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

3
 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 4
 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) EBITDA (1,2) 133
110
1,188

340 26 `

38 21 4
(7)

North UK Mexico RCI & Other Total Cott

North UK Mexico RCI & Other Total Cott
America America

___________________________
1. “RCI & Other” includes Asia business. 5
2. Excludes restructuring charges, goodwill impairments and asset impairments.
With Global Scale, Vertical Integration and
Strong Value-Add for Retailers

Global Scale Strategic Importance to Retailers

• 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
• Offers customers dedicated, full-service,
vertically-integrated, low-cost production
• Private label enhances customer loyalty
and retailer profitability
• High product quality & blind taste
preference scores
• Proven high quality service and supply
chain

North American Manufacturing Network Favorable Environment for Private Label

Calgary, AB Mississauga, ON

• Current economic environment drawing

Surrey, BC
Scoudouc, NB
consumers to private label
St. Louis Point-Claire, QC

Sikeston Concordville • Retailers increasing their focus on private

Wilson
label given current economic environment
San Bernardino Blairsville
Columbus

San Antonio Fort Tampa

Worth

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Agenda

- Cott Profile

- Private Label “Refocus” Plan

- Performance Metrics

- Valuation Upside

- Q&A

7
Our Efforts to Refocus on Private Label are
Proceeding Across Multiple Fronts

Mission: To be the lowest cost,

9 Implementing
our 4 Cs
preferred supplier of a broad range of
high-value and innovative private label
soft drinks to our retailer partners.
9 North America
Turnaround

Focus: 4 C’s - strengthen

Enablers
9 International
Improvements
customer relationships, Favorable
reduce operating costs,
control capital expenditures, 9 Environment for
Private Label
all to improve cash flow.

9 Stronger
Balance Sheet

8
We Remain Focused on the 4 Cs

9 Implementing
our 4 Cs
Customer relationships and service
standards are strongest in recent years (over

9 North America
Turnaround
98% on-time, in full service levels)

Capex reduced to 2.5% of sales(1)

9 International
Improvements

Favorable 1H09 SG&A expense reduced to below 9% of

9 Environment for
Private Label
net sales; top quartile of peers(1)

Cash management teams have reduced DSOs

9 Stronger
Balance Sheet
by 4 days and inventories by 2 days(2)

___________________________
1. Operational key indicators – YTD / full year forecast
9
2. 2Q09 vs. 2Q08
Performance Has Improved Most
Significantly in North America

9 Implementing
our 4 Cs Above 4% revenue growth on Fx-neutral
basis(1)

9 North America
Turnaround
Stabilized customer relationships – multiple

9 International retailers expanding product range

Improvements

Favorable
9 Environment for
Private Label
Over 600 bps gross margin improvement(2)

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

9 Stronger
Balance Sheet

___________________________
1. See GAAP to Non-GAAP reconciliation posted on the Investors - Financial Reports section of
Cott’s website at www.Cott.com
10
2. First half 2009 compared to first half 2008
Internationally, We Are Seeing Stabilization and
Even Improving Trends In Some Markets

9 Implementing
our 4 Cs Progressively improving volume trends over

9
the past three quarters
North America
Turnaround

9 International
Improvements
International gross margins up 200 bps(1)

Favorable
9
In the UK, July private label share is at
Environment for highest point in last 12 months;(2) product mix
Private Label improving

9 Stronger Mexico is trending towards local cash break-

Balance Sheet even; expanding with key customers

___________________________
1. Q2 2009 vs. Q2 2008
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2. July UK scanner data per Nielsen
We Are Seeing Opportunities For Growth In
Private Label In Some Channels

9 Implementing
our 4 Cs As customers shift to value, retailers are

9
putting more focus on private label
North America
Turnaround
Retailer share of PL CSDs sold on promotion

9 International is up 20%(1) vs. prior year in Nielsen grocery

Improvements channel

Favorable Strong private label penetration enhancing

9 Environment for
Private Label
overall category profitability

Private label gains predicted to last well past

9 Stronger
Balance Sheet
economic recovery

___________________________
12
1. Nielsen U.S. grocery channel, YTD 8/9/09
Balance Sheet Is Much Stronger

9 Implementing
our 4 Cs
Leverage reduced to 2.4X through
operational cash generation and successful

9 North America
Turnaround
secondary equity offering

Over-subscribed secondary equity offering,

9 International
Improvements
trading above offer price

Favorable
9 Environment for
Private Label
Amended ABL provides additional flexibility

