<SEC-DOCUMENT>0001144204-12-015353.txt : 20120315
<SEC-HEADER>0001144204-12-015353.hdr.sgml : 20120315
<ACCEPTANCE-DATETIME>20120315170942
ACCESSION NUMBER:		0001144204-12-015353
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20111231
FILED AS OF DATE:		20120315
DATE AS OF CHANGE:		20120315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSOLIDATED WATER CO LTD
		CENTRAL INDEX KEY:			0000928340
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25248
		FILM NUMBER:		12694868

	BUSINESS ADDRESS:	
		STREET 1:		TRAFALGAR PL
		STREET 2:		WEST BAY RD
		CITY:			GRAND CAYMAN BWI CAY
		STATE:			E9
		ZIP:			00000
		BUSINESS PHONE:		8099474277

	MAIL ADDRESS:	
		STREET 1:		TRAFALGAR PLACE, WEST BAY ROAD, P.O. BOX
		STREET 2:		GRAND CAYMAN, CAYMAN ISLANDS, BWI

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CAYMAN WATER CO LTD
		DATE OF NAME CHANGE:	19941212
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>v304433_10k.htm
<DESCRIPTION>FORM 10-K
<TEXT>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 10-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>(Mark One)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-autospace: none; text-align: center"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 91%; text-autospace: none; font-weight: bold">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">For the fiscal year ended December 31, 2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.1pt; text-autospace: none; font-weight: bold; text-align: center">OR</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="text-autospace: none; font-weight: bold">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>For the transaction period from __________________ to __________________</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 0-25248</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED WATER CO. LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">CAYMAN ISLANDS</TD>
    <TD STYLE="width: 3%; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 48%; border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">98-0619652</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center">(State or other jurisdiction of</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">(I.R.S. Employer Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center">incorporation or organization)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center">Regatta Office Park</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center">Windward Three, 4th Floor, West Bay Road</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center">P.O. Box 1114</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; text-autospace: none; text-align: center">Grand Cayman, KY1-1102, Cayman Islands</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: center">N/A</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 19.8pt">Registrant&rsquo;s
Telephone number, including area code:<B> (345) 945-4277</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 19.8pt"><B>Securities registered
pursuant to Section 12(b) of the Act:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 32%; vertical-align: bottom; text-autospace: none; font-weight: bold">Title of each class:</TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 67%; vertical-align: top; text-autospace: none; font-weight: bold">Name of each exchange on which registered:</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">Common Stock, $.60 Par Value</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">The NASDAQ Stock Market LLC (NASDAQ Global&nbsp;&nbsp;Select Market)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities registered pursuant to Section
12(g) of the Act: None</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant
is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yes <FONT STYLE="font-family: Wingdings 2">&#163;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No<FONT STYLE="font-family: Wingdings 2">
R</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant
is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yes <FONT STYLE="font-family: Wingdings 2">&#163;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;No<FONT STYLE="font-family: Wingdings 2">
R</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes<FONT STYLE="font-family: Wingdings 2"> R</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
<FONT STYLE="font-family: Wingdings 2">&#163;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (Sec. 232.405 of this chapter) during the preceding 12 months (or for such shorter
period that the registrant was required to submit and post such files).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yes <FONT STYLE="font-family: Wingdings 2">R</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No
<FONT STYLE="font-family: Wingdings 2">&#163;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if disclosure of
delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant&rsquo;s
knowledge, in definitive proxy or information statements incorporated by reference in Part III of this 10-K or any amendments to
this Form 10-K. [Not Applicable]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definition
of &ldquo;large accelerated filer&rdquo;, &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2
of the Exchange Act. (Check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-autospace: none">Large accelerated filer <FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 25%; text-autospace: none; text-align: center">Accelerated filer<FONT STYLE="font-family: Wingdings 2"> R</FONT></TD>
    <TD STYLE="width: 25%; text-autospace: none; text-align: center">Non-accelerated filer <FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 25%; text-autospace: none; text-align: right">Smaller reporting company <FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes <FONT STYLE="font-family: Wingdings 2">&#163;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No<FONT STYLE="font-family: Wingdings 2">
R</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aggregate market value of common stock
held by non-affiliates of the registrant, based on the closing sales price for the registrant&rsquo;s common shares, as reported
on the NASDAQ Global Select Market on June 30, 2011, was $132,171,491.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 9, 2012<B><I>,</I></B> 14,568,696
shares of the registrant&rsquo;s common shares were outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DOCUMENTS INCORPORATED BY REFERENCE:
