Cott Corporation

Barclays High Yield Bond

and Syndicated Loan Conference
May 13, 2014

Jay Wells, CFO

1
Safe Harbor Statement

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 reflecting management’s current expectations regarding
future results of operations, economic performance and financial condition. Forward-looking statements
are subject to certain risks and uncertainties which could cause actual results to materially differ from
current expectations. These risks and uncertainties are detailed from time to time in the Company's
securities filings. The information set forth herein should be considered in light of such risks and
uncertainties. Certain material factors or assumptions were applied in drawing conclusions or making
forecasts or projections reflected in the forward-looking information. Additional information about the
material factors or assumptions applied in drawing conclusions or making forecasts or projections
reflected in the forward-looking information is available in the Company’s annual report on Form 10-K
for the year ended December 28, 2013, its quarterly reports on Form 10-Q, as well as other periodic
reports filed with the securities commission. The company does not, except as expressly required by
applicable law, assume any obligation to update the information contained in this presentation.
NON-GAAP Measurers: To supplement its reporting of financial measures determined in accordance with
GAAP, Cott utilizes certain non-GAAP financial measures. Cott utilizes EBITDA and Adjusted EBITDA to
separate the impact of certain items from the underlying business. Because Cott uses these adjusted
financial results in the management of its business, management believes this supplemental information
is useful to investors for their independent evaluation and understanding of Cott’s underlying business
performance and the performance of its management. Additionally, Cott supplements its reporting of
net cash provided by operating activities determined in accordance with GAAP by excluding capital
expenditures, which management believes provides useful information to investors about the amount of
cash generated by the business that, after the acquisition of property and equipment, can be used for
strategic opportunities, including investing in our business, making strategic acquisitions, and
strengthening the balance sheet. The non-GAAP financial measures described above are in addition to,
and not meant to be considered superior to, or a substitute for, Cott’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, as well as on the Appendix of this presentation.

2
Agenda

• Company Overview

• Business Mission and Priorities

• Financial and Debt Summary

• Question & Answer

3
Cott Company Overview

1 Leader in private label beverages across Juice, Revenues in excess of $2 billion provides
Drinks, Energy, CSD, New Age and others with
procurement and scale leverage
customer relationships at over 500 retailers
globally
High service level (98%+)(1) and low freight costs
2 Strong private label beverage manufacturing footprint Substantial competitive advantage to service
in US, Canada and UK
national and super-regional accounts

3 High quality facilities (SQF / BRC certified) with Diversified product offering beyond traditional
multiple product and package capabilities CSDs

4 Ownership of Royal Crown Cola International High quality concentrates (blind taste tests) and
(“RCCI” or “RC Brand”) outside North America and formulas used for own operations and exported to
a fully integrated concentrate facility with strong approximately 50 countries
R&D capabilities

5 Efficient and highly utilized facilities Industry leading asset turnover of 1.5x with low
capex demands (2–3% of revenues)

6 Low cost philosophy concentrating on Customers, Highly cash generative with annual FCF of ~$100+
Costs, Capex and Cash million and a solid balance sheet

Strong ROIC and cash flow yield

(1) Service level refers to in full, on-time delivery of all SKUs at appropriate quality.
4
Beverage Leader
Cott is one of the world’s largest manufacturers of beverages on behalf of
retailers, brand owners and distributors

Business overview 2013 Channel mix

• Industry-leading beverage manufacturer and % revenue % volume
distributor focused on private label and contract RCCI
Co-Pack Value / Co-Pack
manufacturing 2%
6% Control 5%
Brand
Value / 7%
Control
− Clear leadership in shelf stable juices and CSD Brand
9%

