Jefferies Consumer Conference

June 2015
1

Safe Harbor Statements

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 expected future operating results of the Company and the potential
impact the acquisition of DSS Group, Inc. will have on the Company. The forward-looking statements are based on assumptions regarding
management's current plans and estimates. Management believes these assumptions to be reasonable but there is no assurance that
they will prove to be accurate. Factors that could cause actual results to differ materially from those described in this presentation
include, among others: (1) changes in estimates of future earnings; (2) expected synergies and cost savings are not achieved or achieved
at a slower pace than expected; (3) integration problems, delays or other related costs; (4) retention of customers and suppliers; and (5)
unanticipated changes in laws, regulations, or other industry standards affecting the companies. 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 January 3, 2015 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. In this presentation, we use non-GAAP measures such as
EBITDA, adjusted EBITDA, adjusted free cash flow yield and certain ratios using these measures. 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 the business. Any non-GAAP financial measures used by the
Company 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 reflects 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 reconciliation of this non-GAAP measure may be found on www.cott.com.

Management Presenters / Q&A

Jerry Fowden
Chief Executive Officer

Jay Wells
Chief Financial Officer

Jarrod Langhans
Head of Investor Relations

The New Diversified Cott Corporation

Investment Highlights of the Combined Business

Extensive manufacturing footprint for private label,

contract manufacturing and own brands

low-cost philosophy and high cash generation

High-quality facilities with diversified capabilities

Supply chain provider of choice
Significant growth potential in contract
manufacturing

Market leader in growing water and coffee services

categories with strong regional brand heritage
Established national direct-to-consumer distribution
network diverse customer base and service focus
New initiatives and partnerships driving customer
growth
Proven acquirer, with ongoing capacity to pursue
synergistic and complimentary acquisitions
Attractive growing financial profile

Diversified

1 Highly diversified product, package and channel mix

2 High-quality, efficient and well-utilized facilities with multiple product and package capabilities
3 Low-cost philosophy concentrating on Customers, Costs, Capex and Cash

4 Scale business with enhanced EBITDA and margin growth profile

5 Platform for M&A to enhance business profile and provide upside through synergies
6 Strong adjusted free cash flow yield that drives returns to shareholders
5

Strategic Initiatives and Acquisitions Transform Profile While

Reducing Risk & Concentration

FY12 Sales by Channel (1)

Contract
Manufacturing

Pro Forma FY14 Sales by Channel (4)

Dedicated resources behind

growing contract manufacturing
(Nearly doubled volume in 2014)
3-year goal of 50mm 80mm
serving equivalent cases by
2017

2013

5/30/2014
Purchase Price: ~$139mm (2)
~$108mm sales (3)

2014

2015

FY12 Sales by Product

1.
2.
3.
4.

6/18/2013

12/12/2014

Purchase Price: ~$12mm

Purchase Price: ~$1.25bn

~$60mm sales (3)

~$966mm sales (3)

Pro Forma FY14 Sales by Product (3)

Own Brands includes concentrate sales.

Reflects working capital adjustment, deferred consideration and on-target earnout (based on estimate of $17.9mm contingent payment to be paid in July 2016).
Annual sales figures are as of LTM June 2013, LTM March 2014 and LTM Sept. 2014 for Calypso, Aimia Foods and DS Services, respectively.
Cott management estimate.

A Diversified Cott with an Increased Health &

Wellness Product Mix
Cotts diversified beverage platform is more reflective of the total beverage category
More consistent growth in line with beverage category expectations
Water, sparkling water, energy, and coffee are expected to grow in line with or exceed category growth
Growth of private label juice and drinks is expected to be flat to slightly positive
Less exposure to large format retailers
Introduces significant presence in Good-for-You beverage categories
2014 Pro Forma Sales by Product (1)

2014-2019 North America Retail Volume Growth (2)

Source: Cott and DS Services management.