None</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; text-autospace: none; text-align: center">Section</TD>
    <TD STYLE="width: 2%; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 78%; border-bottom: black 1pt solid; text-autospace: none; text-align: center">Description</TD>
    <TD STYLE="width: 1%; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: black 1pt solid; text-autospace: none; text-align: center">Page</TD></TR>
<TR STYLE="background-color: #C0FFC0">
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.2pt; padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">Cautionary Note Regarding Forward-Looking Statements</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">3</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">PART I</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">4</TD></TR>
<TR STYLE="background-color: #C0FFC0">
    <TD STYLE="vertical-align: top; padding-left: 19.8pt; text-autospace: none; text-indent: -9.9pt">Item 1.</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Business</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">4</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 19.8pt; text-autospace: none; text-indent: -9.9pt">Item 1A.</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Risk Factors</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">21</TD></TR>
<TR STYLE="background-color: #C0FFC0">
    <TD STYLE="vertical-align: top; padding-left: 19.8pt; text-autospace: none; text-indent: -9.9pt">Item 1B.</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Unresolved Staff Comments</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">29</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 19.8pt; text-autospace: none; text-indent: -9.9pt">Item 2.</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Properties</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">29</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: top; padding-left: 19.8pt; text-autospace: none; text-indent: -9.9pt">Item 3.</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Legal Proceedings</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">32</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">PART II</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">32</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: top; padding-left: 19.8pt; text-autospace: none; text-indent: -9.9pt">Item 5.</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 29.7pt; text-autospace: none; text-indent: -29.7pt">Market for Registrant&rsquo;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">32</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 19.8pt; text-autospace: none; text-indent: -9.9pt">Item 6.</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Selected Financial Data</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">35</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: top; padding-left: 19.8pt; text-autospace: none; text-indent: -9.9pt">Item 7.</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">35</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 19.8pt; text-autospace: none; text-indent: -9.9pt">Item 7A.</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Quantitative and Qualitative Disclosure about Market Risk</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">52</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: top; padding-left: 19.8pt; text-autospace: none; text-indent: -9.9pt">Item 8.</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Financial Statements and Supplementary Data</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">53</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 19.8pt; text-autospace: none; text-indent: -9.9pt">Item 9.</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">97</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: top; padding-left: 19.8pt; text-autospace: none; text-indent: -9.9pt">Item 9A.</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Controls and Procedures</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">97</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">PART III</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">98</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: top; padding-left: 19.8pt; text-autospace: none; text-indent: -9.9pt">Item 10.</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Directors, Executive Officers and Corporate Governance</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">98</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 19.8pt; text-autospace: none; text-indent: -9.9pt">Item 11.</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Executive Compensation</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">103</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: top; padding-left: 19.8pt; text-autospace: none; text-indent: -9.9pt">Item 12.</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 19.8pt; text-autospace: none; text-indent: -19.8pt">Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">122</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 19.8pt; text-autospace: none; text-indent: -9.9pt">Item 13.</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Certain Relationships and Related Transactions, and Director Independence</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">125</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: top; padding-left: 19.8pt; text-autospace: none; text-indent: -9.9pt">Item 14.</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Principal Accounting Fees and Services</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">125</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">PART IV</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">126</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: top; padding-left: 19.8pt; text-autospace: none; text-indent: -9.9pt">Item 15.</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Exhibits, Financial Statement Schedules</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">126</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">SIGNATURES</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">127</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Annual Report on Form 10-K contains
forward-looking statements, including but not limited to, statements regarding our future revenues, future plans, objectives, expectations
and events, assumptions and estimates. Forward-looking statements can be identified by use of the words or phrases &ldquo;will&rdquo;,