Equiv.(1)
Private
− Growing positions in attractive segments Volume
label
Private From
(sparkling waters, energy, ready-to-drink alcohol label Concentrat
65%

and sports drinks) 83% es 23%

Revenue: $2.1bn Volume: 1.1bn

• Substantial R&D capabilities and vertical integration
2013 Geographic mix
within a high service, low-cost production model
% revenue % volume
• High product quality with consistency in products RCCI
Mexico
Mexico
2% Canada 2%
and category innovation Canada 1% 5%
9%
UK
18%
US
• Customer relationship with over 500 leading 53%
UK
retailers in the grocery, mass-merchandise and drug 24% US
store channels 64%

RCCI
(1)
22%
• Revenues in excess of $2 billion provides
procurement and scale leverage Revenue: $2.1bn Volume: 1.1bn

Source: Management.
Note: Volume in cases of 8oz equivalent units. 5
(1) Ready-to-drink 8oz volume equivalents of 257mm cases made from RCCI shipped concentrate.
Strong Beverage Manufacturing Footprint
Extensive, high-quality manufacturing footprint and product facilities drive high
service and low-cost freight lanes

34 Strategically Located Beverage / Concentrate Manufacturing

and Fruit Processing Facilities

Surrey, BC Calgary, AB

CANADA Scoudouc, NB
Walla Walla, WA
Pointe Claire, QB
Toronto, ON
Warrens, WI E. Freetown, MA
Dunkirk, NY
Fredonia, NY
UNITED STATES
North East, PA
St. Louis, MO Concordville, PA
Fontana, CA Springville, UT
San Bernardino, CA
Sangs (McDuff)
Joplin, MO Sikeston, MO Wilson, NC
Greer, SC
Blairsville, GA
Ft. Worth, TX UNITED KINGDOM
Columbus, GA
San Antonio, TX Nelson
Bondgate
MEXICO Tampa, FL
Wrexham
Kegworth

Puebla
Elmhurst
Cold Fill
Hot Fill

6
High Quality Facilities with Diversified Capabilities
Product offering beyond traditional shelf stable juices and CSDs

Diversified manufacturing capabilities Product diversity (2013 revenue)

• Carbonated soft drinks (natural and preserved) CSD

Concentrates
2% Fruit drinks /
• 100% shelf stable juices and juice-based Juices
products 25%

• Clear, still and sparkling flavored waters

• Energy products, shots and liquid enhancers

CSD
36%
• Sports products
Sparkling water
13%
• New age beverages
Tea
• Ready-to-drink teas 1%
DTT
2%
Alcohol-based Energy
• Ready-to-drink alcohol beverages
1% 8%
Flavored water
• Dilute-to-Taste (DTT) 2% All other
Water Sports / fitness
5%
2% 3%

Source: Management.
7
High Quality Facilities with Diversified Capabilities
Broad capabilities across packaging and flavors

Solutions in every major beverage segment

CSD Waters Energy Liquid Teas Sports Juices, Smoothies RTD

enhancers drinks cocktails Alcohol
& drinks

Package sizes and capabilities

Shots & Soda Jubblies & Lunchbox

PET Aluminum Enhancers Overwraps Stream Freezables Sports cap carton Pouch

8oz 128oz 8oz 24oz

Source: Management.
8
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

− Ready-to-drink 8oz volume equivalents of 257mm

cases made from RCCI shipped concentrate

Global customer base Geographic mix(1)

Asia / Pacific Latin America /

53% Caribbean
27%

Western
Europe
1%

Eastern Europe
8%
Middle East /
Africa
11%

Source: Management.
(1) Geographic mix data represents % of revenue. 9
 Efficient and Highly Utilized Facilities - Well Invested in
Facilities with Low Capital Demand and High Asset Turnover

Efficient and highly utilized facilities produce Industry leading

asset turnover with low capex requirements

2013 Asset turnover(1) 2013 Capex as a % of revenue

1.5x 6.2%

1.0x 4.1%
0.9x
0.7x 2.8% (2)
2.0%

Brand owners International Value foods / International Brand owners Value foods /
bottlers private label bottlers private label

Source: Wall Street research as of 12/28/2013.

