OUR CODE OF CONDUCT

P R O D U C T I O N M E C H A N I C A LCC-103655 738993 CC/2015 Code of Conduct

CC-103655_738993_NL_R2.indd10-01-15 Barry Posey

Karen Kramer

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TABLE OF CONTENTS

A Message From Larry D. Young 3

Our Commitments 4

Your Personal Responsibility 5Compliance 5RoadmapforMakingEthicalDecisions 5

Speaking Up! 6Reporting 6Investigation 6Confidentiality 6Retaliation/Obstruction 6

Key Questions 7

Our Workplace 8Diversity 8

Equal Opportunity and Non-Harassment Policy Human Rights Policy

Safety 8ConflictsofInterestinWorkingRelationships 9

Our Customers, Suppliers & Competitors 10Bribery 10

Bribery & Foreign Corrupt Practices Policy CompetitionandAntitrustLaws 10

Antitrust Policy ConflictsofInterest 11 OutsideInvestmentsandBusiness 11 GiftsandEntertainment 11

Authority and Expense Policies

Our Investors 13AccountingandFinancialReporting 13UseofCompanyResources 13

Authority and Expense Policies IT User Policy

FraudandLoss 13ConfidentialInformation 14DisclosuretoInvestors 14

Disclosure Policy InsiderTrading 14

Insider Trading Policy PoliticalContributions 15

Political Contributions Policy ProhibitedTransactions 15

Related Persons Transaction Policy

Our Consumers 16ProductQuality 16Marketing 16

Marketing to Children Policy

Our Communities 17Environment 17EthicalSourcing 17

Ethical Sourcing Code of Conduct

Human Rights Policy GivingBack 17

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A MESSAGE FROM LARRY D. YOUNGP R E S I D E N T & C E O

DPSTeam:

AswetakeACTIONonbehalfofDrPepperSnappleGroup,weareaccountableforactingwithintegrity,opennessandresponsibility,andforobeyingthelawsandregulationsofthecountrieswherewedobusiness.

OurCode of Conductprovidestheoperatingrulesthathelpusachieveourgoalsandbuildourreputation.Theyunderscoreourresponsibilitiesasagroupandasindividualstopromoteethicalbusinesspractices,usecompanyresourcesappropriately,valuediversityandensureequalemploymentopportunities,andcomplywithapplicablelaws.Togetherwithindividualresponsibilityandgoodjudgment,ourCode of Conductguidesusinmakingtherightdecisionsabouthowweworkandwhatwedo.

OurCode of ConductappliestoeveryDPSemployee,officeranddirector,everybusinesstransactionwemake,ourday-to-dayactionsandeverybusinessandpersonactingonourbehalf.Simplyput,thisisabout

doingtherightthingatalltimes.

BetheBest!

LarryD.Young

President&CEO

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OUR COMMITMENTS

OUR WORKPLACE Wearecommittedtocreatingapositiveanddiverseworkplacethatisfreefromdiscriminationandharassment.

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OUR CODE OF CONDUCT

OUR CUSTOMERS, SUPPLIERS AND COMPETITORS Wevalueandrespectourcustomers,suppliers,competitorsandgovernmentauthorities.Inourdealingswiththem,wealwaysactinanethicalandlegalmannerwhilestrivingtocompeteandwininourbusiness.

OUR CONSUMERS Wearecommittedtoensuringthatourproductsaremadetohighstandardsofqualityandsafetyandthattheyareappropriatelymarketedtoourconsumers.

OUR COMMUNITIES

Wearecommittedtoensuringthatouractionsleaveapositiveimpactonourhometowns,workforce,shareholders,customers,consumersandnaturalresources.

OUR INVESTORS

Wearecommittedtofairandproperaccountingandfinancialreportingandbeinggoodstewardsofcompanyresourcesforourinvestors.

SPEAKING UP!

UnderlyingourCodeisourSpeakingUp!policy,whichunderscoresyouraccountabilityforreportinganyviolationsoftheCode.

OurCodeofConductoutlinesthecommitmentswe’vemadetoourstakeholdersandthosewithwhomwedobusinessandourexpectationsofourcompanyandpersonneltoactinaprofessional,ethicalandlegalmannerinalltheirdealings.

