Our mission

SodaStream seeks to revolutionize the beverageindustry by providing a better alternative andenvironmentally friendly way for consumers toenjoy their own refreshing carbonated drinks.

1

Experienced, entrepreneurial management

2

Vast global market opportunity

3

Source: Datamonitor (2009)1 Defined as off-premise beverage consumption

Sparkling water$34 billion1

Carbonatedsoft drinks

$216 billion1

Carbonatedbeverages$250 billion

Flavors:Full range of regularand diet soft drinkflavors, mixers andenergy drinksLess sugar and carbsthan leading brands;no high-fructose cornsyrupHealthy & “functional”

CO2 cylinders:Up to 130 literscarbonated waterper refillConsumersexchange emptycylinders for fullones at retaillocations or homedelivery viainternet/phone

Carbonating bottles:Transparent,high-pressureresistantReusableHermetically-sealing capBPA-freeGlass or plasticvarieties

Soda makers:Large variety ofdesigns and pricepointsDurable and easyto use

A complete carbonation system

+ + +

4

Compelling consumer benefits

ConvenientNo heavy bottles to carry from the store; saves space; no return of “empties”

Cost effectiveSaves up to 70% for sparkling water and up to 30% for carbonated soft drinks; “fizz-preserving” cap means less wasted flat soda

Promotes health and wellnessFlavors contain no high-fructose corn syrup, fewer carbohydrates, fewer calories andless caffeine compared to popular soft drink brands; diet flavors contain Splenda®;All-Natural flavors; promotes greater water consumption

CustomizablePrepare beverages the way you like them

Environmentally friendlyAvoids the pollution caused by the production, packaging and transport of bottledbeverages; 1 SodaStream bottle replaces thousands of conventional ones

Fun and easy to use

5

730877

1,057

1,922

297592

0

500

1,000

1,500

2,000

2007 2008 2009 2010 Q1-10 Q1-11

Razor/razor blade business model

6

Soda makers sold (in thousands)

% growth 20.1% 20.5%

Illustrative annual consumable purchases

81.9%

Market development case study:France unit sales volume

Market development case study:US unit sales volume

1 Based on average estimated consumable purchases per active user99.2%

4 units3 units 1 unit

Consumables generate sustainable,long-term revenue for SodaStream

7

Soda maker

Attractive business model driven by recurringpurchases of high-margin consumables

$50 $76 $16

$139

Consumables Revenue (4 years)

$47

+ + =

Note: Based on average estimated 4-year value from consumer; assumes USD/EUR exchange rate of 1.4183 as of 03/31/11

ExchangeableCO2 cylinders

Carbonationbottles Flavors

Product mix drives profitability

8

Market comparison: From start-up to established market (sales € volume by product)

2010 sales (€ volume) by product

Starter Kits64%

Consumables36%

Starter Kits20%Consumables

80%

United States (2010) – Early Stages Switzerland (2010) – More Developed

Soda makersales

Highermargins

Increaseinstalled base

Increasedconsumables

Highlights

Soda maker sales are profitable

Product mix shift to consumablestranslates into higher-margin financialprofile as markets mature

Starter Kits46%Consumables

50%

Other4%

Strategy

9

Accessibility of consumables

Reaching mass market & multi-channel coverage

Loyalty marketingReferrals, membership programs &incentives, user ambassadors

Innovative product offeringsContinual introduction of new andon-trend flavors andnatural CO2

Upgrade programs & products

Product development

Enhanced features anddesigns

Consumer awareness & demand

Brand-building activities –PR, advertising, in-storedemonstrations

Expand market

Focus on U.S. opportunity

Add new countries

Penetrate new channels

Grow installed base Cultivate users for life

Growth via product development

10

Natural CO2; Glass, limited edition bottles, dishwasher safe

Natural, functional & local flavors, MyWater Essence

Fizz ChipTM, Penguin, ECO, Karim Rashid & others

Soda Makers

CO2 &Bottles

Flavors

Office, Under-Sink, SodaStream Inside, Aluminum Bottle

FutureProducts

Growth via consumer demand and brand heat

11

Build brand awareness & “heat”

Celebrity endorsement

Controlled distribution

Internet & affiliates

Drive trial in-store

In-store demonstrations, POS video

Increased distribution, flavor variety

Feature & Display

Brand Education

PR & social media

Word of mouth

Referral programs

Brand Education: Point of sale in-store video

Brand Education: Support from key retailers

13

Holiday circular cover E-mail blast

Brand Education“The Cage” – Belgium, Summer 2010

”Bottle-Saving” Calculatorfor bloggers and websites

Finland

Brand Education: Social Marketing

Brand Education – IHA, March 2011

Brand Education"The Cage" unveiled by Susan Sarandon at IHA

17

18

30 RockBrand Heat: Television placements

19

Big Bang TheoryBrand Heat: Television placements

Brand Heat: Television placements

20

How I Met Your Mother

Brand Heat: Television placements

21

Desperate Housewives

Represents most significant marketopportunity

Historically strong market with growthaccelerated by recent acquisition

Highly popular in 1970s and 1980s withstrong brand equity and recent relaunch

High household penetration rates (~20%)with greater proportion of high-marginconsumables