Note: International bottlers: CCE, Femsa, Amatil, Hellenic and Arca Continental; Value foods / private label: TreeHouse, ConAgra, Pinnacle Foods, Diamond Foods and Brand owners: Dr Pepper Snapple Group, Coca Cola, Pepsico, Monster Beverage, Green Mountain
Coffee. 10
(1) Asset turnover calculated as total revenue / total assets.
(2) 2013 capex excludes additional ~$13 million for vertical integration of bottle blowing (including this amount, capex represents 2.7% of 2013 revenue).
Low Cost Philosophy concentrating on Customers, Costs,
Capex and Cash (4 Cs) - Low Cost and Highly Cash Generative

Cott follows its company-wide

• Strengthen customer relationships • High quality supply chain and customer collaboration
− Understand our customers’ needs • Winner of Walmart Supply Chain
− Build new channel relationships Collaboration Award 2011
− High service standards − Best of 4,000 suppliers
− One-stop shop philosophy • Private label soft drink supplier
of the year (2012/2011) – Grocer Award

• Continue to lower operating costs • SG&A at 7–8% of revenue is top decile performance
amongst industry peers
− Manage the commodity cycles
• Zero-based budget philosophy
− Control SG&A costs (best in class)
− Improve operating efficiencies
• Control capital expenditures • High quality plants all QSF Level 3 and BRC
− Capex $30–$50 million below depreciation • Focus on efficiency
• Cost reduction drives capex at 2–3% of revenue
− Capex focus on cost / efficiency
− Manage projects tightly
• Deliver significant free cash flow • Approximately $100+ million in annual FCF
− Rigorously manage working capital generation

− Assist rapid de-leveraging and interest − 2013 free cash flow yield(1) of 18.6%

benefit

Source: Management.
(1) Cash flow yield calculated as (Adjusted EBITDA – capex) / equity market capitalization as of 12/28/13. 11
Low Cost Philosophy Concentrating on Customers, Costs,
Capex and Cash (4 Cs)
Strong cash flow and ROIC vs. private label / sector peers

Own R&D,
High quality
Strong vertically Efficient &
Private label plants that are
manufacturing integrated highly utilized Low Cost
beverage scale QSF / BRC
footprint & concentrate plants with top Philosophy
>$2 billion certified with
advantaged plant & tier industry and the 4 C’s
revenue multiple
freight lanes ownership of asset turnover
capabilities
RC Brand

Top tier 2013 cash flow yield(1) vs. top 5 peers Top tier LTM ROIC(2) vs. top 5 peers

18.6% 16.0%
14.4%
12.8% 12.6% 11.9%
9.6% 10.4%
9.4% 9.4% 9.2%
6.8%

Source: Wall Street research as of 12/28/2013.

(1) Cash flow yield calculated as (Adjusted EBITDA – capex) / equity market capitalization as of 12/28/2013. 12
(2) ROIC calculated as (Adjusted EBITDA less taxes) / (book capitalization – deferred tax assets – cash and cash equivalents). Balance sheet data as of latest SEC filing.
Agenda

• Company Overview

• Business Mission and Priorities

• Financial and Debt Summary

• Question & Answer

13
Our Mission

Build shareholder value by managing our core

business to maximize cash generation while
diversifying product, package and channel
offerings to provide growth.

14
Key Facts and Trends from Recent Strategic Review

Macro Market Dynamics / Factors

• Declining North American Carbonated Soft Drinks

(CSD) and Shelf Stable Juice (SSJ) markets

• Excess industry capacity pressuring margins

• Aggressive National Brand promotion and pricing

activity in pursuit of volume is reducing price gap to
private label

• Continued large format retail consolidation and

growth in smaller discount formats

• Attractive financing markets at the present time

15
 Cott’s Situation and Attributes

Cott Specific Factors

• High asset turn, sales per employee and quality

Source: Wall Street research as of 12/28/2013.

16
 Cott’s Situation and Attributes

Cott Specific Factors

• High asset turn, sales per employee and quality

• Best in class SG&A leverage

Industry Non-strategic SG&A/sales

Source: Wall Street research as of 12/28/2013.

