Sept 2009 Cott Cot Presentation

Cott Corporation 2009 Barclays Back-To-School Consumer Conference Boston, Sep. 10, 2009

Jerry Fowden, CEO

Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the private securities litigation reform act of 1995 and applicable canadian securities legislation. You are cautioned that all forward-looking statements involve risk and uncertainty. These forward-looking statements include but are not limited to statements such as: our efforts to refocus on private label are proceeding across multiple fronts; capex is expected to be 2.5% of sales; our belief that we have stabilized customer relationships and multiple retailers are expanding their product range; outside the U.S, we are experiencing stabilization and improving trends in certain markets; our belief that product mix is improving in international markets; mexico is trending towards local cash break-even and expanding with key customers; we are seeing opportunities for growth in private label in some channels; as customers shift to value, retailers are putting more focus on private label; strong private label penetration is enhancing overall category profitability; private label gains are predicted to last well past economic recovery; our belief that first half 2009 performance confirms that improvements are now in place; our belief that our SG&A run-rate is “new normal”; our belief that our conservative balance sheet gives us the ability to respond to opportunities, enhance customer confidence, manage uncertainties and eliminate liquidity concerns; we are experiencing a more benign commodity environment; we are used to earning our business and we expect changes will be manageable; our products are of increasing importance to retailer CSD margins / profitability; we have identified 20 million cases of short to medium-term opportunity in North America; we are experiencing continued international improvements; our belief that we will have further reductions in SG&A; our belief that opportunities exist to further improve product mix; our belief that our stronger balance sheet and liquidity de-risks our model and unlocks opportunities; our belief that our current valuation is not commensurate with progress or potential; our management team is focused on execution and building future growth; and statements about plans, objectives, goals, strategies, expected future earnings, revenues, cost savings, growth, operations, business trends, market share; and all other statements which are other than statements of historical fact, including without limitation, statements containing words such as “believes,” “anticipates,” “expects,” “estimates,” “projects,” “will,” “might” and words of a similar nature. The forward-looking statements are based on assumptions regarding results of operations, performance, expected growth, business prospects and opportunities, interest and foreign exchange rates, and effective income tax rates. Although Cott corporation (“Cott”) believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate. Accordingly, there can be no assurance that the forward-looking statements included in this presentation will prove to be accurate. Our operations involve risks and uncertainties, many of which are outside our control and any one or any combination of these risks and uncertainties could affect whether the forward-looking statements ultimately prove to be correct. These risks and uncertainties include, but are not limited to, those described in Cott’s annual report on form 10-K for the year ended December 27, 2008 and those described from time to time in Cott’s subsequent reports filed with the securities and exchange commission and canadian securities regulatory authorities. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Cott or any other person that Cott’s objectives and plans will be achieved. If all or some of such forward-looking statements turn out to be inaccurate, this may have a material adverse effect on Cott's business, financial condition, and results of operations. These forward-looking statements are based on current information that is likely to change and speak only as of the date hereof. Cott undertakes no obligation to revise or update these forward-looking statements. A reconciliation of any non-gaap financial measures used in this presentation, with the most comparable measures in accordance with GAAP, is available under the investors – financial reports section of Cott's website at www.Cott.com

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Agenda - Cott Profile - Private Label “Refocus” Plan - Performance Metrics - Valuation Upside - Q&A

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Driving Fundamental Changes Since Q2 2008 Cash flow and successful equity offering drive further debt reductions (net debt reduced from over $400M to below $300MM by year end)

Gross margins have increased 490 bps(1)

EBITDA margins have nearly doubled(1)

Sales increases on Fx-neutral basis over the past six months(1)

___________________________ 1. First half 2009 compared to first half 2008

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Leading Producer of Retailer Brand Carbonated Soft Drinks (“CSD”) • • • • •

#1 Private Label CSD Producer in the US, UK, Canada and Mexico $1.6 billion in total sales (2008) +/- 60% share of retail brand CSDs sold in North America & UK Substantial R&D capability and vertical integration with own concentrate production Concentrate sales to over 50 countries outside of core markets

2Q09 LTM Sales and EBITDA Breakdown (USD $MM) 1,598

Sales(1)

133

EBITDA (1,2) 110

1,188

`

340

North America

UK

26

38

21

Mexico

RCI & Other

`

(7)

Total Cott

___________________________ 1. “RCI & Other” includes Asia business. 2. Excludes restructuring charges, goodwill impairments and asset impairments.

