Fourth Quarter 2008 Conference Call
Fourth Quarter 2008 Conference Call
March 26, 2009
March 26, 2009

Safe Harbor Statement
This release contains forward‐looking statements within the meaning of Section 27A of the
This release contains forward‐looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including, in particular, statements about future events, future financial
amended, including, in particular, statements about future events, future financial
performance, plans, strategies, expectations, prospects, competitive environment, regulation,
performance, plans, strategies, expectations, prospects, competitive environment, regulation,
and cost and availability of raw materials. Forward‐looking statements include all statements
and cost and availability of raw materials. Forward‐looking statements include all statements
that are not historical facts and can be identified by the use of forward‐looking terminology such
that are not historical facts and can be identified by the use of forward‐looking terminology such
as the words “may,” “will,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend” or
as the words “may,” “will,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend” or
the negative of these terms or similar expressions. These forward‐looking statements have been
the negative of these terms or similar expressions. These forward‐looking statements have been
based on our current views with respect to future events and financial performance. Our actual
based on our current views with respect to future events and financial performance. Our actual
financial performance could differ materially from those projected in the forward‐looking
financial performance could differ materially from those projected in the forward‐looking
statements due to the inherent uncertainty of estimates, forecasts and projections, and our
statements due to the inherent uncertainty of estimates, forecasts and projections, and our
financial performance may be better or worse than anticipated. Given these uncertainties, you
financial performance may be better or worse than anticipated. Given these uncertainties, you
should not put undue reliance on any forward‐looking statements. All of the forward‐looking
should not put undue reliance on any forward‐looking statements. All of the forward‐looking
statements are qualified in their entirety by reference to the factors discussed under “Risk
statements are qualified in their entirety by reference to the factors discussed under “Risk
Factors” in our Quarterly Report on Form 10Q and “Special Note Regarding Forward‐Looking
Factors” in our Quarterly Report on Form 10Q and “Special Note Regarding Forward‐Looking
Statements,” and elsewhere in our Registration Statement on Form 10 filed with the Securities
Statements,” and elsewhere in our Registration Statement on Form 10 filed with the Securities
and Exchange Commission (“SEC”) on April 22, 2008 and our other filings with the SEC.
and Exchange Commission (“SEC”) on April 22, 2008 and our other filings with the SEC.
Forward‐looking statements represent our estimates and assumptions only as of the date that
Forward‐looking statements represent our estimates and assumptions only as of the date that
they were made. We do not undertake any duty to update the forward‐looking statements, and
they were made. We do not undertake any duty to update the forward‐looking statements, and
the estimates and assumptions associated with them, after the date of this release, except to the
the estimates and assumptions associated with them, after the date of this release, except to the
extent required by applicable securities laws.
extent required by applicable securities laws.

Macroeconomic and Market
Conditions Remain Challenging
• Consumers under pressure; redefining
affordability
• Premium, FX and Mexico still challenging
• CSDs and value-priced juices performing well

DPS Remains Committed to its Long-Term
Strategy Which Will Deliver Shareholder
Value Over Time
• Advantaged portfolio in attractive categories
• Strategic imperatives unchanged:
 Build and enhance leading brands
 Pursue profitable channels, packages and categories
 Leverage our integrated business model
 Strengthen our route to market
 Improve operating efficiencies
• Talented and experienced leadership team
• Expect 3-5% net sales growth and high single-
digit EPS growth over time

Investing for the Future
• Investing today to support long-term growth
• Key initiatives:
 Brand development
 Victorville platform plant
 Cold drink, single serve and fountain/foodservice
expansion
 Route to market investments

Proud of Our Achievements in Our First
Year as a Public Company
• Raised $3.9B of debt and separated from Cadbury
• Relocated R&D facility to Plano, TX
• Delivered $60 million in restructuring savings
• Generated $709 million of cash from operations;
repaid $395 million in debt
• Grew U.S. CSD and shelf stable juice dollar share
• Became #1 branded manufacturer in the juice aisle
• Progressive Grocer’s Best in Class Category Captain
for Soft Drinks
• Canada Dry Green Tea Ginger Ale named Best
Beverage of the Year

Q4 and Full Year 2008
Performance Overview
Q4 2008 FY 2008
As Adjusted1
1 vs 2007 vs 2007
Volume (BCS) -1% -1%
Net sales +3% +4%
Segment Operating Profit +4% Flat
EPS excluding certain items $0.39 $1.85
1
Reconciliation of non-GAAP financial measures can be found under the investors section at
www.drpeppersnapple.com

2009: Executing Against a
Focused Strategic Plan
• Leverage white space opportunities
• Strong innovation focused on the core
• Increase consumer communications
• Continue to strengthen our route to market
• Build on single serve expansion momentum

Strong Innovation,
Focused on the Core
CSD Functional Teas/Juices

Expanding Crush Through New
Bottler Distribution Agreements

Reaching More Consumers
Every Day

Established Productivity Office to Support
Continuous Investment Philosophy
• Increasing focus on cost containment
• Established productivity office
• Year 1 net investments in $20-$30 million
range

Below the Line
and Other Items
• Net sales and cost of sales restatement
• Impairment charges
 Snapple brand intangible $278 million
 Bottling group goodwill & intangibles $761 million
• Restructuring costs include $16 million of
additional pension expenses
• Tax rate:
 $9 million deferred tax charges and unfavorable
territory mix
 $11 million additional indemnified & separation items

Strong Cash Generation Enabling
$395 Debt Pay Down
• 2008 cash from operations $709 million
• Focus on working capital
• Capex of $304 million, in line with 5% of sales
guidance
• Paid down $395 million of debt, covering 2008
and 2009 requirements

2009 Guidance – Base Year
• Comparable currency-neutral net sales up 2-4%
• EPS ex-items: $1.59 to $1.67
 Hansen losses/co-pack ~$48 million operating profit
 Fuel savings ~$35 million -- will be reinvested
 Stand-alone and stock-based comp costs $25 million higher
 Blended interest rate of 6.6%
 Interest income $25 million lower -- 1st half 2009 impact
st
 FX at current spot rates = $0.12 per share
 Tax rate 39% to 40%
• Phasing:
 H1 comparisons will be harder
 Marketing shifts to 1st half
st
 Easter shift to 2nd quarter
nd

Packaging and Ingredients Have
No Net Impact on COGS Inflation
Packaging & Ingredients Basket % Cost Change vs 2008
1
2
3
4
5
6
7
8
9
% decrease
% decrease % increase
% increase

2009 Cash Priorities
and Liquidity
• Continue to expect strong cash from operations
• Continue to pursue working capital improvements
• Cash contributions of $43 million to pension and
post retirement benefit plan
• Capex 5% of net sales
• Targeting $400 million of debt prepayments in
2009

New Segment Reporting
• Provides clarity and transparency
• 3 Segments:
• Beverage Concentrates
• Packaged Beverages
• Latin American Beverages
• Expect to file supplemental information with
FY 2006, FY 2007 and 2008 by quarter, by the
end of April 2009

Confident Our
Strategy is Working
• CSD, Tea and Juice Categories are large and
attractive and we have room to grow
• DPS committed to long term strategy and
investing for the future
• Portfolio of leading flavored CSDs and value
juices provides affordable treats every day
• Investing behind our brands
• 2009 base year -- off to a solid start