Management PresentationFEBRUARY 2017

2

Safe Harbor Statement

This presentation contains forward-looking statements, which express the current beliefs and expectations of management.

Such statements are based on management's current beliefs and expectations and involve a number of known and unknown

risks and uncertainties that could cause our future results, performance or achievements to differ materially from the results,

performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause

or contribute to such differences are detailed in documents we file from time to time with the United States Securities and

Exchange Commission. Forward-looking statements in this presentation are made pursuant to the safe harbor provisions

contained in the Private Securities Litigation Reform Act of 1995.

These statements include descriptions regarding the Company’s plans, objectives, goals, strategies, future events, future

revenues or performance, capital expenditures, financing needs and other information that is not historical information.

These statements can be recognized by the use of words such as “may,” “might,” “will,” “should,” “expects,” “plans,”

“anticipates,” “believes,” “estimates,” “predicts,” potential” or “continue,” the negative of these terms and other comparable

terminology. Such forward-looking statements are not guarantees of future performance and involve known and unknown

risks, uncertainties and other factors, including those described under “Risk Factors” in the Company’s Form 20-F, that may

cause the Company’s actual results, performance or achievements to differ materially from those set forth in the forward-

looking statements as a result of various. factors and assumptions. The Company has no obligation and does not undertake to

revise forward-looking statements to reflect future events or circumstances.

The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use

should not be construed as an endorsement of the products or services of SodaStream or of those other companies.

3

SodaStream Brand Reposition

Water made

excited

2 0 1 6

Your home soda factory

2 0 1 4

4

Tectonic Shift in Consumer Preference

SOURCE: Euromonitor International

USA

Soda Consumption in US 2006-2019

-20% decline in 8 years

Sparkling Water Consumption in US 2006-2019

+100% surge in 8 years

5

The Opportunity

Carbonated Soda$225 billion

Water$200

billion

Opportunity

6

SodaStream Mission

SodaStream will revolutionize the global

beverage industry by making sparkling water

easily accessible, relevant and exciting to

consumers around the world

7

Consumer Benefits: Water

Convenience: No more

lugging heavy bottles; saves

space; no empties

Health & Wellness:

Proven to help drink more water and less sugar or

sweeteners

Environment: Dramatically

reduce carbon footprint from

plastic production and waste

Cost Effective: Saves up to 70%

for sparkling water

8

Consumer Benefits: Water

Convenience: No more

lugging heavy bottles; saves

space; no empties

Health & Wellness:

Proven to help drink more water and less sugar or

sweeteners

Environment: Dramatically

reduce carbon footprint from

plastic production and waste

Cost Effective: Saves up to 70%

for sparkling water

9

10

Consumer Benefits: Water

Convenience: No more

lugging heavy bottles; saves

space; no empties

Health & Wellness:

Proven to help drink more

water and less sugar or

sweeteners

Environment: Dramatically

reduce carbon footprint from

plastic production and waste

Cost Effective: Saves up to 70%

for sparkling water

11

Drink More Water

3 more glasses

per personper day…

that’s 43% more water!

12

Consumer Benefits: Water

Convenience: No more

lugging heavy bottles; saves

space; no empties

Health & Wellness:

Proven to help drink more water and less sugar or

sweeteners

Environment: Dramatically

reduce carbon footprint from plastic bottles

Cost Effective: Saves up to 70%

for sparkling water

13

14

Consumer Benefits: Water

Convenience: No more

lugging heavy bottles; saves

space; no empties

Health & Wellness:

Proven to help drink more water and less sugar or

sweeteners

Environment: Dramatically

reduce carbon footprint from

plastic production and waste

Cost Effective: Saves up to

70% for sparkling water

15

16

Company Highlights

▪ #1 sparkling water brand by volume

▪ Address growing consumer mega-trends

▪ World leader in home carbonation

▪ 24 million active users across 45 countries

▪ High margin recurring revenue stream

▪ Significant global market opportunity

▪ Enhanced operating platform fuels growth and cash flow

▪ 3 consecutive quarters of double-digit topline and triple-digit bottom line growth

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Revenue Growth 2016 +14%

91.3101.7

110 112.9

100.9

119.2124.2

131.8

Q1 Q2 Q3 Q4

$M

+10% +17% +13%

2015

2016

+17%

18

Operating Income Growth 2016 +176%

3.74.5

5.4

7.97.99.2

18.6 18.8

Q1 Q2 Q3 Q4

+116% +102% +243%

2015

2016$M

+206%

19

$3.7$4.5

$5.4 $6.2

$7.9$9.2

$18.6 $18.8

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

Operating Income 2015 – 2016$M

+243%+116% +102%

Note: 2015 excluding restructuring

+206%

20

Products & InnovationHome Carbonation System

▪ Variety of designs, features and price points

▪ Durable, easy to use

▪ 60 or 130 liters▪ Consumers

exchange empty for full carbonators

▪ 1 or 0.5 liter bottle▪ Highly advanced

materials technology▪ Can replace 10,000

regular plastic bottles

▪ Full range of regular, diet, “all-natural,” mixers, energy

▪ No high-fructose corn syrup

CO2

carbonator

s

FlavoursSparkling Water Makers

Carbonating

Bottles

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Product & Innovation

▪ Entry level▪ High-end design with low

production cost▪ Snap & Lock mechanism

quiet operation

▪ High-end system to carbonate any liquid including alcohol and juice

▪ Touch screen interface▪ IOT ready

▪ High-end single-serve drinks maker

▪ Provides hot, cold, still & carbonated drink with water treatment

MIX ULTIMATESPIRIT

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Global Presence

62%

23%

10%5%

January-September 2016 revenue by region(% growth vs. Ly)

Western Europe

Americas

Asia PacificCEMEA

SodaStream products sold in 45 countries

+9%

+28%+23%

+12%

SodaStream World Retail Tour

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SodaStream world retail tour

45 countries 80,000 + Retail Doors

25

Sweden

26

Denmark

27

Finland

28

Czech Rep.

