Bill MeissnerPresident and CEO

Use Jones Cover slideWelcome to the 2011 Annual Meeting of the Shareholders of

JONES SODA CO.

Michael O’BrienCFO

Financial Overview

“MEN WANTED FOR HAZARDOUS JOURNEY. Small wages, bitter cold, long months of complete darkness, safe return doubtful. Honor and recognition in case of success.”—

Ernest Shackleton, Advertisement for the Antarctic Expedition.

Quote from Shackleton: “It seemed as though all the men in Great Britain were determined to accompany me, the response was so overwhelming.”

Net Loss by Quarter 2008 – Current

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 $(5,500,000)

$(4,500,000)

$(3,500,000)

$(2,500,000)

$(1,500,000)

$(500,000)

$500,000

2008: $15.2 MM loss

2009: $10.5 MM loss

2010: $6.1 MM loss

42% improvement

31% improvement

Q1 2011: $1.7 MM loss

22% Improvement

Inventory – 2008 to current

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 $-

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

$8,000,000

$9,000,000

-

20.00

40.00

60.00

80.00

100.00

120.00

140.00

Total Net Inventory Days Inventory on Hand

22% Decrease63% decrease

Operating Expenses by Quarter 2008 - Current

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011$0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

Promotion & Selling General & Administrative Total Operating Expenses

2008: $23.0 million

2009: $14.4 million

2010: $10.7 million

37% Decrease

26% Decrease

Equity Financing Summary

5/6/10: S-3 Shelf Registration Filed

6/11/10: $10 million Equity Line of Credit (with Glengrove Small Cap Value)

7/14/10 1st draw - $1.1 million

10/28/10: 2nd draw - $1.0 million

12/28/10: 3rd draw - $2.0 million

1/31/11: 4th draw - $2.3 million

1/31/11: Equity Line of Credit closed

Totals: 5,228,893 shares @ $1.214/share = $6,350,284

Cash by Quarter 2006 – Current

Q1 2006

Q2 2006

Q3 2006

Q4 2006

Q1 2007

Q2 2007

Q3 2007

Q4 2007

Q1 2008

Q2 2008

Q3 2008

Q4 2008

Q1 2009

Q2 2009

Q3 2009

Q4 2009

Q1 2010

Q2 2010

Q3 2010

Q4 2010

Q1 2011

$-

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

$30,000,000

$35,000,000

12/31/06: $30.2 MM

12/31/07: $27.8 MM

12/31/08: $12.6 MM

Cash Used in Operations (millions)

2008

$14.5

2009

$7.3

12/31/09: $5.0 MM

2010

$3.5

12/31/10: $5.5 MM

3/31/11: $5.6 MM

Keeping up with the Joneses2011:

June 9th Piper Jaffray 31st Annual Consumer Conference presentation in New York

June 29th Oppenheimer 11th Annual Consumer Conference presentation in Boston

August 11th Live earnings call for Q2 2011 *

November 10th Live earnings call for Q3 2011 *

2012:

January 11th Jones to present at the 14th Annual ICR Xchange Investor Conference in Miami.

March 15th Live earnings call for Q4 2011 *

* estimated

First Quarter-on-Quarter Growth Since 2008

Q1 2008 Q1 2009 Q1 2010 Q1 2011$0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

$8,000,000

$9,000,000

$10,000,000

Jones Soda WhoopAss Energy 24C Jones Naturals Jones Organics Jones GABA

-45%

-25%

+5%

Quarterly Revenue vs. YAG

Today’s Discussion

• Our company is growing again

• After 1 year we believe our strategic decisions were the correct ones

• We believe that our upside is significant

• We’re showing progress already

Too Early to Launch Non Sparkling Brands

2005 2006 2007 2008 2009 20100%

10%20%30%40%50%60%70%80%90%

Brand Peaked at 33% (Glass/Can)

Grocery Channel Penetration

Missed Upside in Our Own Categories

2005 2006 2007 2008 2009 2010 IBC Root Beer

0102030405060708090

100

National ACV, Glass Only (Distribution)

AC Nielsen, Grocery, last 52 weeks December 2010

Execution Gap

Missed Opportunity on Energy

Volume Share $ Share Dol +/- Price/Case

CSDs 53.6 40.9 -2.1% $9.24

Water 15.0 11.4 +1.3% $9.15

Sports Drink 9.2 8.8 +5.4% $11.54

Energy 7.9 23.2 +12.2% $35.43

Juices/juice drinks 7.6 8.9 +4.9% $14.18

RTD tea 5.9 4.9 +13.1% $10.04

RTD coffee 0.5 1.7 +3.6% $39.58

Dairy singe-serve 0.2 0.3 +10.5% $19.24

Total 100 100 +3.4% $11.82

C-Store LRB Category Performance 2010

Missed Opportunity on Energy

Volume Share $ Share Dol +/- Price/Case

CSDs 53.6 40.9 -2.1% $9.24

Water 15.0 11.4 +1.3% $9.15

Sports Drink 9.2 8.8 +5.4% $11.54

Energy 7.9 23.2 +12.2% $35.43

Juices/juice drinks 7.6 8.9 +4.9% $14.18

RTD tea 5.9 4.9 +13.1% $10.04

RTD coffee 0.5 1.7 +3.6% $39.58

Dairy singe-serve 0.2 0.3 +10.5% $19.24

Total 100 100 +3.4% $11.82

C-Store LRB Category Performance 2010

+> 20.2

Missed Opportunity To Be Early In EnergyBrand Launched Estimated 2010 Gross Revenue ($ MM)

