BMO Farm to Market Conference. Tom Harrington, Cott Corporation - DS Services CEO May 2015

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1 BMO Farm to Market Conference Tom Harrington, Cott Corporation - DS Services CEO May 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 adjusted EBITDA. Since the Company uses this non-gaap measure 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 measure 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 2

3 Agenda Cott Corporation Overview DS Services - Company Overview Q&A Appendix 3 Cott Corporation 2015 Annual and Special Meeting of Shareholders 3

4 Cott Corporation Overview Cott Corporation 2015 Annual and Special Meeting of Shareholders 4

5 Investment Highlights of the Combined Business 1 Extensive manufacturing footprint for private label, contract manufacturing and own brands 2 low-cost philosophy and high cash generation High-quality facilities with diversified capabilities Supply chain provider of choice Significant growth potential in contract pack New Market leader in growing water and coffee services categories Established national direct-to-consumer distribution network diverse customer base and service focus Market leader with strong regional brand heritage Attractive growing financial profile Highly diversified product, package and channel mix positioned for growth 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 5

6 Strategic Initiatives and Acquisitions Transform Margin & Growth Profile While Reducing Risk & Concentration Own Brands 12% FY12 Sales by Channel (1) Pro Forma FY14 Sales by Channel (4) Co-Pack 7% FY12 Sales by Product Private Label 81% Contract Manufacturing Dedicated resources behind growing contract manufacturing (Nearly doubled volume in 2014) 3-year goal of 50mm 80mm serving equivalent cases by /30/2014 Purchase Price: ~$139mm (2) ~$108mm sales (3) Own Brands 17% Co-Pack 7% HOD 27% Private Label 49% Pro Forma FY14 Sales by Product (3) Other 24% Other 18% CSD 19% Sparkling/ Mixers/ New Age 11% Juice / Juice Drinks 24% CSD 41% 6/18/2013 Purchase Price: ~$12mm ~$60mm sales (3) 12/12/2014 Purchase Price: ~$1.25bn ~$966mm sales (3) Sparkling / Mixers / New Age 14% OCS 5% HOD Water 27% Juice / Juice Drinks 17% 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 for Calypso, Aimia Foods and DS Services, respectively. 4. Cott management estimate. 6

7 Total Beverages Energy Sparkling Water Total Bottled Water Sports Drinks Coffee RTD Tea & Coffee Juices CSDs A Diversified Cott with an Increased Health & Wellness Product Mix is Positioned For Growth Cott s diversified beverage platform is more reflective of the total beverage category More consistent revenue growth in line with mature markets 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 positive Less exposure to large format retailers Introduces significant presence in growing Good-for-You beverage categories 2014 Products (1) North America Retail Volume Growth (2) Other 18% CSD 19% 5% 4% 3% 4.6% 4.4% 3.0% 2.3% 2.2% 2.1% Sparkling / Mixers / New Age 14% OCS 5% Juice / Juice Drinks 17% 2% 1% 0% (1%) (2%) 0.9% (1.0%) (1.4%) HOD Water 27% Source: Cott and DS Services management. 1. Cott management estimate. 2. Euromonitor,