North America

UK

Mexico

4

RCI & Other

Total Cott

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With Global Scale, Vertical Integration and Strong Value-Add for Retailers Strategic Importance to Retailers

Global Scale • • • • •

9 bottling facilities in the U.S. 5 bottling facilities in Canada 3 bottling facilities in the UK 2 bottling facilities in Mexico Vertically-integrated concentrate facility in Columbus, GA

North American Manufacturing Network

• Private label enhances customer loyalty and retailer profitability • High product quality & blind taste preference scores • Proven high quality service and supply chain Favorable Environment for Private Label

Mississauga, ON

Calgary, AB

Surrey, BC

Scoudouc, NB Point-Claire, QC

St. Louis

Concordville

Sikeston

Wilson San Bernardino San Antonio

• Offers customers dedicated, full-service, vertically-integrated, low-cost production

Blairsville Columbus Fort Worth

• Current economic environment drawing consumers to private label • Retailers increasing their focus on private label given current economic environment

Tampa

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Agenda - Cott Profile - Private Label “Refocus” Plan - Performance Metrics - Valuation Upside - Q&A

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Our Efforts to Refocus on Private Label are Proceeding Across Multiple Fronts

Mission: To be the lowest cost, preferred supplier of a broad range of high-value and innovative private label soft drinks to our retailer partners.

Enablers Focus: 4 C’s - strengthen customer relationships, reduce operating costs, control capital expenditures, all to improve cash flow.

9 9 9 9 9

Implementing our 4 Cs North America Turnaround International Improvements Favorable Environment for Private Label Stronger Balance Sheet

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We Remain Focused on the 4 Cs

9 9 9 9 9

Implementing our 4 Cs North America Turnaround International Improvements Favorable Environment for Private Label Stronger Balance Sheet

___________________________ 1. Operational key indicators – YTD / full year forecast 2. 2Q09 vs. 2Q08

Customer relationships and service standards are strongest in recent years (over 98% on-time, in full service levels) Capex reduced to 2.5% of sales(1)

1H09 SG&A expense reduced to below 9% of net sales; top quartile of peers(1)

Cash management teams have reduced DSOs by 4 days and inventories by 2 days(2)

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Performance Has Improved Most Significantly in North America

9 9 9 9 9

Implementing our 4 Cs

Above 4% revenue growth on Fx-neutral basis(1)

North America Turnaround International Improvements Favorable Environment for Private Label Stronger Balance Sheet

Stabilized customer relationships – multiple retailers expanding product range

Over 600 bps gross margin improvement(2)

SG&A expense reduced approximately $14M(2)

___________________________ 1. See GAAP to Non-GAAP reconciliation posted on the Investors - Financial Reports section of Cott’s website at www.Cott.com 2. First half 2009 compared to first half 2008

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Internationally, We Are Seeing Stabilization and Even Improving Trends In Some Markets

9 9 9 9 9

Implementing our 4 Cs North America Turnaround International Improvements

Progressively improving volume trends over the past three quarters

International gross margins up 200 bps(1)

Favorable Environment for Private Label

In the UK, July private label share is at highest point in last 12 months;(2) product mix improving

Stronger Balance Sheet

Mexico is trending towards local cash breakeven; expanding with key customers

___________________________ 1. Q2 2009 vs. Q2 2008 2. July UK scanner data per Nielsen

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We Are Seeing Opportunities For Growth In Private Label In Some Channels

9 9 9 9 9

Implementing our 4 Cs North America Turnaround International Improvements Favorable Environment for Private Label Stronger Balance Sheet

___________________________ 1. Nielsen U.S. grocery channel, YTD 8/9/09

As customers shift to value, retailers are putting more focus on private label Retailer share of PL CSDs sold on promotion is up 20%(1) vs. prior year in Nielsen grocery channel Strong private label penetration enhancing overall category profitability

Private label gains predicted to last well past economic recovery

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Balance Sheet Is Much Stronger

9 9 9 9 9

Implementing our 4 Cs North America Turnaround International Improvements Favorable Environment for Private Label Stronger Balance Sheet

Leverage reduced to 2.4X through operational cash generation and successful secondary equity offering Over-subscribed secondary equity offering, trading above offer price

Amended ABL provides additional flexibility With free cash flow generation and proceeds from secondary equity offering, $120M debt reduction since Q2 2008

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Agenda - Cott Profile - Private Label “Refocus” Plan - Performance Metrics - Valuation Upside - Q&A

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First Half 2009 Performance Confirms Improvements Are Now In Place Summary P&L (in USD MM)

For the Six Months Ended June 27, 2009 June 28, 2008

Revenue, net Cost of sales Gross profit % of Sales

S&A Expense % of Sales

Restructuring, impairments & Other Operating income (reported)

$

805.8 674.3 131.5

$

856.2 758.4 97.8

16.3%

11.4%

69.8

97.3

8.7%

11.4%

5.1

7.2

56.6

(6.9)

$75MM Fx drag on top line; otherwise stable GM improvement on operational savings Permanent SG&A reductions; run-rate is “new normal”

Significant EBITDA & cash flow improvement used to reduce debt

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More Benign Commodity Environment Coupled with Forward Buying Program Cott 2008 Fixed vs. Variable Costs(2)