17
Cott’s Situation and Attributes

Cott Specific Factors

• High asset turn, sales per employee and quality

• Best in class SG&A leverage

• Strong cash generation and cash yield

• Strong balance sheet with net debt targets achieved during 2013

• Attractive corporate tax structure

• Sixty percent business concentration in the declining CSD and SSJ segments

Invest to shift our business mix

in order to support and accelerate
cash generation

18
Five Strategic Priorities As We Look Forward

• Continuation of our approach including tight operating controls and a focus on cash
generation

• Increased allocation of dedicated commercial and other resources against contract

manufacturing which has been showing good growth

• Refinancing of our 2018 Senior Notes, expansion of our debt capacity, and reduction of our
interest rate

• Over the next twelve months, increase our return of funds to shareholders up to 50% of our
free cash flow via an increase in our opportunistic stock repurchase program and the
continuance of our dividend

• Acceleration of acquisition based diversification outside of Carbonated Soft Drinks (CSDs)

and Shelf Stable Juices (SSJs)

Acquisition to center on beverages and beverage adjacencies with a focus

on further channel diversification.

19
Agenda

• Company Overview

• Business Mission and Priorities

• Financial and Debt Summary

• Question & Answer

20
2013 Financial Overview

Full Year Comparisons

2011 2012 2013

Volume (8oz - millions) 1,314 1,247 1,143
Revenue $2,335M $2,251M $2,094M
130
Gross Margins 11.8% 12.9% 12.0%
SG&A - % of Revenue 7.4% 7.9% 7.7%
Adj. Net Income* $44M $52M $36M
Adj. EBITDA* $199M $213M $197M
Free Cash Flow* $115M $103M $100M

Full Year 2013 Performance Summary

• Difficult trading environment with declines in CSD / SSJ markets pressuring volume and revenue
• Continued strong SG&A control with SG&A 8% of revenue
• Reduction of debt by redemption of $200mm of our 2017 Senior Notes
• Strong cash generation – fifth consecutive year of >$100mm
• Returned $32 million to Shareowners
*See accompanying non-GAAP reconciliation

21
Strong Free Cash Generation Leads to
Improved Balance Sheet

• Debt Reduction
Net Leverage
− Redeemed $200M of our 2017 Senior Notes in
Net Debt / Adjusted EBITDA
2013. This was accomplished by utilizing cash on
hand and our ABL, with a net reduction to gross
4x 4
debt of $163M
− Reduces interest expense by $15mm
3x 3
• Increased Interest Coverage
2x 2 − 3.8x in 2013 from 2.6x in 2008 (Adjusted EBITDA
to Interest Expense)

1x 1 • Strong Cash Generation

− $100mm of free cash flow from operations
0x 0 − $108mm of adjusted free cash flow after $8mm
2010 PF 2013 PF
Post-Cliffstar Post-Note cash cost of reducing 2017 Notes
Redemption
• Opportunity to refinance our 2018 Senior
Notes imminent

22
Summary Debt Structure

Summary of 8.125% Senior Notes Due 2018 Asset Based Lending Facility (ABL)

Issuer: Cott Beverages, Inc. (the "issuer") Terms & Conditions

Description: Senior Notes (the "Notes")
Facility: $300 million ABL Revolver, with $50 million accordion
Principal Amount: $375 million
Tenor: 5 years (October 22, 2018)
Fully and unconditionally guaranteed, jointly LIBOR / CDOR ABR / CDN Prime
and severally, on a senior basis by Cott
Corporation, substantially all of its domestic Availability Spread Spread
Pricing Grid:
subsidiaries, and its subsidiaries that make >$150mm 1.75% 0.25%
Guarantees: up its business in the United Kingdom ≤$150mm>$75mm 2.00% 0.50%
Notes are generally unsecured obligations, ≤$75mm 2.25% 0.75%
pari passu with any existing and future senior
Fixed Charge coverage (FCC) test of 1.1x if excess
Ranking: indebtedness
Financial Covenants: availability is less than 10% of the commitment amount
Security: None
Springing when excess availability is less than 12.5% of
Maturity: 8 years (September 2018) Cash Dominion: the commitment amount
Non-callable for four (4) years; thereafter, at
Optional Redemption: premiums declining to par
Restricted Payments, Incurrence of
Indebtedness, Sale of Assets, Mergers,
Coventants: Guarantees

