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WARRANT AMENDMENT AGREEMENT

This Warrant Amendment Agreement (the “Agreement”) is by and among The Alkaline
Water Company Inc., a Nevada corporation (the “Company”) and the undersigned
holder of common stock purchase warrants (“Existing Warrants”) of the Company
(the “Holder”) issued on March 4, 2016.

WHEREAS:

A.                  The Holder currently holds the Existing Warrants as set
forth on the Holder’s signature page attached hereto; and

B.                  The Holder wishes to exercise all of the Existing Warrants
held by the Holder immediately in consideration for the issuance of new common
stock purchase warrants of the Company (“New Warrants”) to the Holder pursuant
to Regulation S promulgated under the Securities Act of 1933, as amended (the
“Securities Act”).

NOW THEREFORE IN CONSIDERATION of the mutual covenants contained in this
Agreement, and for good and valuable consideration the receipt and adequacy of
which are hereby acknowledged, the Holder and the Company agree as follows:

ARTICLE I
EXERCISE OF WARRANTS,
AMENDMENTS AND OTHER AGREEMENTS

Section 1.1                  Exercise of Existing Warrants. The Holder hereby
agrees to exercise all of the Holder’s Existing Warrants (the “Exercised
Warrants”), as set forth on the Holder’s signature page attached hereto,
pursuant to the terms of the Existing Warrants. At the Closing (as defined
below), the Holder shall deliver the aggregate cash exercise price for such
Exercised Warrants to the bank account designated in writing by the Company.
This Agreement shall act as a duly executed Notice of Exercise and no additional
notice shall be required by the Holder for the exercise of the Exercised
Warrants. At the Closing, the Company shall issue to the Holder the shares
underlying the Exercised Warrants (the “Existing Warrant Shares”) registered in
the name and address set forth on the Holder’s signature page hereto. At the
Closing, the Company shall ensure that there is an effective registration
statement filed by the Company under the Securities Act registering such
Existing Warrant Shares for sale to the Holder by the Company.

Section 1.2                  Issuance of New Warrants. The Holder shall be
issued New Warrants in the form of the Existing Warrants to purchase up to a
number of shares of common stock of the Company (the “Common Stock”) equal to
the number of Exercised Warrants provided that (i) the exercise price thereunder
shall be US$0.60 per share, subject to adjustment therein, (ii) the expiry date
of the New Warrants shall be eighteen months following the Closing Date (as
defined below) and (iii) the New Warrants shall be non-transferable. The shares
of Common Stock underlying the New Warrants shall be referred to herein as the
“New Warrant Shares”. The closing of the exercise of the Existing Warrants and
other transactions contemplated hereunder shall be referred to as the “Closing”.
The date of the Closing shall be referred to as the “Closing Date”.
Notwithstanding anything in this Agreement to the contrary, the Company shall
not be required to file a registration statement registering the New Warrants or
New Warrant Shares for sale or resale under the Securities Act.

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Section 1.3                  Resale Restrictions. The Holder acknowledges and
agrees that any resale of the New Warrants and underlying New Warrant Shares
(together, the “New Securities”) will be subject to resale restrictions
contained in or required by the securities laws applicable to the Holder or
proposed transferee. The Holder hereby acknowledges and agrees that a legend may
be placed on the certificates representing the New Securities to the effect that
the New Securities represented by such certificates are subject to resale
restrictions contained in or required by the securities laws applicable to the
Holder or proposed transferee. The Holder hereby acknowledges and agrees to the
Company making a notation on its records or giving instructions to the registrar
and transfer agent of the Company in order to implement the restrictions on
transfer set forth and described in this Agreement.

ARTICLE II
REPRESENTATIONS AND WARRANTIES

Section 2.1                  Representations and Warranties of the Company. The
Company hereby make the representations and warranties set forth below to the
Holder that as of the date of its execution of this Agreement:

(a)                   Authorization; Enforcement. The Company has the requisite
corporate power and authority to enter into and to consummate the transactions
contemplated by this Agreement and otherwise to carry out its obligations
hereunder and thereunder. The execution and delivery of this Agreement by the
Company and the consummation by it of the transactions contemplated hereby have
been duly authorized by all necessary action on the part of such Company and no
further action is required by such Company, its board of directors or its
stockholders in connection therewith. This Agreement has been duly executed by
the Company and, when delivered in accordance with the terms hereof will
constitute the valid and binding obligation of the Company enforceable against
the Company in accordance with its terms except (i) as limited by general
equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of
creditors’ rights generally, (ii) as limited by laws relating to the
availability of specific performance, injunctive relief or other equitable
remedies and (iii) insofar as indemnification and contribution provisions may be
limited by applicable law.

