1. Wells Fargo Denver Food Symposium
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Wells Fargo Denver Food Symposium
January 2015

2. Safe Harbor Statements
4/11/2017 7:27 AM
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 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 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.
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3. Management Presenters
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Management Presenters
Jerry Fowden
Chief Executive Officer
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Jay Wells
Chief Financial Officer
Jerry introduce himself and the team, mention tenure at the firm 3

4. 4/11/2017 7:27 AM
Agenda
The New Diversified Cott – Balanced Business Model for Superior Cash Flow Generation
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Legacy Cott Business – One of the World’s Largest Producers of Beverages on Behalf of Retailers, Brand Owners and Distributors
DS Services – Largest National Presence in Home and Office Delivery of Bottled Water and Office Coffee Services
Financial Highlights of the New Balanced Business Model
Appendix 4

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The New Diversified Cott – Balanced Business Model for Superior Cash Flow Generation

6. The New Diversified Cott
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The New Diversified Cott
New platform provides a balanced business model for superior cash flow generation
Highlights
Pro Forma Financials
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
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Diversified Beverage Platform
Retail Private Label
Own Brands
Contract Manufacturing
Direct-to-Consumer
Leading private label CSD and juice manufacturer
Long-standing relationships with top retailers
Extensive manufacturing facilities
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.
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.

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Legacy Cott Business – One of the World’s Largest Producers of Beverages on Behalf of Retailers, Brand Owners and Distributors

8. Leading Beverage Platform –Extensive Manufacturing Footprint for Private Label, Contract Manufacturing and Own Brands
Business Overview
Diversified Manufacturing Capabilities
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)
MEXICO
UNITED KINGDOM
UNITED STATES
CANADA
Hot Fill
Cold Fill
Other
Puebla
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Industry-leading Manufacturer with Global Footprint
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)
Source: Cott management 8

9. High Quality Facilities with Diversified Capabilities Product offering beyond traditional shelf stable juices and CSDs
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
Solutions in every major beverage segment
CSD
Waters
Energy
Liquid
enhancers
Teas
Sports
drinks
Juices,
cocktails
& drinks
Smoothies
RTD Alcohol
Jerry Fowden:
Another way of looking at this diversification of product, package and channel is to look at the diverse range of packaging options we are able to manufacture.
Here you can see large 24oz cans of tea, liquid enhancers and shots,freezable and pouches all of which are new capabilities introduced or acquired over the last 36 months.
Now while not all these differing packages can be made in every palnt our aim is to steadily and progressivly over time diversify our offering such that we become less depandant on 2 liter PET and 12 oz canned soda as well as family size hot fill fruit juice.
Our goal is to run those areas of our business tightly and generate or extract cash such that part of this cash can be put to use over time further diversifying our product, package and channel mix.
Package sizes and capabilities
Shots &
Soda
Stream
Jubblies &
Freezables
Lunchbox
carton
PET
Aluminum
Enhancers
Overwraps
Sports cap
Pouch
8oz
8oz
128oz
24oz 9

10. Royal Crown Cola International (RCCI)
Ownership of RC Brand Outside North America-Supply of Concentrates to Approximately 50 Countries
Royal Crown Cola International (RCCI)
Selected products
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
Jerry Fowden:
Now earlier we mentioned our ownership of the RC Brand outside North America, this small business know as RCCI or Royal Crown Company International sells concentrate to over 50 countries generating revenues of $37 million with a 40% gross margin thus delivering $9 million of EBITDA with almost no capital demand hence its almost all free cash flow.
RCCI’s business is mainly in the emerging markets as shown on the map & pie chart and additionally it has demonstrated good growth over the past 3-4 years.
Global customer base
Geographic mix(1)
(1) Geographic mix data represents % of 2013 revenue. 10

11. Concentrating on customers, costs, capital expenditure and cash flow
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Cott Follows Its Low Cost Philosophy 1
Strong customer relationships 2
Low cost operator
High service levels and customer recognition
2014 Own-Label Supplier of the Year – Grocer Award, U.K.
Recognized for service in 2014 by both Publix and Walgreens
2014 Walmart Top 10 Private Brand Supplier
2011 Supplier of Year Collaboration Award - Walmart USA
Best-in-Class SG&A Leverage 2013 – Non-Strategic SG&A / Revenue (Legacy Cott)
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Stringent capital controls 4
Focus on free cash flow
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)
International Bottlers
Brand Owners
Value Foods /
Private Label
Concentrating on customers, costs, capital expenditure and cash flow
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.

12. Significant Growth Potential in Contract Pack
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
Co-Pack Advantages
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 with two additional significant contracts signed for 13 – 18 million 8oz equivalent cases with shipments to begin at the end of Q and beginning of Q
Recent customer wins
Ready-to-drink Teas
Hot Fill Drinks
Shelf-stable Juice
Ready-to-drink Alcohol Can
Energy Drinks
CSD Food Service
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Recent Wins
Performance
* Excludes volume from Aimia acquisition for which contract manufacturing represents 35% of sales as projected volume is based on organic growth only.
(1) Management has established a three year goal ( ) of growing our contract manufacturing business by 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.
Opportunities
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
Targeting million in 8oz equivalent cases in contract packaging volume over next three years 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.