&ldquo;will likely result&rdquo;, &ldquo;are expected to&rdquo;, &ldquo;will continue&rdquo;, &ldquo;estimate&rdquo;, &ldquo;project&rdquo;,
&ldquo;potential&rdquo;, &ldquo;believe&rdquo;, &ldquo;plan&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;expect&rdquo;, &ldquo;intend&rdquo;,
&ldquo;may,&rdquo; &ldquo;believe, &ldquo; or similar expressions and variations of such words. Statements that are not historical
facts are based on our current expectations, beliefs, assumptions, estimates, forecasts and projections for our business and the
industry and markets related to our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The forward-looking statements contained
in this report are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult
to predict. Actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Important
factors which may affect these actual outcomes and results include, without limitation, tourism and weather conditions in the areas
we service, scheduled new construction within our operating areas, the economies of the U.S. and the areas we service, regulatory
matters, availability of capital to repay debt and for expansion of our operations, and other factors, including those set forth
under Part I, Item 1A. &ldquo;Risk Factors&rdquo; in this Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The forward-looking statements in this
Annual Report speak as of its date. We expressly disclaim any obligation or undertaking to update or revise any forward-looking
statement contained in this Annual Report to reflect any change in our expectations with regard thereto or any change in events,
conditions or circumstances on which any forward-looking statement is based, except as may be required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated, references
to &ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;ours&rdquo; and &ldquo;us&rdquo; refer to Consolidated Water Co. Ltd. and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note Regarding Currency and Exchange
Rates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated, all references
to &ldquo;$&rdquo; or &ldquo;US$&rdquo; are to United States dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exchange rate for conversion of Cayman
Island dollars (CI$) into US$, as determined by the Cayman Islands Monetary Authority, has been fixed since April 1974 at US$1.20
per CI$1.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exchange rate for conversion of Belize
dollars (BZE$) into US$, as determined by the Central Bank of Belize, has been fixed since 1976 at US $0.50 per BZE$1.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exchange rate for conversion of Bahamas
dollars (B$) into US$, as determined by the Central Bank of The Bahamas, has been fixed since 1973 at US$1.00 per B$1.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The official currency of the British Virgin
Islands is the United States dollar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exchange rate for conversion of Bermuda
dollars (BMD$) into US$ as determined by the Bermuda Monetary Authority, has been fixed since 1970 at US$1.00 per BMD$1.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Netherlands subsidiary conducts business
in U.S. dollars and Euros and our Mexico affiliate conducts business in U.S. dollars and Mexican pesos.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #0070C0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 1. BUSINESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We develop and operate seawater desalination
plants and water distribution systems in areas where naturally occurring supplies of potable water are scarce or nonexistent. Through
our subsidiaries and affiliates, we operate 14 reverse osmosis desalination plants and provide the following services to our customers
in the Cayman Islands, the Bahamas, Belize, and the British Virgin Islands:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none; text-align: justify"><I>Retail Water Operations.</I> We produce and supply water to end-users, including residential, commercial and government customers in the Cayman Islands under an exclusive retail license issued by the government to provide water in two of the most populated and rapidly developing areas in the Cayman Islands. In 2011, our retail water operations generated approximately 42% of our consolidated revenues.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none; text-align: justify"><I>Bulk Water Operations.</I> We produce and supply water to government-owned distributors in the Cayman Islands, Belize and the Bahamas.&nbsp;&nbsp;In 2011, our bulk water operations generated approximately 56% of our consolidated revenues.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="text-autospace: none; text-align: justify"><I>Services Operations.</I> We provide engineering and management services for desalination projects, including designing and constructing desalination plants and managing and operating desalination plants owned by other companies.&nbsp;&nbsp;In 2011, our services operations generated approximately 2% of our consolidated revenues.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none; text-align: justify"><I>Affiliate Operations.</I> We have three affiliates. (1) We own 50% of the voting rights and 43.5% of the equity rights of Ocean Conversion (BVI) Ltd. (&ldquo;OC-BVI&rdquo;), which produces and supplies bulk water to the British Virgin Islands Water and Sewerage Department. (2) We own 40% of the voting rights of Consolidated Water (Bermuda) Limited, which constructed and sold a plant to the Bermuda government and operated the plant on the government&rsquo;s behalf from the second quarter of 2009 through the termination of the agreement on June 30, 2011. As a result of the termination of the agreement with the Bermuda government, we do not expect to receive any future fees or revenues from CW-Bermuda. (3) In May 2010, we acquired, through our wholly-owned Netherlands subsidiary, Consolidated Water Cooperatief, U.A., a 50% interest in N.S.C. Agua, S.A. de C.V., (&ldquo;NSC&rdquo;) a Mexican company. NSC has been formed to pursue a project encompassing the construction, ownership and operation of a 100 million gallon per day seawater reverse osmosis desalination plant to be located in northern Baja California, Mexico and an accompanying pipeline to deliver water to the U.S. border. The project is in the development stage and NSC does not presently generate any operating revenues.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, the number of
