#1A PARTAGER ORMATA PRESSADE Bon Jour teneur en fruits 100% pomme Jus de pomme sans sucres ajoutés* 15L rep alontez PURDEY'S REJUVENATE MULTIVITAMIN FRUIT DRINK A unique blend of grape and apple juices sparkling spring water and botanical extracts, enhanced with vitamins to give you a gentle lift ELIXIR VITA ROBINSONS REFRESH'D SIMP REAL FR NO ADDE SUGAR RASPBERRY & APPLE SPRING WATER WITH REAL FRUIT NATURALLY SOURCED INGREDIENTS BRITVIČ Britvic plc Investor presentation#2BRITVIC INVESTMENT CASE – A TRACK RECORD OF CREATING SHAREHOLDER VALUE - Portfolio of Market Leading Brands Strong Channel Positions Healthier / "Better For You" Focus BRITVIČ Growing International Presence Resilient and Expandable category Cash Generative - Disciplined Capital Allocation Policy Britvic plc Investor Presentation 2018 2 |#3О О STRATEGY O#4A NEW STRATEGY FOR GROWTH WAS LAUNCHED IN 2013 Generate profitable growth in our core markets International expansion Step change our business capability Build trust and respect in our communities >> Innovation >> Channel and category expansion >> Revenue management >> Maximise our partnership with Pepsi >> M&A in new geographies >> Bolt-on acquisitions in existing markets >> Selective franchise partnerships >> Best in class supply chain infrastructure >> Retain & recruit great talent >> Cost efficiency and effectiveness » A great company to do business with » Play a leading role in addressing the public health agenda >> Minimise impact on the environment BRITVIČ Britvic plc Investor Presentation 2018 4#5SIGNIFICANT PROGRESS MADE SINCE STRATEGY WAS LAUNCHED Generate profitable growth in our core markets International expansion Step change our business capability Build trust and respect in our communities >> Tripled % of revenue from innovation » New contract wins including Subway, G1 and TRG >> Grown Pepsi MAX revenue and market share >> 2 acquisitions in Brazil - Ebba and Bela Ischia >> Completed acquisition of East Coast in Ireland >> Launched Fruit Shoot multi-pack in United States >> £240m capital investment underway in supply chain infrastructure >> c60% of senior team in new role >> £5m cost efficiency programme delivered >> 20 billion calories removed from GB diets >> 30 tns of plastic removed in GB 2017 >> 75% trust index score in GPTW survey across group BRITVIČ Britvic plc Investor Presentation 2018 5 |#6THE STRATEGY HAS CONSISTENTLY DELIVERED PROFITABLE GROWTH REVENUE ADJUSTED EBITA REVENUE OUTSIDE GB ADJUSTED EBITA MARGIN CAGR +3.9% CAGR +9.1% 41% +700bps 12.7% +230bps ADJUSTED EARNINGS PER SHARE CAGR +10.7% DIVIDEND PER SHARE BRITVIČ CAGR +9.5% PURDEY'S EDGE Un mélange unique de jus de fruits rouges, d'eau gazeuse, d'extraits botaniques et de vitamines pour gagner en concentration. Sans sucres ajoutés ELIXIR VITA 330mle 320W6 Po All figures since 2013 Britvic plc Investor Presentation 2018 6 |#7ACCELERATED MARGIN GROWTH SINCE 2013 - CONFIDENT OF FUTURE EXPANSION BUSINESS CAPABILITY PROGRAMME 10.9% 9.2% 10.4% +230bps 12.7% SG&A 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 BRITVIČ New Management Team & Strategy EFFICIENCY BRAND AND CHANNEL MIX PRODUCT INNOVATION REVENUE MANAGEMENT INTERNATIONAL PROFITABILITY Britvic plc Investor Presentation 2018 7 |#8A LONG-TERM TRACK RECORD OF EARNINGS GROWTH 18.4 36.5 33.7 33.7 35.2 41.8 46.3 52.9 49.3 27.2 26.5 24.8 24.5 23.0 20.9 20.4 18.4 17.7 17.7 16.7 15.0 12.6 11.0 10.