1. Cott management estimate.
2. Euromonitor, 2014.

Cotts Strategic Priorities Build on the

Platform Created
Continuation of our

approach including tight operating controls and a focus on cash generation

1
Further contract manufacturing growth and diversification supported by dedicated resources

Incorporation of DS Services:
a) Integration & synergy capture
b) Customer expansion and HOD water and OCS market roll-up

Focus on deleveraging the balance sheet and early redemption of preferred shares

4
Continuation of our return of funds to shareowners through our quarterly dividend in USD

The combination of contract manufacturing growth and further diversification alongside DS Services
integration, synergies & expansion strengthens Cotts financial performance.

Continuation of our
approach including tight operating
controls and a focus on cash generation

4Cs Philosophy Drives High Cash Generation

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

Improve operating
efficiencies

3-year $30 million cost

reduction plan within
traditional business

Deliver / exceed DS
synergy and cost savings

Control capital
expenditures

Manage projects tightly with a

focus on cost / efficiency
High quality plants for all SQF
Level 3 and BRC
Focus on efficiency with
industry leading asset
turnover
Cost reduction minimizes
capex spend

Deliver significant free

cash flow
Rigorously manage working
capital
Assist rapid de-leveraging and
interest benefit reducing
leverage to 3.0x EBITDA by
2018.
Fund HOD and OCS market
roll-up by DS Services with
post synergy multiples of
approximately 3.0x EBITDA.

Historical Adjusted Free Cash Flow (1)

($ millions)

$115

$110
$103

2011

2012

2013

$107

2014

Source: Company filings, Cott management.

Note: Large cap beverages: Coca-Cola, PepsiCo. Mid cap beverages: Britvic, Coca-Cola Enterprises, Dr. Pepper Snapple, Lessonde Industries, Monster. Private label European: Ontex, Refresco
Gerber. High cash flow consumer: B&G, Pinnacle, Post, Smuckers, Snyders-Lance, Spectrum Brands, TreeHouse.
1. This measure does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other issuers. Please refer to slide
2 of this presentation for more information regarding the use of this measure and to the appendix of this presentation for a reconciliation to GAAP figures.

Continuation of our
approach including tight operating
controls and a focus on cash generation

Building Value Through Cost Down Initiatives Traditional NA Business

Packaging

Interplant
Transfers

Warehouse
Projects

Plant
Projects

CC + I

In the second half of 2014, the North America Business Unit initiated a three-year cost savings program War on
Waste to take $30 million of costs out of the business through the middle of 2017.

Through the first three quarters of the program, approximately $8.5 million has been achieved.

Source: Cott Management

10

Further contract manufacturing growth and diversification

supported by dedicated resources

Co-Pack Advantages
Limited commodity exposure drives stable margin contribution
Provides gross margins that are consistent with Cotts historical rates
Brand owners normally supply the ingredients and packaging
materials
Lowers working capital requirements and improves line efficiency
rates
Capitalizes on outsourcing trends by brand owners
Increases asset utilization

Recent Wins
Expanded North America co-pack cases from ~21 million to ~45
million from fiscal 2013 to fiscal 2014
Recent customer wins:
Ready-to-Drink Teas
Hot Fill Drinks
Shelf-Stable Juice
Ready-to-Drink Alcohol Can
Energy Drinks
CSD Food Service

Cott Contract Manufacturing Performance

Over 110% Growth in 2014

Opportunities (1)

Serving equivalent case growth

70 - 105
60 - 70
45
21

2013

Three year goal of growing contract manufacturing business by

50-80 million serving equivalent cases by 2017

2014

2015E

2016E

Substantial room for Cott to grow

Source: Cott management

1.
Management has established a three year goal (2014-2016) of growing our contract manufacturing business by 50-80 million 8oz equivalent serving cases in our North America Business Unit. This chart depicts the actual volume recorded in 2013 and
2014 as well as the projected total contract manufacturing volumes over the next two years as this incremental growth is incorporated into our business.
11

Further contract manufacturing growth and diversification

supported by dedicated resources

Contract Manufacturing Modeling Data Per 8oz Equivalent Case (Serving) Q1 2015 Example