plants we, or our affiliates, operate in each country and the production capacities of these plants are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Location</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Plants</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center"><B>Capacity<FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></B></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 75%; text-autospace: none">Cayman Islands</TD>
    <TD STYLE="width: 1%; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 8%; text-autospace: none; text-align: right">8</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 8%; text-autospace: none; text-align: right">10.2</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-autospace: none">Bahamas</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">3</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">15.2</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-autospace: none">Belize</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">1</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">0.6</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-autospace: none">British Virgin Islands</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-autospace: none; text-align: right">2</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-autospace: none; text-align: right">0.8</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 3.3pt; text-autospace: none">Total</TD>
    <TD STYLE="padding-bottom: 3.3pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-autospace: none; text-align: right">14</TD>
    <TD STYLE="padding-bottom: 3.3pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3.3pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-autospace: none; text-align: right">26.8</TD>
    <TD STYLE="padding-bottom: 3.3pt; text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-autospace: none">(1)</TD>
    <TD STYLE="width: 95%; text-autospace: none; text-align: justify">In millions of U.S. gallons per day.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our strategy is to provide water services
in areas where the supply of potable water is scarce and we believe the production of potable water by reverse osmosis desalination
is, or will be, profitable. We have focused on the Caribbean basin and adjacent areas as our principal markets because they possess
the following characteristics which make them attractive for our business:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none">little or no naturally occurring fresh water;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="text-autospace: none">limited regulations and taxes allowing for higher returns;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none">a large proportion of tourist properties, which historically have generated higher volume sales than residential properties;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="text-autospace: none">growing populations and tourism levels.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we are currently focused primarily
on these areas, we believe that our potential market includes any location with a demand for, but a limited supply of, potable
water. The desalination of seawater is the most widely used process for producing fresh water in areas with an insufficient natural
supply. In addition, in many locations, desalination is the only commercially viable means to expand the existing water supply.
We believe that our experience in the development and operation of reverse osmosis desalination plants provides us with the capabilities
to successfully expand our operations and we expect to expand our operations beyond our existing Caribbean markets in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Key elements of our strategy include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&bull; Maximizing the benefits of our
exclusive retail license on Grand Cayman.</B> We plan to continue to increase operations within our exclusive retail license service
area through organic growth and possible further investments, if opportunities become available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&bull; Expanding our existing operations
in the Cayman Islands, Belize and The Bahamas.</B> We plan to continue to seek new water supply agreements and licenses and will
also focus on renewing our existing service contracts with extended terms and greater production levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&bull; Penetrating new markets.</B>
We plan to continue to seek opportunities to profitably expand our operations into new markets that have significant unfulfilled
demands for potable water.&nbsp;&nbsp;These markets include the rest of the Caribbean, North, Central and South America, Mexico,
Asia and elsewhere that we can provide water on a profitable basis and in favorable regulatory environments.&nbsp;&nbsp;We may
pursue these opportunities either on our own or through joint ventures and strategic alliances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&bull; Broadening our existing and future
operations into complementary services.</B> We continue to consider and pursue opportunities to leverage our water-related expertise
to enter complementary service industries, such as wastewater management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conduct our operations in the Cayman
Islands, The Bahamas, the British Virgin Islands, Belize, and the United States through the following principal operating subsidiaries
and affiliates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #0070C0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none; text-align: justify"><B><I>Cayman Water Company Limited (&ldquo;Cayman Water&rdquo;)</I></B><I>.</I> Cayman Water operates under an exclusive retail license granted by the Cayman Islands government to provide water to customers within a prescribed service area on Grand Cayman that includes the Seven Mile Beach and West Bay areas, two of the three most populated areas in the Cayman Islands. The only non-government owned public water utility on Grand Cayman, Cayman Water owns and operates four desalination plants.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none; text-align: justify"><B><I>Ocean Conversion (Cayman) Limited (&ldquo;OC-Cayman&rdquo;).</I></B> OC-Cayman provides bulk water under various licenses and agreements to the Water Authority-Cayman, a government-owned utility and regulatory agency, which distributes the water to properties located outside our exclusive retail license service area in Grand Cayman. OC-Cayman operates four desalination plants owned by the Water Authority-Cayman.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none; text-align: justify"><B><I>Consolidated Water (Bahamas) Limited
