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Investor PresentationJuly 25, 2017

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 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; Cott’s and Refresco’s 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 Cott’s business; 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 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 themanagement 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.

Safe Harbor Statements

1

Jay WellsChief Financial Officer

Jarrod LanghansVice President, Investor Relations

Jerry FowdenChief Executive Officer

Management Presenters

2

Agenda

• HOD Overview

• Investment Highlights

• Transaction Overview

• Foodservice Coffee & Tea Overview

• The New Cott

• Q&A

3

Transaction Overview

Overview of the Transaction

Sale Highlights

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 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.

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

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

regulatory approval.

Cott shareholder approval is not required.

4

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

Transaction reduces leverage to less than 3.5x net debt to 2017 estimated pro forma adjusted EBITDA (excluding Traditional Business)

Creates balance sheet capacity for further accretive acquisitions

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

Home-and-office delivery (“HOD”) and foodservice channels remain fragmented compared to conventional retail

Leading market share in the North American and European HOD channel

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

Transaction Rationale

Focus on Growth Categories

Focus on Market Share Expansion

Reduced Volatility

Reduced Leverage

Resource Allocation

5

The New Cott

~68% ~27% ~5%

~17-18% Margin (2) ~7-8% Margin (2)(3) ~10-12% Margin (2)

The New Cott

HOD & OCS(North America and

Europe)

Foodservice Coffee & Tea(U.S.)

Other(U.K. and Int’l)

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

2017E Pro Forma Sales: ~$2.2bn(1)

2017E Pro Forma Adjusted EBITDA: ~$285-$295mm(1) (after corporate costs(4))

Leader in HOD Water and Office Coffee Services (“OCS”) in North America and Europe

Leader in Foodservice Coffee & Tea in the U.S.

52 Manufacturing Sites and Over 370 Branch Distribution and Warehouse Facilities Across North America and Europe

2.3mm Customers Served Annually Across the U.S., Canada, 17 European Countries and Israel

Widespread Direct-to-Consumer Network with Over 2,500 Routes.

2017E Pro Forma Sales 2017E Pro Forma Sales 2017E Sales

2017E Adj. EBITDA Margin

2017E Adj. EBITDA Margin

2017E Adj. EBITDA Margin

___________________________(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

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

Revenue Growth

___________________________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.

Adjusted EBITDA Margin

'16 '16

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

Historic Pro Forma Cott(1)(2) New Cott(2)(3) Historic Pro Forma Cott(1)(2) New Cott(2)(3)

7

Foodservice26%

OCS9%

Retail12%Filtration

2%

HOD45%

Contract Packaging

2%

Other4%

Retail water10%

HOD water46%

Coffee / Tea36%

Filtration2%

Chocolate1%

Concentrates2%

Other3%

Leading Platforms Across Products and Geographies

2016 Sales by Product 2016 Sales by Channel

Balanced product portfolio across North America and Europe

U.S.76%

U.K.8%

Israel5%

France2%

Poland2%

Other7%

2016 Sales by Geography

(1)

___________________________Source: Company information.(1) Foodservice includes the Foodservice, Convenience Retailing and Distribution channels.(2) Includes RCI’s sales and other European countries with sales concentration less than 1.5%.

(2)

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Target 2% - 3% Revenue Growth

Strengthened balance sheet that supports accelerated organic and acquisition based investment

Continuation of our value-creating tuck-in strategy

Further synergy capture across our multiple platforms

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

2

3

4

5

1

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

Drives Shareholder Value CreationLeading 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

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.

1

GROWING PRODUCT CATEGORIES• Water and coffee on trend with category growth rates,

translating to 2-3% top line growth

COST SAVING OPPORTUNITIES TO DRIVE MARGINS• Meaningful cost synergies from recent M&A through 2020

STRONG FREE CASH FLOW• Strong cash flow generation to fund deleveraging, dividends and

future M&A

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

SIGNIFICANT SCALE AND LOCAL MARKET DENSITY• Largest national presence within HOD, creating a cost advantage vs. peers• ‘Last mile’ solution with cross-selling opportunities

2

3

4

5

6

10

___________________________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.

Leader in Home and Office Delivery and Foodservice Coffee and Tea1

U.S. Market Leader

Leader in HOD Water Delivery Top 5 in OCS

Leader in Coffee & Tea Foodservice with

~20% share

DS Services

~31%

Nestle~30%

Smaller Competitors

~39%

DS Services~3%

Remainder of Top 5~17%

Smaller Competitors

~80%

HOD Water(1) OCS(2)

Canadian Market Leader

Oldest and largest HOD Water business with a leading position and over 70,000 customers

European Market Leader

Leader in HOD Water Delivery # 2 in OCS

Eden4%

Other90%

Eden20%

Company A3%

Company B3%

Next 513%

Other61%

Company A6%

HOD Water(3) OCS (3)

Leading provider of HOD, water, coffee, tea and filtration services provider across 20 countries

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Growing Product Categories2

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

HOD Europe water

Water filtration

Out of home coffee and tea

HOD U.S. water

Building an Attractive Platform …with Potential to Build Multiple Leadership Positions

Acquired Dec 2014 Acquired Jan 2016

Acquired Aug 2016 Acquired Aug 2016

≈ 3%

≈ 1+%

≈ 4+%

≈ 3+%

’17E-’20E CAGR

Source: Company estimates of market growth.

12

1 3

1 1

1

1

1

2

2

2

2

2

2

2

11

2

NorwayFinland

EstoniaRussia

LatviaLithuania

Sweden

GermanyPoland

Denmark

NetherlandsUK

LuxembourgSwitzerlandFrance

SpainPortugal

Israel

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.