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 EPS DPS BRITVIČ Britvic plc Investor Presentation 2018 8 |#9A CLEAR CAPITAL ALLOCATION POLICY TO DELIVER SUPERIOR SHAREHOLDER RETURNS PROFITABLE GROWTH STRONG UNDERLYING FCF CONVERSION A progressive dividend policy Invest in business capability Selective M&A in core categories Maintain long-term debt leverage within 1.5x to 2.5x range BRITVIČ DELIVERING SUPERIOR SHAREHOLDER RETURNS Britvic plc Investor Presentation 2018 9 |#10OVERVIEW#11HISTORY Mid 19th C A chemist starts creating homemade tonics for the local Chelmsford community 1955 Company sold to a group of wine traders, establishing its routes with the pub trade 1995 Robinsons acquired 2005 IPO ROBINSON'S for Energy and Refreshment 2010 Acquisition of Britvic France 2017 Acquisition of Bela Ischia BRITVIC plc Fruite Bela Ischia PEPSI Orchid *Drinks CC c&c group plc ebba حلـ -they're juicedly good! 1938 The British Vitamin Product Company begins selling juice in glass bottles; the foundation of the Britvic range BRITVIČ 1987 First bottling agreement with PepsiCo in the UK 2000 Acquisition of Purdey's, Ame and Aqua Libra brands 2007 Acquisition of Britvic Ireland 2013 New CEO and strategy launched 2015 Acquisition of Britvic Brazil Britvic plc Investor Presentation 2018 11 |#12EXPERIENCED BOARD AND EXECUTIVE TEAM BOARD Simon Mat John Sue Euan Suniti Litherland Dunn Daly Clark Sutherland CEO CFO Chairman Remco Chair NED Chauhan NED EXECUTIVE Paul Graham GB MD BRITVIČ lan McHoul Audit Chair Olivier Mercier France MD Kevin Donnelly Ireland MD Hessel De Jong Intl MD Joao Caetano Brazil MD Matt Clive Barwell CMO Hooper Doug Frost Clare Thomas Supply HR General Chain Counsel William Eccleshare NED Britvic plc Investor Presentation 2018 12|#13OVERVIEW IN-MARKET PRODUCTION IN GREAT BRITAIN, FRANCE, IRELAND AND BRAZIL RANGE OF CATEGORY LEADING OWNED-BRANDS IN ALL MARKETS BOTTLER FOR PEPSICO IN GREAT BRITAIN AND IRELAND BRAND CONTRIBUTION (£M) REVENUE (EM) Financials by region GB 372.0 GB 903.0 France 84.9 France 282.7 Ireland 56.7 Ireland 164.7 International 17.8 International 57.3 Brazil 28.2 Brazil 133.1 Total 559.6 Total 1,540.8 % share by region % share by region 3.2% 5.0% 10.1% 3.7% 8.6% COMMERCIAL OPERATIONS 10.7% IN BENELUX, ASIA AND UNITED STATES 15.2% 66.5% 58.6% 18.4% NEARLY 4,700 EMPLOYEES BRITVIČ Britvic plc Investor Presentation 2018 13 |#14GREAT BRITAIN OVERVIEW #2 SOFT DRINKS SUPPLIER. PORTFOLIO OF CARBONATED AND STILL BRANDS AVAILABLE IN ALL RETAIL CHANNELS 11.6% VALUE SHARE OF TAKE-HOME CHANNEL 3 FACTORIES AND GROUP HEAD OFFICE 59% OF GROUP REVENUE PEAR & RASPBERRY BRITVIČ Source: Nielsen to 30.09.17 2 BINSONS Fruit Shoot ORANGE juice drink SP ROBINSONS REFRESH'D RASPBERRY & APP SPRING WATER MIN REAL FRU ROBIN SIMP REAL FR NO ADDE SUGAR Fru PURDEY'S WITH TWICE THE KR WHITI PREMIUM TRADITIONAL CLOU LEMONAD AS I SHOULD BE RWhite EDGE MULTIVITAMIN FRUIT DRINK up free • free of CAFFEINE Lipton pepsi PEACH ICE TEA MAX MAXIMUM TASTE no sugar NATURALLY SOURCED INCREDIENT Steeped GRA go THE- LONDON ESSENCE CRAFTED SODA- Britvic plc Investor Presentation 2018 14#15FRANCE OVERVIEW ACQUIRED 2010 RANGE OF SYRUPS AND JUICE-BASED BRANDS MAINLY AVAILABLE IN GROCERY CHANNEL 8.7% VALUE SHARE OF TAKE-HOME CHANNEL 4 FACTORIES 18% OF GROUP REVENUE Teisseire SIROP DE Cerise PRAAT À PARTAGE FORMAT Moulin PRESSADE Valdonne KINE Moulin Valdonne Bon Jour taun de fruits Teisseire Fruit MOINS SUCRE Shoot Multivitaminé 20cle RESER METAL CHE EN GOÛT NS COLORANT Pêche blanche teneur en fruits 100% ange-pomme che-abricot