8 Traditional Cott DS Services Global Performance First Quarter 2015 Performance Adjusted Revenue, Margin and EBITDA Growth First Quarter 2015 Highlights Adjusted revenue grew by 0.9% to $712mm, pro forma for a full year of DS Services Adjusted gross margin grew by 160 basis points to 29.0% and Adjusted EBITDA margin grew by 80 basis points to 10.4% Q1 Adjusted Net Revenue up 0.9% (1) $712 $ % $242 $ % $470 $475 (1.2%) ($ in millions) Adjusted revenue increased 5.1% due to growth in home and office delivery HOD water, single cup coffee delivery and retail sales HOD average returnable 3- and 5-gallon consumption (excluding the impact of the Primo partnership) increased 1.7% and total customers counts increased 1.9%, Underlying adjusted gross margin increased 120 basis points to 59.9% and Adjusted EBITDA increased 13.5% 1Q Q 2014 % Q1 Adjusted Gross Profit up 7.8% (1) $207 $192 $145 $ % 58.7% 7.8% 7.2% $61 $56 9.3% 13.1% 11.8% 1Q Q 2014 % ($ in millions) North America volume increased 1% in servings; Juice/drink volume grew by 5%, sparkling water by 8%, energy drinks by 10%, and concentrates by 14% U.K. volume increased 15% in servings as a result of the addition of the Aimia Foods business Adjusted Gross margin increased 130 basis points to 13.1% and Adjusted EBITDA increased by 5.2% $74 $ % Q1 Adjusted EBITDA up 9.2% $68 $ % 9.2% 13.5% ($ in millions) Source: Company filings. Figures represent non-gaap measures. These measures do not have any standardized meaning prescribed by GAAP and are 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 these measures and to slide 34 of this presentation for a reconciliation to GAAP figures. Note: 1Q 2014 Pro Forma for the acquisition of DS Services. (1) Includes a total of $1.9mm in Energy Surcharge adjustment to Revenue and $3.3mm add-back to Gross Profit for inventory step-up for 1Q $37 $35 5.2% 7.8% 7.3% 1Q Q 2014 % DS Services Traditional Cott 8

9 Cott s DS Services Acquisition Drives Cost and Revenue Synergies Procurement Leverage Cott s scale Freight savings Combined efficiencies SG&A Back office efficiencies Cost Actions Implement Cott s Integrated systems philosophy Sparkling waters Increase the DS Services product offerings to sparkling waters manufactured by Cott Range substitution Transfer the production of certain DS Services third-party products to Cott s manufacturing plants Flavored Sparking Water Launch Flavored Sparking Water range distributed via DS Services Vertical integration and supply Estimated synergies increased and updated to $10mm in 2015 (up from $6mm) and estimated $30mm by 2017 (up from $25mm) Source: Cott Management. 9

10 The New Cott Cross-selling, Up-selling and In-House Manufacturing Provide Additional Growth Drivers Traditional Cott s manufacturing capabilities and DS Services home and office distribution network combine to create potential revenue synergies Access to New Channels DS Services can distribute Cott s higher margin products to channels that were difficult for Cott to serve C-Stores Gas Stations Mom and pop stores Portfolio Expansion Cott can expand the offering of products available to DS Services customers Sparkling Waters Flavored Waters Juices and Drinks RTD Tea and Coffee Cott Cold Fill Cott Hot Fill DS Services Production Facility Hot / Powdered R&D / Concentrate DS Services Distribution Network Source: Cott Management. 10

11 DS Services - Company Overview Cott Corporation 2015 Annual and Special Meeting of Shareholders 11

12 Market Leading Business with High Margins and Direct-to-Consumer Model Business Overview ($ in millions) Revenue 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 (1) 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) ($ in millions) $765 FY14 Revenue by Product Line Retail 14% $895 $926 $ $129 Adjusted EBITDA $154 $161 $ A 2012A 2013A 2014A Filtration Services 2% See page 35 for non-gaap reconciliation. 1. Source: Beverage Marketing Corporation, 2014 volume share. OCS 15% Water Delivery Services 69% 12

13 Four Principal Lines of Business with Water Delivery Services By Far the Largest Water Delivery Services Office Coffee Services 2014 Revenue: $674mm (69%) Retail Revenue $978 million Pro Forma Fiscal Revenue: $143mm (15%) Filtration Services 2014 Revenue: $136mm (14%) 2014 Revenue: $25mm (2%) Source: Cott Management 13

14 Leading Direct-to-Consumer Services Provider Water Delivery Services 2014 Revenue: $674mm (69%) 2014 Customer Base: 1,332k 2014 Net Revenue per Customer: $510 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 2 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 Office Coffee Services 2014 Revenue: $143mm (15%) 2014 Customer Base: 104k 2014 Net Revenue per Customer: $1,375 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 14

15 Leading Direct-to-Consumer Services Provider Filtration Services 2014 Revenue: $25mm (2%) 2014 Customer Base: 75k 2014 Net Revenue per Customer: $335 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 Retail 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 1.0 and 2.5 Gallon bottles for large national retailers Provides an additional source of fixed cost leverage within our manufacturing plants 2014 Revenue: $136mm (14%) 15

