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                                                                   EXHIBIT 10.48

July 8, 2004

Chet Ritch

Dear Chet,

RE:      EMPLOYEE SHARE INCENTIVE PLAN AND EMPLOYEE SHARE OPTION PLAN

In accordance with the Employee Share Incentive Plan ("the Preference Share
Plan"), you are hereby advised that the Grant Date is July 6, 2004 for benefits
you have accrued during the year ended 31 December 2003.

Accordingly you are granted 72 Preference Shares in the Company. You have the
option to purchase an equal number of Preference Shares at a price of US$13.45
or CI$11.21 each, which has been calculated in accordance to the terms of the
Preference Share Plan. If you intend to exercise this option, then payment must
be received in full no later than the close of business on AUGUST 5, 2004.

As a member of the Employee Share Option Plan ("the Option Plan"), you will also
be granted, as of July 6, 2004, the option to purchase 360 Ordinary Shares in
the Company. These options are exercisable in accordance to the terms of the
Option Plan. You furthermore have the opportunity to obtain an equal amount of
options to purchase Ordinary Shares of the Company, in accordance to the terms
of the Option Plan, if you exercise your right to purchase the above additional
Preference Shares before AUGUST 5, 2004.

Your continued dedication and hard work have contributed to another successful
year for Consolidated Water, and I look forward to a very bright future.

Yours sincerely,
CONSOLIDATED WATER CO. LTD.

/s/ Frederick W. McTaggart

Frederick W. McTaggart
President and CEO<PAGE>
                                                                   EXHIBIT 10.49

July 8, 2004

Dave Hooker

Dear Dave,

RE:      EMPLOYEE SHARE INCENTIVE PLAN AND EMPLOYEE SHARE OPTION PLAN

In accordance with the Employee Share Incentive Plan ("the Preference Share
Plan"), you are hereby advised that the Grant Date is July 6, 2004 for benefits
you have accrued during the year ended 31 December 2003.

Accordingly you are granted 54 Preference Shares in the Company. You have the
option to purchase an equal number of Preference Shares at a price of US$13.45
or CI$11.21 each, which has been calculated in accordance to the terms of the
Preference Share Plan. If you intend to exercise this option, then payment must
be received in full no later than the close of business on AUGUST 5, 2004.

As a member of the Employee Share Option Plan ("the Option Plan"), you will also
be granted, as of July 6, 2004, the option to purchase 270 Ordinary Shares in
the Company. These options are exercisable in accordance to the terms of the
Option Plan. You furthermore have the opportunity to obtain an equal amount of
options to purchase Ordinary Shares of the Company, in accordance to the terms
of the Option Plan, if you exercise your right to purchase the above additional
Preference Shares before AUGUST 5, 2004.

Your continued dedication and hard work have contributed to another successful
year for Consolidated Water, and I look forward to a very bright future.

Yours sincerely,
CONSOLIDATED WATER CO. LTD.

/s/ Frederick W. McTaggart

Frederick W. McTaggart
President and CEO<PAGE>
                                                                   EXHIBIT 10.50

July 8, 2004

Elizabeth Triana

Dear Elizabeth,

RE:      EMPLOYEE SHARE INCENTIVE PLAN AND EMPLOYEE SHARE OPTION PLAN

In accordance with the Employee Share Incentive Plan ("the Preference Share
Plan"), you are hereby advised that the Grant Date is July 6, 2004 for benefits
you have accrued during the year ended 31 December 2003.

Accordingly you are granted 73 Preference Shares in the Company. You have the
option to purchase an equal number of Preference Shares at a price of US$13.45
or CI$11.21 each, which has been calculated in accordance to the terms of the
Preference Share Plan. If you intend to exercise this option, then payment must
be received in full no later than the close of business on AUGUST 5, 2004.

As a member of the Employee Share Option Plan ("the Option Plan"), you will also
be granted, as of July 6, 2004, the option to purchase 365 Ordinary Shares in
the Company. These options are exercisable in accordance to the terms of the
Option Plan. You furthermore have the opportunity to obtain an equal amount of
options to purchase Ordinary Shares of the Company, in accordance to the terms
of the Option Plan, if you exercise your right to purchase the above additional
Preference Shares before AUGUST 5, 2004.

Your continued dedication and hard work have contributed to another successful
year for Consolidated Water, and I look forward to a very bright future.

Yours sincerely,
CONSOLIDATED WATER CO. LTD.

/s/ Frederick W. McTaggart

Frederick W. McTaggart
President and CEO<PAGE>
                                                                   EXHIBIT 10.51

July 8, 2004

Helverth Rodriguez

Dear Helverth,

RE:      EMPLOYEE SHARE INCENTIVE PLAN AND EMPLOYEE SHARE OPTION PLAN

In accordance with the Employee Share Incentive Plan ("the Preference Share
Plan"), you are hereby advised that the Grant Date is July 6, 2004 for benefits
you have accrued during the year ended 31 December 2003.

Accordingly you are granted 89 Preference Shares in the Company. You have the
option to purchase an equal number of Preference Shares at a price of US$13.45
or CI$11.21 each, which has been calculated in accordance to the terms of the
Preference Share Plan. If you intend to exercise this option, then payment must
be received in full no later than the close of business on AUGUST 5, 2004.

