#1Cott Investor and Analyst Day Presentation Orlando, Florida March 8, 2018#2Safe Harbor Statements Cott 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 anticipated timing of the completion of the recently announced agreement to acquire Crystal Rock Holdings, Inc. (the "Transaction") and the execution of our strategic priorities. The forward-looking statements are based on assumptions regarding management's 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; 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; and the effect of economic, competitive, legal, governmental and technological factors on Cott's 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 30, 2017 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 Cott's business. 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#3Management Presenters Jerry Fowden Chief Executive Officer Tom Harrington Chief Executive Officer - DS Services Jay Wells Chief Financial Officer Cott 2#4Agenda New Cott - Corporate Overview and Mission ✓ Route Based Services Segment Overview ✓ North America Route Based Services - Business Model Characteristics ✓ Cott Cott's Current Balance Sheet and Illustrative Tuck In Acquisition Framework and Outlook Q&A 3#5Cott has Transformed Itself Into a Pure Play Water, Coffee and Tea Services Company Cott 2009 Sales 2016PF Sales New Cott 2017 Sales Other Other 20% HOD 13% Retail Retail Water Other 11% Water 6% Water 26% 7% Sparkling HOD Water 11% Water 20% CSD 60% Juice 10% CSD 15% Coffee & Tea 19% Coffee & Tea 34% Water 48% > $2bn in acquisitions in water and coffee DS Services 2015 $1.25bn* Leading HOD and coffee service provider in North America Eden Springs 2016 470mm* Leading European HOD water, OCS and filtration service provider S&D Coffee 2016 $335mm* Largest coffee and tea manufacturer in North America New Cott following the sale of the legacy private label CSD & juice business for $1.25 billion Source: Cott Management. *Announced acquisition price. 4#6The New Cott Overview A Leading International Services Company Cott We are a leading route based North American and European water, coffee, tea and filtration service provider within HOD, food service, convenience and hospitality 1 2 3 >2.4mm customers served >3,600 direct-to-consumer 62 manufacturing annually routes 4 Source: Cott Management. Operations in the US, Canada, Israel and 17 European countries sites and >360 branch distribution and warehouse facilities 5 6 Annual Sales >$2.3bn (2018E) Track record of successfully integrating $ acquisitions LO 5#7The New Cott Overview A Leading International Business Services Company With annual net sales of over $2.3 billion (2018E) Focused on route based services in water, coffee, tea and filtration as well as coffee roasting, tea blending and extract/ingredient production ✓ Market leading brands and services in channels with barriers to entry Delivering quality products and services to customers and consumers alike while generating superior value for our shareholders Source: Cott Management. Route Based Services (North America and Europe) DS SERVICES™ AQUATERRA Eden Crystal Crystal Hinckley Springs CH Coffee, Tea & Extract Solutions (U.S.) Coffee Roasting Tea Blending Liquid Extract (Eden) Eden Eden S&DY COFFEE & TEA Cott All Other AimiA foods Crystal ROYAL CROWN RC cola COLUMBUS GEORGIA, USA cafénueva cafénueva café nueva primo Galaxy 0#8- The New Cott Overview Positioned in Growing Categories and Channels With an Attractive Growth Profile and Economic Back Drop Cott New Cott Q4 2017 Performance % or Rate 12 Unemployment Rate in the U.S.A (1) +5%* +8% 9.6 10 8.9 8 6 +27% 4 2 Ili 8.1 7.4 6.2 5.3 4.9 4.4 0 $70mm $279mm $571mm 2010 2011 2012 2013 2014 2015 2016 2017 Unemployment Rate in Selected European Countries and Israel (2) % or Rate (3) 12 10 8.6 8.5 8.2 8 7.8 8 7.1 Revenue Gross Margin Adj. EBITDA 6.5 5.6 6 * Revenue change calculated on comparable number of weeks for our Coffee, Tea and Extract Solutions reporting segment (1) Source: Bureau of Labor Statistics website (2) Source: Organization for Economic Cooperation and Development website (3) Israel, United