16 DS Services Leadership Position in Attractive Growth Categories A B C D E Market Leader in Growing Water and Office Coffee Services Categories Established National Direct-to-Consumer Distribution Network Diverse Customer Base and Service Focus Market Leader in Brands with Strong Regional Heritage Attractive Growing Financial Profile Large Opportunity Set of Value Enhancing Acquisitions A Market Leader in Growing Water and Office Coffee Services Industries B Established National Direct-to- Consumer Distribution Network Access to 90% of the U.S. population Customer density enables low cost operations Growing HOD water, OCS and water filtration markets Established national direct-to-consumer distribution Network consisting of ~2,200 routes stemming from ~180 depots and 28 manufacturing facilities Highly diversified customer base Volume (1) CAGR CAGR ~10% (2) ~5% ~3% HOD OCS Water Filtration Water, Coffee and Filtration Locations Coffee and Filtration Locations Production Facilities Co-Packer Water, Coffee and Filtration Coverage Coffee and Filtration Coverage Source: Beverage Marketing, Packaged Facts, Zenith International, Management estimates, Ernst & Young. 1. Volume indexed to Filtration 2014 market estimated per management. 16

17 DS Services Leadership Position in Attractive Growth Categories - continued A B C D E Market Leader in Growing Water and Office Coffee Services Categories Established National Direct-to-Consumer Distribution Network Diverse Customer Base and Service Focus Market Leader in Brands with Strong Regional Heritage Attractive Growing Financial Profile Large Opportunity Set of Value Enhancing Acquisitions C Market Leader in Brands with Strong Regional Heritage D Attractive Growing Financial Profile E Large Opportunity Set of Value Enhancing Acquisitions ($ in millions) $765 Revenue $895 $926 $978 Post Synergy EBITDA Multiples of ~3.0x ($ in millions) $129 Adjusted EBITDA (1) $154 $161 $ A 2012A 2013A 2014A 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 slide 35 of this presentation for a reconciliation to GAAP figures. 17

18 A Market Leader in Growing Water Delivery and Office Coffee Services Categories Water Delivery Services DS Services has the largest HOD water national presence with access to ~90% of the US population 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) Category Growth: ~3% Market Share (volume): ~31% Office Coffee Services 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) Category Growth: ~5% Market Share: ~3% Smaller Competitors ~39% DS Services ~31% Nestle ~30% 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 Smaller Competitors ~80% DS Services ~3% Remainder of Top 5 ~17% 18

19 DS Competes in Attractive, Growing End Markets Expanding categories U.S. Home and Office Delivery Water Industry Growth CAGR of 2.7% HOD Water Volume (gallons in millions) 1,156 1,174 1,204 1,225 1, Total bottled water volumes show consistent growth: HOD accounted for ~12% of bottled water volume as of Q Increased consumption driven by focus on health and water safety DS Services HOD water growth of over 6% in Q DSS Other OCS Industry Revenues ($ in billions) U.S. Office Coffee Services Industry Growth CAGR of 5% $3.7 $3.9 $4.1 $4.3 $4.5 OCS growth driven by: An increase in the number of workplaces offering beverage programs An increase in the number of employees at these workplaces Strong demand for single-cup servings among consumers The premiumization of offerings Source: Beverage Marketing Corporation, The Automatic Merchandiser. 19

20 National Direct-to-Consumer Distribution Network Covers over 90% of U.S. Households with Low Customer Concentration Direct Route-to-Market Overview Route Service Representatives Largest HOD bottled water national presence with a footprint that covers ~90% of U.S. households Leading market positions in most major cities Provide customers with regular personalized point of contact ~1.5 million customer locations ~30 million deliveries per year 3% Diverse Customer Base Top Water Delivery Services Customers Extremely diversified customer base with top 20 HOD water customers accounting for only 4.0% of total revenue % of Water Delivery Services Revenue % of Total DSS Revenue 4% 5% 6% 4% # 1 Top 5 Top 10 Top 20 Top 20 Proprietary Routing Technology 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 8% Diverse Customer Base Top Brewed Beverages Customers % of Brewed Beverages Revenue % of Total DSS Revenue 18% 22% 25% 4% # 1 Top 5 Top 10 Top 20 Top 20 DSS s extensive and diverse customer base demonstrates opportunity to expand and grow combined water and coffee platform Source: Cott Management FY