As a member of the Employee Share Option Plan ("the Option Plan"), you will also
be granted, as of July 6, 2004, the option to purchase 445 Ordinary Shares in
the Company. These options are exercisable in accordance to the terms of the
Option Plan. You furthermore have the opportunity to obtain an equal amount of
options to purchase Ordinary Shares of the Company, in accordance to the terms
of the Option Plan, if you exercise your right to purchase the above additional
Preference Shares before AUGUST 5, 2004.

Your continued dedication and hard work have contributed to another successful
year for Consolidated Water, and I look forward to a very bright future.

Yours sincerely,
CONSOLIDATED WATER CO. LTD.

/s/ Frederick W. McTaggart

Frederick W. McTaggart
President and CEO<PAGE>
                                                                   EXHIBIT 10.52

July 8, 2004

Ivan Tabora

Dear Ivan,

RE:      EMPLOYEE SHARE INCENTIVE PLAN AND EMPLOYEE SHARE OPTION PLAN

In accordance with the Employee Share Incentive Plan ("the Preference Share
Plan"), you are hereby advised that the Grant Date is July 6, 2004 for benefits
you have accrued during the year ended 31 December 2003.

Accordingly you are granted 68 Preference Shares in the Company. You have the
option to purchase an equal number of Preference Shares at a price of US$13.45
or CI$11.21 each, which has been calculated in accordance to the terms of the
Preference Share Plan. If you intend to exercise this option, then payment must
be received in full no later than the close of business on AUGUST 5, 2004.

As a member of the Employee Share Option Plan ("the Option Plan"), you will also
be granted, as of July 6, 2004, the option to purchase 340 Ordinary Shares in
the Company. These options are exercisable in accordance to the terms of the
Option Plan. You furthermore have the opportunity to obtain an equal amount of
options to purchase Ordinary Shares of the Company, in accordance to the terms
of the Option Plan, if you exercise your right to purchase the above additional
Preference Shares before AUGUST 5, 2004.

Your continued dedication and hard work have contributed to another successful
year for Consolidated Water, and I look forward to a very bright future.

Yours sincerely,
CONSOLIDATED WATER CO. LTD.

/s/ Frederick W. McTaggart

Frederick W. McTaggart
President and CEO<PAGE>
                                                                   EXHIBIT 10.53

July 8, 2004

Luis Wood

Dear Luis,

RE:      EMPLOYEE SHARE INCENTIVE PLAN AND EMPLOYEE SHARE OPTION PLAN

In accordance with the Employee Share Incentive Plan ("the Preference Share
Plan"), you are hereby advised that the Grant Date is July 6, 2004 for benefits
you have accrued during the year ended 31 December 2003.

Accordingly you are granted 54 Preference Shares in the Company. You have the
option to purchase an equal number of Preference Shares at a price of US$13.45
or CI$11.21 each, which has been calculated in accordance to the terms of the
Preference Share Plan. If you intend to exercise this option, then payment must
be received in full no later than the close of business on AUGUST 5, 2004.

As a member of the Employee Share Option Plan ("the Option Plan"), you will also
be granted, as of July 6, 2004, the option to purchase 270 Ordinary Shares in
the Company. These options are exercisable in accordance to the terms of the
Option Plan. You furthermore have the opportunity to obtain an equal amount of
options to purchase Ordinary Shares of the Company, in accordance to the terms
of the Option Plan, if you exercise your right to purchase the above additional
Preference Shares before AUGUST 5, 2004.

Your continued dedication and hard work have contributed to another successful
year for Consolidated Water, and I look forward to a very bright future.

Yours sincerely,
CONSOLIDATED WATER CO. LTD.

/s/ Frederick W. McTaggart

Frederick W. McTaggart
President and CEO<PAGE>
                                                                   Exhibit 10.54

July 8, 2004

Margaret Julier

Dear Maggie,

RE:      EMPLOYEE SHARE INCENTIVE PLAN AND EMPLOYEE SHARE OPTION PLAN

In accordance with the Employee Share Incentive Plan ("the Preference Share
Plan"), you are hereby advised that the Grant Date is July 6, 2004 for benefits
you have accrued during the year ended 31 December 2003.

Accordingly you are granted 103 Preference Shares in the Company. You have the
option to purchase an equal number of Preference Shares at a price of US$13.45
or CI$11.21 each, which has been calculated in accordance to the terms of the
Preference Share Plan. If you intend to exercise this option, then payment must
be received in full no later than the close of business on AUGUST 5, 2004.

As a member of the Employee Share Option Plan ("the Option Plan"), you will also
be granted, as of July 6, 2004, the option to purchase 515 Ordinary Shares in
the Company. These options are exercisable in accordance to the terms of the
Option Plan. You furthermore have the opportunity to obtain an equal amount of
options to purchase Ordinary Shares of the Company, in accordance to the terms
of the Option Plan, if you exercise your right to purchase the above additional
Preference Shares before AUGUST 5, 2004.

Your continued dedication and hard work have contributed to another successful
year for Consolidated Water, and I look forward to a very bright future.

Yours sincerely,
CONSOLIDATED WATER CO. LTD.

/s/ Frederick W. McTaggart

Frederick W. McTaggart
President and CEO

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