29

Belgium

30

Italy

31

France

32

Australia

33

New Zealand

34

Japan

35

USA

36

USA

37

Canada

38

Demand Creation - Effective Brand Building

Guerilla marketing

PR

Digital & Social media Activations

Celebrity endorsements

In-store demos

39

Digital Activations

How do we make convenience SEXY?... Heavy BubblesApril 1, 2016

How do we make convenience SEXY?...

Heavy Bubbles

April 1, 2016

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Brand AmbassadorsAndrea Verešová Dr. Sarah McKayThor Bjornsson

Dr. Jean-Michel CohenDr. Ellie CannonCharlotte Kate Fox

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Demos

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German Case Study

Effective Demand Creation:

▪ Market research to identify most compelling consumer benefit

▪ Develop marketing message around single consumer benefit

▪ Launch “No Schlepping” campaign across multiple advertising mediums

▪ Test and refine message

Simplify Operations:

▪ 2 SKUs only

Distribution:

▪ Strong emphasis on Retail Execution and POS

43

Germany

Germany Retail

44

31

41

60

81

100

2012 2013 2014 2015 2016

Germany Revenue Growth 2012 – 2016Jan-Sep Revenue (€M)1

1 Revenue includes Germany and Austria

34% CAGR

▪ Nearly triple

household

penetration to 6%

▪ Machine sales

+298%

▪ Gas sales +86%

Results 2011-2015

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Lehavim State of the Art PlantOperations - Progress in 2015-16

New Lehavim State-of-the-art Factory Live in 2015:

▪ Capacity: New factory provides more than double capacity

▪ Production consolidated from 7 to 2 factories

▪ Production shift from contract manufacturing to in-house

▪ Cost reduction through re-engineering

▪ Logistics consolidated from 12 to 1 warehouse in Israel

▪ Inventory down 16% (YOY Sep)

▪ GM improvement: +300 basis points

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+440 bp in Q4-2016 vs. 2015

48.4%48.0%

50.7% 50.7%

51.8%52.4%

Q3-2015 Q4-2015 Q1-2016 Q2-2016 Q3-2016 Q4-2016

Gross Margin 2015 – 2016

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Lehavim Plant

Financial Highlights

$289

$436

$563

$512

$416

$476

2011 2012 2013 2014 2015 2016

($m)

Revenue 2011 – 2016

+14%

$29

$46

$49

$34

$20

$54

2011 2012 2013 2014 2015 2016

+176%($m)

2015 excluding restructuring

Operating Income 2011 – 2016

Revenue & Operating Income in Constant Currency* ($M’s)

* In FY 2016-2012 average exchange rates

436.3

556.3 513.9

475.6

549.7

2012 2013 2014 2015 2016

Revenue

45.5

68.9

48.0 49.8

96.4

2012 2013 2014 2015 2016

Operating Income

Operating

Margin

17.5%

31 32 33 34

22 25

2011 2012 2013 2014 2015 2016

21

42 44

54

41

50

2011 2012 2013 2014 2015 2016

84

158

218

142

102 115

2011 2012 2013 2014 2015 2016

153

204

269 282 251

287

2011 2012 2013 2014 2015 2016

Revenue by Region 2011 – 2016Western Europe Americas

Asia-Pacific CEMEA

($m) +12%($m) +14%

($m)+22% +16%($m)

18.4% 18.0% 17.7% 19.7% 20.1% 16.8%

Western Europe

53%Americas

30%

Asia Pacific

9%

CEMEA4%

Corporate3%

30

38

50 50 4844

2011 2012 2013 2014 2015 2016

46

74

8777

55

65

2011 2012 2013 2014 2015 2016

53

79

100 101

84 80

2011 2012 2013 2014 2015 2016

Operating Expenses 2011-2016Selling Expenses A&P Expenses

2016 Forecast A&P RegionG&A Expenses

2015 excluding restructuring

Total: $ 64.9M

($m) -5% ($m) +18%

($m)-9%

As % of

Revenue 15.9% 17.0% 15.4% 15.0% 13.2% 13.6%As % of

Revenue

10.3% 8.7% 9.0% 9.7% 11.5% 9.1%As % of

Revenue

-8

37

3

36 40

82

59

9

44

60 54

28

-66.7

27.9

-40.9

-24.4

-13.7

54.0

2011 2012 2013 2014 2015 2016

Operating Investments Free Cash Flow

($m)

Operating & Investments Cash Flow 2011-2016

55

Thank You