21 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 Adjusted Cooler Retention Improved Customer Retention (1) 75% 77% 79% 82% 81% 82% 2009A 2010A 2011A 2012A 2013A 2014A Avg. Tenure per Water Delivery Services Customer in Years Retention Over Time A 2010A 2011A 2012A 2013A 2014A 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. 21

22 New Sources of Organic Customer Additions Sources of New Cooler Adds (FY2014) Source: Cott Management. 22

23 Dispenser Innovation 23

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 DSS HOD Share - Volume Leadership in Regional Brands 29.2% 29.5% 29.7% Q TTM 30.0% Q TTM 30.4% Q TTM DSS HOD Share - Revenue 30.7% Q TTM #1 #1 #1 #1 #1 #1 #1 #1 #2 #1 #1 #1 #2 #3 #1 #2 #2 #3 30.4% 30.9% 31.2% 31.5% 31.8% 32.1% #1 # Q TTM Q TTM Q TTM Q TTM Source: Cott Management. 24

25 An Attractive, Predictable and Dependable Financial Profile Financial Profile Revenue 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 ($ in millions) $765 $150 $44 $895 $926 $169 $147 $127 $148 $978 $161 $143 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 $571 $598 $631 $ Water Delivery Services Office Coffee Services Other Route Service Representatives ( RSRs ) paid on commission linked to retention, revenue and new customers Adjusted EBITDA & Margin (1) 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 $200 $150 $100 ($ in millions) $ % $154 $ % 17.3% $ % 17.0% Proven ability to grow platform through highly synergistic acquisitions $50 Acquisition of Standard Coffee in 2012 increased exposure to OCS market $- 2011A 2012A 2013A 2014A Adjusted EBITDA Margin 12.0% 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 slide 35 of this presentation for a reconciliation to GAAP figures. 25

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 Q14 and 3Q14 s mid-19% growth, followed by 4Q14 s strong 22.3% growth contributed to domestic sparkling waters very strong 17.9% 2014 YE growth The average growth over the past 16 quarters has been 12.3% 24.0% 22.0% 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 6.0% 8.5% 8.1% 11.9% Domestic Sparkling Water Volume Growth YE 12.3% Average Growth 14.2% 11.1% 14.1% 13.9% 13.1% 10.1% 9.9% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 YE 4.7% 10.1% 19.3% 19.9% 22.3% 17.9% Source: Beverage Marketing Corp. 26

27 The Sparkling Water Opportunity 17oz Sparkling Water 12 pack sold in HOD 1 Liter Sparkling Water 12 Packs sold in Retail 12 Pack Cans sold in HOD & Retail 17oz ice Water 12 Packs sold in HOD & Retail 27

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) 1,800 1,600 1,400 1,200 1, ,769 1,489 1,553 1,316 1,084 1, Source: Cott Management Note: Represents Q data; Small Workplace represents employee base of (5-14), Medium Workplace (15-74), Large Workplace (75-249), Jumbo Workplace (250+) 28

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 Commercial Water Delivery Ship-To Customers Purchasing Coffee Water Delivery Commercial Ship-To s December 2014 % of Commercial Customer Base 4.2% 4.5% 579,924 Total Commercial Water Ship-To s 29

30 The AquaCafé: Brewer and Cooler in One Provides efficient, reliable, cost-effective way to provide both bottled water and single-cup coffee Commercial 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 AquaCafe rolled out to Baltimore, Houston, LA, Seattle, Orlando, Portland, Atlanta and Sacramento in Q Over 1,700 units placed to date Targeting existing DS Services water customers Expanded rollout to Boston, NYC, Chicago, San Diego, New Orleans & Phoenix in Q Residential 30

