Investor Presentation

August 2017
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 use of proceeds, the anticipated timing of the recently announced
sale of the Traditional Business (the Transaction), the completion of the Transaction on the terms proposed, the potential impact the
Transaction will have on Cott, and the execution of our strategic priorities. The forward-looking statements are based on assumptions
regarding managements current plans and estimates. Factors that could cause actual results to differ materially from those described in
this presentation include, among others: the satisfaction of the conditions to the Transaction and other risks related to the completion of
the Transaction and actions related thereto; Cotts and Refrescos ability to complete the Transaction on the anticipated terms and
schedule, including the ability to obtain shareholder and regulatory approvals; risks relating to any unforeseen changes to or effects on
liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness, financial condition, losses and future
prospects; the risk that disruptions from the Transaction will harm Cotts business; and the effect of economic, competitive, legal,
governmental and technological factors on Cotts business. 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 December 31, 2016 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. 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. 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 copy of this
presentation may be found on www.cott.com.

1
Management Attendees

Jerry Fowden
Chief Executive Officer

Jay Wells
Chief Financial Officer

Jarrod Langhans
Vice President, Investor Relations

2
Agenda

Transaction Overview

The New Cott

Investment Highlights

HOD Overview

Foodservice Coffee & Tea Overview

Q&A

3
Transaction Overview
Overview of the Transaction

Cott and Refresco have entered into an agreement whereby Cott will sell its
Traditional Business to Refresco for USD $1.25 billion an all cash transaction.
The Traditional Business includes the manufacturing and distribution of
carbonated soft drinks, shelf stable juices, sparkling water and mixers with a
Sale Highlights focus on private label and contract manufacturing across North America, the
U.K. and Mexico.
The transaction excludes the Royal Crown International division and its
associated concentrate facility, the Aimia Foods division and the Water and
Coffee Solutions Operating Segment.

All cash transaction of ~$1.25 billion USD will be used for de-leveraging,
Use of Proceeds
transaction costs, and general corporate expenses.

Expected to close second half 2017, subject to Refresco shareholder and

Timing regulatory approval.
Cott shareholder approval is not required.

4
Transaction Rationale

Focus on Growth Focus Cott on water and coffee categories that are aligned with health and
Categories wellness trends and are forecasted to grow at a low single-digit rate

Home-and-office delivery (HOD) and foodservice channels remain

Focus on Market fragmented compared to conventional retail
Share Expansion Leading market share in the North American and European HOD channel

Reduced HOD and foodservice channels have low customer concentration with
Volatility limited pricing pressure and sales impact

Transaction reduces leverage to less than 3.5x net debt to 2017 estimated
Reduced pro forma adjusted EBITDA (excluding Traditional Business)
Leverage Creates balance sheet capacity for further accretive acquisitions

Resource Investment dollars and management time will be focused on the higher
Allocation growth water, coffee, tea, filtration and foodservice businesses

5
The New Cott
The New Cott
Leading North American and European water, coffee, tea and filtration service provider within HOD,
foodservice, convenience and hospitality

Leader in HOD Water and Office

Coffee Services (OCS) in North
America and Europe
2017E Pro Forma Sales: ~$2.2bn(1)
2017E Pro Forma Adjusted EBITDA: ~$285-$295mm(1) (after corporate costs(4))
Leader in Foodservice Coffee &
Tea in the U.S. HOD & OCS
Foodservice Coffee & Tea Other
(North America and
(U.S.) (U.K. and Intl)
52 Manufacturing Sites and Over Europe)

370 Branch Distribution and 2017E Pro Forma Sales 2017E Pro Forma Sales 2017E Sales
Warehouse Facilities Across
North America and Europe ~68% ~27% ~5%

2.3mm Customers Served 2017E Adj. EBITDA

Margin
2017E Adj. EBITDA
Margin
2017E Adj. EBITDA
Margin
Annually Across the U.S.,
Canada, 17 European Countries ~17-18% Margin (2) ~7-8% Margin (2)(3) ~10-12% Margin (2)
and Israel

Widespread Direct-to-Consumer
Network with Over 2,500
Routes.
___________________________
(1) Full year estimate of the retained business.
(2) Excludes corporate allocations.
(3) +9% by 2020 after synergies assuming constant coffee pricing.
(4) Corporate costs include estimates for transition service agreements, stand alone concentrate plant and review of corporate costs associated with the remaining business.

