| 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, (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 Principal      Agreement; |
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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 presently is indebted to the Lender by way of past due trade      receivables in the amount of at least US$825,000.00 and the Lender has      agreed at the Borrower’s request:- |
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|   | a. | to      convert US$800,000.00 of these receivables into additional Subordinated      Indebted-ness of the Borrower and add them to the Secured Obligations      under the Debenture; and |
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|   | b. | to      correct a clerical error in the Principal  Agreement. |
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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 25th      May 2005, Clause 2(3) of the Principal Agreement is amended by the      deletion of “Cayman Islands” and the substitution therefor of “British      Virgin Islands”. |
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| 3. | With      effect from 1st      July 2009, the Principal Agreement is amended as  follows:- |
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|   | a. | the      Subordinated Indebtedness under the Principal Agreement and the Secured      Obligations under the Debenture are increased by US$800,000.00 and trade      receivables owing by the Borrower to the Lender of that amount are deemed      to have been paid; |
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|   | b. | the      “Due Date” as defined by Clause 1(6) is amended to read “31st      August 2011; |
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|   | c. | in      Clause 2(1):- |
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|   | i. | “three      and one-half percent (31⁄2%)” is amended to read “five and one-half percent      (51⁄2%)”; and |
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|  | ii. | the      last sentence is deleted and the following substituted      therefor: |
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|   | d. | Clause      2(2) is deleted and the following substituted  therefor:- |
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|   | e. | Clause      9 is deleted and the following substituted  therefor: |
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| 4. | With      effect from 1st      July 2009, the Debenture is amended by deleting clauses 2.1(a) and 2.1      (b). |
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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:                             | JEFFREY      M. PARKER      |   |
|                               | )      |                             | Director                    |   |
|                               | )      |                             |                        |   |
|                               | )      |                             |                        |   |
| TRACEY      EBANKS                 | )      | Per:                             | FREDERICK      W. MCTAGGART |   |
| Witness                            |   |                             | Director                    |   |

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| EXECUTED for and on      behalf of | )      | CONSOLIDATED      WATER CO. LTD. |               |
|------------------------------------|--------|----------------------------------|--------------------|
| CONSOLIDATED      WATER CO.        | )      |                             |               |   |
| LTD. in the presence      of:      | )      |                             |               |   |
|                               | )      | Per:                             |               |   |
|                               | )      |                             | Director           |   |
|                               | )      |                             |               |   |
|                               | )      |                             |               |   |
|                               | )      | Per:                             |               |   |
| Witness                            |   |                             | Director/Secretary |   |

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