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Wells Fargo Denver Food Symposium January 2015 Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140.

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Presentation on theme: "Wells Fargo Denver Food Symposium January 2015 Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140."— Presentation transcript:

1 Wells Fargo Denver Food Symposium January 2015 Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140

2 Safe Harbor Statements 2 Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 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 the Company's expected 2014 results, expected future operating results of Cott, DS Services and the combined company, and the potential impact the acquisition 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 and cash flows; (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; (5) the cost of capital necessary to finance the transaction; and (6) 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 on Form 10-K for the year ended December 28, 2013 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: Cott routinely supplements its reporting of GAAP measured by utilizing certain non-GAAP measures to separate the impact of certain items from its underlying business results. 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 transaction with DS Services. The non-GAAP financial measures described above 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 reflect 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 these non-GAAP measures may be found on www.cott.com. The inability to access information with respect to DSS Group makes a reconciliation of 2014 expected DSS Group and pro forma EBITDA (and measures utilizing 2014 expected DSS Group and pro forma EBITDA) impracticable, and as a result, reconciliations for such items have not been provided.www.cott.com

3 Management Presenters 3 Jerry Fowden Chief Executive Officer Jay Wells Chief Financial Officer Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140

4 4 Agenda C.DS Services – Largest National Presence in Home and Office Delivery of Bottled Water and Office Coffee Services B.Legacy Cott Business – One of the World’s Largest Producers of Beverages on Behalf of Retailers, Brand Owners and Distributors D.Financial Highlights of the New Balanced Business Model Appendix 4 A.The New Diversified Cott – Balanced Business Model for Superior Cash Flow Generation Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140

5 The New Diversified Cott – Balanced Business Model for Superior Cash Flow Generation Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140

6 The New Diversified Cott 6 Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 New platform provides a balanced business model for superior cash flow generation Less exposure to large format retailers with largest customer exposure reducing to below 18% of sales Carbonated soft drink (“CSD”) concentration drops below 20% and overall Private Label concentration drops below 50% Introduces significant presence in growing “Good‐for‐You” beverage categories Substantial cash flow generation Strong focus on rapidly deleveraging Continuation of staple dividend Leading private label CSD and juice manufacturer Long-standing relationships with top retailers Extensive manufacturing facilities Retail Private Label Own BrandsContract ManufacturingDirect-to-Consumer Higher margins through leveraged fixed costs Benefits of foodservice contracts Higher price point for value brands Market leading water brands Significant growth opportunities Capitalize on outsourcing trends Increase existing asset utilization Reduces exposure to commodity volatility Requires lower working capital investments Leading player in Home Office Delivery (“HOD”) Water Leading player in Office Coffee Services (“OCS”) Growing Filtration business One of the largest national production and distribution networks in North America Ability to add volume onto existing operations with minimum incremental costs Source: Wall Street research. (1)Adjustments to EBITDA for Cott include: Restructuring and asset impairments, bond redemption and other financing costs, tax reorganization and regulatory costs, acquisition and integration costs, and Aimia EBITDA. Adjustments to EBITDA for DSS include: other expense (income), stock option compensation expense, acquisition adjustments, transaction and refinance expense, other adjustments, adjusted ESC fee, adjusted business exit costs and management fee to sponsor. Pro Forma FinancialsHighlights Diversified Beverage Platform ~ ~ ~ ~

7 Legacy Cott Business – One of the World’s Largest Producers of Beverages on Behalf of Retailers, Brand Owners and Distributors Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140

