1

Cott Corporation
The BMO Capital Markets
2014 Farm to Market Conference
May 21-22, 2014
Jerry Fowden, CEO
Jay Wells, CFO
2
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 managements 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 Companys 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 Cotts 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, Cotts financial statements prepared in
accordance with GAAP. In addition, the non-GAAP financial measures included in this presentation
reflect managements 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.
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Agenda
Company Overview
Business Mission and Priorities
Financial and Debt Summary
Question & Answer
4
Cott Company Overview
High quality facilities (SQF / BRC certified) with
multiple product and package capabilities
3
Diversified product offering beyond traditional
CSDs
Low cost philosophy concentrating on Customers,
Costs, Capex and Cash
6 Highly cash generative with annual FCF of ~$100+
million and a solid balance sheet
Leader in private label beverages across Juice,
Drinks, Energy, CSD, New Age and others with
customer relationships at over 500 retailers
globally
1 Revenues in excess of $2 billion provides
procurement and scale leverage
Strong private label beverage manufacturing footprint
in US, Canada and UK
2
High service level (98%+)
(1)
and low freight costs
Substantial competitive advantage to service
national and super-regional accounts
Efficient and highly utilized facilities 5
Industry leading asset turnover of 1.5x with low
capex demands (23% of revenues)
Strong ROIC and cash flow yield
(1) Service level refers to in full, on-time delivery of all SKUs at appropriate quality.
Ownership of Royal Crown Cola International
(RCCI or RC Brand) outside North America and
a fully integrated concentrate facility with strong
R&D capabilities
4 High quality concentrates (blind taste tests) and
formulas used for own operations and exported to
approximately 50 countries
5
Private
label
83%
Value /
Control
Brand
9%
Co-Pack
6%
RCCI
2%
Private
label
65%
Equiv.
Volume
From
Concentrat
es 23%
Value /
Control
Brand
7%
Co-Pack
5%
% revenue
Beverage Leader
Cott is one of the worlds largest manufacturers of beverages on behalf of
retailers, brand owners and distributors
Business overview
Industry-leading beverage manufacturer and
distributor focused on private label and contract
manufacturing
Clear leadership in shelf stable juices and CSD
Growing positions in attractive segments
(sparkling waters, energy, ready-to-drink alcohol
and sports drinks)
Substantial R&D capabilities and vertical integration
within a high service, low-cost production model
High product quality with consistency in products
and category innovation
Customer relationship with over 500 leading
retailers in the grocery, mass-merchandise and drug
store channels
Revenues in excess of $2 billion provides
procurement and scale leverage
2013 Geographic mix
2013 Channel mix
US
64%
UK
24%
Canada
9%
RCCI
2%
Mexico
1%
Source: Management.
Note: Volume in cases of 8oz equivalent units.
(1) Ready-to-drink 8oz volume equivalents of 257mm cases made from RCCI shipped concentrate.
US
53%
RCCI
22%
UK
18%
Canada
5%
Mexico
2%
% volume
% revenue % volume
Revenue: $2.1bn Volume: 1.1bn
Revenue: $2.1bn Volume: 1.1bn
(1)
(1)
6
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
Fontana, CA
Puebla
Surrey, BC Calgary, AB
Walla Walla, WA
San Bernardino, CA
San Antonio, TX
Ft. Worth, TX
MEXICO
UNITED KINGDOM
Joplin, MO Sikeston, MO
St. Louis, MO
Warrens, WI
Toronto, ON
Dunkirk, NY
North East, PA
Fredonia, NY
E. Freetown, MA
Concordville, PA
Wilson, NC
Greer, SC
Blairsville, GA
Tampa, FL
Pointe Claire, QB
Scoudouc, NB
Sangs (McDuff)
Nelson
Bondgate
Kegworth
Elmhurst
Wrexham
Cold Fill
Hot Fill
Columbus, GA
Springville, UT
UNITED STATES
CANADA
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High Quality Facilities with Diversified Capabilities
Product offering beyond traditional shelf stable juices and CSDs
Source: Management.
Carbonated soft drinks (natural and preserved)
100% shelf stable juices and juice-based
products
Clear, still and sparkling flavored waters
Energy products, shots and liquid enhancers
Sports products
New age beverages
Ready-to-drink teas
Ready-to-drink alcohol beverages
Dilute-to-Taste (DTT)
CSD
36%
CSD
Concentrates
2%
Fruit drinks /
Juices
25%
Sparkling water
13%
Energy
8%
All other
5%
Sports / fitness
3%
Water
2%
Flavored water
2%
Alcohol-based
1%
DTT
2%
Tea
1%
Product diversity (2013 revenue) Diversified manufacturing capabilities
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Jubblies &
Freezables
Source: Management.
Solutions in every major beverage segment
Package sizes and capabilities
PET Aluminum
Soda
Stream
Lunchbox
carton
CSD Waters Energy Liquid
enhancers
Teas Sports
drinks
Juices,
cocktails
& drinks
Smoothies RTD
Alcohol
High Quality Facilities with Diversified Capabilities
Broad capabilities across packaging and flavors
8oz 128oz 8oz
Sports cap
24oz
Enhancers
Shots &
Overwraps Pouch
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Source: Management.