uits sans sucres ajoutés* 15L BRITVIČ Source: Nielsen to 08.10.17 fer Britvic plc Investor Presentation 2018 15#16IRELAND OVERVIEW ACQUIRED 2007 #2 SOFT DRINKS SUPPLIER PORTFOLIO OF CARBONATED AND STILL BRANDS AVAILABLE IN ALL RETAIL CHANNELS 24.0% VALUE SHARE OF TAKE-HOME CHANNEL 2 FACTORIES 11% OF GROUP REVENUE BRITVIC Source: IRI to 17.09.17 WITH eyed wi Stevia VIT Mi ጎር 7up shandy WITH REAL BITS clu 500mle ZEF PO BALLYGOWAN STILL NATURAL MINERAL WATER Begon Teisseire isded Fruit Shoot Multivitamine RED L LEMO TONIC -Water club LIFTING IRISH SPIRITS Since 1852- le 20cle Britvic plc Investor Presentation 2018 16#17BRAZIL OVERVIEW ACQUIRED 2015 & 2017 RANGE OF CONCENTRATES AND JUICE-BASED BRANDS MAINLY AVAILABLE IN MODERN GROCERY CHANNEL 8.9% VALUE SHARE OF TAKE-HOME CHANNEL 4 FACTORIES 9% OF GROUP REVENUE BRITVIČ Source: Nielsen to 27.09.17 MAGUARY Uno Faz 1L GUAR CONCENTRADO QUE JÁ VEN ADOÇADO 250 ORIGINA cuta Natural Teas chá branco pitaya e amora 0% SODIO AÇUCAR CALORIA CHA BRANCO COM FRUTADE RADA CA CRIA 33 SUCRE Ischia Tessere Fruit Shoot Multivitaminé 20cl Saber асија 3% DE POLPA E SUCE Britvic plc Investor Presentation 2018 17#18OTHER INTERNATIONAL OVERVIEW RANGE OF OWNED-BRANDS AVAILABLE COMMERCIAL OPERATIONS IN BENELUX AND UNITED STATES EXPORT SALES TO 50+ COUNTRIES TRAVEL BUSINESS SUPPLYING AIRLINES, CRUISE SHIPS ETC 0 FACTORIES, SUPPLIED FROM OTHER MARKETS 4% OF GROUP REVENUE BRITVIC UGAR ADDED Teisseire SIROP/SIROOP Framboise Framboos ROBINSON Fruit Shoo Fruit Punch Naturally Fruit Punch Juice Drink from Cond MAN OF FRUIT JUICES AND SOFT D IC SEPT KSS, HEMEL HEMPSTEAD Britvil LIFTING SPIRITS SINCE 1938 Lessons Fruit Shoot SSENCE AARDBEI & FRAMBOOS Water met een vleugje natuurlike fruitimack 200 -INDIAN- TONIC -WATER- LOW CALORIE Britvic plc Investor Presentation 2018 18 |#19STEP-CHANGING OUR BUSINESS CAPABILITY BY INVESTING IN OUR SUPPLY CHAIN INFRASTRUCTURE STEP-CHANGE OUR BUSINESS CAPABILITY A THREE YEAR £240M CAPITAL INVESTMENT PROGRAMME MINIMUM 15% EBITDA RETURN - £36M EBITDA & £21M EBITA FROM 2020 ADDITIONAL REVENUE AND WORKING CAPITAL BENEFITS ANTICIPATED CONSOLIDATES PRODUCTION IN GREAT BRITAIN TO 3 SITES CREATES A WORLD-CLASS SUPPLY CHAIN TO ENABLE GROWTH BRITVIČ Leeds Rugby London Britvic plc Investor Presentation 2018 19 |#20ON COMPLETION THE SUPPLY CHAIN INVESTMENT WILL STEP-CHANGE OUR CAPABILITY STEP-CHANGE OUR BUSINESS CAPABILITY CAPACITY FLEXIBILITY EFFICIENCY ENVIRONMENTAL COST Medium term can & pet Broader range of Faster lines Fewer road miles Lower production & capacity pack sizes Lower capital required to introduce new formats Produce closer to demand Lower power and water usage distribution cost PURDEY'S REJUVENATE HULTIVITAMIN FRUIT DRIN BRITVIC KRA WHITES PREMIUM TRADITIONAL CLOUDY LEMONADE AS IT SHOULD B RWhite Tango 18810901 1.5Utres ROBINSONS REFRESH'D RASPBERRY & APPLE MEX 121 12x 330ml ROBINSONS Real FRUIT in every drop ORANGE M WE KNOW HOW MUCH IT MEANS pepsi MAX Britvic plc Investor Presentation 2018 20 |#21A SOLID FINANCIAL PLATFORM UNDERPINNING THE STRATEGY 450.0 Additional £175m private placement funding issued in H1 Maturing 2025 to 2032, Fixed and floating rate 400.0 Replacing £120m notes maturing early 2017 Average coupon c.2.5% 350.0 300.0 250.0 200.0 150.0 £400m revolving credit facility extended to November 2021 100.0 50.0 Circa £958m total debt facilities maturing December 2017 to February 2032 0.0 Circa £55m maturing in FY18 BRITVIC Bank Facility USPP FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 Britvic plc Investor Presentation 2018 21#22О О PROGRESS IN 2017 AND OUTLOOK FOR 2018 O#232017 ANOTHER YEAR OF STRONG PROGRESS STRONG REVENUE AND PROFIT GROWTH INCREASING CONTRIBUTION FROM INNOVATION CONTINUED ORGANIC MARGIN GROWTH THROUGH REVENUE AND COST MANAGEMENT BRITVIC TWO ACQUISITIONS COMPLETED AND INTEGRATED IN-YEAR BENEFITS OF BUSINESS CAPABILITY PROGRAMME AHEAD OF GUIDANCE 41% OF REVENUE GENERATED OUTSIDE OF GB DELIVERING IN THE SHORT-TERM: INVESTING FOR LONG-TERM GROWTH Britvic plc Investor Presentation 2018 23 |#24CATEGORY REMAINED RESILIENT IN 2017 FY Market Volume +0.8% Market Value +2.0% +4.2% (1.3)% +5.5% +0.1% (11.9)% (5.7)% BRITVIC GB take-home market data is supplied by Nielsen and runs to 30 September 2017. ROI take-home market data is supplied by Nielsen and runs to 8 October 2017. French market data is supplied by IRI and runs to 17 September 2017. Brazil market data is supplied by Nielsen and runs to 26 September 2017 Britvic plc Investor Presentation 2018 24#25INVESTMENT IN INNOVATION IS DELIVERING REVENUE GROWTH GENERATE PROFITABLE GROWTH IN OUR CORE MARKETS Invested in our innovation capability to generate category & channel growth opportunities through: % OF TOTAL REVENUE FROM OWNED-BRAND INNOVATION 6.0 5.4 • Making our portfolio more premium and more healthy 5.0 • Extending our core brands to access new occasions and consumers 4.0 3.9 4.0 3.1 Bringing new brands to market to access new or emerging categories 3.0 2.0 2.0 Targeting margin accretion 1.5 1.0 Vast majority below the soft drinks industry levy 0.0 2010 2013 2014 2015 2016 2017 BRITVIC Innovation - Launch year + 3 years, only owned-brand innovation measured on total group revenue Britvic plc Investor Presentation 2018 25 |#26GROWING REVENUE ACROSS OUR CORE MARKETS GENERATE PROFITABLE GROWTH IN OUR CORE MARKETS BRITVIC Successful revenue management to mitigate cost inflation Pepsi MAX continued to gain share in a competitive category Launch of R Whites premium range generating strong growth Stills volume growth, adverse price/mix Successfully delivered pricing growth to offset cost inflation in juice Owned-brands continued to grow ahead of private label Strong growth for Pressade and Fruit Shoot KR WHITES PREMIUM- RASPBERRY LEMONADE • Strong growth in water and low/no sugar brands Successful integration of East Coast into Counterpoint Deflationary price pressure remained in a competitive grocery sector Britvic plc Investor Presentation 2018 26 |#27INNOVATION DELIVERING GROWTH ACROSS KIDS, FAMILY & ADULT CATEGORIES GENERATE PROFITABLE GROWTH IN OUR CORE MARKETS Fruit Shoot SPARKLING HYDRO STEWATER D Stevia WITH ADDED VITAMINS Mi Wadi 0%GAR Orange ORMATI PARTAGER PRESSADE Bon Jour teneur en fruits 100% pomme ROBINSONS REFRESH'D SIMP REAL FR NO ADDE RASPBERRY & APPLE SPRING WATER WITH REAL FRUIT SUGAR R WHITES PURDEY'S EDGE Un mélange unique de jus de fruits rouges, d'eau gazeuse, d'extraits botaniques et de vitamines pour gagner en concentration. Sans sucres ajoutés LEMONADE LIXIA VITAL sans sucres ajoutés NATURALLY SOURCED INGREDIENTS Jus de pomme 15L fer alonrez 330mle 230G REVENUE +17% REVENUE +40% REVENUE +32% ₤4M RETAIL SALES VALUE SINCE LAUNCH REVENUE +13% REVENUE +29% BRITVIC REVENUE IS BRITVIC CONSTANT CURRENCY. RETAIL SALES IS SOURCED FROM NIELSEN/IRI Britvic plc Investor Presentation 2018 27#28PEPSI CONTINUED TO OUTPERFORM THE CATEGORY AND GAIN SHARE GENERATE PROFITABLE GROWTH IN OUR CORE MARKETS The Pepsi MAX success story RETAIL SALES VALUE % YOY - TAKE HOME 14.0 Continued to gained significant share, benefiting from long-term consumer move towards low/no sugar 12.5 12.0 #1 "black cola" The preferred no sugar cola in taste tests. 