Kingdom, France and Poland unemployment rate average 4 2 0 2010 2011 2012 2013 2014 2015 2016 2017E 7#9The New Cott is Well Positioned for the Future 1 Multiple attractive platforms and positions in growing categories 2 Positive top line momentum across all businesses 3 Gaining market share in US and European HOD and US Coffee Roasting 4 Cott Significant further value creating opportunities from synergistic tuck-in acquisitions 5 Successful progression on integration 6 Good synergy capture and positive momentum to deliver remaining synergies 7 Reduced debt and a strengthened balance sheet 8 Outstanding debt - long term with fixed coupons 9 Improving employment levels in the workplace that support business model 8#10The New Cott Overview Our Mission 1 Organic Growth from "Better-for-You" product offerings (positioned in growing categories of water, coffee, tea, filtration and extracts) 2 Focused innovation within product development, route logistics and technology creating further growth, cross sell and customer service opportunities 3 Modest margin expansion driven by scaled platforms with increased customer and route density 4 Customer list / tuck-in acquisition opportunities at highly synergistic values 5 Strong compound free cash flow generation (10% plus compound annual growth in adjusted free cash flow) Cott 9#11Route Based Services Overview#12The New Cott Business Services Sector Characteristics Cott The New Cott model features recurring revenue, scalability and high entry barriers ✓ ✓ Customer Satisfaction is essential or "mission critical" to our customers Highly recurring / repeatable revenue streams Scalable with little incremental cost, resulting in operating leverage and non-linear earnings growth High barriers to entry by building or acquiring an established platform and becoming embedded in customer operations Services Use of technology or tech-enabled platforms to deliver the service/solution, improving efficiencies and service quality $ Repeatable, growing revenue streams $ Volume growth through offering additional services to current clients and existing services to new clients $ Ability to pass through pricing increases $ Higher incremental margins through operating leverage $ High free cash flow conversion & generation $ Sub-sectors remain highly fragmented, ability to execute accretive M&A to fuel growth and build scale 11#13The New Cott Route Based Services Segment Overview • Overview Leading bottled water, including many well-known brands, and coffee direct-to-consumer services provider to ~2.4mm customer locations through daily operation of >3,600 routes that cover 20 countries throughout North America, Europe and Israel ■ " Leading market share in 2017 in the HOD bottled water category in the U.S., Canada, Europe and Israel. National DSD (direct-store-delivery) system Vast customer base of homes and small businesses Revenue growth expectations of ~3% in North America and >1% in Europe inclusive of market share gains 2017 Net Revenue ~$1.5B Other 4% Retail Water 11% OCS 13% Source: Cott Management. Cott Geographic Coverage and Brand Ownership CANADIAN Spemp shares Crystal 05-1 - Tine etck Sierra Alhambra. Sus five kom SanFondo hax knob N pr M Cat Nikara Mis Moulympis des L Brk: DEEP ROCK Sparkletts........ Bay Te B LABRADOR LETTS Souver Exdr CANADIAN Had Lain Hinckley ** konk rratgen Springs Wirath UN 0 Sierra Kentwood zton Pare Wate keda itbr Wan Sparkletts: Id 4 21915015 Supe "Image En Ime Crystal • < Кек Hevia kar kha Gantze Web Crystalli ⚫Cake do Tax lakandi Jake Wirda t Fat Lande #xrenk Eden Springs Geographic Presence HOD Water Portugal 72% Spain Finland *Norway Sweden Estonia Russia Latvia Denmark UK Netherlands Lithuania Poland Germany France Switzerland Israel nat CANADIAN Springs wat 12#14The New Cott Route Based Services Segment Overview (Scale Platforms and Leading Positions) Cott Leading provider of HOD water, office coffee, and filtration services across 20 countries Canadian Market Leader Oldest and largest HOD Water business with a leading position and over 70,000 customers U.S. Market Leader Leader in HOD Water Smaller Competitors ~39% Delivery HOD Water(1) DS Services ~31% Nestle ~30% Smaller Competitors ~80% Top 5 in OCS OCS(2) DS Services ~3% European Market Leader Leader in HOD Water Delivery # 2 in OCS HOD Water(3) Eden 20% Remainder of Top 5 ~17% Company A 3% Other 61% Company B 3% Other 90% Next 5 13% 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. OCS (3) Company A 6% Eden 4% 13#15North America Route Based Services Business Model Characteristics#16North America Route Based Services Overview - Four Key Lines of Business Leading with Water Delivery Services Cott Source: Cott Management. Water Delivery Services Hinckley Springs Crystal D6 cipt Crystal 2017 Revenue: $779mm (71%) Retail Nice! 2017 Revenue: $167mm (15%) 2017 Revenue $1.1 billion Retail Water Other 3% 15% L Crystal SPRINGS OCS 11% HOD Water 71% Alhambra® BELMONT® Crystal DEEP ROCK Hinckley, JAVARAMA Kentwood MourDlympus WATER Springs SPRINGS Office Coffee Services TANDARD STA COFFEE SERVICE COMPANY 2017 Revenue: $117mm (11%) Filtration Services 2017 Revenue: $37mm (3%) NURSERY SPRINGS relyant: Sierra Sparkletts Sparkletts ice STANDARD.TH 15 8% coffee#17North America Route Based Services Overview - Attractive, Growing End Markets Cott U.S. Bottled Water Cooler Unit Placements U.S. Filtration Unit Placements In 000's 6,500 In 000's 2,300 2,101 6,275 6,250 6,200 2,050 1,932 6,126 6,052 5,980 1,775 6,000 1,800 5,860 1,629 1,493 5,750 5,690 1,550 1,367 5,500 5,500 1,300 1,259 5,380 1,165 5,240 1,050 5,250 5,190 1,050 940 850 5,000 800 2010 2011 2012 2013 2014 2015 2016 2017E 2018E 2019E 2020E 2010 2011 2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E In Billions U.S. OCS INDUSTRY - Net Revenues HOD Bottled Water (US) ■ Water Coolers forecast to grow at >1% CAGR through 2020 ■ Water Coolers appropriate for small office, home office and offsite locations with less than 100 employees and often lacking a water source. $7.0 $6.1 $6.0 $5.8 $5.5 $5.3 $5.1 $4.9 $5.0 $4.8 $4.5 $4.3 $4.1 $3.9 $3.7 $4.0 $3.0 $2.0 $1.0 $- 2010 2011 2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E 2021E Source: Zenith International - USA POU and Bottled Water Coolers Report Beverage Marketing Corporation - US Bottled Water Through 2020 Report (July 2017) Water Filtration (US) ■ Filtration coolers forecast to grow at >8% CAGR through 2020 ■ Filtration attractive for single site locations / offices with >100 employees OCS (US) ■ OCS forecast to grow at >4% CAGR through 2021 ■ Single cup brewers driving growth at 10% CAGR through 2018 ■ Consumer preferences for new and different types of coffee driving shift to premium coffee offerings, single-cup and espresso Hinckley, JAVARAMA Kentwod LABRADOR Mount Hympus NURSERY relyante Sierra Sparkletts STANDARD M Alhambra BELMONT CANADIAN Crystal DEEP ROCK WATER TH SPRINGS Springs -Springs- SPRINGS Source inc SPRINGS coffee 16#18North America Route Based Services Overview - U.S. Bottled Water Category Performance HOD Category Bottled Water Volume and Revenue Growth Cott HOD Bottled Water Volume (Millions of Gallons) 1,500 CAGR 2010-17 of +2.7% $1,900 HOD Bottled Water Revenue (Millions of Dollars) CAGR 2010-17 of +2.9% 1,382 1,392 1,338 $1,684 $1,726 $1,748 1,285 $1,700 $1,621 1,300 1,204 1,225 $1,542 1,155 1,174 $1,483 $1,500 $1,433 $1,431 1,100 $1,300 900 $1,100 $900 700 $700 500 $500 2010 2011 2012 2013 2014 2015 2016 TTM Q3 2010 2011 2012 2013 2014 2015 2016 TTM Q3 2017 2017 Source: Beverage Marketing Corporation. Consistent and predictable category volume and revenue growth Water cooler growth of 1+% coupled with increased consumption per cooler drives 2+% HOD bottled water growth Average pricing of up to 0.5% per year lifts overall category revenue growth to just under 3% Alhambra® BELMONT® Crystal DEEP ROCK Hinckley, JAVARAMA Kentwood Moufflympus WATER Springs SPRINGS NURSERY SPRINGS relyant: Sierra Sparkletts Sparkletts ice STANDARD.TH 8% coffee 17#19The New Cott - Business Services Sector Cott The New Cott model features recurring revenue, scalability and high entry barriers Customer Satisfaction is essential or "mission critical" to our customers Highly recurring / repeatable revenue