8 Industry-leading beverage manufacturer and distributor focused on private label, contract manufacturing and own brands with revenues in excess of $2 billion 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 (sparkling waters, energy, ready-to-drink alcohol and sports drinks) Ownership of Royal Crown Cola International (“RCCI” or “RC Brand”) outside North America Fully integrated concentrate facility with strong R&D capabilities and vertical integration with high service, low-cost production model supplying high quality concentrates (blind taste tests) and exports to approximately 50 countries Customer relationship with over 500 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 with annual FCF of +/-$100 million and a solid balance sheet Highly recognized award-winning services (service awards from Walmart, Publix, and Walgreens in North America, as well as Grocer Gold Award in UK) Leading Beverage Platform –Extensive Manufacturing Footprint for Private Label, Contract Manufacturing and Own Brands Source: Cott management Strong beverage manufacturing footprint in US, Canada and UK with 34 strategically located beverage manufacturing and fruit processing facilities providing a substantial competitive advantage to service national and super-regional accounts, with high service levels (98%+) and low freight costs. High quality facilities (SQF / BRC 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 of 1.5x with low capex demands (2–3% of revenues) Business Overview 8 Diversified Manufacturing Capabilities Industry-leading Manufacturer with Global Footprint Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 MEXICO UNITED KINGDOM UNITED STATES CANADA Hot Fill Cold Fill Other Puebla MEXICO

9 Jubblies & Freezables Solutions in every major beverage segment Package sizes and capabilities PETAluminum Soda Stream Lunchbox carton CSDWatersEnergyLiquid enhancers TeasSports drinks Juices, cocktails & drinks SmoothiesRTD Alcohol High Quality Facilities with Diversified Capabilities Product offering beyond traditional shelf stable juices and CSDs 8oz128oz 8oz Sports cap 24oz Enhancers Shots & Overwraps Pouch Diversified manufacturing capabilities  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  Sports products  Dilute-to-Taste (DTT) and beverage concentrates  Ready-to-drink teas  Ready-to-drink alcohol beverages  Freezables  Powdered hot chocolate and coffee  Creamers/whiteners malt drinks  Cereals 9

10 (1)Geographic mix data represents % of 2013 revenue. Royal Crown Cola International (RCCI) Ship concentrate to approximately 50 countries Meaningful brand penetration in the Philippines and Israel with strong concentrate position in multiple markets − High gross margins of ~40% − Ready-to-drink 8oz volume equivalents of 257mm cases made from RCCI shipped concentrate Ownership of RC Brand Outside North America-Supply of Concentrates to Approximately 50 Countries Selected products Global customer baseGeographic mix (1) 10

11 Strong customer relationships Low cost operator Cott Follows Its Low Cost Philosophy 11 Stringent capital controls Focus on free cash flow Concentrating on customers, costs, capital expenditure and cash flow Value Foods / Private Label Source:Cott management. (1)Cash flow yield calculated as (Adjusted EBITDA – capex) / equity market capitalization as of 12/28/13. (2)Peer A: ConAgra Foods; Peer B: Pinnacle Foods; Peer C: TreeHouse Foods; Peer D: B&G Foods. International Bottlers Brand Owners High service levels and customer recognition o 2014 Own-Label Supplier of the Year – Grocer Award, U.K. o Recognized for service in 2014 by both Publix and Walgreens o 2014 Walmart Top 10 Private Brand Supplier o 2011 Supplier of Year Collaboration Award - Walmart USA Best-in-Class SG&A Leverage 2013 – Non-Strategic SG&A / Revenue (Legacy Cott) Legacy Capex as a % of revenue (Capital Expenditures of $50-$55 million per year)Top tier 2013 cash flow yield (1) vs. top 4 peers (2) (Legacy Cott) 1 2 34 Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140

