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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 |
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| (2) | Consolidated Water Co.      Ltd., of Grand Cayman, Cayman Islands, a company incorporated under      the laws of the Cayman Islands (the “Chargee”) |
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| (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; |
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| (2) | By      an Amending Debenture dated the 14th day of March 2008 the Chargor and the      Chargee amended clause 2.1 (c) of the Debenture to extend the date by      which  the Chargor must execute water supply contracts with the      Government of the British Virgin Islands with regard to the Baughers Bay      and Bar Bay plants from 15th      September 2007 to 1st      January 2009; and |
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| (3) | The      Chargee at the request of the Chargor has agreed to further amend Clause      2.1 (c) of the Debenture as appearsbelow. |
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| 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 deleted and the following substituted      therefor: |
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|   | “(c) | In      the event that the Chargor fails to execute water supply contracts with      the Government of the British Virgin Islands with regard to the Bar Bay      plant on or before 1 January 2009 and with regard to the Baughers Bay      plant on or before 1 January 2010, either failure will constitute a      material adverse change to the Chargor’s financial condition and the      entire amount of the Subordinated Indebtedness will become immediately      repayable pursuant to Clause 3(15) of the Loan  Agreement”. |
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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/      Glenn Harrigan                            |   |   |
| Director                                           |   |   |
|                                               |   |   |
| /s/      Romney Penn                               |   |   |
| Director                                           |   |   |

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| CONSOLIDATED      WATER CO. LTD.    |   |
|-------------------------------------|--------|
| by      its authorised signatories: |   |
|                                |   |   |
| /s/      Richard Finlay             |   |   |
| Director                            |   |   |
|                                |   |   |
| /s/      Clarence Flowers           |   |   |
| Director                            |   |   |

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