Revenue / 8oz equiv. case

Contribution Margin $ / 8oz equiv. case

Gross Margin

North America
All Other

Q1 2015
North America
Co-Pack

Co-Pack vs.
All Other

$2.10

$1.50

($0.60)

$0.50 - $0.55

$0.45 - $0.50

($0.05)

12% - 15%

12% - 15%

Similar

Co-pack revenue per case varies significantly by customer from tolling (leverage of labor) to full contract
manufacturing (inclusion of I&P and other services).
Co-pack volume is generally more efficient in our plants due to the nature of long runs which generate better
leverage on our cost base
Our non Co-pack business will have greater working capital requirements as well. For example, we will harvest
fruit seasonally, process and store for months before placing in finished goods
On a net basis, Co-pack provides stability to the margins in our business as it is contracted for longer periods
than our traditional non Co-pack business
12
Source: Cott Management.

3a

Incorporation of DS Services:
Integration & synergy capture

Cotts DS Services Acquisition Drives Cost and Revenue Synergies

Procurement
Leverage Cotts scale

Sparkling waters
Increase the DS Services product offerings to
sparkling waters manufactured by Cott

Freight savings
Combined efficiencies
SG&A
Back office efficiencies

Range substitution
Transfer the production of certain DS Services
third-party products to Cotts manufacturing
plants

Cost Actions
Implement Cotts

Flavored Sparking Water

Launch Flavored Sparking Water range
distributed via DS Services

Integrated systems

philosophy

Vertical integration and supply

Estimated synergies increased and updated to $10mm in 2015 (up from $6mm)
and estimated $30mm by 2017 (up from $25mm)

Source: Cott Management.

13

3a

Incorporation of DS Services:
Integration & synergy capture

Traditional Cotts manufacturing capabilities and DS Services home and office distribution
network combine to create potential revenue synergies

Access to New Channels

Portfolio Expansion

DS Services can distribute Cotts

higher margin products to
channels that were difficult for
Cott to serve.
(Future opportunities)
C-Stores

Cott can expand the offering of

products available to DS Services
customers.
(Action plans: 2015-2017)
Sparkling Waters

Gas Stations

Juices and Drinks

Mom and pop stores

RTD Tea and Coffee

Flavored Waters

Cott Cold Fill

Cott Hot Fill
DS Services Production Facility
Hot / Powdered
R&D / Concentrate
DS Services Distribution Network
Source: Cott Management.

14

 Incorporation of DS Services:
Customer expansion and HOD water and OCS market roll-up

3b

Share Growth from Market Leading Brands with Strong Regional Heritage
Highly-recognized brands with long lived heritages in both HOD water and OCS
Largest or second-largest HOD water provider in 39 of 43 largest cities
Offers customers products under other leading brands, which include:
Ferrarelle and Fiji water, Starbucks Coffee, Keurig Green Mountain, Caribou Coffee, Peets Coffee & Tea and Mars Alterra
Customer growth combined with improved consumption and strong pricing driving HOD volume/revenue growth faster than
the overall category
Leadership in Regional Brands

DSS HOD Share - Volume(1)

#1

30.7%
30.4%
30.0%
29.5%

#1

29.7%

29.2%

#3
#1

#1

#2

#2
#1

#1

#1

2012

2013

Q1 2014 Q2 2014 Q3 2014 Q4 2014

TTM
TTM
TTM
TTM

#1

#2

#1

#1

#1

DSS HOD Share - Revenue(1)

#1

#3

#2
#1
#2

30.9%

31.2%

31.5%

31.8%

32.1%

30.4%

2012
(1) Source:

2013

Cott Management.

Q1 2014 Q2 2014 Q3 2014 Q4 2014

TTM
TTM
TTM
TTM

15

3b

Incorporation of DS Services:
Customer expansion and HOD water and OCS market roll-up

Sources of Organic New Customer Additions

Sources of New Cooler Adds (FY2014)

Source: Cott Management.