10.0 8.0 6.0 Added new flavours to broaden appeal 4.0 4.0 2.5 Consistent marketing focus since 2005 2.0 Value share from 17% in 2005 to 28% in 2017 0.0 TOTAL COLA TOTAL PEPSI PEPSI MAX Nielsen Take-Home to 30 Sep 2017 BRITVIČ Britvic plc Investor Presentation 2018 28#292018 WILL CONTINUE THE PEPSI MAX SUCCESS STORY 1993 GENERATE PROFITABLE GROWTH IN OUR CORE MARKETS pepsi MAX maximum taste no sugar 2013 pepsi MAK cherry: maximum taste no sugar 2017 2018 TAKE THE pepsi TASTE CHALLENGE pepsi MAX ginger MAXIMUM TASTE no sugar TASTE IT LOVE PE FOOTBALL 2018 YOU DON'T OVE IT OU HAVEN'T ASTED IT In 2017 Total Pepsi Max RSV reached £280m, +12.5% YoY Pepsi share 28%, of which 17% is Max Cherry is the #1 no sugar flavoured cola variant Cherry RSV increased 20% to £53m in 2017 Ginger has generated £6m RSV since launch in 2017 52% of sales incremental to the category Major football and taste of summer marketing campaigns BCP will enable a range of new pack formats BRITVIC Britvic plc Investor Presentation 2018 29 |#30IMPROVING PERFORMANCE FOR GB STILLS GENERATE PROFITABLE GROWTH IN OUR CORE MARKETS ROBINSONS Marginal decline in core range volume Deflationary environment Extended consumption beyond "at-home" packs Brand health measures continued to improve J20 New promotional price framework implemented Volume declined with reduction of in-store F&D New pack formats to support improved activation FRUIT SHOOT Fruit Shoot in volume growth Hydro variant up strongly Competitive category resulting in price deflation. Brand health measures have improved APPLE & WATERMELON RO OBINSO ESTRIE Real FRUIT in every drop WIMBLEDON EDITION SPRITZ ORANG Fruit Shoot HYDRO ORANCE&INEARE BRITVIČ Britvic plc Investor Presentation 2018 30 |#31CONTINUING THE REINVIGORATION OF THE ROBINSONS BRAND 2015 GENERATE PROFITABLE GROWTH IN OUR CORE MARKETS ROBINSONS Real FRUIT In every dropl WIMBLEDONY EDITION ORANGE ROBINSONS ORANGE SQUASHD Real fruit in every drep 2017 ROBINSONS REFRESH'D RASPBERRY & APPLE SPRING WATERAFIT 2018 New ROBINSONS Fruit Creations ROBINSON Creations ROBINSON Fruit Creations 2018 NEW OBINSOND Pressed Pear & Elderflower aspberry, Raban Orange Blossom FRUIT CORDIAL Everyday range reformulated in 2015 Added sugar withdrawn variant Squash'd launched to target usage on the go Refresh'd launched as a ready to drink offer Differentiated, all natural product Dispense roll out to unlock on-trade More premium range targeting older families Twice the fruit of "everyday" squash Unique blended flavours Premium range targeting adults Naturally sweetened with botanicals Sculpted glass bottle BRITVIC Britvic plc Investor Presentation 2018 31 |#32FRUIT SHOOT EVOLVING TO TARGET WIDER RANGE OF OCCASIONS 2017 GENERATE PROFITABLE GROWTH IN OUR CORE MARKETS NATURALLY FLAVOURED SPRING *WATER Shoot HYDRO Fruit Shoot REAL FRUIT AND MULTI VITAMINS ROBINSONS Fruit Shoot IT'S MY THING 2018 ROBINSONS Fruit Shoot JUICED APPLE & PEAR FRUIT JUICE DRINK TENED ONLY REAL FRUIT 50%/50% JUICE/WATER with natural flavourings SCHOOL COMPLIANT ach 200ml bottle contains 102kJ/23kcal 2% Fat 0g 0% Saturates 0g 0% Sugar 5.50 11% Og 0% Energy 14133cal 200me Relaunched Hydro Flavoured water variant Intended for older children Core variant reformulated