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DS Services – Largest National Presence in Home and Office Delivery of Bottled Water and Office Coffee Services
DS Services Overview

14. DS Services Overview – A Leading Direct-to-Consumer Services Provider
Water Delivery Services
Office Coffee Services
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Revenue $966 million LTM as of 9/30/14
LTM 2014 Revenue: $665mm (69%)
LTM 2014 Revenue: $145mm (15%)
Retail
Filtration Services
LTM 2014 Revenue: $132mm (14%)
LTM 2014 Revenue: $24mm (2%)
Source: DSS management.
Note: LTM revenue as of 9/30/2014.

15. 4/11/2017 7:27 AM
DS Services is a Scale Business in Expanding Categories and Improves Cott’s Overall Growth Profile
Expanding categories
HOD Water Industry
HOD Water Volume (gallons in millions)
CAGR: 2.0%
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
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CAGR: 3.3%
U.S. Office Coffee Services (“OCS”) Industry
Net Revenues ($ in billions)
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%
Source: Beverage Marketing Corporation, The Automatic Merchandiser.

16. DS Services – Leadership Position in Attractive Growth Categories
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DS Services – Leadership Position in Attractive Growth Categories
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
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Attractive Growing Financial Profile D A
Market Leader in Growing Water and Coffee Services Industries B
Established National Direct-to-Consumer Distribution Network
90% coverage of the US population
Customer density enables low cost operations
Growing HOD water, OCS and water filtration markets
Unrivaled infrastructure consisting of ~2,100 routes stemming from ~180 depots and 28 manufacturing facilities
Highly diversified customer base
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
Source: Beverage Marketing, Packaged Facts, Zenith International, Management estimates, Ernst & Young.
(1) Volume indexed to 2010. 16

17. 4/11/2017 7:27 AM
DS Services – Leadership Position in Attractive Growth Categories (cont’d)
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
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Attractive Growing Financial Profile D C
Market Leader in Brands with Strong Regional Heritage D
Attractive Growing Financial
Profile
Net Revenue
($ in millions)
Adj. EBITDA
($ in millions)
Source: DSS management.
(1) LTM as of 9/30/2014. 17

18. Market Leader in Growing Water and Coffee Services Categories
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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)
Category Growth: ~2%
Market Share: ~30%
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)
Category Growth: ~5%
Market Share: ~4%
Water Delivery Services
Office Coffee Services
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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. 18

19. 4/11/2017 7:27 AM B
Established National Direct-to-Consumer Distribution Network– Diverse Customer Base and Service Focus
Direct Route-to-Market Overview
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
Route Service Representatives
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
% of Water Delivery Services Revenue
% of Total Revenue
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Proprietary Routing Technology
Diverse Customer Base – Top Brewed Beverages Customers
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
% of Brewed Beverages Revenue
% of Total Revenue
DSS’ extensive and diverse customer base with opportunity to expand and grow combined water and coffee platform
Source: DSS management 2013. 19

20. Proven Acquisition Track Record Improved Customer Retention(2)
4/11/2017 7:27 AM B
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)
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Proven Acquisition Track Record
Improved Customer Retention(2)
Post Synergy EBITDA Multiples for Acquisitions
Adjusted Cooler Retention
Retention Over Time
Avg Tenure per Water Delivery Services Customer in years
Source: DSS management.
Assumes revenues associated with acquired entity in each transaction were applied to DS Services cost model for that period.
Adjusted year-over-year cooler retention rates exclude the impact of customers that quit in the same year they started the service. 20

21. Market Leader in Brands with Strong Regional Heritage
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Market Leader in 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, Caribou Coffee, Peet’s Coffee & Tea and Mars Alterra
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Leadership in Regional Brands
Regional Brands & Heritage
Belmont
1876
Hinckley
1888
Deep Rock
1896
Mount Olympus
1898
Alhambra
1902
Crystal Springs
1921
Sparkletts
1925
Sierra
1950
Kentwood
1965 #1 #3 #2
National Brands & Heritage
Standard Coffee
1919
Nursery
1948
Athena Water
2003
Relyant
2009
Source: DSS management. 21

22. Attractive, Predictable and Dependable Financial Profile
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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
($ in millions)
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(1)
Net Revenue
($ in millions)
$ 928
$ 966
$ 894
$ 765
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
(1)
Source: DSS management.
(1) As of 9/30/2014. 22

23. Financial Highlights of the New Business Model
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Financial Highlights of the New Business Model
The Expected Results of the New Business Model

24. Financial Highlights of the New Diversified Business Model
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Financial Highlights of the New Diversified Business Model
Significantly Diversified Overall Business 1
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Cost and Revenue Synergies 2
Scale Business With An Enhanced Growth Profile 3
Accretive to Adjusted Free Cash Flow Per Share Enabling Rapid Deleveraging 4