1997 $1,470

1999 $.92

2001 $849

2002 $1,719

2005 $169

Beverage Digest April 21, 2011

GROWING OUR CORE PRODUCT LINE JONES 12 OZ. GLASS

*Beverage Digest 26-March-2010

• Cola ($37B), lemon-lime ($7.3B), citrus ($7B) and pepper ($5B) represent the largest flavor opportunities in CSDs. Jones is not present at retail in any of these flavor platforms*

• Of the top 9 flavors that consumers choose, Jones ACV is between 1% and 5% in those flavors

20

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%51.5%

10.3% 9.6% 8.2% 5.0% 4.3% 3.4% 1.4% 1.3%0% 0% 0% 0% 2%5%

0% 0% 1%

CSD Flavor Share against Jones ACV by Flavor

Depleted Sales Resources

National Field Sales Force

2007

2008

2009

1. Growing our core business - Cane Soda

2. Participating at a high-level in 2 to 3 other product lines that are in high-growth categories

3. Building a great management team

4. Establishing stable financials with a profit plan designed to increase long-term sustained shareholder value

22

Our Four Key Initiatives

1. Reinstatement of Volume-Oriented Pricing Strategies– New pricing matrix that utilizes periods of Trade Spend as a partner to our

retailers.

2. Focus on flavors that consumers are looking for– Jones will always be about unique innovative flavors but we will emphasize and

feature our flavors that have greater consumer appeal.

3. Overhaul of our sales force– Sales team was depleted in early 2010, lacking leadership and direction. Bring

leadership into the group and add accountability and bodies.

4. Move toward hybrid distribution system– Our distribution decisions going forward will be what works best for the retailer,

which means a mix between DSD and direct distribution of our Products.

23

Growing Our Core Jones Soda Business

Price Increase October 2010• From $13.50 to $14.24

– Allows for improved margin capture– Allows for TPR and trial driving pulse pricing– Allows for distributor incentives

• Nielsen showing velocity increases on Jones key 4-pack and singles SKUsCURRENT 13 WEEKS THRU WEEK ENDING 04/16/11

FLAVORMULTI PACK $ Vol

$ % Chg vs YAG

% ACV (Avg)

Selling

% ACV (Avg)

Selling YAG

Sales Per

Point of

Distribution

(U)

SPPD (U) Act Chg vs YAG

Unit Price

CREAM SODA 4 $209,496 10.5 13 12 3,714 38 4.42GREEN APPLE 4 $198,952 13.4 12 11 3,746 179 4.49BERRY LEMONADE 4 $121,077 33.3 7 6 3,754 170 4.28STRAWBERRY/LIME 4 $91,296 22.7 5 4 4,111 325 4.55BLACK CHERRY 4 $80,115 41.8 6 4 3,001 -494 4.3VANILLA BEAN 4 $69,300 481.4 5 1 3,482 833 4.37ROOT BEER 4 $55,149 2.7 4 3 3,475 -255 4.3POMEGRANATE 4 $47,423 198.5 4 1 3,085 -65 4.39

We are going to challenge consumers to Change their Cola…

• Pure Cane Sugar is HOT!!! "Some consumers prefer sucrose (sugar) or taste reasons, others for nostalgia reasons or because they think of it as a more natural sweetener option," …Pepsi Rep to Consumerist (Oct. 2010)

• HFCS is NOT!!! A study from Princeton published in the February issue of the journal Pharmacology, Biochemistry and Behavior (PDF) shows that high fructose corn syrup (HFCS), used as a cheap sweetener in everything from Coke to Progresso soup, is not the same as table sugar, namely for the way that it makes you gain 48% more weight…The Consumerist (March 2011)

• Men’s Health Magazine calls HFCS “The Devil’s Candy”Food companies are adding an evil ingredient to their products that may turn your body into a fat-storing machine

