| BETWEEN: | OCEAN CONVERSION (BVI)      LTD. of Baughers Bay, Tortola, British Virgin Islands, a Company      incorporated under the laws of the British Virgin Islands and having its      Registered Office at CCP Financial Consultants Limited, Ellen Skelton      Building, Fishers Lane, P.O. Box 681, Road Town, Tortola, Virgin Islands      (the “Borrower") |
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| AND: | CONSOLIDATED WATER CO.      LTD. a Company incorporated under the laws of the Cayman Islands      and having its Registered Office at Regatta Business Park, West Bay Road,      P.O. Box 1114, Grand Cayman, KY1-1102, Cayman Islands (the      “Lender”) |
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| (1) | By      an Agreement dated 25th      May 2005 as amended by an amending agreement dated 20th      August 2009 (together the “Principal Agreement”) the Lender agreed to      grant a loan to the Borrower in the amount of the Principal Sum to be      applied by the Borrower for the design, construction and commissioning of      a 500,000 Imperial gallon per day seawater desalination plant at Bar Bay,      Tortola, British Virgin Islands and to repay all Subordinated Indebtedness      in accordance with the PrincipalAgreement; |
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| (2) | By      a Debenture dated 24th      August 2007 as amended by Amending Debentures dated 14th      March 2008 and 18th      February 2009 (together the “Debenture”) the Borrower charged all its      present and future assets and undertaking as stated therein to secure the      Secured Obligations; |
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| (3) | The      Borrower has requested the Lender to extend the deadline in Clause 2.1(c)      of the Debenture to 1st      January 2011and to approve a one-time dividend of US$0.95 per share to the      Borrower’s shareholders, which the Lender has agreed to do if (i) the      interest rate on the Subordinated Indebtedness and the Principal Sum is      increased to 71⁄2% over LIBOR with effect from 12th      January 2010 and (ii) DesalCo Limited and the Borrower execute with effect      from the same date an amending agreement to the Management Services      Agreement between DesalCo Limited and the Borrower dated 1st      December 2003 to provide for the payment of interest on all receivables      outstanding thereunder for over 45 days at the same rate as is payable      from time to time on the Subordinated  Indebtedness. |
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| 1. | In      this Agreement, capitalised terms defined in the Principal Agreement or      the Debenture and not otherwise defined in this Amending Agreement have      the same meaning. |
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| 2. | With      effect from 12th      January 2010, Clause 2(1) of the Principal Agreement is amended by      deleting “five and one-half percent (51⁄2%)” and substituting “seven and      one-half percent (71⁄2%)”. |
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| 3. | With      effect from 1st      January 2010, the Debenture is amended by deleting from clause 2.1(c) “1      January 2010” and substituting “1 January2011”. |
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| 4. | The      Lender approves in accordance with Clause 6(17)(a) of the Principal      Agreement the immediate payment by the Borrower of a one-time dividend of      US$0.95 per share to itsshareholders. |
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| 5. | The      Borrower will reimburse the Lender all Stamp duties, registration fees and      legal costs which the Lender incurs arising out of this Amending Agreement      (including any incurred with respect to the  Debenture). |
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| 6. | In      all other respects the Principal Agreement and the Debenture are      confirmed. |
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| EXECUTED for and on      behalf of | )      | OCEAN      CONVERSION (BVI) LTD. |                    |
|------------------------------------|--------|----------------------------------|-------------------------|
| OCEAN      CONVERSION (BVI)        | )      |                             |                    |   |
| LTD. in the presence      of:      | )      |                             |                    |   |
|                               | )      | Per:                             | /s/      Glenn Harrigan |   |
|                               | )      |                             | Director                |   |
|                               | )      |                             |                    |   |
|                               | )      |                             |                    |   |
| /s/      Ranjeet Jerrybandan       | )      | Per:                             | /s/      Mercide Malone |   |
| Witness                            |   |                             | Director                |   |

| EXECUTED for and on      behalf of | )      | CONSOLIDATED      WATER CO. LTD. |                            |
|------------------------------------|--------|----------------------------------|---------------------------------|
| CONSOLIDATED      WATER CO.        | )      |                             |                            |   |
| LTD. in the presence      of:      | )      |                             |                            |   |
|                               | )      | Per:                             | /s/      Frederick W. McTaggart |   |
|                               | )      |                             | Director                        |   |
|                               | )      |                             |                            |   |
|                               | )      |                             |                            |   |
| /s/      Ranjeet Jerrybandan       | )      | Per:                             | /s/      Wilmer Pergande        |   |
| Witness                            |   |                             | Director/Secretary              |   |

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