6
Improved Growth Rate and Margin

Revenue Growth Adjusted EBITDA Margin

Leveraged to growing categories of water and coffee Higher value proposition with last mile delivery

'16 - '17E '16 - '17E '16 '16

Historic Pro Forma Cott(1)(2) New Cott(2)(3) Historic Pro Forma Cott(1)(2) New Cott(2)(3)
___________________________
Source: Company information.
(1) Represents Cott business assuming full year operations with no transaction.
(2) 2016 is pro forma for a full year of Eden Springs and S&D Coffee and Tea.
(3) Represents the remaining business post transaction as if the remaining business was in existence as of the beginning of 2016.

7
Leading Platforms Across Products and Geographies
Balanced product portfolio across North America and Europe

2016 Sales by Product 2016 Sales by Channel

Concentrates Other Contract Other
Chocolate 2% 3% Retail water Packaging 4%
1% 10%
2%
Filtration Foodservice (1)
2% 26%

Coffee / Tea HOD

36% 45% OCS
HOD water 9%
46%

Retail
Filtration 12%
2016 Sales by Geography 2%

(2)
Other
Poland 7%
France 2%
2%
Israel
5%

U.K.
8%

U.S.
76%
___________________________
Source: Company information.
(1) Foodservice includes the Foodservice, Convenience Retailing and Distribution channels.
(2) Includes RCIs sales and other European countries with sales concentration less than 1.5%.

8
Value Creation Strategy
Become the leading North American and European Water, Coffee, Tea and Filtration Service Provider
Within HOD, Foodservice, Convenience and Hospitality

1 Target 2% - 3% Revenue Growth

Strengthened balance sheet that supports accelerated organic and acquisition based
2
investment

3 Continuation of our value-creating tuck-in strategy

4 Further synergy capture across our multiple platforms

5 Potential for re-rating or multiple lift from shifting to focused growth profile

Drives Shareholder Value Creation

Leading North American and European Water, Coffee, Tea and Filtration Service Provider
With Compound Growth in Revenue and Free Cash Flow

9
Investment Highlights
Investment Highlights
1 LEADER IN HOD AND FOOD SERVICE COFFEE AND TEA
Largest HOD Water and OCS platform in the U.S., Canada and Europe
Significant presence in coffee and tea foodservice distribution in the U.S.

2 GROWING PRODUCT CATEGORIES

Water and coffee on trend with category growth rates,
translating to 2-3% top line growth

3 SIGNIFICANT SCALE AND LOCAL MARKET DENSITY

Largest national presence within HOD, creating a cost advantage vs. peers
Last mile solution with cross-selling opportunities

4 COST SAVING OPPORTUNITIES TO DRIVE

MARGINS
Meaningful cost synergies from recent M&A through 2020

5 STRONG FREE CASH FLOW

Strong cash flow generation to fund deleveraging, dividends and
future M&A

6 M&A PLATFORM ACROSS MULTIPLE PRODUCTS &

GEOGRAPHIES
Ability to acquire in multiple product categories and geographies at attractive multiples
Track record of capitalizing on significant synergies
Highly experienced management team

10
1 Leader in Home and Office Delivery and Foodservice Coffee and Tea
Leading provider of HOD, water, coffee, tea and filtration services provider across 20 countries

Canadian Market Leader

European Market Leader
Oldest and largest HOD Water business with
a leading position and over 70,000 customers
Leader in HOD Water
# 2 in OCS
Delivery

U.S. Market Leader

HOD Water(3) OCS (3)
Leader in Coffee & Eden Company A
Leader in HOD Water 20%
Top 5 in OCS Tea Foodservice with 6% Eden
Delivery
~20% share Company A 4%
3%
Other Other
Company B
HOD Water(1) OCS(2) 61% 3%
90%

Smaller
DS Next 5
Competitors Services DS Services 13%
~39% ~31% ~3%

Remainder of Top 5
~17%
Smaller
Nestle Competitors
~30% ~80%

___________________________
Source: Company information, Management estimates.
Note: 2015 market shares based on management estimates.
1. Source: Beverage Marketing Corporation. Category size of $1.7 billion and 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 2015.
3. Company information.

11
2 Growing Product Categories
Expected growth rates for our water, coffee and foodservice businesses, translating to 2-3% overall top-line growth

with Potential to Build Multiple

Building an Attractive Platform
Leadership Positions
17E-20E
CAGR

HOD U.S. water

3%
Acquired Dec 2014 Acquired Jan 2016
HOD Europe water
1+%
Water filtration
4+%
Acquired Aug 2016 Acquired Aug 2016
Out of home coffee
and tea 3+%

Source: Company estimates of market growth.