12 Significant Growth Potential in Contract Pack Color Scheme 255 119 0 255 218 0 255 11 13 68 176 43 20 85 152 110 41 140 (1) Management has established a three year goal (2014-2016) of growing our contract manufacturing business by 50-80 million 8oz equivalent cases. This chart depicts the actual volume recorded in 2013 as well as the projected total contract manufacturing volumes over the next three years as this incremental growth is incorporated into our business. Limited commodity exposure drives stable margin contribution Provides gross margins that are consistent with Cott’s historical rates Lower working capital requirements and improves line efficiency rates Capitalize on outsourcing trends by brand owners Increase asset utilization Expanded North America co-pack cases from ~18 million to ~34 million from the first nine months of 2013 to the first nine months of 2014 with two additional significant contracts signed for 13 – 18 million 8oz equivalent cases with shipments to begin at the end of Q4 2014 and beginning of Q1 2015. Recent customer wins ‒ Ready-to-drink Teas ‒ Hot Fill Drinks ‒ Shelf-stable Juice ‒ Ready-to-drink Alcohol Can ‒ Energy Drinks ‒ CSD Food Service Co-Pack Advantages Recent Wins Performance Opportunities * Excludes volume from Aimia acquisition for which contract manufacturing represents 35% of sales as projected volume is based on organic growth only. Targeting 50-80 million in 8oz equivalent cases in contract packaging volume over next three years Cott’s Current Share of Co-Pack Market Within Cott’s Capabilities Cott’s Share of Co-Pack Market Within Cott’s Capabilities by 2016 12 Note: Opportunities section is the result of Cott Management’s estimates based upon Cott’s manufacturing capabilities as of the end of 2013 as well as the markets in which Cott operating in.

13 Color Scheme 255 119 0 255 218 0 255 11 13 68 176 43 20 85 152 110 41 140 DS Services Overview DS Services – Largest National Presence in Home and Office Delivery of Bottled Water and Office Coffee Services

14 DS Services Overview – A Leading Direct-to-Consumer Services Provider LTM 2014 Revenue: $665mm (69%) Water Delivery ServicesOffice Coffee Services LTM 2014 Revenue: $145mm (15%) Filtration Services LTM 2014 Revenue: $24mm (2%) Revenue $966 million LTM as of 9/30/14 Retail LTM 2014 Revenue: $132mm (14%) Source:DSS management. Note:LTM revenue as of 9/30/2014. Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 14

15  Office coffee services 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 among consumers The premiumization of offerings CAGR: 5.1%  Total bottled water volumes show consistent growth: HOD accounted for 12.1% of bottled water volume Increased consumption driven by focus on health and water safety  Per capita bottled water consumption reached a historical high of more than 32 gallons in 2013 Growing at 4.0+% since 2010 15 Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 DS Services is a Scale Business in Expanding Categories and Improves Cott’s Overall Growth Profile Expanding categories HOD Water Industry Net Revenues ($ in billions) U.S. Office Coffee Services (“OCS”) Industry CAGR: 3.3% Source: Beverage Marketing Corporation, The Automatic Merchandiser. CAGR: 2.0% HOD Water Volume (gallons in millions)

16 Unrivaled infrastructure consisting of ~2,100 routes stemming from ~180 depots and 28 manufacturing facilities Highly diversified customer base 90% coverage of the US population 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. DS Services – Leadership Position in Attractive Growth Categories 16 Market Leader in Growing Water and Coffee Services Categories A Established National Direct-to-Consumer Distribution Network – Diverse Customer Base and Service Focus B B A Market Leader in Brands with Strong Regional Heritage C Attractive Growing Financial Profile D Market Leader in Growing Water and Coffee Services Industries Established National Direct-to- Consumer Distribution Network Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 Volume (1) CAGR 2010 – 2013 Water, Coffee and Filtration Locations Coffee and Filtration Locations Production Facilities Co-Packer Water, Coffee and Filtration Coverage Coffee and Filtration Coverage ~5% ~2% ~10% CAGR

17 DS Services – Leadership Position in Attractive Growth Categories (cont’d) 17 ($ in millions) Net Revenue Adj. EBITDA ($ in millions) Attractive Growing Financial Profile D Market Leader in Brands with Strong Regional Heritage C Market Leader in Growing Water and 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 Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 Source:DSS management. (1)LTM as of 9/30/2014.