16

3b

Incorporation of DS Services:
Customer expansion and HOD water and OCS market roll-up

In-Store Retail Strategic Relationship

Capturing Untapped Demand for Bottled Water
Selected as the exclusive national partner to market home and office bottled water delivery service to retailers
members (agreement through 2017)

Has increased consumer awareness of DS products and services

Expect 70 to 75 in-store events each week (excluding Q4 Holiday Season)

Have gained approximately 2000 new customers per week from this activity

Ability to attract higher quality customers, with better retention rates and attractive cost of acquisition

Retailer customer adds have grown from 4% of total adds in 2012 to 25% in 2014

DS Retailer Booth Customers

Q1 2015 = 164

17

3b

Incorporation of DS Services:
Customer expansion and HOD water and OCS market roll-up

Commercial Water Delivery Cross-Selling Potential

Approximately 5% of DS Services commercial water delivery customers also receive coffee

from DS Services

Nearly all commercial customers provide water and coffee to their employees

Significant opportunity to leverage single-cup brewer adoption

Significantly increased presence in coffee with $74 million acquisition of Standard Coffee in
2012
Commercial Water Delivery Ship-To Customers Purchasing Coffee

% of Commercial
Customer Base

Source: Cott Management

4.2%

4.5%

Water Delivery Commercial Ship-Tos December 2014

579,924 Total Commercial Water Ship-Tos

18

3b

Incorporation of DS Services:
Customer expansion and HOD water and OCS market roll-up

The AquaCaf: Brewer and Cooler in One

Provides efficient, reliable, cost-effective way to provide both bottled water and single-cup coffee
Commercial

Single, space-saving footprint for water, coffee and tea

Easy and intuitive operation
Easy-to-use touchscreen interface on cooler/brewer

Residential

(coming soon)

Water bottle loads easily in the bottom no need to lift

heavy bottles
Illuminated dispensing area

Large dispensing area can fill sports bottles or carafes

Brewers touchscreen gives options for:
Bold, medium or mild coffee strengths
Small, medium, and large cup sizes

Supplies quality bottled water for better-tasting coffee

Targeting existing DS Services water customers
AquaCafe rolled out to Baltimore, Houston, LA, Seattle, Orlando,
Portland, Atlanta and Sacramento in Q4 2014
~3,000 units placed to date

Source: Cott Management

Expanded rollout in 2015 including Boston, NYC, Chicago, San Diego,

New Orleans, Phoenix, San Francisco, Dallas, Washington DC, and
Philadelphia

19

 Incorporation of DS Services:
Customer expansion and HOD water and OCS market roll-up

3b

Proven Acquisition Track Record

Successful Track Record

DS has a proven ability to identify and execute both tuck-ins and transformational transactions

Completed 48 acquisitions since 2007, with an average synergy-adjusted multiple of less than 3.0x(1)

Targets have ranged from small tuck-ins to a transformational acquisition (average HOD acquisition
price ~$2.5 million)

M&A pipeline of over 15 targets that collectively generate ~$25 million in revenue with post synergy multiples
consistent with historical trend

Target $10 to $20 million per year allocation of funds to tuck-ins with anticipated $3 - $6 million of incremental
post-synergy EBITDA
EBITDA Multiples Paid by DS (PF for Synergies) (1)

3.2x

2.8x

2007

2.8x

3.4x

2.8x
2.4x

2.0x

2.4x

2008

2009

2010

2011

2012

(2)

No. of
Acquisitions

Total Cash

$28.0

$8.1

$14.7

$33.6

$13.9

$74.6

Note: $ in millions.
1.
Assumes revenues associated with acquired entity in each transaction were applied to DS Services cost model for that period.
2.
2012 included the larger Standard Coffee acquisition.