12
3 Significant Scale and Local Market Density

Scale and scope of distribution network

enables important strategic relationships

Increased ability to add volume

onto existing operations with minimal
incremental costs

Diverse offerings enable significant

Finland
cross-selling opportunities, Norway 1
1 Russia
2 Estonia
leading to higher revenue per customer 1 Denmark 2
Sweden
2 Latvia 2
Lithuania
UK Netherlands 2
2
1 2 Poland
Germany 2
1 1
Luxembourg

Direct-to-consumer network supports France 1 Switzerland

3
small, medium and large national accounts 1
Portugal Spain

directly Eden Geographic Presence 1

Israel
BWC Water Position(1)
___________________________
Source: Company information, Management estimates.
1. BWC represents total bottled water coolers but is not a market segment in and of itself as the HOD water business consists of coolers, bottled water as well as other products such as case pack water and single serve products.

13
4 Cost Saving Opportunities to Drive Margins
Cotts acquisitions successfully scaled the business and meaningfully enhanced its margin profile by
diversifying its product mix, delivering meaningful cost savings, and improving growth

Advantageous purchasing power due to scale and breadth of operations

Minimal incremental costs associated with new customers given ability to seamlessly add volume onto existing
operations

Savings from combination of common systems and back office SG&A; procurement savings associated with
scale in terms of coolers, brewers, and bottles; and depot and ramp combination savings

Eden Springs and S&D Acquisitions Represent Meaningful Expected Synergies through 2020
($ in millions)
$23
$21

$12

$7

$4

2017 2018 2019 2020

14
5 Strong Free Cash Flow
The New Cott can leverage its growing segments to maximize strong free cash flow

Free Cash Flow Drivers 2019E Adjusted Free Cash Flow and Net Leverage(1) (2)(3)

2-3% organic revenue growth Adj. Free Cash Flow Leverage

Cash from Ops: $265 - $270mm Goal of ~3.0x

Margin expansion
Capex: $115 - $120mm

Highly synergistic acquisitions Adj FCF: ~ $150mm

Interest savings

De-leveraging

Dividends Capacity to Fund M&A

___________________________
Source: Company information.
1. Adjusted free cash flow calculated as cash flow from operations (excluding acquisition, integration and transaction costs) less capital expenditures.
2. Adjusted free cash flow is based off of New Cott.
3. Estimates include projection of costs associated with transition agreements, operational costs of running stand-alone concentrate plant, and review of corporate costs associated with the remaining business.

15
6 M&A Platform

Highly Experienced Management Team

Proven Track Record of Accretive and Synergistic Acquisitions

Acquired Dec. 2014 Acquired Jan. 2016 Acquired Aug 2016 Acquired Aug 2016
Acquired May 2014

M&A Platform with Ability to Acquire in Multiple Categories and Geographies

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Shareholder Value Creation
Leading North American and European Water, Coffee, Tea and Filtration Service Provider
With Higher Margins and Compound Growth in Revenue and Free Cash Flow
Highly diversified product, package and channel mix

Growing categories drive stable low single digit revenue growth

Strong and growing adjusted free cash flow that drives returns to shareholders through a more balanced scale business with
strong compound annual growth

Rapid deleveraging results in transfer of value from debt to equity holders

2017E Peer EV / EBITDA Multiple 2017E Peer Free Cash Flow Yield

15.0x 10%

11.1x 11.0x
10.0x 5.8%

5%
3.2%
5.0x

0.0x (1) (2)

0%
(1) (2)
High Cash Flow Consumer Route-Based Services High Cash Flow Consumer Route-Based Services
Note: Free cash flow yield defined as 2017E cash flow from operations less capital expenditures / market capitalization. Market data as of July 11, 2017.
1. Represents median of high cash flow consumer peer group and includes B&G Foods, Campbell, Pinnacle Foods, Post Holdings, JM Smucker, Snyders-Lance, Spectrum Brands and TreeHouse Foods.
2. Represents median of route-based services peer group and includes Unifirst, ABM Industries, Chemed, ServiceMaster, Cintas and Aramark.
Source: Company filings, Factset.