18 Source: Beverage Marketing, Packaged Facts, Zenith International, Management estimates, Ernst & Young. (1) Includes 1, 2.5 and 5 gallon jugs, bulk and PET product sold off truck. (2)‘Coffee sales rise, so do costs: State of the Coffee Service Industry’, Automatic Merchandiser, September 2014. Market Leader in Growing Water and Coffee Services Categories DS has the largest HOD water national presence with ~90% coverage of the US population and ~30% market share Remaining ~40% of the market is made up of roughly 3,000 regional players On-trend category with health & wellness, and environmental focus 2013 Category Size: $2.3bn (1) 2010-2013 Category Growth: ~2% Market Share: ~30% Water Delivery Services DS 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 significant growth potential from single-cup expansion 2013 Category Size: $4.3bn (2) 2010-2013 Category Growth: ~5% Market Share: ~4% Office Coffee Services A Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 18

19 Established National Direct-to-Consumer Distribution Network– Diverse Customer Base and Service Focus Diverse Customer Base – Top Brewed Beverages Customers Diverse Customer Base – Top Water Delivery Services Customers % of Water Delivery Services Revenue % of Total Revenue % of Brewed Beverages Revenue % of Total Revenue Direct Route-to-Market Overview Route Service Representatives Proprietary Routing Technology Largest national presence in the HOD bottled water 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 customers ~45 million deliveries per year Additional 15+% of route truck cube space available for portfolio expansion Route optimization software Operates ~2,100 routes stemming from ~200 depots and 28 manufacturing facilities Tracks key performance metrics at the route level B 19 DSS’ extensive and diverse customer base with opportunity to expand and grow combined water and coffee platform Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 Source:DSS management 2013. Extremely diversified customer base with top 20 HOD Water customers accounting for only 4.0% of total revenue

20 Established National Direct-to-Consumer Distribution Network– Diverse Customer Base and Service Focus - Continued Strong customer retention Small acquisitions since 2007 deliver an average synergy-adjusted multiple of approximately 3.0x (1) M&A is an alternative route for customer acquisition (high retention for acquired customers) Proven Acquisition Track Record B 20 Improved Customer Retention (2) Source:DSS management. (1) Assumes revenues associated with acquired entity in each transaction were applied to DS Services cost model for that period. (2) Adjusted year-over-year cooler retention rates exclude the impact of customers that quit in the same year they started the service. Adjusted Cooler Retention Retention Over Time Avg Tenure per Water Delivery Services Customer in years Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 Post Synergy EBITDA Multiples for Acquisitions

21 Market Leader in Brands with Strong Regional Heritage #1 #3 #1 #2 #1 #2 #1 #2 #1 #3 #2 #1 Regional Brands & Heritage Belmont1876 Hinckley1888 Deep Rock1896 Mount Olympus1898 Alhambra1902 Crystal Springs1921 Sparkletts1925 Sierra1950 Kentwood1965 National Brands & Heritage Standard Coffee1919 Nursery1948 Athena Water2003 Relyant2009 Leadership in Regional Brands C 21 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, Caribou Coffee, Peet’s Coffee & Tea and Mars Alterra Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 Source: DSS management.

22 Attractive, Predictable and Dependable Financial Profile Financial Profile Growth across all 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 ~90% of future volatility in energy costs Route Service Representatives (“RSRs”) paid on commission linked to retention, revenue and new customers Costco agreement based on variable commission structure 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 Net Revenue $ 765 $ 894 $ 966 D 22 $ 928 ($ in millions) Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 (1) Source:DSS management. (1)As of 9/30/2014. Forward Model 2014LTM to 2018 Revenue ~4.5-5% CAGR Driven By Price – 0.5% Customer Growth – 1.5% Consumption – 1.5% - 2% Primo Lift 2015 Capital Expenditures of approximately $65-$70 million per year

23 The Expected Results of the New Business Model Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 Financial Highlights of the New Business Model

24 Financial Highlights of the New Diversified Business Model 24 Significantly Diversified Overall Business 1 Cost and Revenue Synergies 2 Scale Business With An Enhanced Growth Profile 3 Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 Accretive to Adjusted Free Cash Flow Per Share Enabling Rapid Deleveraging 4