YOUR PERSONAL RESPONSIBILITY

Attheheartofeverysuccessfulteamisthebeliefthatwecancountoneachothertooperateinaresponsiblemanner,actinthebestinterestoftheteamandmakeappropriatedecisionsforourselvesandonbehalfofthecompany.

COMPLIANCE

Compliancestartswithyou,andyouareresponsiblefor:

•UnderstandingandcomplyingwithourCodeandrelatedpolicies.•Familiarizingyourselfwithandfollowing thelawsandregulationsthatapplytoourbusinessandyourjob.•Actingwiththehigheststandardsofethics andintegrity.•Reportingviolationsandmisconduct.

Failuretocomplymayleadtodisciplinaryaction,includingterminationforcause.

ROADMAP FOR MAKING ETHICAL DECISIONS

WeexpectyoutousegoodjudgmentandcommonsensetocomplywiththeletterandspiritofourCodeandourotherpoliciesandavoideventheappearanceofimproperbehavior.Whenanissueisnotdirectlyaddressed,youshouldusetheCodeasaroadmapformakingethicaldecisions.Inallcases,askyourself:

•Isthiscompliantwithourpoliciesand/or wellwithinthespiritofourpolicies?•Whatmighttheimpactofmyactionbe?Couldithurtthecompany’sreputationormyprofessionalreputation?•WouldIbecomfortabletellingmymanageraboutmydecision,orseeingmydecisionreportedinthenewsmedia?

Ifthereisstillanydoubt,seeKeyQuestionsforwhomtoask.

OurCodeisaboutdoingtherightthingatalltimes.

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Thank you for your efforts to ensure DPS continues to be recognized by our employees, consumers, customers, vendors and shareholders as an ethical company with great brands and great people.

SPEAKING UP!

A“goodfaith”reportmeansthatyouhaveprovidedalloftheinformationyouhaveandbelieveittobetrue.Weprohibitretaliationagainstanyonewhomakesareportingoodfaith.

REPORTING

IfyouhaveconcernsaboutanymatterorifyouareawareofapotentialbreachofthisCodeoritsrelatedpolicies,youhaveadutytoreportit.Toassistusininvestigating,youareencouragedtoprovidealloftheinformationyouarecomfortablewithproviding.OurSpeakingUp!Policy,outlinedbelow,providesawayforyoutoreportanonymously,ifyouchoose,andwithoutconcernforretaliation.Youmay:

WritetoDPSatthefollowingaddress:

DrPepperSnappleGroup5301LegacyDrivePlano,TX75024Attn:GeneralCounsel

CalltheanonymousSpeakingUp!hotlineanytime24hoursaday,365daysayear:

U.S.andCanada:1.800.349.4248Mexico:001.888.243.8076

SubmitanonymouslytotheSpeakingUp!website:

https://www.integrity-helpline.com/dps.jsp

INVESTIGATION

Wewillreviewandinvestigatereportspromptly,thoroughlyandfairly,takingappropriateactionwhenevernecessary.Youareexpectedtoparticipateinaninvestigationwhenasked.Investigationsareconductedwithoutregardtoasuspectedwrongdoer’slengthofservice,position/titleorrelationshiptothecompany.Ifyouarenotsatisfiedwithouractionstakeninresponse,youmayreportthemattertothechairmanoftheauditcommitteeoftheboardofdirectorsatthecompanyaddressabove.

Wevalueopennessandhonesty.

CONFIDENTIALITY

Everyreasonableeffortwillbemadetomaintaintheconfidentialityofinformationreported.Aninvestigationwillnotbedisclosedordiscussedotherthanwiththosewithalegitimateneedtoknow.Wereservetherightinoursolediscretiontodiscloseanyinformationobtainedduringaninvestigationtoanythirdparty,includinganyfederalorstateagency.

RETALIATION/OBSTRUCTION

Wewillnottolerateretaliationinanyformagainstanypersonforreportsmadeingoodfaith.Anyretaliationorattempttodeterorobstructanemployeefromprovidingsuchinformationorparticipatinginaninvestigationwillbetreatedasaseriousdisciplinaryoffense.

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KEY QUESTIONS

TO WHOM DOES THE CODE APPLY?