23
Historical Corporate Ratings

Moody's S&P
Ba2
6 BB6
Ba3
5 BB-
5
stable stable*
B1 4 B+4
stable stable stable
B2 3 B 3
stable stable stable positive stable*
B3 2
B- 2
Caa1 CCC+
1 1

0 0
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

*Current Ratings:
S&P: ‘B+’ at Corporate level (credit watch pending completion of strategic
review) and ‘B+’ on 8.125% 2018 notes
Moody’s: ‘B2’ at Corporate level (stable outlook) and ‘B3’ on 8.125% 2018 notes

24
Cott Corporation

Question & Answer

Jay Wells, CFO

25
APPENDIX

26
Asset Turnover

COTT CORPORATION
SUPPLEMENTARY INFORMATION - NON-GAAP -
ASSET TURNOVER
(in millions of U.S. dollars)
Unaudited

For the Year Ended

December 28, 2013

Total Revenue $ 2,094.0

Divided by: Total Assets 1,426.1

Asset Turnover 1.5

27
Capex

COTT CORPORATION
SUPPLEMENTARY INFORMATION - NON-GAAP - CAPEX DEMANDS

(in millions of U.S. dollars)

Unaudited

For the Year Ended

December 28, 2013

Capex $ 55.6

Divided by: Total Revenues 2,094.0

Percentage of Revenue 2.7%

28
Free Cash Flow

COTT CORPORATION
SUPPLEMENTARY INFORMATION - NON-GAAP - FREE CASH FLOW

(in millions of U.S. dollars)

Unaudited

For the Year Ended

December 28, 2013 December 29, 2012 December 31, 2011

Net cash used in operating activities $ 155.2 $ 173.0 $ 163.5

Less: Capital expenditures (55.6) (69.7) (48.8)

Free Cash Flow $ 99.6 $ 103.3 $ 114.7

29
Cash Flow Yield

COTT CORPORATION
SUPPLEMENTARY INFORMATION - NON-GAAP - CASH FLOW YIELD
(in millions of U.S. dollars excluding stock price)
Unaudited

December 28, 2013

Stock Price $ 8.06
Total Shares 94.2
Equity Market Capitalization $ 759.6

For the Year Ended

December 28, 2013

Net income attributed to Cott Corporation $ 17.0

Interest expense, net 51.6
Income tax expense (benefit) 2.2
Depreciation & amortization 100.8
Net income attributable to non-controlling interests 5.0
EBITDA $ 176.6

Restructuring and asset impairments 2.0

Bond redemption costs 12.7
Tax reorganization and regulatory costs 1.4
Acquisition and integration 4.1

Adjusted EBITDA $ 196.8

Adjusted EBITDA $ 196.8

Less: Capex (55.6)
Total 141.2
Divided by: equity market capitalization 759.6
Cash Flow Yield 18.6%

30
Adjusted Net Income

COTT CORPORATION
SUPPLEMENTARY INFORMATION - NON-GAAP - ADJUSTED NET INCOME
(in millions of U.S. dollars)
Unaudited

For the Year Ended

December 28, 2013 December 29, 2012 December 31, 2011

Net income attributed to Cott Corporation $ 17.0 $ 47.8 $ 37.6

Restructuring and asset impairments, net of tax 1.8 - 2.0

Bond redemption costs, net of tax 12.7 - -
Tax reorganization and regulatory costs, net of tax 1.4 - -
Acquisition and integration, net of tax 3.4 4.1 4.1

