 - - -

Deferred Revenue Adjustment - - - - - - - 1 1 - - -

Adjusted Revenue, Net $2,121 $978 $0 $0 $978 $3,099 $470 $242 $712 $475 $231 $706

Cost of Sales 408 100 509 419 95 514

Gross Profit $61 $140 $201 $56 $135 $192

Purchase Accounting Adjustment for Inventory - 3 3 - - -

Adjusted Gross Profit $61 $145 $207 $56 $135 $192

% Margin 13.1% 59.9% 29.0% 11.8% 58.7% 27.1%

Net Income (loss) Attributed to Cott Corporation $16 (59) 3 26 (30) (14) $6 ($12) ($6) ($4) ($10) ($14)

Interest Expense, Net 39 78 (78) 73 73 111 20 7 28 10 15 25

Intercompany Interest Expense - - - - - - (11) 11 - - - -

Income Tax (Benefit) Expense (60) (4) 2 25 23 (37) (2) (7) (9) (1) (5) (5)

Depreciation & Amortization 106 118 - - 118 224 27 30 57 25 28 53

Net Income Attributable to Non-Controlling Interest 6 - - - - 6 1 - 1 1 - 1

Accumulated Dividends on Preferred Shares 1 15 - - 15 16 4 - 4 - - -

EBITDA $107 $148 ($73) $124 $199 $306 $46 $29 $75 $32 $28 $60

Restructuring and Asset Impairments 4 - - - - 4 - - - 4 - 4

Bond Redemption and Other Financing Costs 25 - - - - 25 - - - 1 - 1

Tax Reorganization and Regulatory Costs 1 - - - - 1 - - - 0 - 0

Acquisition and Integration Costs, Net 41 - - - - 41 2 3 5 1 1 2

Purchase accounting adjustments, net - - - - - - - 4 4 - - -

Sale Transaction and IPO Related Costs, Net - (27) - - (27) (27) - - - - - -

Other adjustments - - - - - - - - - (4) 4 0

Unrealized Commodity Hedging Loss, Net 1 - - - - 1 (0) (0) (0) - - -

Unrealized Foreign Exchange (Gain) Loss, Net (1) - - - - (1) (11) - (11) 1 - 1

Realized Loss on Disposal of PP&E 4 2 - - 2 6 0 1 2 0 - 0

Adjusted EBITDA $183 $123 ($73) $124 $174 $357 $37 $37 $74 $35 $33 $68

% Margin 8.6% 12.6% 17.8% 11.5% 7.8% 15.3% 10.4% 7.3% 14.2% 9.6%

1. GAAP Traditional Cott revenue comprises $2,103mm Cott revenue for FY2014 less $29mm of DS Services revenue after the acquisition from 12/13/2014 to 1/3/2015 plus Aimia Foods revenue of $47mm from 1/1/2014 to 5/30/2014 prior to the acquisition by Cott.

2. GAAP DS Standalone revenue comprises $950mm of DS Services revenue prior to the acquisition from 12/28/2013 to 12/12/2014 and $29mm of revenue from 12/13/2014 to 1/3/2015 after the acquisition.

48

Non-GAAP Reconciliation 2014 Pro Forma Leverage


($ in millions) 2014PF Excluding Preferred Shares Adjusted EBITDA $ 357 $ 357 6.75% Senior Notes due 2020 625 625 10.00% Senior Secured Notes due 2021 (1) 406 406 New Term Loan / Note - - 5.25% Senior Notes due 2022 525 525 ABL Facility 229 229 GE 8 8 Capital Leases and other 5 5 Less letter of credit (2) (29) (29) Total debt 1,769 1,769 Preferred shares 149 - Less Cash (86) (86) Net Debt $ 1,831 $ 1,682

Leverage (Net Debt / Adj. Ebitda) 5.1 4.7 (1) Includes fair value premium of $55.6 million. (2) In connection with the DSS Acquisition, $29.4 million was required to cash collateralize certain DSS self-insurance programs. The $29.4 million was funded with borrowings against our ABL facility, and the cash collateral is included within prepaid and other current assets on our Consolidated Balance Sheet at January 3, 2015. Subsequent to January 3, 2015 letters of credit were issued and the cash collateral was returned to the Company, which was used to repay a portion of our outstanding ABL facility.

49

Non-GAAP Reconciliation Estimated Interest Coverage


($ in millions)

2015E Excluding Preferred

Shares

Adjusted EBITDA $ 359 (1) $ 359 (1)

6.75% Senior Notes due 2020 $ 42 $ 42

10.00% Senior Secured Notes due 2021 $ 35 $ 35 New Term Loan / Note $ - $ -

5.25% Senior Notes due 2022 $ 28 $ 28

ABL Facility $ 4 $ 4

Preferred Shares $ 14 $ -

GE $ 0 $ 0

Capital Leases and other $ 0 $ 0

Cash Interest $ 124 $ 110

Def Fin Fees $ 5 $ 5

Premium $ (6) $ (6)

Interest Expense $ 123 $ 109

Interest Coverage 2.9 3.3

(1) Represents Bloomberg Consensus as of June 2015.

50

Non-GAAP Reconciliation Cott Adjusted Free Cash Flow and Adjusted Free Cash Flow Yield


($ in millions) Year Ended December

2011A 2012A 2013A 2014A

Net Cash Provided By Operating Activities $164 $173 $155 $57

Less: Capital Expenditures (49) (70) (55) (47)

Free Cash Flow $115 $103 $100 $10

Bond Redemption Cash Costs - - 10 21

53rd Week Interest Payment 2022 Notes - - - 15

DSS Acquisition Related Cash Costs - - - 32

Cash Collateral (1)- - - 29

Adjusted Free Cash Flow (2)

$115 $103 $110 $107

Equity Market Capitalization (as of 1/3/2015) 652

Adjusted Free Cash Flow Yield 16%

1. In connection with the DSS Acquisition. $29.4mm was required as collateral.

2. Includes $5.6mm of DSS's free cash flow from the acquisition date.

Documents

Enter Presentation Title Here - Cott Investment Highlights of the Combined Business Highly diversified product, package and channel mix High -quality, efficient and well utilized facilities