Unlessotherwisenoted,ourCodeappliestoallemployees,officersanddirectors(“you”)ofDrPepperSnappleGroup,Inc.anditssubsidiaries(“company”or“we”)intheU.S.andothercountriesweoperate.Wealsoexpectourconsultants,vendors,contractorsandotherthirdpartieswithwhomwedobusinesstoabidebytheportionsofourCodethatareapplicabletoourrelationship.Notethatincertaincases,thepoliciesmayapplytoyou,yourfamilymembersandpersonswholivewithyou.

DOES THIS CODE COVER ALL OF MY OBLIGATIONS?

InthisCode,weprovideguidance,butcannotlistallactivitiesorbehaviorsthatmaybeinappropriate.Thisguidanceisnotintendedtocoverallpotentialsituations,andtheexamplesprovidedheredonotlimitthegeneralityoftheCodeorotherpolicies.

DO OTHER POLICIES APPLY?

Yes.OurCodeisastartingpointforunderstandingyourobligations.Otherpoliciesapply,someofwhicharereferencedinthisCode.TheseotherrelatedpoliciesmaybeprovidedtoyouorareavailabletoyouonthecompanyInternet.

WHO DO I ASK IF I HAVE A QUESTION?

Ifyouhavequestionsabouthowtointerpret

thisCode,orwhetherareasoftheCodemaybewaivedinrelationtoyouractivities,youmayaskthroughourSpeakingUp!reportingchannels.Pleasenotethatcomplianceresponsibilityultimatelyrestswithyou.

WHO REVIEWS AND APPROVES THE CODE?

TheboardofdirectorsreviewsandapprovesourCodeofConduct.Otherpoliciesmaybereviewedandapprovedbytheboardand/orotherseniormanagement.Theauditcommitteeoftheboardofdirectorsandthegeneralcounsel’sofficemonitorcompliancewiththisCodeandtakeappropriateactionstopromoteaccountabilityandaddressmisconduct.PleasenotethatwereservetherighttoamendormodifythisCodeorotherreferencedpoliciesatanytime.

WHO MUST APPROVE A WAIVER?

IfcircumstancesareunclearandyoubelievethatawaiverofanyprovisionofthisCodeiswarranted,youmustdiscloseallrelevantfactsandmakesuchrequestthroughthegeneralcounsel’soffice.Waiversforemployees,otherthanexecutiveofficersandtheprincipalaccountingofficerorcontroller,mayonlybemadebytheGeneralCounsel.Waiversforexecutiveofficersandtheprincipalaccountingofficerorcontrollershallonlybemadebyeithertheauditcommitteeoftheboardofdirectorsortheboardofdirectors.Waiversforaboardmembershallbemadeonlybytheboardofdirectors.

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Our commitments to:

OUR WORKPLACE

Ifyouencounterorbecomeawareof any act of discrimination orharassment, you are accountablefor reporting it through yoursupervisor, a member of thehuman resources team or ourSpeakingUp!hotline.

RESPECT & PROMOTE DIVERSITY

Justaseachofourbrandsbringsitsownflavortoourproductportfolio,eachDPSemployeebringshisorherownuniquesetofexperiences,perspectivesandbackgroundstoourbusiness.WhenwetakeACTIONatDPS,wedosowithoutregardtosex,race,color,nationalorigin,ancestry,religion,creed,age,maritalstatus,gender,genderidentityorexpression,disability,medicalcondition,coveredveteranormilitarystatus,sexualorientation,geneticinformation,oranyotherstatusprotectedunderfederal,stateorlocallaw.Accordingly,unwelcomeconductbasedonanyoftheseprotectedcharacteristicsisforbidden.

We’recommittedtodiversityandequalopportunityandprohibitdiscriminationaswellasunwelcomeanddiscriminatorybehavior.Thisincludesconductthatcreatesanintimidating,offensiveorhostileenvironment.Thisconductcantakemanyforms,includingphysicalactions,spokenorwrittencomments,andmultimedia.

Regardlessoftheformittakes,harassmentnegativelyimpactsindividualworkperformanceandourworkplaceasawhole,andwillnotbetolerated.

SeeourEqual Opportunity and Non-Harassment Policy and Human Rights Policy.

Wearecommittedtocreatingapositiveanddiverseworkplacethatisfreefromdiscriminationandharassment.

