PRIMO WATER CORPORATION

ICR Conference 2018

Confidential: for internal use only

 SAFE-HARBOR STATEMENT
Certain statements contained herein are not based on historical fact and are "forward-looking statements" within the meaning of the applicable securities laws and regulations. These statements include
the Company’s financial guidance and those related to the Company’s growth and integration plans and its realization of acquisition related synergies, the execution of its strategic plan to further grow its
business and, in turn drive long-term value for its shareholders. These statements can otherwise be identified by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "feel,"
"forecast," "intend," "may," "plan," "potential," "project," “seek,” "should," "would,” “will,” and similar expressions intended to identify forward-looking statements, although not all forward-looking
statements contain these identifying words. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially from those stated herein. Factors that could cause
actual results to differ materially from those in the forward-looking statements include, but are not limited to, adverse changes in the Company's relationships with its independent bottlers, distributors
and suppliers, the loss of major retail customers of the Company or the reduction in volume or change in timing of purchases by major retail customers, lower than anticipated consumer and retailer
acceptance of and demand for the Company's products and services, the entry of a competitor with greater resources into the marketplace, competition and other business conditions in the water and
water dispenser industries in general, the Company’s experiencing product liability, product recall or higher than anticipated rates of sales returns associated with product quality or safety issues, the loss
of key Company personnel, dependence on key management information systems, changes in the regulatory framework governing the Company's business, the Company's inability to efficiently expand
operations and capacity to meet growth, the Company's inability to develop, introduce and produce new product offerings within the anticipated timeframe or at all, the Company’s inability to comply
with its covenants in its credit facility, significant liabilities or costs associated with litigation or other legal proceedings, general economic conditions, the possible adverse effects that decreased
discretionary consumer spending may have on the Company’s business, difficulties with the successful integration and realization of the anticipated benefits and synergies from the Glacier Water
acquisition, including incorporation of internal controls and critical information technology systems such as management information systems and related tools, failure to manage our expanded
operations following the Glacier Water acquisition, the incurrence of costs related to the Glacier Water acquisition, changes to the Company’s board of directors and management in connection with the
Glacier Water acquisition, the impact of the loss or non-retention of certain key personnel after the Glacier Water acquisition, the termination or renegotiation of agreements with customers, suppliers
and other business partners in connection with the Glacier Water acquisition, the possibility that the Company’s financial results following the Glacier Water acquisition may differ materially from the
unaudited pro forma financial statements that were previously made available, the restrictions imposed upon our business as a result the restrictive covenants contained in our credit agreements, the
possibility that we may fail to generate sufficient cash flow to service our debt obligations, and the negative effects that global capital and credit market issues may have on our liquidity, the costs of our
borrowing and our operations of our suppliers, bottlers, distributors and customers as well as other risks described more fully in the Company's filings with the Securities and Exchange Commission,
including its Annual Report on Form 10-K filed on March 16, 2017 and its subsequent filings under the Securities Exchange Act of 1934. Forward-looking statements reflect management's analysis as of
the date of this presentation. The Company does not undertake to revise these statements to reflect subsequent developments, other than in its regular, quarterly earnings releases or as otherwise
required by applicable securities laws.
Use of Non-U.S. GAAP Financial Measures
To supplement its financial statements, the Company provides investors with information related to adjusted EBITDA adjusted net income from continuing operations, which are not financial measures
calculated in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Adjusted EBITDA is calculated as (loss) income from continuing operations before depreciation
and amortization; interest expense, net; provision for income taxes; non-cash change in fair value of warrant liability; non-cash stock-based compensation expense; non-recurring and acquisition-related
costs; and (gain) loss on disposal and impairment of property and equipment and other. Adjusted net income from continuing operations is defined as (loss) income from continuing operations less the
provision for income taxes, change in fair value of the warrant liability, non-cash stock-based compensation expense, non-recurring and acquisition-related costs, and (gain) loss on disposal and
impairment of property and equipment.
The Company believes these non-U.S. GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to the Company’s
financial condition and results of operations. Management uses these non-U.S. GAAP financial measures to compare the Company's performance to that of prior periods for trend analyses and planning
purposes. These non-U.S. GAAP financial measures are also presented to the Company’s board of directors and adjusted EBITDA is used in its credit agreements.
Non-U.S. GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP. These non-U.S. GAAP measures exclude significant
expenses that are required by U.S. GAAP to be recorded in the Company's financial statements and are subject to inherent limitations.

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 OUR STORY

WHO IS PRIMO?

THE RIGHT TIME FOR PRIMO

TRANSFORMATIVE & STRATEGIC PROGRESS

TELLING OUR STORY

FINANCIAL PERFORMANCE

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 WHO IS PRIMO?

