THE ALKALINE WATER COMPANY INC.
CONSOLIDATED PRO FORMA BALANCE SHEET (c)

                Proforma (b)  
    September 30, 2018     Warrant     September 30, 2018  
    (unaudited)     Exercise (a)     (unaudited)  
ASSETS                  
Current assets                  
       Cash and cash equivalents $  4,407,223   $  1,148,249   $  5,555,472  
       Accounts receivable   3,296,599           3,296,599  
       Inventory   1,448,671           1,448,671  
       Prepaid expenses   879,660           879,660  
                   
                   
           Total current assets   10,032,153           11,180,402  
                   
Fixed assets - net   1,418,512           1,418,512  
                   
                   
Total assets $  11,450,665         $  12,598,914  
                   
LIABILITIES AND STOCKHOLDERS' DEFICIT                  
Current liabilities                  
       Accounts payable $  2,496,771         $  2,496,771  
       Accrued expenses   774,861           774,861  
       Revolving financing   2,609,591           2,609,591  
       Current portion of capital leases   47,803           47,803  
       Derivative liability   288           288  
                   
                   
Total current liabilities   5,929,314           5,929,314  
                   
Total liabilities $  5,929,314         $  5,929,314  
                   
Stockholders' equity                  
       Preferred stock, $0.001 par value, 100,000,000 shares authorized, 
       Series C issued 1,500,000, Series D issued 3,800,000
  5,300         5,300  
       Common stock, Class A - $0.001 par value, 200,000,000 shares 
       authorized 32,742,958 and 34,018,790 shares issued and 
       outstanding at September 30, 2018 and Proforma September 30, 2018
        respectively
  32,742     1,276     34,018  
       Additional paid in capital   37,455,311     1,146,973     38,602,284  
       Accumulated deficit   (31,972,002 )         (31,972,002 )
                   
                   
         Total stockholders' equity   5,521,351           6,669,600  
                   
               Total liabilities and stockholders' equity $  11,450,665         $  12,598,914  

(a)

Refer to the description of the warrant exercise dated November 20, 2018 in Item 3.02 in the accompanying 8-K

(b)

The Company's balance sheet (unaudited) reflecting as if the warrant exercise described in a) had a transaction date of September 30, 2018 instead of November 20, 2018

(c)

This consolidated pro-forma balance sheet has not been reviewed by the Company's independent accountants.