<PAGE>

     WARRANTS                                                     WARRANTS
     NUMBER
   W-                              HAWAIIAN
                                    NATURAL
                              WATER COMPANY, INC.

                            VOID AFTER MAY 13, 2002
                       REDEEMABLE WARRANT CERTIFICATE TO
                        PURCHASE SHARES OF COMMON STOCK        CUSIP 419883 11 1

THIS CERTIFIES THAT, FOR VALUE RECEIVED

or registered assigns (the "Registered Holder") is the owner of the number of 
Redeemable Warrants (the "Warrants") specified above. One Warrant initially 
entitles the Registered Holder to purchase, subject to the terms and 
conditions set forth in this Certificate and the Warrant Agreement (as 
hereinafter defined), one fully paid and non-assessable share of Common 
Stock, no par value per share, of Hawaiian Natural Water Company, Inc., a 
Hawaii corporation (the "Company"), at any time from May l4, 1997 and prior 
to 5:00 p.m. on the Expiration Date (as hereinafter defined) upon the 
presentation and surrender of this Warrant Certificate with the Subscription 
Form on the reverse hereof duly executed, at the corporate office of 
Continental Stock Transfer & Trust Company, 2 Broadway, New York, New York 
10004 as Warrant Agent, or its successor (the "Warrant Agent"), accompanied 
by payment of $6.00 per share, subject to adjustment (the "Purchase Price"), 
in lawful money of the United States of America in cash or by check made 
payable to the Warrant Agent for the account of the Company. 

     This Warrant Certificate, and each Warrant represented hereby, is issued 
pursuant to and is subject in all respects to the terms and conditions set 
forth in the Warrant Agreement (the "Warrant Agreement"), dated May 14, 1997 by 
and between the Company and the Warrant Agent.

     In the event of certain contingencies provided for in the Warrant 
Agreement, the Purchase Price and the number of shares of Common Stock subject 
to purchase upon the exercise of each Warrant represented hereby are subject to 
modification or adjustment.

     Each Warrant represented hereby is exercisable at the option of the 
Registered Holder, but no fractional interests will be issued. In the case of 
the exercise of less than all of the Warrants represented hereby, the Company 
shall cancel this Warrant Certificate upon the surrender hereof and shall 
execute and deliver a new Warrant Certificate or Warrant Certificates of like 
tenor, which the Warrant Agent shall countersign, for the balance of such 
Warrants.

     The term "Expiration Date" shall mean 5:00 p.m. (New York time) on May 13, 
2002. If such date shall in the State of New York be a holiday or a day on 
which banks are authorized to close, then the Expiration Date shall mean 5:00 
p.m. (New York time) on the next day which in the State of New York is not a 
holiday or a day on which banks are authorized to close.

     The Company shall not be obligated to deliver any securities pursuant to 
the exercise of this Warrant unless a registration statement under the 
Securities Act of l933, as amended (the "Act"), with respect to such securities 
is effective or an exemption thereunder is available. The Company has 
covenanted and agreed that it will file a registration statement under the 
Federal securities laws, use its best efforts to cause the same to become 
effective, to keep such registration statement current, if required under the 
Act, while any of the Warrants are outstanding, and deliver a prospectus which 
complied with Section 10(a)(3) of the Act to the Registered Holder exercising 
this Warrant. This Warrant shall not be exercisable by a Registered Holder in 
any state where such exercise would be unlawful.

     This Warrant Certificate is exchangeable, upon the surrender hereof by the 
Registered Holder at the corporate office of the Warrant Agent, for a new 
Warrant Certificate or Warrant Certificates of like tenor representing an equal 
aggregate number of Warrants, each of such new Warrant Certificates to 
represent such number of Warrants as shall be designated by such Registered 
Holder at the time of such surrender. Upon due presentment and payment of any 
tax or other charge imposed in connection therewith or incident thereto, for 
registration of transfer of this Warrant Certificate at such office, a new 
Warrant Certificate or Warrant Certificates representing an equal aggregate 
number of Warrants will be issued to the transferee in exchange therefor, 
subject to the limitations provided in the Warrant Agreement.

     Prior to the exercise of any Warrant represented hereby, the Registered 
Holder shall not be entitled to any rights of a stockholder of the Company, 
including, without limitation, the right to vote or to receive dividends or 
other distributions, and shall not be entitled to receive any notice of any 
proceedings of the Company, except as provided in the Warrant Agreement.