Distributor markets with substantialopportunity

Fastest growing market in CEMEA, withincreasing sales from consumables

Growth via market expansion

SodaStream products sold in 41 countries, including 26entered since 2007

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Direct subsidiary (12)Distributor, pre-2007 (3)Distributor market entered since 2007 (26)

Western Europe: 62%1

+34% Y/YCEMEA: 12%1

+42% Y/Y

Americas: 20%1

+189% Y/Y

Asia-Pacific: 6%1

+67% Y/Y

1Percentage of 2010 sales

Germany

23

Sweden

24

Sweden

25

Denmark

26

Finland

27

Italy

28

Australia

29

Belgium

30

NEW ZEALAND

31Marc, Andrew

Taiwan

32

United States

33

34

35

Strong momentum in U.S. rollout

Select U.S. retail relationships 2010 -2011 Retail rollout – number of doors

Q1 Q2 Q3 Q4 Q1-11 Q2-11CO2refill

Bed, Bath andBeyond — — 30 950 950 950

Macy's 125 230 450 450 450 635Sears — — — 415 415 415Kohl’s 300 300 300 300 1100 1110JCPenney — — — — — 625Williams-Sonoma 260 270 270 270 270 270 KitchenCollection 20 20 170 225 225 215

Shopko — — 135 135 135 135

Crate and Barrel 85 85 85 85 85 80 Le GourmetChef 80 80 80 80 80 60

BonTon — — — — — 260

Sur La Table 80 80 80 80 80 80

Bloomingdale’s 30 30 30 30 30 30Bartell's — — — — — 55

Independents 275 375 450 500 550 575

Other 100 255 390 505 280 425

Total Doors 1,355 1,725 2,470 4,200 4,650 5,920

36

2008

2009

2010

2011

U.S. retail presence (as of May 25, 2011)

37

Update on infrastructural investments

Unique operating model

Proprietary manufacturing expertise &componentry

Experience and know-how in HAZMAT

Regulatory certifications

Ability to manage reverse logistics

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Unique capabilities

Current annual soda maker capacity1

adequate to support near-term growth

New capacity to support future growth

Developing new primary site (85k m2)

Short-term expansion of existing facilities;subcontractors and acquired facility

Building for growth

Location Israel - Negev

Israel –NorthernGalilee

Israel –SouthernGalilee

Mainactivities

Main futuresite:

plastics, metal,syrups

Plastics - 25plastic injection

machines

Plasticpainting,assembly

Est. cost ofinvestment €30.0mm €4.0mm €2.0mm

Expectedexecutiondate

2013/2014 Q3 2011 Q2 2011

1 Includes existing manufacturing facility and subcontractors

Historical financial summary

39

2007 2008 2009 2010 (€) 2010 ($) 1 Q1-2010 Q1-2011Reven u es 86.0 99.9 105.0 160.7 227.9 30.2 45.1

% g row th 8.5% 16.2% 5.1% 53.0% 40.4% 49.5%

Gro ss Pro f i t 46.2 54.7 58.4 86.6 122.8 16.3 24.1

% m arg in 53.8% 54.8% 55.6% 53.9% 53.9% 53.5%

Ad ju s tedEB ITDA 2 3.0 11.0 13.2 18.8 26.7 3.2 6.8

% m arg in 3.5% 11.0% 12.6% 11.7% 10.7% 15.0%Ad ju s ted NetPro f i t 2 (1.4) 1.2 7.7 13.0 18.5 2.2 5.3

% m arg in (1.6%) 1.2% 7.3% 8.1% 7.3% 11.7%

Select income statement items (€ mm)

Key 2010 growth driversRetailer and consumer buy-in of the category, the system and the SodaStream brand

Highly efficient and low-cost marketing activity, primarily in U.S., driving consumer demand

Leveraging fixed expense infrastructure to increase profitability

1 Assumes currency translation rate of €1=$1.4183 (as of March 31, 2011)2 Adjusted for management fees & share-based payments

2010 / 2011 financial review

40

Revenue (€ mm) Adjusted EBITDA1 (€ mm)

€2. 3

€1. 3

€3. 7

€5. 9

€13

. 2

€3. 2

€3. 7 €5

. 7

€6. 2

€18

. 8

€6. 8

€0.0

€2.0

€4.0

€6.0

€8.0

€10.0

€12.0

€14.0

€16.0

€18.0

€20.0

Q1 Q2 Q3 Q4 FY

2009 2010 2011€2

1. 5

€24

. 3

€27

. 7

€31

. 5

€10

5. 0

€30

. 2

€38

. 5

€42

. 0

€50

. 0

€16

0. 7

€45

. 1

€0.0

€20.0

€40.0

€60.0

€80.0

€100.0

€120.0

€140.0

€160.0

€180.0

Q1 Q2 Q3 Q4 FY

2009 2010 2011

Note: December 31 fiscal year end1 Adjusted for management fees & share-based payments