to reduce sweetness and add vitamins First global campaign launched 'It's My Thing' - New schools compliant Juiced variant All natural formulation with 50% Juice 50% water Lower sugar than rival brands BRITVIC Britvic plc Investor Presentation 2018 32 |#33BRAZIL - SUCCESSFULLY NAVIGATING CURRENT CHALLENGING CONDITIONS INTERNATIONAL EXPANSION Gained volume and value share in tough market conditions Successfully grown margin through revenue and cost management Invested in long-term growth drivers . Brands marketing & insight capability • Reach commercial resource to expand channel presence Natural Teas Acquisition of Bela Ischia • Strong platform for future growth, expanded presence in Rio de Janeiro Will exceed acquisition synergies of R$10m Innovation Started to extend Fruit Shoot into new regions New Tea & Coconut water ranges launched BRITVIČ Bela Ischia Maracijas chá mate 10.3% DE POLPA E SUCE 0% SÓDIO CHA MATE/ MATE TEA 330 FLOZ 1LT CREWMEWHERY Britvic plc Investor Presentation 2018 33 |#34STEADY PROGRESS FOR FRUIT SHOOT IN THE USA INTERNATIONAL EXPANSION Grown revenue and improved profitability Increased market value share for singles in Convenience & Gas #2 brand overall, achieving #1 in more states Dollar General chiller listing from Q1 2018, 2 variants in >8,000 outlets Multi-pack has increased distribution, reaching 37% ACV Positive retailer feedback, all major listings retained and expanding on-shelf presence Ongoing supply chain efficiency programme to improve profitability BRITVIC NATURALLY FLAVORED JUICE DRINK MONICA 9-CYMNAST no SUGAR ADDED Fruit Shoot Fruit Punch DESERUABLE naturally Fruit Punch Flavored Juice Drink from Concentrate GERENNIAL ROBINSONS Fruit Shoot IT'S MY THING Britvic plc Investor Presentation 2018 34 |#35INVESTING TO GROW OUR INTERNATIONAL FOOTPRINT INTERNATIONAL EXPANSION BRAZIL USA Major innovation programme to grow category and expand portfolio Realising group procurement opportunities Using Bela Ischia integration to extend regional and route to market footprint Working with Pepsi to grow singles beyond C&G channel Expanding multipack range, focusing on driving consistently high standard in-store execution New senior specialist in multi-channel and commercial activation BENELUX Growing margins through disciplined revenue management Investing to grow existing Teisseire and Fruit Shoot footprint Testing group brands as innovation in new markets BRITVIČ Fruit O SUGAR AD Shoot SPARKLING HYDR Fruit Punch Naturally flevered Sparking sher v MAGUARY ORIGINAL abacaxi PINEAPPLE Teisseire SIROP Multifruits NOUVEAU PARFUM CURCE DE VITAMINE C RICHE EN GOUT SANS ART COLORANT COM Britvic plc Investor Presentation 2018 35 |#36WELL PLACED TO NAVIGATE SOFT DRINKS INDUSTRY LEVIES IN THE UK AND IRELAND BUILD TRUST AND RESPECT IN OUR COMMUNITIES PROACTIVE, INDUSTRY LEADING HEALTH POSITION SINCE 2013 BRITVIČ BROAD PORTFOLIO OFFERING CHOICE, WEIGHTED TO LOW SUGAR CLEAR COMMERCIAL PLAN FOR 2018 72% OF GB AND 69% OF IRELAND PORTFOLIO EXEMPT/UNDER LEVIES 20% BIG BELE up free SUGAR free of COLOUR hee of CAFFEINE WITH A VITAM mi drench ROBINSONS Wad 0% SUGAR Orange JUICY SPRING WATER STRAWBERRY & LIME Real FRUIT in eve 0% ROBINSONS ORANGE b PASSION FRUIT NO Mi Wadi 20 Mini ORANGE CRUSH REFRESH'D ROBINSONS CITRUS SQUASHD Real fruit in every drep 0% BINSONS uit pot Fruit Shoot HYDROFO WACKCURRANT FRUIT BLEND FRUIT SLEND Tango 60020 LONDON ESSENCE REAL Cars Club ZERO R WHITES - PREMIUM TRADITIONAL CLOUDY LEMONADE