ENSURE A SAFE WORKPLACE

Safetyiseveryone’sresponsibilityatDPS.Weallareaccountableforprovidingasafeworkingenvironment,whichmeansthatyoushouldimmediatelyreportanyunsafeconditionsoractivitiesthroughyoursupervisor,amemberofthehumanresourcesteamorourSpeakingUp!hotline.Thisincludesviolationsofsafetylaws,localsafetyrulesorsecurityprocedures;threatsoractsofviolenceagainstcompanyproperty,employeesorcustomers;vandalism;andthepresenceofweaponsorprohibitedsubstancesoncompanypremises.

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AVOID CONFLICTS OF INTEREST IN WORKING RELATIONSHIPS

Giventhepotentialforconflictsofinterestandtheinherentriskssuchrelationshipscouldposetoeffectiveworkingrelationships,apersonmaynotsuperviseafamilymember,andapersonmustnotenterintoaromanticorsimilarlycloserelationshipwithanypersonheorshesupervises.Moreover,afamilymemberofanofficerordirectormaynotbehired,regardlessofposition,withoutapprovalfrombothhumanresourcesandthegeneralcounsel’soffice.

Forthesepurposes,youareconsidered“supervising”apersonif:

•Youhavesupervisoryresponsibilityoreffectivecontroloveranyaspectofhisorherjob,•Youaudit,revieworoverseeanyaspectofhisorherjob,or•Heorshereportstoyou,directlyorindirectly,withinourorganizationalstructure.

A“familymember”includesaspouse,parent,child,grandchild,sibling,step-parent/child/grandchild/siblingandin-laws,whetherornotlivingatthesameresidence,andpersonswholivewithyou.

Pleasenotifyhumanresourcesifyoubecomeawareofapotentialhiringthatmayresultinaconflictwiththisprovision.

Iftwoformerlyunrelatedemployeesbecomefamilymembers,orpreviouslywerenotinasupervisoryrelationshipbutduetopromotion,transfer,orthelikenoware,bothshoulddisclosetherelationshiptohumanresources.

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Our commitments to:

OUR CUSTOMERS, SUPPLIERS & COMPETITORS

PROHIBIT BRIBERY

Weconductourbusinesswithintegrityandstrictlyprohibitanysortofbribery,includingbyanypersonactingdirectlyorindirectlyonourbehalfandwhetherforourdomesticorforeignsubsidiaries.YoushouldalsobemindfuloftheappearanceofimproprietyandourpoliciesongiftsandentertainmentasexplainedbelowinConflictsofInterest.

Inanydealingwithgovernmentofficials,additionallawsandpoliciesapply.Variousnationalandlocallawsmakeitacrimetobribegovernmentofficials.Inaddition,underU.S.law,itisillegaltogiveanythingofvaluetoaforeignofficial,whetherbyourownemployeeorpersonsactingonourbehalfandwhetherbyourdomesticorforeignoperations.Violationscanresultincriminalandcivilliabilityforyouandthecompany.Evenanoffer,promiseorauthorizationofabribeoranominalpaymentorgiftmayviolatelaw.

SeeourBribery and Foreign Corrupt Practices Policyforfurtherexplanationofthesubstantiallegalrequirementsandourstrictrules,includingongiftsandentertainment,withwhichyoumustcomplyindealingwithgovernmentandforeignofficials.

Wevalueandrespectourcustomers,suppliers,competitorsandgovernmentauthorities.Inourdealingswiththem,wealwaysactinanethicalandlegalmannerwhilestrivingtocompeteandwininourbusiness.

COMPLY WITH COMPETITION & ANTITRUST LAWS

Westrivetocompetefairlyandarecommittedtocomplyingwithapplicablelaws,includingantitrustlawscoveringthepricing,promotion,distribution,purchaseandsaleofourproducts,aswellasourrelationshipsbetweenmanufacturers,suppliers,distributors,retailers,customersandcompetitors.

Violationsoftheselawsmayresultinfinesandimprisonment.Someactivitiesmaybeillegalandshouldbeavoided,suchasagreementsbetweencompetitorstosetpricesorallocateterritoriesorcustomers.Inordertoavoidtheappearanceofimpropriety,youshouldalsogenerallyavoidanydiscussionofprices,terms,distribution,production,customersorterritorieswithacompetitor.Antitrustandcompetitionlawsmayalsorestrictthetyingofthepurchaseofoneproductwithanother,certainexclusivedealingarrangements,settingofresalepricesandotheractivities.