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(b)                  No Conflicts. The execution, delivery and performance of
this Agreement by the Company and the consummation by the Company of the
transactions contemplated hereby do not and will not: (i) conflict with or
violate any provision of the Company’s certificate or articles of incorporation,
bylaws or other organizational or charter documents, or (ii) conflict with, or
constitute a default (or an event that with notice or lapse of time or both
would become a default) under, result in the creation of any lien upon any of
the properties or assets of the Company, or give to others any rights of
termination, amendment, acceleration or cancellation (with or without notice,
lapse of time or both) of, any material agreement, credit facility, debt or
other material instrument (evidencing Company debt or otherwise) or other
material understanding to which the Company is a party or by which any property
or asset of the Company is bound or affected, or (iii) conflict with or result
in a violation of any law, rule, regulation, order, judgment, injunction, decree
or other restriction of any court or governmental authority to which the Company
is subject (including federal and state securities laws and regulations), or by
which any property or asset of the Company is bound or affected.

(c)                  Organization; Capitalization. The Company is a duly
organized and validly existing corporation in good standing under the laws of
the State of Nevada.

(d)                  Issuance of the New Warrants. The New Warrants are duly
authorized and, when issued and paid for in accordance with this Agreement, will
be duly and validly issued, fully paid and nonassessable, free and clear of all
liens imposed by the Company. The New Warrant Shares underlying the New
Warrants, when issued in accordance with the terms of the New Warrants, will be
validly issued, fully paid and nonassessable, free and clear of all liens
imposed by the Company. The Company has reserved from its duly authorized
capital stock the maximum number of shares issuable pursuant to this Agreement
and the Existing Warrants.

Section 2.2                  Representations and Warranties of the Holder. The
Holder hereby makes the representations and warranties set forth below to the
Company that as of the date of its execution of this Agreement:

(a)                  Due Authorization. The Holder represents and warrants that
(i) the execution and delivery of this Agreement by it and the consummation by
it of the transactions contemplated hereby have been duly authorized by all
necessary action on its behalf and (ii) this Agreement has been duly executed
and delivered by the Holder and constitutes the valid and binding obligation of
the Holder, enforceable against it in accordance with its terms.

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(b)                  No Conflicts. The execution, delivery and performance of
this Agreement by the Holder and the consummation by the Holder of the
transactions contemplated hereby do not and will not: (i) conflict with or
violate any provision of the Holder’s organizational or charter documents, or
(ii) conflict with or result in a violation of any agreement, law, rule,
regulation, order, judgment, injunction, decree or other restriction of any
court or governmental authority which would interfere with the ability of the
Holder to perform its obligations under this Agreement.

(c)                  Own Account. The Holder understands that the New
Securities, when issued, will be “restricted securities” and have not been
registered under the Securities Act or any applicable state securities law and
is acquiring the New Securities as principal for its own account and not with a
view to or for distributing or reselling such Securities or any part thereof in
violation of the Securities Act or any applicable state securities law, has no
present intention of distributing any of such New Securities in violation of the
Securities Act or any applicable state securities law and has no direct or
indirect arrangement or understandings with any other persons to distribute or
regarding the distribution of such New Securities in violation of the Securities
Act or any applicable state securities law (this representation and warranty not
limiting the Holder’s right to sell the New Warrant Shares in compliance with
applicable federal and state securities laws).

(d)                  Purchaser Status. The Holder is not in the United States,
is not a U.S. Person, is not acquiring the New Securities for the account or
benefit of a U.S. Person, did not receive the offer to buy the New Securities
while in the United States and it (or its authorized signatory) was outside of
the United States at the time this Agreement was executed. The Holder agrees
that offers and sales of any of the New Securities prior to the expiration of
the period specified in Regulation S (such period hereinafter referred to as the
“Distribution Compliance Period”) shall only be made in compliance with the safe
harbor provisions set forth in Regulation S, pursuant to the registration
provisions of the Securities Act or pursuant to an exemption therefrom, and all
offers and sales after the Distribution Compliance Period shall be made only in
compliance with the registration provisions of the Securities Act or an
exemption therefrom, and in each case only in accordance with applicable
securities laws. The Holder is not acquiring the New Securities as a result of,
and will not itself engage in, any “directed selling efforts” (as defined in
Regulation S) in the United States in respect of any of the New Securities which
would include any activities undertaken for the purpose of, or that could
reasonably be expected to have the effect of, conditioning the market in the
United States for the sale of any such securities. The Holder agrees that
hedging transactions involving any of the securities may not be conducted unless
such transactions are in compliance with the provisions of the Securities Act
and in each case only in accordance with applicable securities laws.