Significant Scale and Local Market Density 3

Diverse offerings enable significant cross-selling opportunities,

leading to higher revenue per customer

Increased ability to add volume onto existing operations with minimal

incremental costs

Direct-to-consumer network supports small, medium and large national accounts

directly

Scale and scope of distribution network enables important strategic relationships

Eden Geographic Presence

BWC Water Position(1)

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Cost Saving Opportunities to Drive Margins4

($ in millions)

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

Cott’s acquisitions successfully scaled the business and meaningfully enhanced its margin profile by diversifying its product mix, delivering meaningful cost savings, and improving growth

$7

$12

$21$23

2017 2018 2019 2020

$4

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Strong Free Cash Flow

___________________________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.

2018E Adjusted Free Cash Flow and Net Leverage(1) (2)(3)

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Free Cash Flow Drivers

The New Cott can leverage its growing segments to maximize strong free cash flow

Dividends Capacity to Fund M&A

2-3% organic revenue growth

Highly synergistic acquisitions

Interest savings

Margin expansion

De-leveraging

Adj. Free Cash Flow Leverage

Goal of ~3.0xCash from Ops: $225 - $230mm

$115 - $120mm

$110 - $115 mm

Capex:

Adj FCF:

~10%3 Year Adj FCF CAGR:

15

Proven Track Record of Accretive and Synergistic Acquisitions

M&A Platform6

Acquired Dec. 2014 Acquired Jan. 2016 Acquired Aug 2016

Highly Experienced Management Team

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

Acquired May 2014 Acquired Aug 2016

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11.1x 11.0x

0.0x

5.0x

10.0x

15.0x

High Cash Flow Consumer Route-Based Services

5.8%

3.2%

0%

5%

10%

High Cash Flow Consumer Route-Based Services

2017E Peer Free Cash Flow Yield

Shareholder Value Creation

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

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, Snyder’s-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.

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

2017E Peer EV / EBITDA Multiple

(1) (2)(1) (2)

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Appendix

HOD Overview

HOD69%

Retail15%

OCS11%

Other5%

___________________________Source: Company information.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.

DS Services (Including Aquaterra)Geographic Coverage and Brand Ownership (1)

Products and Services Net Revenue Contribution

Overview Leading bottled water, including many well-known brands, and

coffee direct-to-consumer services provider to ~1.6mm customers locations through daily operation of >2,000 routes that cover ~90% of the U.S. 37 plants National DSD (direct-store-delivery) system Vast customer base of homes and small office

Includes Aquaterra, the largest Canadian distributor of HOD water including well-known brands such as Labrador Source and Canadian Springs to ~70,000 customers

Leading market share (~31%) in the 2016 U.S. HOD bottled water category(2)

1

1

1

1

11

1 2

1

11 3

2

1

1 2

2

1

3

1 1

1

111

Water Delivery Services

Office Coffee Services (“OCS”)

Retail

Filtration Services $736mm

$118mm

$165mm

$49mm

2016 Net Revenue(4): $1,067mm

(3)

18

Water Services63%

Office Coffee Services

19%

Retail12%

Filtration6%

Eden SpringsGeographic Coverage

Products and Services Pro Forma Net Revenue(2) Contribution

Overview

Europe’s largest office water and office coffee services company with operations across 18 countries and ~800,000 customers

Meaningful scale across Europe with access to attractive end-markets with positive growth outlook (A leading European player with multiple value-creative tuck-in acquisition opportunities)

Expands direct-to-consumer business – High-quality and loyal customer base (Combination of DS Services, Aquaterra and Eden Springs has >2 million direct to customer delivery points)

31

1

1

1

1

1 2 2

22

112

1

222

PortugalSpain

France Switzerland

Germany

UK NetherlandsDenmark

Norway

Sweden

FinlandEstoniaLatvia

Lithuania

Russia

Israel

Poland

Eden Springs Geographic Presence

BWC Water Position(1)

___________________________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.

Water Services

Office Coffee Services

Filtration

Retail

2016 Pro Forma Net Revenue(2) : €353mm

€224mm

€22mm

€41mm

€66mm

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HOD Current Initiatives and Growth Opportunities

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

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

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

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

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

1

2

3

4

5

20

Foodservice Coffee & Tea Overview

S&D Coffee and TeaGeographic Coverage

Products and Services Pro Forma Net Revenue(1) Contribution

Overview One of the largest custom coffee roasters and distributor of

coffee and tea-based beverage solutions to the U.S. foodservice industry, with ~20% of the growing foodservice channel

Four facilities contain dedicated coffee and tea manufacturing capabilities, extract and ingredient technology, and over 625,000 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 locations across U.S.

Since 2010, S&D has invested over $50mm to expand and upgrade its production facilities

Direct Route and Third-Party DistributionThird-Party Distribution

3rd Party Distribution sales accounted for ~80% of total 2016 net revenue

Attractive Synergy and Distribution Opportunity with DS Services OCS Business

Direct route sales accounted for ~20% of 2016 net revenue

QSR and Restaurants

48%Convenience

Retailing19%

Distribution32%

Other1%

$268mm

$104mm

$181mm

$5mm

2016 Pro Forma Net Revenue(1): $558mm

Coffee

Tea

Specialty Extracts and Ingredients(e.g. Cold Brew Coffee)

___________________________Source: Company information.(1) Full Year 2016 pro forma revenues.

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Foodservice Coffee & Tea Current Initiatives and Growth Opportunities

Capitalize on current pipeline of new business opportunities

Expansion of product offerings with current and new customers (specialty drinks such as teas and coffee extracts such as cold brew coffee)

Further penetration of current end markets as food and beverage segments continue to grow (focus on distribution and buyer groups)

Strategic tuck-in acquisitions

Expand strategic partnerships (aligned with largest quick-service restaurants, C-Stores and Distribution customers in the U.S.)

1

2

3

4

5

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Q&A