25 Significantly Diversified Overall Business 2014E Products2014E Channel 25 Less exposure to large format retailers CSD concentration drops below 20% Private Label concentration drops below 50% Introduces significant presence in growing “Good-for-You” beverage categories Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 Source: Cott and DSS management. Note: Based on 2014E revenue and post synergy management estimates as of November 2014. 1

26 Revenue Synergies – $7 millionCost Synergies – $18 million Cost and Revenue Synergies 26 Estimated run rate synergies of $25 million per year phased-in over three years  Procurement (~$3.5 million) ‒ Leverage Cott’s scale  Freight savings (~$1.5 million) ‒ Combined efficiencies  SG&A (~$5 million) ‒ Back office efficiencies  Cost Actions (~$5 million) ‒ Implement Cott’s philosophy  Cost Actions (~$2.5 million) ‒ Integrated systems  Sparkling waters ‒ Increase the DSS product offerings to sparkling waters manufactured by Cott  Range substitution ‒ Transfer the production of certain DSS third-party products to Cott’s manufacturing plants  Flavored Sparking Water ‒ Launch Flavored Sparking Water range distributed via DSS  Vertical integration and supply Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 Source:Cott management. $4 – 8 million Estimated Cost to Achieve: $4 – 8 million 2

27 Source: Cott and DSS management. Note: Revenue and EBITDA figures illustrative; Pro forma EBITDA figures include synergies of ~$6 million in 2015 and $25 million in 2018. LTM as of 9/30/2014. (1)LTM 2014 EBITDA includes adjustments. 27 Revenue EBITDA Acquisition of DSS enhances growth profile and creates balance in business model ($ in millions) CAGR 3% CAGR 4% Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 Scale Business With An Enhanced Growth Profile ~ ~ (1) 3

28 Accretive to Adjusted Free Cash Flow Per Share Enabling Rapid Deleveraging Adjusted Free Cash Flow Per Share (1) (2) (2014E – 2018E Cott and DSS) 28 Adjusted free cash flow per share (1) accretive beginning in 2015 Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 CAGR ~18% Strengthen customer relationships Continue to lower operating costs Control capital expenditures Deliver significant free cash flow Understand our customers’ needs Build new channel relationships High service standards One-stop shop philosophy Manage the commodity cycles Control SG&A costs (best in class) Improve operating efficiencies Manage projects tightly with a focus on cost / efficiency High quality plants for all SQF Level 3 and BRC Focus on efficiency with industry leading asset turnover of 1.5x Cost reduction minimizes capex spend Rigorously manage working capital Assist rapid de-leveraging and interest benefit Pro forma 2014E unlevered FCF generation over $200mm (2) Source: Cott and DSS management. (1)Inclusive of the preferred shares on an unconverted basis. (2)Based on estimates as of November 2014. 4C’s Philosophy Drives High Cash Generation Pro Forma Net Debt to EBITDA (2) (2014E – 2018E) Delever in excess of $4.00 per share by the end of 2018 Continuation of dividend policy Suspension of share repurchase program 4

29 Appendix Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140

30 30 The State of U.S. Bottled Water U.S. BOTTLED WATER MARKET Per Capita Consumption and Annual Change Gallons per Capita Percent Change +7.5% +9.7% +8.4% +5.3% (1.8%) (3.2%) +2.7% +3.1% +5.3% +4.0% Source: Beverage Marketing Corporation

31 U.S. Bottled Water Category Performance – Q3 2014 Total Bottled Water Category Source: Beverage Marketing Corporation 31 Total U.S. Bottled Water Volume Growth vs. Revenue 2011 2012 2013 2014  Total U.S. bottled water volume and revenue continue to post strong year-over-year growth

32 U.S. Bottled Water Category Performance – Q3 2014 PET Bottled Water Segment Source: Beverage Marketing Corporation 32 PET Bottled Water Volume Growth vs. Revenue 2011 2012 2013 2014  Volume growth continues to outpace revenue growth