streams Scalable with little incremental cost, resulting in operating leverage and non-linear earnings growth High barriers to entry by building or acquiring an established platform and becoming embedded in customer operations Services Use of technology or tech-enabled platforms to deliver the service / solution, improving efficiencies and service quality $ Repeatable, growing revenue streams $ Volume growth through offering additional services to current clients and existing services to new clients $ Ability to pass through pricing increases $ Higher incremental margins through operating leverage $ High free cash flow conversion & generation $ Sub-sectors remain highly fragmented, ability to execute accretive M&A to fuel growth and build scale 18#20North America Route Based Services Customer Satisfaction is "Mission Critical" - Alhambra® Use of technology or tech-enabled platforms to deliver the service / solution, improving efficiencies and service quality to meet customer expectations: 1) Simplicity 2) Responsiveness 3) Reliability 4)Consistent Communication Customers Components of the Digital Business Technology Platform Customer Experience IoT Platform Things S Data & Analytics Ecosystems Partners Information Systems Employees Cott WATER Springs BELMONT® Crystal DEEP ROCK Hinckley, JAVARAMA Kentwood Moufflympus NURSERY SPRINGS SPRINGS relyant: Sierra Sparkletts Sparkletts.ice STANDARDTM 8% coffee 19#21North America Route Based Services Customer Satisfaction is "Mission Critical" - Use of technology or tech-enabled platforms to deliver the service / solution, improving efficiencies and service quality to meet customer expectations: 1) Simplicity 2) Responsiveness 3) Reliability 4)Consistent Communication • • Phase One: Enable a "Customer 4 Life" experience by building a state of the art, centralized, leading edge Customer Care Center. Implemented internal Customer 4 Life platform which enables agent efficiency and Five9 telephony suite of solutions. Customer Channels Phone Email Wob Chat Mobile Social Management Applications Agent & Self Service Resources Five9 VCC CLOUD PLATFORM POWERED BY FIVE? CONNECT Integrations t GGOS Phase Two: Outsourced Agents c]ix Work-at-Home Agents Self-Service Experts • In-House Agents . • Implemented a new, modernized handheld application on the i-Phone 7+ All US Water and Coffee routes completed in Q3 2017 Route Sales & Service Enhanced user experience; improved performance and information visibility Significant efficiency improvements, reduced miss-keys & data errors Access to real-time data changes (Customer data, Route data) Alhambra® BELMONT® Crystal DEEP ROCK Hinckley. NAVARAMA Kentwod Mouflympus WATER Springs SPRINGS • • . Cott Phase Three: We have invested in Omnitracs Logistics Software, a global pioneer of fleet management, routing and predictive analytics solutions Improve and innovate service provided to customers through increased route density Increase frequency of route optimization through improved logistics efficiencies & reduce route delivery expenses omnitracs innovation. driven. NURSERY SPRINGS relyant: Sierra Sparkletts Sparkletts.ice STANDARDTM 8% coffee 20#22North America Route Based Services Lakeland Customer Care Site Selection Completed - 2014 Pamere City FLORIDA POPULATED PLACES www.Jacksonville 100.000 Orlando Fathe Tallahassee TRANSPORTATION PHYSICAL FEATURES Tallahassee Apu Do! Cape S Gulf of Mexico Jacksonville Contint Kings Su Cesta Orlando Clearwater Largo Tompa St Petersburg radenton ATLANTIC OCEAN Ormond Beach Daytona Beach sville Cape Cana Melbourne Play ch Fort Pierce Fort St Lucie Per Chado Cape Cold Sanibel Labe Okeechobee Myers West Pade ona pe Coral Springsca ato Pompane Cify Hollywook aloutMiami Kendall Cape Sable Florida Bay ay Lag KEYS Florida Cott Started Construction - May 2015 Completed August 2017 - Crystal 21 24#23North America Route Based Services Lakeland Customer Care Cott Sustained high levels of service are a key component of improved customer retention • Lakeland handled 4.6M calls in 2017 16.00% 0:11:31 Abandon Rate Target < 5% . Currently staffed with 426 Customer Care 