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| (1) | Ocean Conversion (BVI) Ltd.      of Baughers Bay, Tortola, British Virgin Islands a company      incorporated under the laws of the British Virgin Islands with registered      number 682861 (the “Chargor”);      and |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Consolidated Water Co.      Ltd., of Grand Cayman, Cayman Islands, a company incorporated under      the laws of the Cayman Islands (the “Chargee”) |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (1) | By      a Debenture dated 24th      August 2007 (the “Debenture”) the Chargor charged its assets, present and      future including its uncalled capital and goodwill to the Chargee to      secure the Secured Obligations; and |
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| (2) | The      Chargee at the request of the Chargor has agreed to amend Clause 2.1 (c)      of the Debenture as appears below. |
|-----|---------------------------------------------------------------------------------------------------------------------------|

| 1. | In      this Amending Debenture, words defined in the Debenture have the same      meaning. |
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| 2. | Clause      2.1 (c) of the Debenture is amended by deleting “15 September 2007” and      substituting therefor “1st      January 2009”. |
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| 3. | In      all other respects the Debenture isconfirmed. |
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| Executed and delivered as a      Deed on behalf of |   |
|----------------------------------------------------|--------|
| OCEAN      CONVERSION (BVI) LTD.                   |   |
| By      its authorised signatories:                |   |
|                                               |   |   |
| /s/      Frederick W. McTaggart                    |   |   |
| Name:                                              |   |   |
| Title:  Director                         |   |
|                                               |   |   |
| /s/      Raymond Whittaker                         |   |   |
| Name:                                              |   |   |
| Title:  Director                         |   |

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| CONSOLIDATED      WATER CO. LTD.    |   |
|-------------------------------------|--------|
| By      its authorised signatories: |   |
|                                |   |   |
| /s/      Frederick W. McTaggart     |   |   |
| Name:                               |   |   |
| Title:  Director          |   |
|                                |   |   |
| /s/      Raymond Whittaker          |   |   |
| Name:                               |   |   |
| Title:  Director          |   |

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