33 U.S. Bottled Water Category Performance – Q3 2014 Bulk Water Segment Source: Beverage Marketing Corporation 33 Bulk Water Volume Growth vs. Revenue 2011 2012 2013 2014  Retail Bulk has recorded 13 consecutive quarters where revenue change has surpassed volume change vs. prior year

34 U.S. Bottled Water Category Performance – Q3 2014 HOD Bottled Water Segment Source: Beverage Marketing Corporation 34 HOD Bottled Water Volume Growth vs. Revenue 2011 2012 2013 2014  Please note these 2014 HOD numbers only include route sales and were adjusted to exclude 3 and 5 gallon jugs sold at retail locations  HOD bottled water category volume grew +3.1% in Q3 2014 with revenues up +4.5%  This marks the 11 th consecutive quarter that HOD revenues grew faster than HOD volume and the 13 th consecutive quarter of HOD category revenue growth.

35 DS Services Key Growth Drivers 35 Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 General2014E (3) 2015E (3) 2016E+ (3) Market growth  Water delivery: ~2% in volume (69% of DSS net revenue)  OCS: ~5% in dollars (15% of DSS net revenue)  Filtration: ~10% (2% of DSS net revenue) Net revenue growth  Total net revenue: ~6– 7%  Water delivery (w/ Primo): ~5 – 6%  Water delivery (ex-Primo): ~3 – 4%  OCS: ~(1 – 2)%  Filtration: ~10%  Total net revenue: ~5 – 6%  Water delivery (w/ Primo): ~5 – 6%  Water delivery (ex-Primo): ~3 – 4%  OCS: ~2 – 3%  Filtration: ~7 – 8%  Total net revenue: ~3 – 4%  Water delivery: ~2 – 4%  OCS: ~3 – 5%  Filtration: ~7 – 8% Source:Cott & DSS management and company filings. (1)Most of incremental amortization expected to be included in SG&A. (2)Unlevered free cash flow calculated as cash flow from operations – capex + interest. (3)Based on estimates as of November 2014. Unlevered free cash flow (2)  ~$95 – 125 million annually  ~$80 – 90 million  ~$95 – 105 million  ~$115 – 120 million per year  Commission and freight costs other than plants to DS branches excluded from COGS Gross margin  ~66 – 67% of net revenue  ~65 – 66% of net revenue  ~$3 million additional rent expense  ~65 – 66% of net revenue  ~$3 million additional rent expense  22% fixed and 78% variable  Crestview transaction added amortization of ~$36 million per year  Incremental amortization from Cott transaction SG&A  ~59 – 61% of net revenue  ~61 – 63% of net revenue  ~$3 million Cott LTIP  Incremental amortization (1) of ~$28 million  ~60 – 63% of net revenue  ~$3 million Cott LTIP  Incremental amortization (1) of ~$23million in 2016, stepping down to ~$10 million by 2018 Capex  ~6 – 8% of revenue  ~$69 – 74 million  Higher capex in 2014 due to increased investment in new plant  Ongoing capex $65 – 70 million per year  Additional integration capex of $5million  Ongoing capex $65 – 70 million per year Taxes  Advantaged Cott Canadian ownership structure  Significant US NOLs at Cott and DSS  New Cott not expected to be US corporate tax payer for near term  Statutory tax rate of 38.4%  Leveraged capital structure  Significant NOLs  GAAP tax benefit of ~$20 – 25 million  GAAP tax benefit of ~$10 – 15 million in 2016, stepping down to ~zero by 2017 Cott ownership Prior ownership  Run rate synergies of $25 million by 2017  ~$10 million of cost to achieve Synergies & integration costs  N/A  Synergies of $6.25 million  Integration expenses of ~$4 – 8 million  Synergies of $18.75 million in 2016 and $25 million in 2017  Integration expenses of $4 – 8 million in 2016

