Mr. Jerry Fowden reports

PRIMO WATER ANNOUNCES APPOINTMENT OF ROBBERT RIETBROEK AS CEO

Primo Water Corp.'s board of directors has appointed Robbert Rietbroek as chief executive officer and to the board of directors, effective Jan. 1, 2024. The appointment concludes a comprehensive CEO search process, launched by the board following Tom Harrington's decision to retire, with the mandate to appoint a highly capable leader with extensive product innovation, operational and transformational experience, capable of further driving growth across Primo Water's businesses for years to come.

Mr. Rietbroek is a seasoned executive bringing more than 25 years of experience at Fortune 500 companies to Primo Water, including five years as senior vice-president and general manager responsible for Quaker Foods North America (QFNA), a reported sector of PepsiCo. Prior to his role at Quaker, Mr. Rietbroek was a senior vice-president and general manager PepsiCo Australia and New Zealand. Before his tenure at PepsiCo, Mr. Rietbroek served as vice-president and general manager Australia, New Zealand, Pacific Islands, and vice-president and global sector leader Baby and Child Care at Kimberly-Clark. Mr. Rietbroek also spent nearly 16 years at Procter & Gamble in a variety of management and marketing roles in North America, Latin America, Europe, Middle East and Africa. Mr. Rietbroek has worked across multiple consumer goods categories and has been recognized for exceptional brand building and innovation, achieving several awards and recognitions.

"On behalf of the board, I want to thank Tom for his significant contributions and dedicated years of service to Primo Water which helped establish the strong foundation for the future," said Jerry Fowden, chairman of the board. "The board's search committee worked diligently and thoroughly throughout the CEO search process, and we are confident that Robbert is the right person to take Primo Water into its next stage of growth. Robbert has spent the last two decades developing a unique skill set that will enable him to excel in his new role as CEO of Primo Water. He is an outstanding leader with a commitment to excellence and a proven builder and leader of high-performance teams, and I look forward to watching Robbert lead the company in the years ahead." Mr. Fowden continued, "Robbert has a strong track record of execution, and the board looks forward to working with him to build on our momentum as well as to help guide Primo Water's ongoing transformation into a leading pure-play water company in North America."

"I am grateful for the opportunity to lead Primo Water and its talented team of associates into the future," said Mr. Rietbroek. "As CEO, I look forward to meeting the needs of our customers and supporting our dedicated associates as we deliver on our strategic priorities, and drive both long-term growth and value creation for our shareowners." Mr. Rietbroek continued, "Water is the source of life, and I am eager to provide hydration solutions that help inspire healthier lives, healthier communities and a healthier planet."

In connection with his appointment, Mr. Rietbroek will receive a grant of an inducement equity award on the commencement of his employment. Primo Water's board of directors approved a $3.5-million grant of restricted share units (RSUs) to Mr. Rietbroek as a material inducement to his hiring as Primo Water's next CEO. The award will be made outside Primo Water's existing equity incentive plans, but subject to the same terms and conditions as if granted under the Primo Water 2018 equity incentive plan, as amended. Each RSU will entitle Mr. Rietbroek to receive one Primo Water common share for each RSU that vests. The RSUs will vest in equal instalments on each of the first two anniversaries of the grant date, subject to Mr. Rietbroek's continuous service through the applicable vesting dates. The precise number of RSUs granted will be calculated based on the prevailing market price on the first day of his employment.

About Primo Water Corp.

Primo Water is a leading pure-play water solutions provider in North America and Europe and generated approximately $2.2-billion in annual revenue in 2022. Primo Water operates largely under a recurring revenue model in the large-format water category (defined as three gallons or greater). This business strategy is commonly referred to as razor-razorblade because the initial sale of a product creates a base of users who frequently purchase complementary consumable products. The razor in Primo Water's revenue model is its industry-leading lineup of innovative water dispensers, which are sold through approximately 10,800 retail locations and on-line at various price points. The dispensers help increase household and business penetration which drives recurring purchases of Primo Water's razorblade offering or water solutions. Primo Water's razorblade offering comprises water direct, water exchange and water refill. Through its water direct business, Primo Water delivers sustainable hydration solutions across its 21-country footprint direct to customers, whether at home or to businesses. Through its water exchange business, customers visit retail locations and purchase a prefilled bottle of water. Once consumed, empty bottles are exchanged at the company's recycling centre displays, which provide a ticket that offers a discount toward the purchase of a new bottle. Water exchange is available in approximately 17,500 retail locations. Through its water refill business, customers refill empty bottles at approximately 23,500 self-service refill drinking water stations. Primo Water also offers water filtration units across its 21-country footprint.

Primo Water's water solutions expand consumer access to purified, spring and mineral water to promote a healthier, more sustainable lifestyle while simultaneously reducing plastic waste and pollution. Primo Water is committed to its water stewardship standards and is proud to partner with the International Bottled Water Association (IBWA) in North America as well as with Watercoolers Europe (WE), which ensure strict adherence to safety, quality, sanitation and regulatory standards for the benefit of consumer protection.

Primo Water is headquartered in Tampa, Fla.

We seek Safe Harbor.