Adjusted net income attributed to Cott Corporation $ 36.3 $ 51.9 $ 43.7

31
Adjusted EBITDA

COTT CORPORATION
SUPPLEMENTARY INFORMATION - NON-GAAP - EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION
& AMORTIZATION
(EBITDA)
(in millions of U.S. dollars)
Unaudited

For the Year Ended

December 28, 2013 December 29, 2012 December 31, 2011

Net income attributed to Cott Corporation $ 17.0 $ 47.8 $ 37.6

Interest expense, net 51.6 54.2 57.1
Income tax expense (benefit) 2.2 4.6 (0.7)
Depreciation & amortization 100.8 97.7 95.3

Net income attributable to non-controlling interests 5.0 4.5 3.6

EBITDA $ 176.6 $ 208.8 $ 192.9

Restructuring and asset impairments 2.0 - 2.0

Bond redemption costs 12.7 -
Tax reorganization and regulatory costs 1.4 -
Acquisition and integration 4.1 4.1 4.1

Adjusted EBITDA $ 196.8 $ 212.9 $ 199.0

32
Interest Coverage

COTT CORPORATION
SUPPLEMENTARY INFORMATION - NON-GAAP - INTEREST COVERAGE
(in millions of U.S. dollars)
Unaudited
For the Year Ended

December 28, 2013 December 27, 2008

Net income (loss) attributed to Cott Corporation $ 17.0 $ (122.8)

Interest expense, net 51.6 32.3

Income tax expense (benefit) 2.2 (19.5)

Depreciation & amortization 100.8 80.7

Net income attributable to non-controlling interests 5.0 1.7

EBITDA $ 176.6 $ (27.6)

Restructuring, asset and goodwill impairments 2.0 112.9

Bond redemption costs 12.7 -

Tax reorganization and regulatory costs 1.4 -

Acquisition and integration 4.1 -

Adjusted EBITDA $ 196.8 $ 85.3

For the Year Ended

December 28, 2013 December 27, 2008

Adjusted EBITDA $ 196.8 $ 85.3

Divided by: Interest Expense 51.6 32.3

Interest Coverage 3.8 2.6

33
Net Leverage

COTT CORPORATION
SUPPLEMENTARY INFORMATION - NON-GAAP - NET LEVERAGE

(in millions of U.S. dollars)

Unaudited

For the Year Ended

December 28, 2013 January 1, 2011

Net income attributed to Cott Corporation $ 17.0 $ 54.7

Interest expense, net 51.6 36.9
Income tax expense 2.2 18.6
Depreciation & amortization 100.8 74.0
Net income attributable to non-controlling interests 5.0 5.1
EBITDA $ 176.6 $ 189.3

Restructuring, asset and goodwill impairments 2.0 (0.5)

Bond redemption costs 12.7 -
Tax reorganization and regulatory costs 1.4 -
Acquisition and integration 4.1 0.2

Adjusted EBITDA $ 196.8 $ 189.0

For the Year Ended

December 28, 2013 January 1, 2011

Total Debt $ 458.3 $ 622.2

Less: Cash (47.2) (48.2)
Net Debt 411.1 574.0

For the Year Ended

December 28, 2013 January 1, 2011

Net Debt $ 411.1 $ 574.0

Divided by: Adjusted EBITDA 196.8 189.0
Net Leverage 2.1 3.0

34
Free Cash Flow Excluding Note Redemption Costs

COTT CORPORATION
SUPPLEMENTARY INFORMATION - NON-GAAP - FREE CASH FLOW EXCLUDING NOTE REDEMPTION COSTS

(in millions of U.S. dollars)

Unaudited

For the Year Ended

December 28, 2013

Net cash used in operating activities $ 155.2

Less: Capital expenditures (55.6)
Free Cash Flow 99.6
*Note Redemption Costs 8.0
Free Cash Flow Excluding Redemption Costs $ 108

* Costs associated with redeeming our 2017 Notes.

35