• Majority of variable costs are commodities, including: • • •

Fixed Costs 21%

`

• Commodity cost drivers: •

79%

Variable Costs

Aluminium HFCS PET plastics

•

underlying commodity costs (more volatile, market-driven) tolling / conversion costs (less volatile, contract-driven)

Continuing with Forward Buying Programs on Key Commodities • With the majority of our 2009 aluminium and HFCS • With more than half of our 2010 aluminum(1) ___________________________ 1. As of end of Q2 2009 2. Measured as a percentage of Sales

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Significant Improvement in Leverage and Capital Structure Below Industry Average Leverage PF Capitalization as of 6/27/2009 ($ in millions)

Capitalization

Amount

Cash ABL Revolver Other Secured Debt Total Sr Secured Debt 8% Senior Sub Notes Other Debt Total Debt (3) Minority Interest Equity Total Capitalization

$13.2 (2) 19.6 28.6 $48.2 269.0 2.9 $320.1 17.2 (3) 348.9 $685.4

Net EBITDA Multiple (1) 0.1x 0.2x 0.3x 1.8x 0.0x 2.4x

Stronger Balance Sheet Creates Value for Equity Investors • Improved responsiveness to opportunities • Heightened customer confidence • Enhanced ability to manage uncertainties • Elimination of liquidity concerns ___________________________ 1. Based on LTM EBITDA of $133 million 2. Actual June ABL Revolver balance of $66.6 million - $47.0 million of net equity proceeds 3. Assumes 2Q09 ending balance of $300.9 + $47.0 million of additional equity

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Agenda - Cott Profile - Private Label “Refocus” Plan - Turnaround Drivers - Valuation Upside - Q&A

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Compared To Our Peers, We See Valuation Upside • While modest multiple discount to branded peers is expected, current multiple does not reflect benefits of refocus plan or balance sheet improvements • Multiple discount vs. peer group has increased from 8% to 32% since 3Q07

1-yr Forward EV / EBITDA Multiples 8.9x 8.4x 7.9x 8.2x 7.6x 7.6x

8.1x

6.4x

5.8x

6.6x 7.0x 6.5x

2Q07

3Q07

4Q07

Cott

1Q08

6.7x

2Q08

3Q08

4.5x

4Q08

7.8x

6.6x 5.6x

4.9x

1Q07

7.6x

7.4x

5.3x

4.4x

1Q09

2Q09

9/3/2009

Peer Group

Peer Group comprised of Coca Cola Enterprises, Coca-Cola Consolidated, National Beverage, Pepsi Bottling Group and Pepsi Americas,

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Current Valuation Does Not Fully Reflect Progress Achieved Common Questions / Factors Affecting Valuation

Our View

Perceived uncertainty in our customer base

We are used to “earning” our business and we expect changes will be manageable

Vulnerability to national brand promotions

Our products are of increasing importance to retailer CSD margins / profitability

Top line growth

Margins are our current top priority, while we lay foundations for future growth

Strength of balance sheet

Significant excess ABL availability, over-subscribed secondary equity offering, improved cash flow 20

We Remain Focused On Our Opportunities

Margins Top Line • 20MM cases of short to mediumterm opportunity identified in North America • Continued international improvements

• Further reductions in SG&A & operational focus • Less adverse Fx • Opportunities to further improve product mix

Cash Generation • Ongoing focus on working capital • Cash proceeds used to reduce debt • Reduced interest cost on lower debt balances vs. prior year

• Easing of Fx drag on revenue

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Summary

Private Label Refocus & Operational Improvements

Addressed Short-Term Liquidity

Strengthened Balance Sheet, Focused on Opportunities

Attractive Value

A Refocused Cott With Strong Balance Sheet Represents An Attractive Value • • • •

Refocus plan and operational improvements have proceeded as indicated Stronger balance sheet and liquidity de-risks the model and unlocks opportunities Current valuation is not commensurate with progress or potential Management team focused on execution and building future growth

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Agenda - Cott Profile - Private Label “Refocus” Plan - Performance Metrics - Valuation Upside - Q&A

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Non-Gaap Reconciliation for 2009 Barclays Back to School Conference Cott Corporation Back to School Presentation EBITDA Calculation LTM FY 2008 Net Income (loss) Income tax provision (benefit) Interest expense Depreciation and amortization

H1 Jun-09

H1 Jun-08

Full Year FY 2008

(46.1) (36.8) 31.7 73.2

53.6 (11.6) 15.1 33.3

(23.1) 5.7 15.7 40.8

(122.8) (19.5) 32.3 80.7

EBITDA

22.0

90.4

39.1

(29.3)

Restructuirng Asset impairments Goodwill impairments

1.6 40.1 69.2

1.6 3.5

6.7 0.4

6.7 37.0 69.2

132.9

95.5

46.2

83.6

Adjusted EBITDA

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