14.00% Average Time to Answer Target < 0:02:00 0:10:05 Agents 12.00% 0:08:38 • Water 10.00% 0:07:12 • Coffee & Filtration 8.00% 0:05:46 . Retail Marketing Partner 6.00% 0:04:19 • Key Customer Care 4.00% 0:02:53 • Inbound Tele-sales • Retention 2.00% 0.00% 0:00:00 P8 P9 P10 P11 P12 P1-18 0:01:26 In January, we answered calls within 20 seconds with an abandon rate of 1.47% Source: Cott Management. Abandon Rate Abandon Rate Target Avg Time to Ansr Avg Time to Ansr Target 222 22#24North America Route Based Services Lakeland Customer Care 20.0% 18.0% General Customer Service - Top Four Reasons For Calls 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% |||| Delivery Request - % of Calls Taken - Delivery Inquiry Billing Payment Billing - Inquiry Source: Cott Management. Cott 23 23#25North America Route Based Services Improved Customer Retention Strong customer retention Cott ➤ Marketing efforts focused on targeting stickier customer base through increased areas sales representative team, in store marketing partnerships, customer list acquisitions and more stringent customer approval standards Improved Customer Retention (1) Adjusted Cooler Retention 84.0% 82.2% 81.7% 81.7% 81.8% 82.0% 80.8% 80.8% 80.0% 79.1% 77.4% 78.0% 76.0% 75.0% 74.0% 72.0% 70.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 Avg. Tenure per Water Delivery Services Customer in Years Retention Over Time 5.0 4.6 4.5 4.2 4.3 4.4 4.4 3.9 4.0 4.0 3.7 3.8 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Cott Management. 1. Adjusted year-over-year cooler retention rates exclude the impact of customers that terminated service in the same year they started the service. 24 24#26The New Cott - Business Services Sector Cott The New Cott model features recurring revenue, scalability and high entry barriers Customer Satisfaction is essential or "mission critical" to our customers Highly recurring / repeatable revenue streams $ Repeatable, growing revenue streams $ Volume growth through offering additional services to current clients and existing services to new clients Scalable with little incremental cost, resulting in operating leverage and non-linear earnings growth Services High barriers to entry by building or acquiring established platform and becoming embedded in customer operations Use of technology or tech-enabled platforms to deliver the service/solution, improving efficiencies and service quality $ Ability to pass through pricing increases $ Higher incremental margins through operating leverage $ High free cash flow conversion & generation $ Sub-sectors remain highly fragmented, ability to execute accretive M&A to fuel growth and build scale 25 25#27North America Route Based Services - Barriers to Entry From Scale, National Platform and Market Leading Brands ✓ Highly-recognized brands with long lived heritages ✓ Largest or second-largest HOD water provider in 42 of 50 largest cities Cott ✓ Customer growth combined with improved consumption and routes that cover over 90% of U.S. population as well as pricing driving HOD volume/revenue growth ✓ Increased route /customer density drives enhanced operational leverage and margin expansion DSS HOD Share - Volume Leadership in Regional Brands 31.2% 30.9% 31.1% 29.2% #1 Crystal Sierra #1 wwways 2012 2014 2016 TTM Q3 2017 Alhambra #1 Mount Hympus #1 DSS HOD Share - Revenue 32.0% 31.6% 32.1% 30.4% 2012 2014 2016 TTM Q3 2017 DEEP ROCK #1 WATER * BELMONT #3 Springs #1 #1 #2 Hinckley #2 (Springs Crystal #2 #1 #1 #3 Crystal SPRINGS #1 #1 Sparkletts Sierra Springs #1 #2 Kentwood Oneingan Sparkletts #1 #2 Source: Cott Management. * On closing of Crystal Rock in N.E. USA market position could move to #2. Alhambra® BELMONT® Crystal DEEPROCK Hinckley, JAVARAMA Kentwood MoufDlympus WATER Springs SPRINGS NURSERY relyant* Sierra Sparkletts Sparkletts ice STANDARDTM 8% coffee 26#28The New Cott - Business Services Sector Cott The New Cott model features recurring revenue, scalability and high entry barriers Customer Satisfaction is essential or "mission critical" to our customers Highly recurring / repeatable revenue streams Scalable with little incremental cost, resulting