Thelawsandtheirapplicationtoindividualcircumstancesarecomplex.Moreover,becausesomeofourbottlersareownedbybrandowners,wemustbeawareofthoserelationshipsandensurethatourdiscussionsandanyconfidentialinformationweshareareappropriate.Ifyouhaveresponsibilityforthesaleormarketingofourproducts,youshouldfamiliarizeyourselfwiththeselawsandourAntitrustPolicyandalwaysconsultwiththelegaldepartmentwhenyouhavequestions.

SeeourAntitrust Policyforfurtherguidanceonantitrustlawsandadditionaldiscussionofimproperandproperbehaviorindealingwithcompetitors.

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AVOID CONFLICTS OF INTEREST

Weareaccountableforensuringthatourpersonalinterestsdonotimpactourabilitytomakesoundbusinessdecisions.Conflictsmayarisewhenyourpersonalorfamilyinterestsmayinterferewiththecompany’sinanywayormayaffectyourobjectivityandeffectiveness,orwhenyoureceiveimproperpersonalbenefits.Youmaynotengageinanyactivitythatcreatesaconflictofinterest,ortheappearanceofone,betweenyouandthecompany.Moreover,youmaynotuseourproperty,positionorinformationforpersonalgainandyoumaynotcompetewithus.Thefollowingareexamplesandguidelines:

Outside Investments and Business.Aconflictofinterestmayariseasaresultofyourrelationship(includinganyfinancialinvestmentorloan)withacompetitororwithanotherentitywithwhomthecompanyisdoingorisseekingtodobusinessorwherearelationshipinterfereswithormayinterferewithyourresponsibilitiestothecompany.Aconflictofinterestmayalsoariseifyoutakecompanybusinessopportunitiesforyourselfordirectthoseopportunitiestothirdparties(unlessthecompanyhasturnedtheopportunitydownanditclearlydoesnotconflictwiththecompany’sbusinessinterests).Ifyoudesiretobecomeadirector,officer,employee,owner,consultantorenterintoanyotherbusinessrelationshipwithacompetitororanyotherentitywithwhomthecompanyconductsbusinessorisseekingtoconductbusiness,thenyoushouldconsultyoursupervisorandthegeneralcounseltodetermineifthatrelationshipconstitutesaconflict.

However, a conflict of interest would not be created where:

Youhaveenteredintotherelationshipwithanotherentitythatisdoingbusinesswithorisseekingtodobusinesswiththecompanyatthedirectionoftheboardoranexecutiveofficerforthebenefitofthecompany.Suchrelationshipcouldincludeservingasanadvisortoanalliedbrandorservingontheboardofanalliedbrand.

Therelationshipistheresultofyourinvestmentinapubliccompanythroughamutualfundorothersimilarnon-discretionary,non-directedarrangement.

Thegeneralcounseldetermines,afterafulldisclosureofthefactsabouttherelationship,thatitisnotaconflictorisimmaterialto(a)thecompany,(b)tothecompetitororotherentityand(c)toyou.

•Gifts & Entertainment.Youmaynotacceptgiftsormeals,trips,tickets,eventsandotherformsofentertainmentthatmayappearortendtoinfluencebusinessdecisions,compromiseindependentjudgmentorcreatetheimpressionorexpectation(perceivedorotherwise)thatthegiverwillberewardedinsomeway.Youmustalsobesensitivetoourcustomers’andsuppliers’ownrulesongiftsandentertainment.Regardlessofthemotiveoractualinfluenceonindependentjudgment,youmaynotacceptorprovide“significant”giftsorentertainment,whetherfromortoacustomer,supplieroranyoneattemptingtodevelopabusinessrelationshipwithus.Modestgiftandreasonableentertainmentareacceptable,butshouldnotcreateanexpectationorappearanceofspecialtreatment,andshouldbeappropriateandconsistentwithourotherpolicies.Weexpectyoutousegoodjudgmentandcommonsenseandavoideventheappearanceofimproperbehavior.Inallcases,anysortofbriberyisstrictlyprohibited.And,inanydealingwithgovernmentofficials,otherstrictlawsandpoliciesapplyasexplainedaboveandinourBribery and Foreign Corrupt Practices Policy.

Q:Whatare“significant”giftsandentertainment?

A:Significantgiftsarethoseover$300invalue,andsignificantentertainmentisthatwhichisoverandabovewhatcouldbeconsideredreasonableandcustomaryunderthecircumstancesoftherelationship.