25. Significantly Diversified Overall Business1
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Significantly Diversified Overall Business
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
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2014E Products
2014E Channel
Source: Cott and DSS management.
Note: Based on 2014E revenue and post synergy management estimates as of November 2014. 25

26. Cost and Revenue Synergies2
Cost and Revenue Synergies
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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
Cost Synergies – $18 million
Revenue Synergies – $7 million
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
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Estimated run rate synergies of $25 million per year phased-in over three years
Estimated
Cost to Achieve:
$4 – 8 million
$4 – 8 million
Source: Cott management. 26

27. Scale Business With An Enhanced Growth Profile3
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Scale Business With An Enhanced Growth Profile
($ in millions)
CAGR 3% ~
Revenue
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CAGR 4%
EBITDA ~
(1)
Acquisition of DSS enhances growth profile and creates balance in business model
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

28. 4C’s Philosophy Drives High Cash Generation
Accretive to Adjusted Free Cash Flow Per Share Enabling Rapid Deleveraging
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4C’s Philosophy Drives High Cash Generation
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)
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Adjusted Free Cash Flow Per Share(1) (2) (2014E – 2018E Cott and DSS)
Pro Forma Net Debt to EBITDA (2) (2014E – 2018E)
Adjusted free cash flow per share(1) accretive beginning in
Delever in excess of $4.00 per share by the end of 2018
Continuation of dividend policy
Suspension of share repurchase program
CAGR
~18%
Source: Cott and DSS management.
Inclusive of the preferred shares on an unconverted basis.
Based on estimates as of November 2014. 28

29. Color Scheme
Appendix

30. The State of U.S. Bottled Water
U.S. BOTTLED WATER MARKET
Per Capita Consumption and Annual Change
Gallons per Capita
Percent Change % % % % (1.8%) (3.2%) % % % %
Source: Beverage Marketing Corporation

31. Total U.S. Bottled Water Volume Growth vs. Revenue
U.S. Bottled Water Category Performance – Q3 2014
Total Bottled Water Category
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
Source: Beverage Marketing Corporation 31

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

33. Bulk Water Volume Growth vs. Revenue
U.S. Bottled Water Category Performance – Q3 2014
Bulk Water Segment
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
Source: Beverage Marketing Corporation 33

34. HOD Bottled Water Volume Growth vs. Revenue
U.S. Bottled Water Category Performance – Q3 2014
HOD Bottled Water Segment
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 Q with revenues up +4.5%
This marks the 11th consecutive quarter that HOD revenues grew faster than HOD volume and the 13th consecutive quarter of HOD category revenue growth.
Source: Beverage Marketing Corporation 34

35. DS Services Key Growth Drivers
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DS Services Key Growth Drivers
Cott ownership
Prior ownership
General
2014E (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%
OCS: ~2 – 3%
Filtration: ~7 – 8%
Total net revenue: ~3 – 4%
Water delivery: ~2 – 4%
OCS: ~3 – 5%
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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
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
Incremental amortization(1) of ~$23million in 2016, stepping down to ~$10 million by 2018
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
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
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
Unlevered free cash flow(2)
~$95 – 125 million annually
~$80 – 90 million
~$95 – 105 million
~$115 – 120 million per year
Source: Cott & DSS management and company filings.
Most of incremental amortization expected to be included in SG&A.
Unlevered free cash flow calculated as cash flow from operations – capex + interest.
Based on estimates as of November 2014.

36. DS Services COGS and SG&A Prior to Transaction
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DS Services COGS and SG&A Prior to Transaction
COGS breakdown (2013)
SG&A breakdown (2013)
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37. DS Services Capital Expenditures
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DS Services Capital Expenditures
Capital expenditures are generally predictable
Fleet: average life of 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
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Capital expenditures (3)
(1)
(2)
(1) 2013 includes Predecessor and Successor financials, reflecting the Crestview acquisition.
Other includes IT, machinery and equipment, call center buildout and facilities.
Based on estimates as of November 2014.

38. DS Services Adjusted Unlevered Free Cash Flow
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DS Services Adjusted Unlevered Free Cash Flow
(1)
Color Scheme
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 Q

39. Capital structure rank
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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
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 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
Convertible preferred equity
Non-convertible preferred equity
Color Scheme

40. Sources and Uses and Pro Forma Capitalization
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Sources and Uses and Pro Forma Capitalization
Sources and Uses
($ in millions)
Sources
Uses
ABL Draw $
Purchase Equity $
New Senior Debt
625
Refinanced DSS Debt
317
Rollover DSS Notes
350
Convertible Preferred
116
Fees and Expenses 54
Non-Convertible Preferred 33
Cash 50
Total Sources
$ ,354
Total Uses
$ 1,354
Color Scheme
Financing Overview
$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
Source: Cott and DS management, FactSet.