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 ATTRACTIVE RECURRING REVENUE MODEL
~46,000 LOCATIONS
WATER DISPENSER “THE RAZOR”
Market Share = 70%+
Locations ~ 7,500

WATER EXCHANGE “THE RAZORBLADE” WATER REFILL “THE RAZORBLADE”

AVERAGE OF WEEKLY
35 ANNUAL GROCERY TRIPS
PURCHASES
Market Share = 90% Market Share = 90%
Locations ~ 13,500 Locations ~ 25,000

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 A BOLD PURPOSE
THE PRIMO WAY
PURPOSE VALUES VISION - 2020 STRATEGIES
Why We Exist What We Believe In What We Will Accomplish How Will We Achieve Our Vision

Inspiring Empathy Primo will be a highly valued business

operating throughout North America.
Grow household
penetration
Healthier Community Our brands will be leaders in all Improve connectivity
Lives categories we compete in – water
dispensers, bulk, and refill water.
with dispensers
Smarts
Thru Our consumers will be extremely loyal
Increase same store sales

Better Resourcefulness because we deliver world class

experiences at great value.
Drive unit economics
Foster highly engaged
Water. Integrity Our clients will consider us valued teams
partners.
Commitment Our highly engaged team will be metric-
focused and experts in best in class
service, processing transactions,
managing change, relationships and
storytelling.
We will create people development
opportunities for associates that
promote health, wellness, and career
development to empower associate
6 productivity.
 DISRUPTORS, CHALLENGERS & BRAND BUILDERS

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 SOLUTION FOR FAMILIES
25%+ more water consumption

PITCHERS CASE-PACK
HARD TO REACH HARD TO OPEN

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 THE RIGHT TIME FOR PRIMO

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 RIGHT TIME, RIGHT COMPANY

TAP WATER
QUALITY

HEALTH & ENVIRONMENTAL

WELLNESS TRENDS

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 ONE WORD… FLINT

… AND BACK HOME IN NC

11 http://www.bbc.com/news/av/world-us-canada-42141519/why-america-s-drinking-water-crisis-goes-beyond-flint
 FAILING WATER INFRASTRUCTURE
$300B TO FIX U.S. WATER INFRASTRUCTURE

12 https://www.nytimes.com/2017/11/10/climate/water-pipes-plastic-lead.html
 HEALTHY HYDRATION IS HERE TO STAY

Consumption Consumption Per Capita

Soda Bottled Water

50
Fruit Beverages, Other, 5%
5%
45
Bottled
Tea, 6% Water, 18% 40

35

30
Milk, 9%

25
Tap Water,
14% 20

15
Beer, 11% Value-Added
Water, 1% 10

0
1 2 3 4 5 6 7 8
Coffee, 11% Carbonated Soft Soda 45.5 44.7 43.5 42.4 40.8 39.9 39.4 38.4
Drinks, 21% Bottled Water 27.6 28.3 29.2 30.8 32 34 36.3 38.6

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 ENVIRONMENTAL TRENDS

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 TRANSFORMATIVE
& STRATEGIC
PROCESS
TRANSFORMATIVE & STRATEGIC PROGRESS

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 HISTORY OF TRANSFORMATIVE DEALS

Acquisition of Strategic Alliance w/ Acquisition of

Refill Solutions

| | | | | |
2010 2012 2013 2014 2015 2016

Our Brands Are The Leaders In All Categories We Compete In

Part of Primo’s 2020 Vision

With Glacier
Acquisition,
Dispensers Exchange Primo Is Now Refill

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Source: Company market share estimates.
 ACQUISITION OF GLACIER WATER

• Market leader in the self-service refill

water space with over 20,000
locations
• Direct interaction with consumer in
majority of Glacier locations
• Long-term partnerships with enviable
list of retailers
• Diversity and breadth in retail partners
and channels of trade
• Tremendous scale and quality of
Glacier’s operations network
• Flexible machine configurations to fit
retailer needs and space availability
(indoor, outdoor, coin, non-coin)
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Source: Company information.
 TRANSITIONING FROM
INTEGRATION TO OPTIMIZATION
INTEGRATION OPTIMIZATION
$7.0M - $8.0M ANNUALIZED SYNERGIES
BY 2019

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 TELLING OUR STORY

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 OUR SHIFT

Activate the Brand

Workforce & Customers

Challenge Status Quo
Retail Prominence
Product Relevance Macro Tailwinds
Transformative Partnerships
Install Locations & Acquisitions
Establish Distribution

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 PRIMO WATER GROWTH TURBINE
Increased
Cash Flow
Brand
Activation

Drive Unit
Economics
Grow Household
Penetration of
Dispensers

Increase
Same Store Sales
Improve
Connectivity of
Water &
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Dispensers
 A $375M+ MARKET CAP COMPANY JUST
GETTING STARTED WITH MARKETING