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(e)                  General Solicitation. The Holder is not entering into this
Agreement as a result of any advertisement, article, notice or other
communication regarding the transactions contemplated hereunder published in any
newspaper, magazine or similar media or broadcast over television or radio or
presented at any seminar or any other general solicitation or general
advertisement.

ARTICLE III
MISCELLANEOUS

Section 3.1                  Survival. All warranties and representations (as of
the date such warranties and representations were made) made herein or in any
certificate or other instrument delivered by it or on its behalf under this
Agreement shall be considered to have been relied upon by the parties hereto and
shall survive the exercise of the Existing Warrants and the issuance of the New
Securities. This Agreement shall inure to the benefit of and be binding upon the
successors and permitted assigns of each of the parties; provided however that
no party may assign this Agreement or the obligations and rights of such party
hereunder without the prior written consent of the other parties hereto.

Section 3.2                  Execution. This Agreement may be executed in two or
more counterparts, all of which when taken together shall be considered one and
the same agreement and shall become effective when counterparts have been signed
by each party and delivered to the other party, it being understood that both
parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or other means of electronic communication
capable of producing a printed copy, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is
executed) with the same force and effect as if such signature were an original
thereof.

Section 3.3                  Severability. If any provision of this Agreement is
held to be invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Agreement shall not
in any way be affected or impaired thereby and the parties will attempt to agree
upon a valid and enforceable provision that is a reasonable substitute therefor,
and upon so agreeing, shall incorporate such substitute provision in this
Agreement.

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Section 3.4                  Governing Law. This Agreement and all claims
arising out of or relating to this Agreement are governed exclusively by the
laws of the State of Nevada and the federal laws of the United States applicable
therein. The Holder, in its personal or corporate capacity and, if applicable,
on behalf of each beneficial purchaser for whom the Holder is acting,
irrevocably attorns to the jurisdiction of the courts of the State of Arizona.

Section 3.4                  Entire Agreement. The Agreement, together with the
exhibits and schedules thereto, contain the entire understanding of the parties
with respect to the subject matter hereof and supersede all prior agreements and
understandings, oral or written, with respect to such matters, which the parties
acknowledge have been merged into such documents, exhibits and schedules.

Section 3.5                  Construction. The headings herein are for
convenience only, do not constitute a part of this Agreement and shall not be
deemed to limit or affect any of the provisions hereof. The language used in
this Agreement will be deemed to be the language chosen by the parties to
express their mutual intent, and no rules of strict construction will be applied
against any party.

Section 3.6                  Termination. This Agreement may be terminated by
the Holder, as to such Holder’s obligations hereunder, by written notice to the
other parties, if the Closing has not been consummated on or before January 31,
2018.

Section 3.7                  Fees and Expenses. Except as expressly set forth
herein, each party shall pay the fees and expenses of its advisers, counsel,
accountants and other experts, if any, and all other expenses incurred by such
party incident to the negotiation, preparation, execution, delivery and
performance of this Agreement. The Company shall pay all transfer agent fees,
stamp taxes and other taxes and duties levied in connection with the delivery of
the Existing Warrant Shares, the New Warrants or the New Warrant Shares.

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IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by
its authorized signatory as of the _____day of _________________________,
20____.

  THE ALKALINE WATER COMPANY INC.           By:    
______________________________________________________              Name:      
       Title:

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[HOLDER SIGNATURE PAGES TO
WARRANT AMENDMENT AGREEMENT]

IN WITNESS WHEREOF, the undersigned has duly executed this Agreement, or if the
undersigned is not an individual, has caused this Agreement to be duly executed
by its authorized signatory, as of the date that the Company has caused this
Agreement to be duly executed by its authorized signatory, as indicated above.

Name of Holder:
_____________________________________________________________________________________________________________________
Signature of Holder:
__________________________________________________________________________________________________________________
Signature of Authorized Signatory of Holder:
_______________________________________________________________________________________________
Name of Authorized Signatory:
__________________________________________________________________________________________________________
Title of Authorized Signatory:
___________________________________________________________________________________________________________
Email Address of Holder:
_______________________________________________________________________________________________________________

Registration Name and Address for Existing Warrant Shares and New Warrants:
__________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________

Tax ID#: ____________

Address for Delivery of Certificates representing Existing Warrant Shares and
New Warrants for Holder (if not same as above):
__________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________

Number of Existing Warrants Being Exercised: ______________

Aggregate Exercise Price (@ US$0.50 per Existing Warrant Share): US$
______________

New Warrants (100% of Existing Warrants Being Exercised): _________________

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