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Examplesofmodestandreasonablegiftsandentertainmentmayinclude:

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Examplesofsignificantandprohibitedgiftsandentertainmentmayinclude:

•T-shirts,inexpensivepens,mugs,cups,calendarsandthelike.•Giftsofourregularproductsorpromotionalitemsmadebysalesormarketingtogenerategoodwill.•Eventticketsthataregenerallyavailabletothepublic,suchaslocalsporting,concertandtheatreevents.•Entertainmentthatisapartofacompanysponsoredprogram,suchasasalesincentiveoracustomermarketingpromotion.

•Anygiftmorethan$300invalue.•Most“elite”or“premiere”eventtickets(suchastheOlympics,WorldCup,SuperBowl,WorldSeries,Wimbledon,Masters,U.S.Open,PGAChampionship,OscarsorGrammys)thatarenotrealisticallyaccessibletothegeneralpublicoravailableonlyataveryhighpremiumoverfacevalue.•Cashorcashequivalentsofanyvalue(suchasapre-loadeddebitcardorgiftcertificates).

Ifyouhaveanydoubtonthepropercourseofactionregardinggiftsandentertainment,obtainthepriorapprovalofyourmanager.SeeourAuthority and Expense Policiesforfurtherguidanceandrequirementsregardingproperexpenses,approvalsanddocumentationforgiftsandentertainment.

Our commitments to:

OUR INVESTORS

ENSURE SOUND ACCOUNTING AND FINANCIAL REPORTING

Wearecommittedtoprovidingfull,fair,accurate,timelyandunderstandabledisclosureofrelevantinformationtoinvestorsandtheSecuritiesandExchangeCommission.Wehaveclearlegalobligations,andit’simportanttorememberthatfraudulentormisleadingreportingorimpropertransactionscanresultincivilorcriminalpenaltiestotheindividualsinvolvedandthecompany.Alltransactionsmustbeproperlyapprovedandaccuratelyreflectedonourbooksandrecords,accountingandfinancialreporting.Estimatesandguidanceonfutureperformance,thoughsubjecttomanyuncertaintiesandrisks,shouldbebasedongoodfaithviewsatthetimemade.Youshouldalsoreportanyerror,deficiencyornoncompliancewithinternalaccountingcontrols.

SAFEGUARD OUR COMPANY RESOURCES

Weshouldbegoodstewardsofcompanyresources.Youruseofcompanyresources,suchasspendingcompanydollarsandusingcompanyassetsandITsystems,shouldalwayshaveproperbusinesspurposesandrequiredapprovalsandbebackedwithproperdocumentation.OurAuthorityandExpensePoliciesexplaintheappropriatetypesandamountsofspending,contracts,commitmentsandotheractions,aswellaswhomustapprovecertainactions,thedocumentationyoumusthaveandhowyoumustsubmitit.Likewise,ourITUserPolicyoutlinesrequirementswhenusingcompanyITresourcesincludinginformationoninappropriateconductandmonitoringofactivities.

SeeourAuthority and Expense PoliciesandourIT User Policyforfurtherguidance.

GUARD AGAINST FRAUD AND LOSS Wemustworktopreventfraudandlosstoourbusiness.Thefollowingactionsarestrictlyprohibited:

•Forgery,alterationorfalsificationofdocuments,recordsortransactions,includingexpensereports.•Off-the-recordtrading,accountsortransactions.•Fraud,regardlessofamount,includingdeceptiveormanipulativeconductorviolationofcorporateloyalty,trustorconfidence,whetherintentionalorreckless.•Attempttomislead,deceive,manipulate,misstateorengageindeliberateerror,includinganyfalseormisleadingrepresentationorconcealmentofamaterialfact.•Reportingoffalseormisleadinginformationininternalorexternalfinancialreports.•Theft,destruction,removalorinappropriateuseofcorporatepropertyorinformation.•Receivingproperty,loansorgiftsfromthecompany,exceptundercompanyserviceorawardplans.

Wearecommittedtofairandproperaccountingandfinancialreportingandbeinggoodstewardsofcompanyresourcesforourinvestors.