RWhite 1.5 Litres Britvic plc Investor Presentation 2018 36 |#37BCP ON-TRACK TO DELIVER SUSTAINABLE LONG-TERM BENEFITS STEP-CHANGE OUR BUSINESS CAPABILITY 2016 to 2017 Group Flattened management structure Ireland Outsourced distribution warehousing London New large PET line & warehousing Leeds New large PET line 2018 New small PET line & warehouse automation 2019 Rugby New can lines (3) New aseptic line and new high bay warehouse groundworks Warehouse completion and proposed PET lines (3) BRITVIC Britvic plc Investor Presentation 2018 37 |#382017 SUMMARY ANOTHER STRONG PERFORMANCE IN 2017 WELL POSITIONED TO NAVIGATE HEADWINDS INVESTING IN INNOVATION AND INTERNATIONALISATION BCP WILL DELIVER SIGNIFICANT BENEFITS ROBINSONS Fruit Creations TWICE WITH THE FRUIT CONFIDENT OF LONG TERM MARGIN GROWTH EXPECTING CONTINUED PROGRESS IN 2018 BRITVIČ EXOTIC PINEAPPLE, MANGO & PASSION FRUIT NO ADMD SUGAR Britvic plc Investor Presentation 2018 38 |#392018 GUIDANCE – CONFIDENT OF FURTHER PROGRESS - ANTICIPATE LOW SINGLE DIGIT INPUT INFLATION FY18 PROPOSED CAPEX £140M TO £150M YEAR-END DEBT LEVERAGE 2.1X TO 2.3X EFFECTIVE TAX RATE 22.5% TO 23.5% INTEREST CHARGE MARGINALLY HIGHER THAN F17 BRITVIČ of CITRU THE LONDON ESSENCE Co CLASSIC LONDON TONIC WATER Britvic plc Investor Presentation 2018 39 |#40О ○ APPENDIX#412017 A STRONG FINANCIAL PERFORMANCE Metric Revenue Adjusted EBITA Reported % Organic* % £1,540.8m +7.7% +2.5% £195.5m +5.1% +5.6% Adjusted EBITA Margin 12.7% (30)bps 30bps Adjusted EPS 52.9p +7.3% DPS 26.5p +8.2% Adjusted Net Debt/EBITDA 2.0x (0.2)x Numbers are at actual exchange rate. Adjusted EBITA is defined as operating profit before adjusting items. Only amortisation attributable to intangibles on acquisition is added back, in the period this is £10.7m (2016: £7.4m AER). Adjusted earnings per share adds back the amortisation attributable to intangibles on acquisition. The share base is the weighted average number of ordinary shares in issue during the period, excluding shares held by Britvic to satisfy employee share-based incentive programmes. BRITVIČ * Organic adjusts for the impact of Bela Ischia, additional week in 2016 and constant currency PURDEY'S REJUVENATE MULTIVITAMIN FRUIT DRINK LIXIR VITA Britvic plc Investor Presentation 2018 41#422017 BUSINESS UNIT PERFORMANCE - GB Carbs GB Stills Total GB CARBS Volume +1.4% +0.5% +1.2% Growth led by Pepsi MAX and R Whites ARP per litre +2.3% (5.3)% (0.4)% Price realisation from new promotional price points Revenue +3.7% (4.7)% +0.9% Brand contribution +0.8% (5.6)% (1.5)% Margins impacted by cost pressures and upweighted A&P investment Brand margin % (120)bps (40)bps (100)bps STILLS All numbers quoted are on an organic constant currency basis Note: 2016 numbers are 52 weeks to enable accurate comparison BRITVIČ Volume growth for first year since 2010 Pricing environment remains deflationary Poor August weather hurt consumption particularly in family occasions Britvic plc Investor Presentation 2018 42 |#432017 BUSINESS UNIT PERFORMANCE - France Ireland FRANCE Volume 0.4% 3.3% Brands growing ahead of private label ARP per litre 2.7% 0.2% Strong growth for Pressade and Fruit Shoot Revenue 3.0% 14.1% Margin impacted by brand mix and limited price realisation Brand contribution (0.6)% 8.4% Brand margin % (110)bps (180)bps All numbers quoted are on a constant currency basis Note: 2016 numbers are 52 weeks to enable accurate comparison BRITVIC FORMAT PARTAGER PRESSADE Bon Jour teneur 100% en