THOUGHT DISPLAY PROMINENCE SOCIAL, DIGITAL &

LEADERSHIP “BILLBOARDS” W.O.M.M. ACTIVATION

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 THOUGHT LEADERSHIP

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 DESIGN  TEST  LEARN  SCALE

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 MARKETING ACTIVATION

BRAND
Seeds Content
Starts Conversation

W.O.M.M.
Builds Stories ACTIVATION
Amplifies Content CYCLE

CONSUMER
Takes Charge
Keeps Cycle Flowing
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 MARKETING ACTIVATION

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 A MODEL FOR ALL WALKS OF LIFE
SRP $9.99 - $49.99 SRP $99.99 - $149.99 SRP $169.99 - $279.99

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 …INCLUDING PETS

Confidential: for internal use only

 FINANCIAL PERFORMANCE

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 STRONG GROWTH & COST LEVERAGING
Dollars in thousands

$350,000 $70,000
$295,500 $61,000
$286,500

ADJ. EBITDA
$300,000 $60,000 $55,150
NET REVENUE

$250,000 $50,000

$200,000 $40,000
$142,541
$150,000 $126,951 $30,000 $24,128
$106,322
$91,209 $18,093
$100,000 $20,000
$12,965
$9,067
$50,000 $10,000

$- $0
2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018
Guidance Guidance Guidance Guidance
Mid-Pt Mid-Pt Mid-Pt Mid-Pt

25.0%

28 20.6%
ADJ. EBITDA % of

19.2%
20.0%
NET REVENUE

16.9%
14.3%
15.0%
12.2%
9.9%
10.0%

5.0%

0.0%
2013 2014 2015 2016 2017 Guidance Mid-Pt 2018 Guidance Mid-Pt

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Source: Company SEC Filings and Management Estimates. Adjusted EBITDA is a non-GAAP measure and exclude primarily non-cash stock compensation expense and non-recurring costs.
 NEW HOUSEHOLDS: CONSUMERS CONTINUE TO DRIVE DEMAND OF DISPENSERS

175,000

155,000

135,000

115,000

95,000

75,000
Q1 12 Q1 13 Q1 14 Q1 15 Q1 16 Q1 17

A TRACK RECORD OF STRONG EXCHANGE SAME STORE SALES GROWTH

SSS Growth Units

4,000,000
21.2%
3,500,000
3,000,000
14.7%
2,500,000
13.0%
12.1% 12.1%
2,000,000 10.6% 9.7% 10.5% 10.8% 11.6%
9.6% 9.2% 9.7% 9.6%
8.5% 8.6% 8.7% 9.3% 8.9%
1,500,000
6.1% 6.2% 6.2%
1,000,000 5.0%

500,000
-
Q1 12 Q3 12 Q1 13 Q3 13 Q1 14 Q3 14 Q1 15 Q3 15 Q1 16 Q3 16 Q1 17 Q3 17
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Source: Company information..
 A HISTORY OF DE-LEVERAGING
PRIMO TOTAL DEBT TO ADJUSTED EBITDA
(2012 – 2018)

5.40
4.88
4.38
4.12

2.67

1.88

1.12
0.91

2012 2013 2014 2015 2016 TTM Q3 2016 2016 Pro-Forma 2017 Guidance 2018 Guidance
After Glacier Mid-Pt Mid-Pt
Acquisition

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Source: Company SEC Filings and Management Estimates. Adjusted EBITDA is a non-GAAP measure and exclude primarily non-cash stock compensation expense and non-recurring costs.
 FINANCIAL TRACK RECORD
Dollars in millions
FY 2017
(Increased Guidance)
GUIDANCE Y-o-Y GROWTH
(mid-point)

NET REVENUE $284.5 to $288.5 ~102%

ADJUSTED EBITDA $54.5 to $55.8 ~129%

FY 2018

GUIDANCE Y-o-Y GROWTH

(mid-point)

NET REVENUE $291.0 to $300.0 ~5%

ADJUSTED EBITDA $60.0 to $62.0 ~15%

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Source: Management Estimates. Adjusted EBITDA is a non-GAAP measure and exclude primarily non-cash stock compensation expense and non-recurring costs.
 LONG-TERM PERFORMANCE TARGETS

2017 3-Year
Financial Metric 2014 2015 2016
Mid-Point Targets

Revenue Growth 16.6% 19.4% 12.3% >100% 5% - 8%

Gross Profit
26.2% 27.2% 29.7% 29.4% 31% - 33%
% of Net Revenue

Adj. SG&A
14.0% 12.9% 12.8% 10.0% 9% - 11%
% of Net Revenue

Adj. EBITDA Margin

12.2% 14.3% 16.9% 19.2% 20% - 24%
% of Net Revenue

Total Leverage 1.88x 1.12x 5.40x 4.88x 2.0x – 2.5x

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Source: Company SEC Filings and Management Estimates. Adjusted EBITDA is a non-GAAP measure and exclude primarily non-cash stock compensation expense and non-recurring costs.