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PROTECT CONFIDENTIAL INFORMATION

Inyourrole,youmaybecomeawareofconfidentialinformationaboutDPSandourfinances,sales,products,employeesorthirdpartieswithwhichwedobusiness.Unauthorizedorinappropriatedisclosureoruseofconfidentialinformationisprohibited.Youmaynotusesuchinformationforpersonalgainandshouldtakereasonablestepstoprotectit.Youshouldnotprovideittootherparties,exceptforproperbusinesspurposeswithproperconfidentialityagreements.Theseconfidentialityobligationscontinueafteryourrelationshipwithusends.

ENSURE FAIR DISCLOSURE TO INVESTORS

Inparticular,wemustensurefairdisclosuretoinvestors.Applicablelawsgovernhowandwhenwedisclosematerialinformationtothepublicmarket,andyoumuststrictlycomplywithourobligationsunderlawandourDisclosurePolicy.OnlytheCEO,CFOanddesignatedinvestorrelationsandcorporateaffairsrepresentativesmayspeakwithinvestors,thefinancialcommunityormediawithoutpriorapproval.Internally,materialnon-publicinformationshouldbecontrolledonaneed-to-knowbasis.FormallyapprovednewsreleasesandSECfilingsaretheprimarymeansofdisclosingsuchinformation.Ifyoubelievesuchinformationhasbeeninappropriatelydisclosed,notifythegeneralcounsel’sofficeimmediately.

SeeourDisclosure Policy forfurtherinformation.

OBEY INSIDER TRADING LAWS

Youmustnottradeillegallyinsecuritiesorprovideinsidertipstoothers.Insidertradinglawsarevigorouslyenforcedandpenaltiescanbesevere,includingmillion-dollarfinesandmulti-yearjailterms.

IfyouareawareofmaterialnonpublicinformationrelatingtoDPSoritssecurities,youmaynot,directlyorindirectlythroughfamilyorothers:

•BuyorsellDPSsecuritiesorotherwisetakeanyactiontotakepersonaladvantage,or•Providetheinformationtoanyoutsideparty,includingfamilyandfriends.

Inaddition,certainemployees,officersanddirectorsmayonlytradeduringdesignatedtradingwindows,andmustnevertradewhenawareofmaterialnon-publicinformationorwhenanyothertradingblackoutisimposed.

SeeourInsider Trading Policyforfurtherguidance,includingexamplesofmaterialnon-publicinformation,howtransactionsunderstockplansaretreated,additionalprohibitionsonspeculating,short-sellingandtradingincompanieswithwhichwemaydobusiness,obligationsifyouleavethecompany,andadditionaltradingandreportingobligationsfordirectorsandexecutiveofficers.

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OnlytheCEO,CFOanddesignatedinvestorrelationsandcorporateaffairsrepresentativesmayspeakwithinvestors,thefinancialcommunityormediawithoutpriorapproval.

COMPLY WITH POLITICAL CONTRIBUTIONS LAWS

DPSencouragesvoluntarypersonalparticipationwiththepoliticalprocessonyourowntimeandinamannerthatisconsistentwithrelevantlawsandcompanyguidelines.However,youshouldspeakasanindividualandavoidtheappearancethatyouarespeakingasourrepresentative,unlessauthorized.EligibleemployeesmaymakepersonaldonationstotheDPSpoliticalactioncommittee.Personalpoliticaldonationswillnotbereimbursed,whetherthroughanexpenseaccount,bonusorotherwise.Youmaynotusecompanyfunds,facilitiesandotherassets(includingnominalcontributionsofourproducts)tosupport,directlyorindirectly,anypoliticalcandidateswithoutadvancewrittenapprovalfromthegovernmentaffairsteamandthegeneralcounsel’soffice.

Allcompanyandpoliticalactioncommitteecontributionsandmattersofpublicpolicyaremanagedbyourgovernmentaffairsteam.Incertainstates,DPSmaymakepoliticalcontributionswithinspecificlimitsandreportingrequirements,suchasthroughastatebeverageassociation.However,thecompanymaynotmakedirectcontributionsorgiftsofanykind,whethermoney,property,goodsorservices,toanypoliticalcandidate,campaigncommitteeorotherorganizationinconnectionwithanyfederalelection.

SeeourPolitical Contributions Policyforfurtherinformation.