2013

2014

$7.5

$4.0

20

3b

Incorporation of DS Services:
Customer expansion and HOD water and OCS market roll-up

Acquisitions are Highly Accretive to DS

DS has realized significant cost synergies by rationalizing assets, customer service, IT and other overhead
Almost Immediate
Cost Savings

and back-office functions

Following the Standard Coffee acquisition, DS was able to close 350 mini warehouses in < 90 days,
convert the customer base to Oracle in 120 days and close the Standard headquarters in 5 months

Synergies realized by combining delivery routes to increase route density

Increased Route
Density

DS was able to eliminate over 100 routes in the Standard Coffee acquisition

Customer retention is also higher due to the acquisition of seasoned customers

Cost per new customer through M&A compares favorably to traditional, organic channels
Acquired customers show higher retention than organically acquired customers
Cost per Customer Add
Acquisition vs. Organic

Improved
Customer Profile

Acquired Customers
Show High Retention (2)
194

200
128

150
100

100

100
50
0
After 1 Year
Organic

After 3 Years
Through Acquisition

1. Customer acquisition cost index based on cost per acquired customer calculated through third party valuations; includes a total of ~165,000 customers acquired through Abita, OPremium,
Yosemite, Mt. Olympus and Deep Rock transactions vs. Total 2013 customer acquisition via all organic mechanisms.
2. Retention rates indexed to 100, which equals retention rate of Water Delivery Services customers added organically during relevant time period.

21

Focus on deleveraging the balance sheet and early redemption

of preferred shares accelerated via equity offering June 3rd
Convertible Preferred Shares
$116 million issued

Non-Convertible Preferred Shares

Redeemable with 30 days notice

$6.28 per share

No cost to set up/redeem

Convertible after year 3

Non deductible

9% coupon with 1% annual

Additional dividend tax ($2 million)

increase ($11 million)

Redeemable with 30 days notice

$33 million issued

$6.28 per share

No cost to set up/redeem

No conversion

Non deductible

10% coupon with 1% annual

Additional dividend tax ($1 million)

increase ($3 million)

Covenants and restrictions associated with the preferred shares limited our ability to do HOD water and OCS tuck-in acquisitions
Early Redemption of the Preferred Shares Provides a Number of Benefits Including:
Financially Prudent

More Rapidly Increases Interest Coverage (1)

Accelerates Deleveraging

More Rapidly Deleveraging Pro Forma Net Debt

to EBITDA (1)

Allows for Tuck-in Acquisitions

Post Synergy EBITDA Multiples of ~3.0x

3.3x
5.1x
2.9x

2015E

1.

4.7X

Excluding
Preferred Shares

2014 Pro
Forma
Leverage

Excluding
Preferred
Shares

Represents a non-GAAP measure. This measure does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other issuers. Please refer to
slide 2 of this presentation for more information regarding the use of this measure and to the appendix of this presentation for a reconciliation to GAAP figures.

22

A More Diversified Cott Drives Stronger Cash Flow Generation

And Leads To A More Favorabel Valuation
The combination of contract manufacturing growth and further diversification
alongside DS Services integration, synergies & expansion strengthens Cotts
financial performance and should drive valuation improvement.
More balanced scale business with $3 billion of revenue and $350 million of EBITDA.
Accelerated deleveraging by one year through equity offering which allowed redemption of preferred shares and
in turn results in the allocation of cash flows to the repayment of other debt instruments.
Highly diversified product, package and channel mix
High-quality, efficient and well-utilized facilities with multiple product and package capabilities
Low-cost philosophy concentrating on Customers, Costs, Capex and Cash

Platform for M&A to enhance business profile and provide upside through synergies
Strong adjusted free cash flow yield that drives returns to shareholders
Multiple Lift Opportunity Cott vs. Peers (2)

2014 Adjusted FCF Yield % (1)

16%

6%

5%

5%
2%

Cott

1.

High Cash Flow

Consumer

Mid Cap
Beverages

Large Cap
Beverages

Private Label
European

Source: Company data, FactSet, Bloomberg.