     Subject to the provisions of the Warrant Agreement, this Warrant may be 
redeemed at the option of the Company, in whole and not in part, at a 
redemption price of $.05 per Warrant, at any time commencing May 14, 1998, 
provided that (i) the average closing bid price for the Company's Common Stock, 
as reported by the National Association of Securities Dealers Automated 
Quotation System (or, if not so quoted, as reported by any other recognized 
quotation system on which the price of the Common Stock is quoted), shall have, 
for any twenty (20) trading days within a period of thirty (30) consecutive 
trading days ending on the fifth (5th) trading day prior to the date on which 
the Notice of Redemption (as defined below) is given, equalled or exceeded 150% 
of the then exercise price per share (subject to adjustment in the event of any 
stock splits or other similar events) and (ii) the Company has obtained the 
prior written consent of Joseph Stevens & Company, Inc. Notice of redemption 
(the "Notice of Redemption") shall be given not later than the thirtieth (30th) 
day before the date fixed for redemption, all as provided in the Warrant 
Agreement. On and after the date fixed for redemption, the Registered Holder 
shall have no rights with respect to this Warrant except to receive the $.05 
per Warrant upon surrender of this Certificate.

     Prior to due presentment for registration of transfer hereof, the Company 
and the Warrant Agent may deem and treat the Registered Holder as the absolute 
owner hereof and of each Warrant represented hereby (notwithstanding any 
notations of ownership or writing hereon made by anyone other than a duly 
authorized officer of the Company or the Warrant Agent) for all purposes and 
shall not be affected by any notice to the contrary, except as provided in the 
Warrant Agreement.

     This Warrant Certificate shall be governed by and construed in accordance 
with the laws of the State of New York without giving effect to conflicts of 
laws.

     This Warrant Certificate is not valid unless countersigned by the Warrant 
Agent.

     IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be 
duly executed, manually or in facsimile, by two of its officers thereunto duly 
authorized and a facsimile of its corporate seal to be imprinted hereon.

Dated:                                      HAWAIIAN NATURAL WATER COMPANY, INC.
COUNTERSIGNED:                              By: 
     CONTINENTAL STOCK TRANSFER &
     TRUST COMPANY                                            /s/MARCUS BENDER
                        as Warrant Agent                               President
By:                                         ATTEST:
----------------------------------------    By:
Authorized Officer                                            /s/BRIAN BARBATA
                                                                       Secretary
                                    [SEAL]
                     HAWAIIAN NATURAL WATER COMPANY, INC.
                                 INCORPORATED
                               STATE OF HAWAII
                               SEPT. 13, 1994

<PAGE>

                      HAWAIIAN NATURAL WATER COMPANY, INC.

                              SUBSCRIPTION FORM

     To Be Executed by the Registered Holder in Order to Exercise Warrant

     The undersigned Registered Holder hereby irrevocably elects to exercise 
________ Warrants represented by this Warrant Certificate, and to purchase the 
securities issuable upon the exercise of such Warrants, and requests that 
certificates for such securities shall be issued in the name of

     PLEASE INSERT SOCIAL SECURITY
     OR OTHER IDENTIFYING NUMBER

---------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                    (please print or type name and address)

and be delivered to

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                    (please print or type name and address)

and if such number of Warrants shall not be all the Warrants evidenced by this 
Warrant Certificate, that a new Warrant Certificate for the balance of such 
Warrants be registered in the name of, and delivered to, the Registered Holder 
at the address stated below.

IMPORTANT: PLEASE COMPLETE THE FOLLOWING:

l. If the exercise of this Warrant was solicited by Joseph Stevens & Company, 
   Inc. Please Check the following Box  / /

2. The Exercise of this Warrant was Solicited by                           / /
                                                 -------------------------
3. If the exercise of this Warrant was not solicited, please check the following
   box  / /

Dated:                                 X
      ------------------------          ----------------------------------------

                                        ----------------------------------------

                                        ----------------------------------------

                                        ----------------------------------------

                                        ----------------------------------------
                                        Address

                                        ----------------------------------------
                                        Social Security or Taxpayer 
                                        Identification Number

                                        ----------------------------------------
                                        Signature Guaranteed

                                        ----------------------------------------

                                   ASSIGNMENT
      To Be Executed by the Registered Holder in Order to Assign Warrants

FOR VALUE RECEIVED, 
_______________________________________________________________________________
hereby sells, assigns and transfers unto

     PLEASE INSERT SOCIAL SECURITY
     OR OTHER IDENTIFYING NUMBER

---------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                    (please print or type name and address)


_______________________ of the Warrants represented by this Warrant Certificate,
and hereby irrevocably constitutes and appoints _______________________ Attorney
to transfer this Warrant Certificate on the books of the Company, with full 
power of substitution in the premises.

Dated:                                 X
      ------------------------          ----------------------------------------

                                        Signature Guaranteed

                                        ----------------------------------------

THE SIGNATURE TO THE ASSIGNMENT OR THE SUBSCRIPTION FORM MUST CORRESPOND TO THE 
NAME(S) AS WRITTEN UPON THE FACE OF THIS WARRANT CERTIFICATE IN EVERY 
PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER AND MUST 
BE GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE 
AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE, 
MIDWEST STOCK EXCHANGE OR BOSTON STOCK EXCHANGE.