(1) Geographic mix data represents % of revenue.
Royal Crown Cola International (RCCI)
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
Ownership of RC Brand Outside North America - Supply of
Concentrates to Approximately 50 Countries
Selected products
Latin America /
Caribbean
27%
Western
Europe
1%
Eastern Europe
8%
Middle East /
Africa
11%
Asia / Pacific
53%
Global customer base Geographic mix
(1)
10
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.
(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).
2013 Asset turnover
(1)
1.5x
1.0x
0.9x
0.7x
Brand owners International
bottlers
Value foods /
private label
Efficient and highly utilized facilities produce Industry leading
asset turnover with low capex requirements
2013 Capex as a % of revenue
6.2%
4.1%
2.8%
2.0%
International
bottlers
Brand owners Value foods /
private label
(2)
Efficient and Highly Utilized Facilities - Well Invested in
Facilities with Low Capital Demand and High Asset Turnover
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Source: Management.
(1) Cash flow yield calculated as (Adjusted EBITDA capex) / equity market capitalization as of 12/28/13.
Cott follows its company-wide
Strengthen customer relationships
Understand our customers needs
Build new channel relationships
High service standards
One-stop shop philosophy
Continue to lower operating costs
Manage the commodity cycles
Control SG&A costs (best in class)
Improve operating efficiencies
Control capital expenditures
Capex $30$50 million below depreciation
Capex focus on cost / efficiency
Manage projects tightly
Deliver significant free cash flow
Rigorously manage working capital
Assist rapid de-leveraging and interest
benefit
High quality supply chain and customer collaboration
Winner of Walmart Supply Chain
Collaboration Award 2011
Best of 4,000 suppliers
Private label soft drink supplier
of the year (2012/2011) Grocer Award
SG&A at 78% of revenue is top decile performance
amongst industry peers
Zero-based budget philosophy
High quality plants all QSF Level 3 and BRC
Focus on efficiency
Cost reduction drives capex at 23% of revenue
Approximately $100+ million in annual FCF
generation
2013 free cash flow yield
(1)
of 18.6%
Low Cost Philosophy Concentrating on Customers, Costs,
Capex and Cash (4 Cs) - Low Cost and Highly Cash Generative
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Low Cost Philosophy Concentrating on Customers, Costs,
Capex and Cash (4 Cs)
Strong cash flow and ROIC vs. private label / sector peers
Private label
beverage scale
>$2 billion
revenue
Strong
manufacturing
footprint &
advantaged
freight lanes
High quality
plants that are
QSF / BRC
certified with
multiple
capabilities
Own R&D,
vertically
integrated
concentrate
plant &
ownership of
RC Brand
Efficient &
highly utilized
plants with top
tier industry
asset turnover
Top tier 2013 cash flow yield
(1)
vs. top 5 peers
18.6%
12.8% 12.6%
11.9%
9.6% 9.4%
Top tier LTM ROIC
(2)
vs. top 5 peers
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.
(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.
16.0%
14.4%
10.4%
9.4% 9.2%
6.8%
Low Cost
Philosophy
and the 4 Cs
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Agenda
Company Overview
Business Mission and Priorities
Financial and Debt Summary
Question & Answer
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Our Mission
Build shareholder value by managing our core
business to maximize cash generation while
diversifying product, package and channel
offerings to provide growth.
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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
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Cotts Situation and Attributes
Cott Specific Factors
High asset turn, sales per employee and quality
Source: Wall Street research as of 12/28/2013.
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Cotts 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.
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Cotts 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
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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.
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Agenda
Company Overview
Business Mission and Priorities
Financial and Debt Summary
Question & Answer
21
2013 Financial Overview
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
Full Year Comparisons
Full Year 2013 Performance Summary
130
*See accompanying non-GAAP reconciliation
2011 2012 2013
Volume (8oz - millions) 1,314 1,247 1,143
Revenue $2,335M $2,251M $2,094M
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
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Strong Free Cash Generation Leads to
Improved Balance Sheet
Debt Reduction
Redeemed $200M of our 2017 Senior Notes in
2013. This was accomplished by utilizing cash on
hand and our ABL, with a net reduction to gross
debt of $163M
Reduces interest expense by $15mm
Increased Interest Coverage
3.8x in 2013 from 2.6x in 2008 (Adjusted EBITDA
to Interest Expense)
Strong Cash Generation
$100mm of free cash flow from operations
$108mm of adjusted free cash flow after $8mm
cash cost of reducing 2017 Notes
Opportunity to refinance our 2018 Senior
Notes imminent
Net Leverage
1x
0x
Net Debt / Adjusted EBITDA
2010 PF
Post-Cliffstar
2013 PF
Post-Note
Redemption
4x
3x
0
1
2
3
4
2x
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Cott Corporation
Question & Answer
Jerry Fowden, CEO
Jay Wells, CFO
24
APPENDIX
25
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
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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%
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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
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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%
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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
30
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
31
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