in operating leverage and non-linear earnings growth High barriers to entry by building or acquiring an established platform and becoming embedded in customer operations Services Use of technology or tech-enabled platforms to deliver the service/solution, improving efficiencies and service quality $ Repeatable, growing revenue streams $ Volume growth through offering additional services to current clients and existing services to new clients $ Ability to pass through pricing increases $ Higher incremental margins through operating leverage $ High free cash flow conversion & generation $ Sub-sectors remain highly fragmented, ability to execute accretive M&A to fuel growth and build scale 27#29North America Route Based Services - Highly Recurring, Repeatable and Dependable Revenue Growth Cott Modest volume and pricing growth plus equipment innovation and focused customer penetration efforts drives long term recurring and repeatable revenue growth Lead Core Category Innovation Aqua Café-R Provide a convenient multi- beverage solution for small office and residential customers Cross-Selling Focus TIERRA! Dpiù Alhambra BELMONT CANADIAN Crystal -Springs- Storm Extend a sleek, modern, convenient bottom load cooler to a broader potential customer base Filtration The Pure Water People Lead innovation of filtration equipment that offers certified, long-lasting quality drinking water S&D COFFEE Lavazza Espresso Pod Solution Add premium coffee solution to our portfolio aligned to changing customer preference SUPERIOR QUALITY CHANGE IS BREWING FRESH TASTE Ds SERVICES Coffee & Tea Vertical integration Supply/Improved quality from S&D Hinckley, JAVARAMA Kentwood LABRADOR Mount Hympus NURSERY relyante Sierra Sparkletts STANDARD.M DEEP ROCK WATER TH Springs SPRINGS Source inc SPRINGS 28#30North America Route Based Services 2018 Plan/Sources of Customer Growth - பா Cd Springs War 2018E Plan Cooler Adds Leverage web properties including regional websites, landing pages, SEM, shopping cart, etc. to inform potential customers of products/services to raise awareness and increase conversions. Key Online Properties like Water.com Marketing 21% Sparkletts Home & Office Delivery sp cool Weekly In-store events presenting the service to customers of our retail partner. Greater Focus on Select Regions Source: Cott Management. Alhambra® RSR 28% In-Store Events 27% ASR 19% ■RSR ASR ■In Store Marketing KAM Marketing ■ Other Crystal Cott Cristal Route Sales Representatives solicit new customers during the delivery day leveraging the existing customer base for referrals further building route density. Most Cost Effective New Customer Route Area Sales Representatives cold call on profitable small commercial locations with less than 25 employees. Increase Focus and Headcount 2018 WATER Springs BELMONT® Crystal DEEP ROCK Hinckley, JAVARAMA Kentwood Moufflympus NURSERY SPRINGS SPRINGS relyant* Sierra Sparkletts Sparkletts ice STANDARDTM 8% coffee 29#31The New Cott - Business Services Sector Cott The New Cott model features recurring revenue, scalability and high entry barriers Customer Satisfaction is essential or "mission critical" to our customers Highly recurring / repeatable revenue streams Scalable with little incremental cost, resulting in $ Repeatable, growing revenue streams $ Volume growth through offering additional services to current clients and existing services to new clients operating leverage and non-linear earnings growth High barriers to entry by building or Services acquiring established platform and becoming embedded in customer operations Use of technology or tech-enabled platforms to deliver the service/solution, improving efficiencies and service quality $ Ability to pass through pricing increases $ Higher incremental margins through operating leverage $ High free cash flow conversion & generation $ Sub-sectors remain highly fragmented, ability to execute accretive M&A to fuel growth and build scale 30 30#32North America Route Based Services - Ability to Execute Accretive M&A to Fuel Growth and Build Scale Increased Pace and Scale of Complementary Tuck-in Acquisitions Cott The