31 Large Opportunity of Value Enhancing Acquisitions Post Synergy Multiples of ~3.0x EBITDA from Past Acquisitions Acquisitions are highly accretive to DS Services DS Services has a proven ability to identify and execute both tuck-ins and transformational transactions Management seeks an average post synergy EBITDA multiple of 3.0x With a highly fragmented market in the water delivery services category, DS Services has a strong M&A pipeline with many opportunities to acquire targets Targets range from small tuck-ins to transformational acquisitions Proven Acquisition Track Record Post Synergy EBITDA Multiples of ~3.0x Quickly Realized Cost Savings DS Services has realized significant cost synergies in prior acquisitions by rationalizing assets, customer service, IT and other overhead and back-office functions During the Standard Coffee acquisition, DS Services closed ~250 mini warehouses in seven months, converted the customer base to Oracle in 120 days and closed the Standard HQ in 5 months Increased Route Density Synergies realized by combining delivery routes to increase route density DS eliminated ~70 routes in the Standard Coffee acquisition Improved Customer Profile Customer stickiness is also much higher due to the acquisition of seasoned customers Cost per new customer through M&A compares favorably to traditional, organic channels Source: Cott Management. 31

32 Q&A Appendix 32

33 Appendix Appendix 33

34 Non-GAAP Reconciliation Cott Combined Historical Adjusted EBITDA See slide 2 for additional information on non-gaap measures ($ 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 Deferred Revenue Adjustment Adjusted Revenue, Net $2,121 $978 $0 $0 $978 $3,099 $470 $242 $712 $475 $231 $706 Cost of Sales Gross Profit $61 $140 $201 $56 $135 $192 Purchase Accounting Adjustment for Inventory 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 (78) Intercompany Interest Expense (11) Income Tax (Benefit) Expense (60) (4) (37) (2) (7) (9) (1) (5) (5) Depreciation & Amortization Net Income Attributable to Non-Controlling Interest Accumulated Dividends on Preferred Shares EBITDA $107 $148 ($73) $124 $199 $306 $46 $29 $75 $32 $28 $60 Restructuring and Asset Impairments Bond Redemption and Other Financing Costs Tax Reorganization and Regulatory Costs Acquisition and Integration Costs, Net Purchase accounting adjustments, net Sale Transaction and IPO Related Costs, Net - (27) - - (27) (27) Other adjustments (4) 4 0 Unrealized Commodity Hedging Loss, Net (0) (0) (0) Unrealized Foreign Exchange (Gain) Loss, Net (1) (1) (11) - (11) 1-1 Realized Loss on Disposal of PP&E 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. Cott Corporation 2015 Annual and Special Meeting of Shareowners 34 34

35 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) Interest Expense, Net (5) 73 Accumulated Dividends on Preferred Shares Depreciation & Amortization EBITDA $115 $118 $122 $148 $51 $199 Acquisition Costs and Adjustments Refinance-related Costs Loss on Disposal of Assets Stock Option Compensation Expense Legal Settlement Costs Monitoring Fees Class Action Legal Costs Pro Forma Acquisition Costs IPO Costs (27) - (27) Other (Primarily Acquisition Travel) Other (Income) Expense (1) Other Adjustments Adjusted ESC Fee Adjusted EBITDA $129 $154 $161 $123 $51 $ % Adjusted EBITDA (% Margin) 16.8% 17.2% 17.3% 17.8% Revenue $765 $895 $926 $ % Cott Corporation 2015 Annual and Special Meeting of Shareowners 35 35

36 U.S. Bottled Water Category Performance Q HOD Bottled Water HOD Bottled Water Volume and Revenue Growth 8% 6% 4% 2% 0% -2% 5.7% 4.9% 4.6% 4.4% 3.6% 4.1% 3.7% 3.4% 3.6% 3.0% 3.1% 1.6% 2.1% 1.9% 1.7% 3.4% 1.0% 2.6% 3.2% 2.8% 2.8% 2.3% 2.3% 1.9% 2.2% 1.8% 1.6% 1.2% 1.0% 0.0% -0.4% -0.5% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Commentary 14 consecutive quarters of HOD category revenue growth and 7 consecutive quarters of HOD category volume growth Source: Beverage Marketing Corporation. Note: Shows only route sales, excluding 3- and 5- gallon jugs sold at retail locations. 36

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