• Pure Cane Coke sales have increased 84.6% vs YAG per Nielsen

• True Cola lovers appreciate the clean taste of Pure Cane Cola

Why JONES Pure Cane Cola

JONES Cola & JONES Zilch Cola

2011 Marketing Programs

Kicking The CanOld

Retail Price: $3.79 8 packRetail Price: $4.79 8 pack

WestVirginia

Washington

Oregon

California

Nevada

Idaho

Montana

Wyoming

Utah Colorado

Kansas

Oklahoma

Missouri

Arkansas

Louisiana

Mississippi

Alabama

Georgia

Florida

Tennessee

Kentucky

Virginia

MDDE

NorthCarolina

SouthCarolina

Texas

NewMexicoArizona

NebraskaIowa

SouthDakota

NorthDakota

Minnesota

Wisconsin

Michigan

Illinois Indiana

Ohio

PennsylvaniaNJ

NewYork

Maine

MA

CT

VT

NH

RI

Alaska

Hawaii

0-25% Distributor Coverage

25-50% Distributor Coverage50-75% Distributor Coverage

75-100% Distributor Coverage

US Distributor Coverage as of April 2010

WestVirginia

Washington

Oregon

California

Nevada

Idaho

Montana

Wyoming

Utah Colorado

Kansas

Oklahoma

Missouri

Arkansas

Louisiana

Mississippi

Alabama

Georgia

Florida

Tennessee

Kentucky

Virginia

MDDE

NorthCarolina

SouthCarolina

Texas

NewMexicoArizona

NebraskaIowa

SouthDakota

NorthDakota

Minnesota

Wisconsin

Michigan

Illinois Indiana

Ohio

PennsylvaniaNJ

NewYork

Maine

MA

CT

VT

NH

RI

Alaska

Hawaii

US Distributor Coverage as of December 2010

0-25% Distributor Coverage

25-50% Distributor Coverage50-75% Distributor Coverage

75-100% Distributor Coverage

WestVirginia

Washington

Oregon

California

Nevada

Idaho

Montana

Wyoming

Utah Colorado

Kansas

Oklahoma

Missouri

Arkansas

Louisiana

Mississippi

Alabama

Georgia

Florida

Tennessee

Kentucky

Virginia

MDDE

NorthCarolina

SouthCarolina

Texas

NewMexicoArizona

NebraskaIowa

SouthDakota

NorthDakota

Minnesota

Wisconsin

Michigan

Illinois Indiana

Ohio

PennsylvaniaNJ

NewYork

Maine

MA

CT

VT

NH

RI

Alaska

Hawaii

US Distributor Coverage as of May 2011

0-25% Distributor Coverage

25-50% Distributor Coverage50-75% Distributor Coverage

75-100% Distributor Coverage

DSD Channel – Profitable Growth Opportunity

764,250

19,784,003

5,904,012

139,371 1,278,629 838,610

CSD DSD DTR House Interactive International

lower

higher

lower

lower

higher

higher

GM%

Income Statement 2009

Q1 DSD Up 11% Vs. YAG

Q1 2010 Q1 2011 $3,100,000

$3,200,000

$3,300,000

$3,400,000

$3,500,000

$3,600,000

$3,700,000

$3,800,000

$3,321,864

$3,682,932

Revenue Generated from DSD Channel

Strategic Direction to Focus on Sparkling Categories

Q1 2010 Q1 20110%

10%20%30%40%50%60%70%80%90%

100%

Jones Soda WhoopAss 24CGABA Naturals/Organics Other

34

Not only has total revenue grown vs. Q1 YAG but doing so with our core products

Combined products were negative GP (-$44,100) in Q1 2010

Energy Category Provides Large Upside

Share Estimated Revenue ($ MM)

Vol +/- (2010)

Hansen/Monster 34.4 $1,719 +10%

Red Bull 29.4 $1,470 +13

RockStar 17 $849 +19

Coke NOS / Full Throttle 6.4 $319 -7.7

Pepsico Amp/No Fear/Adrenaline Rush

6.3 $314 -11.4

Other 3.6 $299 +13

Category +8.9

Beverage Digest April 21, 2011

WhoopAss Brand Essence

WhoopAss Brand Essence

Sampling Vehicle…The 2011 Ford Raptor

WhoopAss 2.0: POS

•Coolers

•Cooler Barrels

•Vehicle Graphics

•Sell Sheet

•Static

•Wearables

WhoopAss Update

• First crack at large national chains will come throughout the summer for 2012 resets

• How is the volume so far on WhoopAss?– Pre-launch: 2009, + 9Mos. 2010 (Total 21 Months) = 6,095– Post-launch Oct-Dec 2010 + YTD 011 (Total 8 mos) = 13,479– Accelerating rapidly

• Chain business already achieved:– Gas America, QFC, Plaid Pantry, Albertsons

All Natural Beverages

More to Come

Reduced Admin, Added Sales & Marketing Professionals

Admin Personnel

Q4 2009

Q4 2010

Q4 2010

Sales and Marketing Personnel

Q4 2009

44

Experienced Management Team

Better Than Budgeted Gross Profit

Q1 Budget Q1 Actual Q1 YAG $-

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$960,557 $1,004,815

$817,899

Gross Profit

Gross Profit

45

+4.6% +22.9%

23% Improvement vs YAG on Gross Profit

2010 2011 20140

10

20

30

40

50

60

813

55

14

20

Grocery Convenience

PERCENTAGE OF CHAIN GROCERY PENETRATION JONES GLASS

46

Chain Grocery & Convenience Growth Opportunity

Brand Health

• Velocity increases at retail on 6 of 7 of Jones top SKUs

• Total dollar sales increases at retail across all SKUs that were not removed from 4 packs in 2009/2010 sets

• Still leading the category in brand velocity per outlet

47

(see AC Nielsen Handout)

Today’s Discussion

• Our company is growing again

• After 1 year we believe our strategic decisions were the correct ones

• We believe that our upside is significant

• We’re showing progress already