U.S. HOD Water and OCS market is still highly fragmented with a significant amount of opportunity for complementary / overlapping transactions in HOD water, OCS, and Filtration that enhance the base business characteristics and provide synergies / improve route and technical service density. U.S. HOD Water(1) Smaller Competitors ~39% DS Services ~31% Smaller Competitors ~80% Nestle ~30% 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. U.S. OCS(2) DS Services ~3% Remainder of Top 5 ~17% Alhambra® WATER Springs BELMONT® Crystal DEEP ROCK Hinckley, JAVARAMA Kentwood® MounDlympus NURSERY SPRINGS SPRINGS relyant! Sierra Sparkletts Sparkletts ice STANDARD.TH 8% coffee 31#33North America Route Based Services Ability to Execute Accretive M&A to Fuel Growth and Build Scale Small Tuck-In Value Enhancing Opportunities Acquisitions are highly accretive to DS Services • Proven ability to identify and execute both tuck-ins and transformational transactions Cott • 4.0 3.5 Historical average post synergy EBITDA multiple of 3.0x for smaller customer list acquisitions in areas of high / complementary geographic and service overlap (larger transactions where a greater proportion of infrastructure is retained approx. 5.0x post synergy EBITDA multiple) With a highly fragmented market in the water delivery services category, DS Services has an extensive M&A pipeline with many opportunities Post Synergy EBITDA Multiples of ~3.0x For Smaller Customer List Acquisitions in Areas of High Geographic Overlap 3.3 Proven Acquisition Track Record • 3.3 3.2 3.2 3.2 • 3.0 2.8 2.8 2.8- ● 2.4 2.4 • 2.5 2.0 2.0 1.5 10 1.0 0.5 0.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Cott Management. Alhambra® BELMONT® Crystal DEEP ROCK Hinckley. NAVARAMA Kentwod Mouflympus WATER Springs SPRINGS $10 to $20M per year in tuck-in acquisitions Average annualized revenues of $2.0M Post Synergy Multiple of ~3.0x Cost per new customer through M&A compares favorably to traditional, organic channels Realized significant cost synergies in prior acquisitions by rationalizing assets, customer service, IT and other overhead and back-office functions • Synergies realized by combining delivery routes to increase route density . Customer stickiness is also higher due to the acquisition of "seasoned" customers NURSERY SPRINGS relyant* Sierra Sparkletts Sparkletts ice STANDARDTM 8% coffee 32#34- North America Route Based Services Ability to Execute Accretive M&A to Fuel Growth and Build Scale Strategic Acquisition of Crystal Rock Holdings, Inc Cott announced that it has entered into a definitive agreement pursuant to which it will acquire Crystal Rock Holdings, Inc. a 100 year old direct-to-consumer home and office water, coffee, filtration and office supply service delivery business serving customers throughout New York and New England. Cott Crystal Rock™ WATER COFFEE OFFICE SUPPLIES SINCE 194 Crystal Rock Vermont Pure cool beans Crystal Rock Office- CORRES The transaction, which values Crystal Rock at approximately $35 million, was unanimously approved by both the Cott and Crystal Rock Boards of Directors and is expected to close at the end of Q1 2018, subject to completion of the tender offer and other customary closing conditions. The Company bottles and distributes natural spring water under its Vermont Pure® brand, and bottles and distributes purified water with minerals added under its Crystal RockⓇ label and also distributes coffee (under its own Cool Beans® brand), other office refreshment products, ancillary products, and office products. 2001an Five bottling facilities (2 outsourced) and 12 distribution centers. Ottawa Cornwall Montreal Sherbrooke Procks lie Barrie Peterborough durlington Kingston Broaitin Allon Watertown VERM Toronto ford Hamilton Rochester Buffale Syracuse MOY NAPPALACHIAN Lenit NEW HAMPSHIRE aratoga Springs mas NEW YORK Albany Parma Rochester Manchester Lowell Ithaca Ene Jamestow Boston Binghamton Chicopee Providence Water 1 Scranton cungstown Hazleton PENNSYLVANIA Bridgeport New York RHODE ISLAND Pro forma revenue forecast of approximately $50M as the company has been deemphasizing various low margin non-core products. Expected to generate $2 to $3 million synergies through 2019 driving a post synergy EBITDA multiple of around 5.0x. Source: Cott Management. 