17
Appendix
HOD Overview
DS Services (Including Aquaterra)
Overview Geographic Coverage and Brand Ownership (1)
Leading bottled water, including many well-known brands, and
coffee direct-to-consumer services provider to ~1.6mm 1
1 1
customers locations through daily operation of >2,000 routes 1 1
1
1
that cover ~90% of the U.S. 1
1
37 plants 1 3

National DSD (direct-store-delivery) system 1 1 2

1 1
Vast customer base of homes and small office 1
2
Includes Aquaterra, the largest Canadian distributor of HOD 1 1
3
1
water including well-known brands such as Labrador Source and 1 2
Canadian Springs to ~70,000 customers
2
Leading market share (~31%) in the 2016 U.S. HOD bottled
water category(2)
Products and Services Net Revenue Contribution

Water Delivery Services OCS Other (3)

11% 5%
$118mm $49mm
Office Coffee
Services (OCS) Retail
15%
$165mm
Retail
HOD
69%
Filtration Services $736mm

___________________________
Source: Company information.
2016 Net Revenue(4): $1,067mm
1. Figures represent regional market share.
2. Market share based on consumption volume.
3. Other net revenue includes Filtration Services net revenue.
4. Includes Aquaterra net revenue of $61mm.

18
Eden Springs
Overview Geographic Coverage

Europes largest office water and office coffee services company

Eden Springs Geographic Presence
with operations across 18 countries and ~800,000 customers BWC Water Position(1)

Norway1
Meaningful scale across Europe with access to attractive end- 2
1Finland
2 Estonia Russia
markets with positive growth outlook (A leading European 1 Denmark
2
Sweden Latvia
2 2
2
player with multiple value-creative tuck-in acquisition UK Netherlands
1
Lithuania
2 Poland2
Germany
opportunities) 1 1
France 1Switzerland

Expands direct-to-consumer business High-quality and loyal 1

3
PortugalSpain
customer base (Combination of DS Services, Aquaterra and Eden
1
Springs has >2 million direct to customer delivery points)
Israel

Products and Services Pro Forma Net Revenue(2) Contribution

Filtration
Water Services 6%
Retail 22mm
12%
Office Coffee 41mm
Services
Office Coffee
Services
Filtration 19%
Water Services
66mm
63%
224mm
Retail

2016 Pro Forma Net Revenue(2) : 353mm

___________________________
Source: Company information.
(1) BWC represents total bottled water coolers but is not a market segment in and of itself as the HOD water business consists of coolers, bottled water as well as other products such as case pack water and single serve products.
(2) Full Year 2016 pro forma revenues.

19
HOD Current Initiatives and Growth Opportunities

1 Expand North American partnerships into Europe as well as European partnerships

into North America

2 Fragmented market provides opportunity for further consolidation via tuck-in

acquisitions

3 Coordinate best practices amongst the HOD businesses in regards to sales, marketing
and cross selling

4 Capitalize on premium office coffee trends and utilize expertise of S&D Coffee and Tea
in product offerings

5 Capitalize on filtration growth and national footprint within North America and Europe
as both a standalone provider of filtration services but also as a partner with larger
businesses that can utilize the national filtration and technical services division of the
HOD businesses

20
Foodservice Coffee & Tea Overview
S&D Coffee and Tea
Overview Geographic Coverage
One of the largest custom coffee roasters and distributor of Attractive Synergy and Distribution Opportunity
with DS Services OCS Business
coffee and tea-based beverage solutions to the U.S. foodservice
industry, with ~20% of the growing foodservice channel Third-Party Distribution Direct Route and Third-Party Distribution

Four facilities contain dedicated coffee and tea manufacturing Direct route sales
accounted for ~20%
capabilities, extract and ingredient technology, and over 625,000 of 2016 net revenue
total square feet of warehouse space
Serves over 24,000 blue-chip customers mainly in the
foodservice industry, and delivers to over 102,000 customer
3rd Party Distribution sales
locations across U.S. accounted for ~80% of
total 2016 net revenue
Since 2010, S&D has invested over $50mm to expand and
upgrade its production facilities

Products and Services Pro Forma Net Revenue(1) Contribution

Other
1%
Coffee $5mm
Distribution
32%
QSR and
$181mm
Tea Restaurants
48%
Convenience $268mm
Retailing
Specialty Extracts and 19%
Ingredients $104mm
(e.g. Cold Brew Coffee)
2016 Pro Forma Net Revenue(1): $558mm
___________________________
Source: Company information.
(1) Full Year 2016 pro forma revenues.

21
Foodservice Coffee & Tea Current Initiatives and Growth
Opportunities

1 Capitalize on current pipeline of new business opportunities

2 Expansion of product offerings with current and new customers (specialty

drinks such as teas and coffee extracts such as cold brew coffee)

3 Further penetration of current end markets as food and beverage segments

continue to grow (focus on distribution and buyer groups)

4 Strategic tuck-in acquisitions

5 Expand strategic partnerships (aligned with largest quick-service restaurants,

C-Stores and Distribution customers in the U.S.)

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Q&A