fruits multifruits sans s ajouter 15L Mi Wadi GAR Apple & Pear IRELAND Owned-brand growth led by low/no sugar stills portfolio Counterpoint wholesale benefiting from expanded range Benefit from East Coast, acquired March 2017 Britvic plc Investor Presentation 2018 43 |#442017 BUSINESS UNIT PERFORMANCE - Brazil International Volume (14.2)% (1.0%) ARP per litre 14.1% 6.1% Revenue (2.2)% 5.1% Brand contribution 7.5% 81.6% Brand margin % 190bps 1,310bps All numbers quoted are on an organic constant currency basis Note: 2016 numbers are 52 weeks to enable accurate comparison BRITVIČ MAGUARY Uno 1L CONCENTRAD QUE JÁ VEN ADOCADO OBINSONS Fruit Shoot BRAZIL Volumes impacted by prevailing macro-economic environment Margin growth reflecting revenue and cost management Teisseire INTERNATIONAL Double digit revenue growth in USA Significant improvement in Benelux profitability SIROP/SIROOP Menthe Verte Munt Continuing to invest for long-term growth Britvic plc Investor Presentation 2018 44#452017 UNRELENTING FOCUS ON COST EFFICIENCY FY17 Total A&P spend 67.8 % Organic Constant Exchange Rate 5.0 Further A&P investment in H2 as planned Reduction in non-working A&P % revenue 4.5% (30)bps marketing spend delivered benefits Non-brand A&P 10.1 17.2 Moulin Valdonne Fixed Supply Chain 105.1 (3.0) Selling Costs 132.4 0.5 Supply chain depreciation increased as a result of BCP investment L'Atelier Overheads & Other Costs 127.2 1.3 Total fixed cost base 374.8 0.3 Overheads benefited from cost reduction activities and Framboise Rose Decrease (increase) in costs All numbers quoted exclude adjusting items Note: 2016 numbers are 52 weeks to enable accurate comparison BRITVIČ foreign-exchange hedging. benefits Britvic plc Investor Presentation 2018 45#462017 CASH FLOW - Adjusted EBITA 2017 £m 195.5 2016 £m 186.1 33.2 Depreciation 40.3 Amortisation (non-acq related) 8.3 8.9 Adjusted loss on disposal of PPE 2.0 1.9 Adjusted EBITDA 246.1 230.1 Adjusted working capital 26.0 (25.8) Capital spend (146.7) (121.9) Pension contributions (22.1) (25.9) Interest and finance costs (19.5) (20.5) Adjusted income tax paid (31.7) Share based payments 6.3 Issue of shares 0.7 (34.2) 6.6 4.8 Purchase of own shares (5.3) (2.1) Other 0.7 (0.2) Adjusted free cash flow 54.5 10.9 BRITVIC Britvic plc Investor Presentation 2018 46 |#47ADR PROGRAMME ADRs give access to cross-border market liquidity Cost effective and convenient to own OTCQX Quoted in U$D Dividends paid in U$D Symbol BTVCY CUSIP 111190104 Ratio 1ADR = 2 ORD Underlying SEDOL: BON8QD5 Underlying ISIN • Depositary : GB00BON8QD54 : BNY MELLON BRITVIČ BNY MELLON Britvic plc Investor Presentation 2018 47#48ACCOUNTING FOR SOFT DRINKS LEVIES AND IFRS15 THE LEVY Levy will apply from April 2018 in GB & Ireland Paid to HMRC quarterly in arrears in the UK Net revenue will increase to reflect levy charged on to customers Cost of goods will increase to reflect levy paid As a result: • ARP will increase, COGS will increase • Brand margin % and EBITA margin % will be lower IFRS 15 IFRS15 - revenue from contracts with customers is being adopted The primary impact for Britvic on implementing IFRS15 will be a restatement of revenue, brand contribution and fixed costs with nil impact on profit We will restate 2017 financials under the new framework to improve transparency in 2018 A full restatement of business units and group financials will available on www.britvic.com in a few weeks BRITVIČ Britvic plc Investor Presentation 2018 48 |