AVOID PROHIBITED TRANSACTIONS

Weareaccountableforensuringthatourpersonalinterestsdonotimpactourabilitytomakesoundbusinessdecisions.InadditiontotheconflictsofinterestissuesapplicabletoallofourpersonnelinOurCustomers,SuppliersandCompetitorsandOurWorkforcesections,ourRelated Persons Transaction Policyoutlinesadditionalprohibitionsonloansandothertransactionsbetweenthecompanyand“relatedpersons,”includingdirectors,officersandmaterialshareholders.

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Our commitments to:

OUR CONSUMERS

Weexpectallofourpersonneltobeaccountabletoapplyrigorousqualitystandardsthroughoutoursupplychainandbusinessandreportanyproductsafetyconcernsimmediately.

PRODUCE PRODUCTS OUR CONSUMERS CAN TRUST

AtDPS,qualityandsafetyareintegraltoourvaluesandwe’recommittedtoproducingproductsthatourconsumerscantrust.Tothatend,weemployarigorousqualitymanagementprocesstoensureweproducehigh-qualityproductsthatmeetourspecificationsandcomplywithregulatoryrequirements.Ourprocessincludesthereviewandmonitoringnotonlyofourownplantsandproduction,butalsothequalityandsafetyofourbottlers,co-packersandsuppliers.Wealsoactivelylistenandregularlyrespondtothequalityexpectationsofourconsumers.

MARKET OUR PRODUCTS RESPONSIBLY

Asaleaderinflavoredbeverages,ourproductshavebeenenjoyedbyfamiliesforgenerations.Werespectourconsumersandappreciatethetrusttheyhaveinourcompanyandourproducts.Togarnerthattrust,wemarketandadvertiseourproductsinatruthfulmannerincompliancewithallapplicablelaws.

Wealsomarketourproductsinamannerappropriatefortheintendedaudience.Oursoftdrinks,juicesandjuicedrinksarelovedbyallages,andcanbeconsumedaspartofabalancedandactivelifestyle.Weencouragefamiliestomaketherightchoicesforthemselvesbyprovidingclearcalorielabelsonthefrontofourproducts,smallerportionsizes,numerousregular,lowandnocalorieoptionsandournutritionandingredientwebsite.Whenitcomestochildren,webelievethatparentalinvolvementisthekeytochoosinghowandwherewepromoteourfamilyofproducts,andhavedevelopedapolicytohelpguideyouabouthowandwherewemarketourbrands.

Seeour Marketing to Children Policyforfurtherinformation.

Wearecommittedtoensuringthatourproductsaremadetohighstandardsofqualityandsafetyandthattheyareappropriatelymarketedtoourconsumers.

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Our commitments to:

OUR COMMUNITIES

PROTECT THE ENVIRONMENT

Ourcommitmenttodeliveringgreatbrandsgoeshandinhandwithoureffortstopreserveandprotectthenaturalresourcesweusetocreatethem.Westrivetouseenvironmentallysoundpracticesandmeetorexceedtherequirementsofenvironmentallaws,rulesandregulationsgoverningourbusiness.Weactivelypursueoperationalimprovementsandphilanthropicactivitiesdesignedtoreduceourenvironmentalimpact.

Ifyouknowofapracticethatdoesnotcomplywithenvironmentallawsorourpolicies,youhaveadutytoreportit.

SOURCE ETHICALLY

Weexpecthighstandardsofqualityandsafetythroughoutoursupplychainbysuppliersthatprovidesafeworkingconditions,dignityandrespectfortheiremployees.Weinspectwhatweexpectandworkwithoursupplierstoobtaincommitmentandcompliancetoourethicalsourcingstandards.

SeeourEthical Sourcing Code of ConductandourHuman Rights Policy forfurtherinformation.

GIVE BACK TO OUR COMMUNITIES

Throughgrant-giving,programpartnershipsanddisasterrelief,wewanttofosterphysicallyactive,engagedandsustainablecommunitieswhereouremployees,customersandconsumersliveandworkandfocusoureffortsonfitandactivelifestyles,environmentalinitiatives,emergencyreliefandhometowngiving.Wehaveestablishedsignaturepartnershipswithselectnonprofitorganizationsandencouragevolunteerismamongouremployees.

Seeoursustainabilityreportatdpsgsustainability.comforadditionalinformationonoursustainabilityprogramandgoals.

Wearecommittedtohavingapositiveimpactonourcommunityandenvironment.

Westrivetodogoodthingswithflavorinourhometownstogivebacktothosewhohavesupportedourcompanyandbrandsthroughtheyears.

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