36 DS Services COGS and SG&A Prior to Transaction 36 Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 COGS breakdown (2013)SG&A breakdown (2013)

37 DS Services Capital Expenditures  Capital expenditures are generally predictable − Fleet: average life of 18-20 years, expenditure is predictable and relatively discretionary in any given year − Customer Equipment, Bottles & Racks: includes Coolers and Brewers that are tied to new customer wins and replacement of older equipment  Investment in coolers / customer equipment elevated in past several years due to dispenser model upgrade  Additional integration capex of $5 million in 2015 37 Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 Capital expenditures (3) (2) (1) (1)2013 includes Predecessor and Successor financials, reflecting the Crestview acquisition. (2)Other includes IT, machinery and equipment, call center buildout and facilities. (3)Based on estimates as of November 2014.

38 DS Services Adjusted Unlevered Free Cash Flow 38 Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 (1) Source: DSS filings and Ernst & Young. (1)2013 Financials are the combination of DSS's Predecessor and Successor periods, while excluding certain costs specific to DSS's acquisition by Crestview Capital in Q3 2013.

39 Non-convertible preferred equity Preferred Equity Overview ( Preferred Convertible shares cannot convert to common shares until 3 years after issuance) Size Capital structure rank Ranks senior to all common shares and other capital stock Pari passu with non-convertible preferred equity Ranks senior to all common shares and other capital stock Pari passu with convertible preferred equity Dividend Cumulative quarterly dividend at annual rate of 9.0%, with rate increasing 1.0% per year for first five years: ‒2015 – 9.0% ‒2016 – 10.0% ‒2017 – 11.0% ‒2018 – 12.0% ‒2019 – 13.0% Cumulative quarterly dividend at annual rate of 10.0%, with rate increasing 1.0% per year for first five years: − 2015 – 10.0% − 2016 – 11.0% − 2017 – 12.0% − 2018 – 13.0% − 2019 – 14.0% Payable in cash or in-kind Conversion Only convertible beginning three years after issuance Converts 1:1 into common shares at the option of the holders Redemption notice is subject to right of conversion (after 3 years) Conversion rate is 159.24 and is subject to adjustment based on certain events. Upon conversion, right to designate Board members as follows: ‒If 10% or more of common shares, 2 directors ‒If greater than 6% but less than 10% of common shares, 1 director ‒If less than 6% of common shares, 0 directors N/A Redemption Redeemable at any time or any amount at par and at choice of Cott Right to require the Company to redeem shares in change of control Could be redeemed at par at the option of the Company Right to require the Company to redeem shares in nine years or upon change of control Convertible preferred equity No voting rights in the first 18 months: ‒Between 18 and 36 months after issuance, can vote alongside common shares on as-converted basis (except on the election of directors) ‒After 36 months, can vote alongside common shares on as-converted basis with no restrictions Voting No voting rights Limited to 19.9% of current Cott market capitalization N/A Convertible preferred equity 39 Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140

40 Sources and Uses and Pro Forma Capitalization Color Scheme 175 33 240 152 217 240 213 213 213 203 153 225 250 177 248 110 41 140 Source:Cott and DS management, FactSet. ($ in millions) $625 million senior unsecured debt with 5 year maturity at 6.75%. Amended and upsized Cott ABL facility from $300 million to $400 million Rolled over of existing DSS 10.00% Senior Unsecured Notes (with consent) $116 million convertible preferred security issued to the sellers (19.9% as converted) $33 million non-convertible preferred security issued to the sellers Sources and Uses Financing Overview 40 Sources Uses ABL Draw $ 180Purchase Equity $ 633 New Senior Debt 625Refinanced DSS Debt 317 Rollover DSS Notes 350Rollover DSS Notes 350 Convertible Preferred 116Fees and Expenses 54 Non-Convertible Preferred 33 Cash 50 Total Sources $ 1,354Total Uses $ 1,354


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