33 333#35The New Cott - Leverage Profile - Cott Upon selling our traditional beverage manufacturing business, the proceeds were utilized to redeem outstanding debt obligations resulting in the New Cott having a leverage profile of approximately 3.6 times net debt to adjusted 2017 EBITDA (in millions) 10% senior notes due in 2021* 5.375% senior notes due 2022 5.5% senior notes due in 2024 12/30/2017 $250 1/31/2018** $0 525 0 1 1 540 540 5.5% senior notes due in 2025 750 750 ABL Facility 220 0 Other 9 0 Total Debt $2,294 $1,290 Cash Balance $92 $225 2 Adjusted EBITDA Fiscal Year 2017 $296 Source: Cott Management. Net Debt to Adjusted EBITDA 3.6 2 1 Utilizing exchange rate of 1.2 Euros Does not include cash tax payment which will occur in 2018 as a part of gain on sale of the traditional business *Excludes noncash unamortized premium **Management estimates subsequent to the sale of the traditional beverage manufacturing business 34 =4#36The New Cott - Tuck-in Profiles Vary by Service Channel, Geography and Size Cott The New Cott model features scale platforms and embedded customer bases with the ability to add on accretive tuck-in acquisitions to fuel further growth and platform density U.S. Small HOD Tuck-ins (Avg ~$2M) Europe Small HOD Tuck-ins (Avg ~$2M) Acquire: Customer List Bottles and Coolers Add density to current routes, call center volume and back office Acquire: Customer List Bottles and Coolers Add density to current routes, call center volume and back office Synergize to ~3X Synergize to ~4X U.S. Small OCS Tuck-ins (Avg ~$2M) Europe Small OCS Tuck-ins (Avg ~$2M) Acquire: Customer List Brewers Add density to current routes, call center volume and back office Acquire: Customer List Brewers Add density to current routes, call center volume and back office Synergize to ~4X Source: Cott Management. Synergize to ~5X Mid-Sized Tuck-ins ($10M to $60M) Acquire: Business operations and assets including customer lists, depots, manufacturing plants, fleet, etc. Synergies are gained through depot consolidation as well as utilization of back office and call center in place at Cott. Synergize to ~5X to 7X 35#37Increasing Annual Tuck-Ins Are An Attractive Value Creation Opportunity in Current Markets Cott We have a good Pipeline of tuck-in acquisitions and the opportunity exists to do larger tuck-in acquisitions with purchase price in the $10 - $60 million range. Revenue growth and modest EBITDA margin expansion can be driven by increased tuck-in acquisitions over the next 12-36 months, while continuing to evaluate larger strategic transactions with an opportunistic mindset. To illustrate, $60 million of annual tuck-in acquisitions over a three year period generates: ✓ Additional revenue growth of ~2% ✓ Expands EBITDA margins by 10 to 30 basis points per year ✓ While reducing leverage to the mid 2x* by the end of the three year period. Source: Cott Management *Assumes no change in Euro exchange rate as of March 1, 2018, utilizing cash flows for acquisitions (debt does not increase) while still growing overall cash balance. 36#38Synergistic Tuck-In Acquisitions Also Create an Opportunity for Cott Multiple Arbitrage ($ in millions) Illustrative value creation of tuck-in acquisitions Tuck-In Assumptions Multiple Arbitrage Tuck-In Acquisitions Over 3 yrs. $180* Example Trading Multiple 11.0x Synergized Purchase Multiple 5.0x Adj. EBITDA acquired $36.0 Multiple Arbitrage 6.0x Synergized purchase multiple 5.0x Acquired EBITDA $36 Example Trading Multiple 11.0x Value Creation $216 Shares Outstanding 140m Per Share Value Creation $1.50 Note: The above chart represents an illustrative example and is not intended to represent management guidance or estimates. *Illustrative example assumes an average of $60 million of tuck-ins per year, however, actual timing and value of the tuck-in acquisitions could vary each year based on the acquisitions available and timing of closing of each transaction. 37 37#39Q&A