With free cash flow generation and proceeds

9 Stronger from secondary equity offering, $120M debt

Balance Sheet reduction since Q2 2008

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Agenda

- Cott Profile

- Private Label “Refocus” Plan

- Performance Metrics

- Valuation Upside

- Q&A

14
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
$75MM Fx drag on top line;
Revenue, net $ 805.8 $ 856.2 otherwise stable
Cost of sales 674.3 758.4
GM improvement on
Gross profit 131.5 97.8 operational savings
% of Sales 16.3% 11.4%
Permanent SG&A reductions;
S&A Expense 69.8 97.3 run-rate is “new normal”
% of Sales 8.7% 11.4%

Restructuring,
impairments & Other 5.1 7.2

Operating income Significant EBITDA & cash

(reported) 56.6 (6.9) 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:
• Aluminium
Fixed • HFCS
Costs • PET plastics
21%
`
• Commodity cost drivers:
• underlying commodity costs
79% (more volatile, market-driven)
• tolling / conversion costs
Variable (less volatile, contract-driven)
Costs

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
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2. Measured as a percentage of Sales
Significant Improvement in Leverage and
Capital Structure
Below Industry Average Leverage
PF Capitalization as of 6/27/2009
($ in millions) Net EBITDA
Capitalization Amount Multiple (1)
Cash $13.2
(2)
ABL Revolver 19.6 0.1x
Other Secured Debt 28.6 0.2x
Total Sr Secured Debt $48.2 0.3x
8% Senior Sub Notes 269.0 1.8x
Other Debt 2.9 0.0x
Total Debt (3) $320.1 2.4x
Minority Interest 17.2
(3)
Equity 348.9
Total Capitalization $685.4

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.
2.
Based on LTM EBITDA of $133 million
Actual June ABL Revolver balance of $66.6 million - $47.0 million of net equity proceeds
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3. Assumes 2Q09 ending balance of $300.9 + $47.0 million of additional equity
Agenda

- Cott Profile

- Private Label “Refocus” Plan

- Turnaround Drivers

- Valuation Upside

- Q&A

18
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 8.1x 7.6x 7.8x
7.6x 7.4x
6.6x 7.0x 6.7x 6.6x
6.4x 6.5x
5.8x 5.6x
4.9x 5.3x
4.5x 4.4x

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 9/3/2009
Cott Peer Group
Peer Group comprised of Coca Cola Enterprises, Coca-Cola Consolidated, National Beverage, Pepsi Bottling Group and Pepsi Americas, 19
Current Valuation Does Not Fully Reflect
Progress Achieved
Common Questions / Factors
Affecting Valuation Our View

We are used to “earning” our

Perceived uncertainty in our
business and we expect changes
customer base
will be manageable

Our products are of increasing

Vulnerability to national brand
importance to retailer CSD
promotions
margins / profitability

Margins are our current top

Top line growth priority, while we lay foundations
for future growth

Significant excess ABL

availability, over-subscribed
Strength of balance sheet
secondary equity offering,
improved cash flow

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We Remain Focused On Our Opportunities

Cash Generation
Margins
Top Line • Ongoing focus on
• Further reductions working capital
• 20MM cases of in SG&A &
• Cash proceeds
short to medium- operational focus
used to reduce debt
term opportunity • Less adverse Fx
identified in North • Reduced interest
• Opportunities to cost on lower debt
America further improve balances vs. prior
• Continued product mix year
international
improvements
• Easing of Fx drag
on revenue

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Summary

Private Label Strengthened

Addressed
Refocus & Balance Sheet, Attractive
Short-Term
Operational Focused on Value
Liquidity
Improvements Opportunities

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

23
Non-Gaap Reconciliation for 2009
Barclays Back to School Conference
Cott Corporation
Back to School Presentation
EBITDA Calculation
LTM H1 H1 Full Year
FY 2008 Jun-09 Jun-08 FY 2008

Net Income (loss) (46.1) 53.6 (23.1) (122.8)

Income tax provision (benefit) (36.8) (11.6) 5.7 (19.5)
Interest expense 31.7 15.1 15.7 32.3
Depreciation and amortization 73.2 33.3 40.8 80.7

EBITDA 22.0 90.4 39.1 (29.3)

Restructuirng 1.6 1.6 6.7 6.7

Asset impairments 40.1 3.5 0.4 37.0
Goodwill impairments 69.2 69.2

Adjusted EBITDA 132.9 95.5 46.2 83.6

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