42.0%40.4% 58.3%

ConsolidatedGrowth: 51.7% 58.5% 53.0%

49.5%

99.5% 116.4%AmericasGrowth: 245.4% 238.0% 188.9%152.6%

Growth: 180.6% 52.8% 4.4% 42.3%111.2%

Operating expenses

41

2007 2008 2009 2010 Q1-2010 Q1-2011

Sales & marketing

Advertising and promotion 11.2 9.6 10.5 21.5 3.3 4.3

% of revenue 13.0% 9.6% 10.0% 13.4% 11.0% 9.6%

Other sales & marketing 20.2 22.6 24.2 35.6 6.5 8.9

% of revenue 23.5% 22.6% 23.1% 22.2% 21.5% 19.7%

Total sales and marketing 31.4 32.2 34.7 57.1 9.8 13.2

% of revenue 36.6% 32.2% 33.0% 35.5% 32.5% 29.3%

Adjusted G&A and other 1 13.5 11.9 12.4 15.0 3.7 4.7

% of revenue 15.7% 11.9% 11.8% 9.4% 12.3% 10.4%

Total adjusted operating expenses 1 44.9 44.1 47.1 72.1 13.5 17.9

% of revenue 52.3% 44.1% 44.9% 44.9% 44.7% 39.7%

% of revenue (Exc. A&P) 39.2% 34.5% 34.9% 31.5% 33.8% 30.2%

2007-2010 Adjusted operating expenses (€ mm)

Note: December 31 fiscal year end1 Adjusted for management fees & share-based payments

Investing to support growth while leveraging fixedcosts to drive margin improvement

Long-term financial drivers & growthtargets

Continue rapid U.S. expansion

Doubled revenue Q1’2010 / Q1’2011

Further expansion into other recentlylaunched markets

France, Italy, Czech Republic

Growing demand for consumables over time,which increases margins

Target operating margin of 25%+ inestablished markets

Leverage fixed costs while continuing toinvest in marketing

42

Drivers

Long-term annualtargets:

Revenue growth of 20%+

EPS growth of 25%+

A leader in manufacturing and distribution of home carbonation systems;~4.5 million users with products sold at over 40,000 retail stores in 41countries

Capitalizes on key consumer mega-trends: environment, wellness, value

Attractive razor/razor blade business model

Distinct operational capabilities and barriers to entry

Experienced and entrepreneurial management team

2010/2011: 53% revenue growth / 69% adjusted net income growth

Summary of highlights

43

Appendix

45

Non-IFRS reconciliations

46

2007 2008 2009 2010 (€) 2010 ($)1

Net income (1.6) 0.5 7.1 9.7 13.8

Interest expense, net 2.2 2.7 2.0 1.5 2.1

Income tax 0.3 5.0 1.8 1.8 2.5

D&A 1.8 2.0 1.6 2.5 3.6

EBITDA2 2.7 10.2 12.6 15.5 22.0

Management fee 0.3 0.5 0.5 2.3 3.2

Share-based payments 0.0 0.2 0.2 1.0 1.4

Adjusted EBITDA3 3.0 11.0 13.2 18.8 26.7

Reconciliation of net income to EBITDA and to adjusted EBITDA (€ mm)

1 Assumes currency translation rate of €1=$1.4183 (as of March 31, 2011)2 EBITDA is a non-IFRS measure and is defined as earnings before interest expense, taxes, depreciation and amortization; EBITDA should not be considered in isolation or as asubstitute for operating income or other statement of operations items prepared in accordance with IFRS as a measure of our performance; EBITDA does not take into account ourdebt service requirements and other commitments, including capital expenditures, and, accordingly, is not necessarily indicative of amounts that may be available for discretionaryuses; EBITDA, as presented herein, may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures arecalculated3 Adjusted EBITDA is a non-IFRS measure and is defined as earnings before interest, income tax, depreciation and amortization, and further eliminates the effect of the non-cashshare-based compensation expense and for the impact of a discontinued management fee expense paid to Fortissimo Capital; we use adjusted EBITDA as a measure of operatingperformance because it assists us in comparing performance on a consistent basis, as it removes from our operating results the impact of one-time costs associated withnonrecurring events and non-cash items such as share-based compensation expense, which can vary depending upon accounting methods

Non-IFRS reconciliations (cont'd)

47

2007 2008 2009 2010 (€) 2010 ($)1

Net income (1.6) 0.5 7.1 9.7 13.8

Management fee 0.3 0.5 0.5 2.3 3.2

Share-based payments 0.0 0.2 0.2 1.0 1.4

Income tax effect of theforegoing (0.0) (0.1) (0.1) — —

Adjusted netincome2 (1.4) 1.2 7.7 13.0 18.5

Reconciliation of net income to adjusted net income (€ mm)

1 Assumes currency translation rate of €1=$1.4183 (as of March 31, 2011)2 Adjusted net income is a non-IFRS measure and is defined as net income calculated in accordance with IFRS as adjusted for the impact of Share-BasedCompensation and for the impact of the Fortissimo Payments; we use adjusted net income as a measure of operating performance because it assists us incomparing performance on a consistent basis, as it removes from our operating results the impact of one-time costs associated with nonrecurring events andnon-cash items such as share-based compensation expense, which can vary depending upon accounting methods