Second Quarter 2016 Earnings Conference Call

July 27, 2016

Safe Harbor Statement & Non-GAAP Information

2

Safe Harbor Statement

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the

Securities Exchange Act of 1934, as amended, including, in particular, statements about future events, future financial performance including earnings estimates,

plans, strategies, expectations, prospects, competitive environment, regulation, and cost and availability of raw materials. Forward-looking statements include all

statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “may,” “will,” “expect,” “anticipate,”

“believe,” “estimate,” “plan,” “intend” or the negative of these terms or similar expressions. These forward-looking statements have been based on our current

views with respect to future events and financial performance. Our actual financial performance could differ materially from those projected in the forward-looking

statements due to the inherent uncertainty of estimates, forecasts and projections, and our financial performance may be better or worse than anticipated. Given

these uncertainties, you should not put undue reliance on any forward-looking statements. All of the forward-looking statements are qualified in their entirety by

reference to the factors discussed under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2015 and our other

filings with the Securities and Exchange Commission. Forward-looking statements represent our estimates and assumptions only as of the date that they were

made. We do not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, after the date of this

presentation, except to the extent required by applicable securities laws.

Non-GAAP Information

These materials include certain non-GAAP financial measures. Please refer to the “Investors” section of our website at www.drpeppersnapple.com to find a

reconciliation of such non-GAAP financial measures to their most direct GAAP counterpart.

Definitions

Please refer to the Definitions and attachments to our July 27, 2016 earnings release for the definitions of Core Earnings, Core EPS and certain other terms used

herein.

NCB’s +2%

-2%

-5%

Flat

+14%

Water +25%

All Other -10%

CSD’s +1%

-1%

-1%

+4%

+9%

+8%

+4%

All Other -2%

Q2, 2016 Price/Mix Up +4%...Total BCS Volume Up +1%

3

Q2 Volume BCS1 Change

1BCS (Bottler Case Sales) volume as defined in the earnings press release.

T2 & T3 Activation

4

Q2 and Year-to-Date 2016 Results

5

% Change vs. 2015

1 Currency neutral (Translation). Refer to the Definitions section of our press release for details on how the company calculates currency neutral metrics. Reconciliations of non-GAAP financial measures can be found under the “Investors” section of our website at www.drpeppersnapple.com.

2 Defined as Income from Operations adjusted for the unrealized mark-to-market impact of commodity derivatives and certain items that are excluded for comparison to prior year periods.3 Defined as EPS adjusted for the unrealized mark-to-market impact of commodity derivatives and certain items that are excluded for comparison to prior year periods.

Volume (BCS) 1% 1% 1% 1%

Net sales 2% 4% 2% 4%

Segment Operating Profit 5% 7% 8% 9%

Core Operating Income2 6% 8% 9% 10%

Core EPS3 11% 12% 12% 14%

Second Quarter YTD

Currency Currency Reported Neutral1 Reported Neutral1

Other Financial Items

6

Fav/(Unfav)Change vs. 2015

Below-the-line items ($ million) Q2 YTD

● Corporate ex. mark-to-market $(2) $(3)

● Commodity mark-to-market changes 20 28

● Net interest expense (5) (11)

● Reported tax rate 35.3% 35.3%

Cash Flow ($ million) YTD 2016 YTD 2015

● Cash from operating activities $407 $349

● Capital spending 68 42

● Cash returns to shareholders

– Dividends 190 172

– Share repurchases 303 251

● Net Sales expected to be up about 2%

– Foreign currency translation expected to reduce Net Sales by approximately 1%

● Full year Core EPS now expected to be $4.27 to $4.35

– Foreign currency translation and transaction combined now expected to reduce Core EPS

by approximately 3%

– Packaging and ingredients now expected to decrease total COGS by approximately 1%

– Core Tax rate of approximately 35.5%

● Net Capex approximately 3% of Net Sales

● Share Repurchases of $650 - $700MM

2016 Full Year Guidance

7

Key Takeaways

● Driving integrated communication and execution across our key

priority brands

● Selectively adding to our allied brand portfolio to participate in

emerging categories

● Driving improvements in growth and productivity across the business

with Rapid Continuous Improvement

● Remain committed to returning excess cash to shareholders over time

8

9