Large cap beverages: Coca-Cola, PepsiCo. Mid cap beverages: Britvic, Coca-Cola Enterprises, Dr. Pepper Snapple, Lessonde Industries, Monster. Private label European: Ontex, Refresco Gerber. High cash
flow consumer: B&G, Pinnacle, Post, Smuckers, Snyders-Lance, Spectrum Brands, TreeHouse. Adjusted free cash flow yield defined as (adjusted free cash flow / shares outstanding) / share price.
Represents a non-GAAP measure. This measure does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other issuers.
Please refer to slide 2 of this presentation for more information regarding the use of this measure and the appendix of this presentation for a reconciliation to GAAP figures. Market data as of 1/3/2015 (Cott
share price of $7.00). Adjusted free cash flow for peer set calculated as cash flow from operations less capital expenditures.

2. Source:

IBES consensus estimates per FactSet, company filings.

Bottlers (National Beverage, A.G. Barr, Coca-Cola Bottling, Britvic, Coca-Cola Amatil, Coca-Cola Enterprises, Coca-Cola Femsa)
Route Based Services (G&K Services, Unifirst, ABM Industries, Chemed, Servicemaster, Cintas Corp, Aramark)

23

Q&A

24

Appendix

25

Non-GAAP Reconciliation
Cott Adjusted Free Cash Flow and Adjusted Free Cash Flow Yield
See slide 2 for additional information on non-GAAP measures
($ in millions)

Year Ended December

2012A
2013A

2011A
Net Cash Provided By Operating Activities
Less: Capital Expenditures
Free Cash Flow

2014A

$164
(49)
$115

$173
(70)
$103

$155
(55)
$100

Bond Redemption Cash Costs

53rd Week Interest Payment 2022 Notes
DSS Acquisition Related Cash Costs

10
-

21
15
32

Cash Collateral (1)

29

$115

$103

$110

$107

Adjusted Free Cash Flow

(2)

Equity Market Capitalization (as of 1/3/2015)

Adjusted Free Cash Flow Yield

$57
(47)
$10

652
16%

1. In connection with the DSS Acquisition. $29.4mm was required as collateral.

2. Includes $5.6mm of DSS's free cash flow from the acquisition date.

26

Non-GAAP Reconciliation
2014 Pro Forma Leverage
See slide 2 for additional information on non-GAAP measures

($ in millions)
Adjusted EBITDA
6.75% Senior Notes due 2020
10.00% Senior Secured Notes due 2021 (1)
New Term Loan / Note
5.25% Senior Notes due 2022
ABL Facility
GE
Capital Leases and other
Less letter of credit (2)
Total debt
Preferred shares
Less Cash
Net Debt
Leverage (Net Debt / Adj. Ebitda)

(1)

2014PF
$

Excluding Preferred Shares

357
625
406
525
229
8
5
(29)
1,769
149
(86)
1,831

$
5.1

357
625
406
525
229
8
5
(29)
1,769
(86)
1,682
4.7

Includes fair value premium of $55.6 million.

(2)

In connection with the DSS Acquisition, $29.4 million was required to cash collateralize certain DSS self-insurance programs. The $29.4 million
was funded with borrowings against our ABL facility, and the cash collateral is included within prepaid and other current assets on our
Consolidated Balance Sheet at January 3, 2015. Subsequent to January 3, 2015 letters of credit were issued and the cash collateral was returned
to the Company, which was used to repay a portion of our outstanding ABL facility.
27

Non-GAAP Reconciliation
Estimated Interest Coverage
See slide 2 for additional information on non-GAAP measures
($ in millions)

2015E
Adjusted EBITDA
6.75% Senior Notes due 2020
10.00% Senior Secured Notes due 2021
New Term Loan / Note
5.25% Senior Notes due 2022
ABL Facility
Preferred Shares
GE
Capital Leases and other
Cash Interest
Def Fin Fees
Premium
Interest Expense
Interest Coverage

(1)

$
$
$
$
$
$
$
$
$
$
$
$
$

359
42
35
28
4
14
0
0
124
5
(6)
123
2.9

(1)

$
$
$
$
$
$
$
$
$
$
$
$
$

Excluding Preferred
Shares
359
42
35
28
4
0
0
110
5
(6)
109

(1)

3.3

Represents Bloomberg Consensus as of June 2015.

28