    (&ldquo;CW-Bahamas&rdquo;).</I></B> We own a 90.9% equity interest in CW-Bahamas, which provides bulk water under long-term
    contracts to the Water and Sewerage Corporation of The Bahamas, a government agency. CW-Bahamas owns and operates our largest
    desalination plant and two other desalination plants. CW-Bahamas pays fees to two of our other subsidiaries for certain
    administrative services.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none; text-align: justify"><B><I>Consolidated Water (Belize) Limited (&ldquo;CW-Belize&rdquo;).</I></B> CW-Belize, (formerly Belize Water Limited), owns and operates one desalination plant and has an exclusive contract to provide bulk water to Belize Water Services Ltd., a water distributor that serves residential, commercial and tourist properties in Ambergris Caye, Belize.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none; text-align: justify"><B><I>Aquilex, Inc.</I></B> This subsidiary, a United States company, provides financial, engineering and supply chain management support services to our subsidiaries and affiliates.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none; text-align: justify"><B><I>Ocean Conversion (BVI) Ltd. (&ldquo;OC-BVI&rdquo;).</I></B> We own 50% of the voting stock of our affiliate, OC-BVI, a British Virgin Islands company, which sells bulk water to the Government of The British Virgin Islands Water and Sewerage Department. We own an overall 43.5% equity interest in OC-BVI&rsquo;s profits and certain profit sharing rights that raise our effective interest in OC-BVI&rsquo;s profits to approximately 45%. OC-BVI also pays our subsidiary DesalCo Limited fees for certain engineering and administrative services.&nbsp;&nbsp;We account for our investment in OC-BVI under the equity method of accounting.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none; text-align: justify"><B><I>DesalCo Limited (&ldquo;DesalCo&rdquo;).</I></B> A Cayman Islands company, DesalCo provides management, engineering and construction services for desalination projects.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none; text-align: justify"><B><I>Consolidated Water (Bermuda) Limited
    (&ldquo;CW-Bermuda&rdquo;)</I>.</B> In January 2007, our affiliate, Consolidated Water (Bermuda) Limited
    (&ldquo;CW-Bermuda&rdquo;) entered into a design, build, sale and operating agreement with the Government of Bermuda for a
    desalination plant to be built in two phases at Tynes Bay along the northern coast of Bermuda. Under the agreement,
    CW-Bermuda constructed and operated the plant from the second quarter of 2009 through the termination of the agreement on
    June 30, 2011. We entered into a management services agreement with CW-Bermuda for the design, construction and operation of
    the Tynes Bay plant, under which we received fees for direct services, purchasing activities and proprietary technology.
    Although we own only 40% of the common shares of CW-Bermuda, we consolidate its results in our consolidated financial
    statements as we are its primary financial beneficiary. As a result of the termination of our agreement with the Bermuda
    government, we do not expect to receive any future fees or revenues from CW-Bermuda.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Consolidated Water Cooperatief, U.A.
        (&ldquo;CW-Coop&rdquo;).</I></B>&nbsp;&nbsp;CW-Coop is a wholly-owned Netherlands subsidiary organized in 2010.&nbsp;&nbsp;In May
        2010, CW-Coop acquired a 50% interest in N.S.C. Agua, S.A. de C.V., (&ldquo;NSC&rdquo;) a Mexican company. NSC has been formed
        to pursue a project encompassing the construction, ownership and operation of a 100 million gallon per day seawater reverse osmosis
        desalination plant to be located in northern Baja California, Mexico and accompanying pipeline to deliver water to the U.S. border.
        The project is currently in the development stage and NSC does not generate any operating revenues. As we have provided and will
        continue to provide all of NSC&rsquo;s development funding we consolidate its results in our consolidated financial statements.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have three principal business segments:
retail water operations, bulk water operations and services operations. Our retail water operations supply water to end-users,
including residential, commercial and government customers. Through our bulk water operations we supply water to government owned
distributors. Our retail and bulk operations serve customers in the Cayman Islands, Belize, the British Virgin Islands and The
Bahamas. Our services operations provide engineering and management services, which include designing and constructing desalination
plants, and managing and operating plants owned by other companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For fiscal year 2011, our retail water,
bulk water and service operations generated approximately 42%, 56% and 2%, respectively, of our consolidated revenues. For information
about our business segments and geographical information about our operating revenues and long-lived assets, see Note 16 to our
consolidated financial statements at Item 8 of this Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Retail Water Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For fiscal years 2011, 2010 and 2009, our
retail water operations accounted for approximately 42%, 43% and 40%, respectively, of our consolidated revenues. This business
in the Cayman Islands produces and supplies water to end-users, including residential, commercial and government customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We sell water through our retail operations
to a variety of residential and commercial customers through our wholly-owned subsidiary Cayman Water, which operates under an
exclusive license issued to us by the Cayman Islands government under The Water Production and Supply Law of 1979. As discussed
below, this license was set to expire in July 2010 but has since been extended while negotiations for a new license take place.
Pursuant to the license, we have the exclusive right to produce potable water and distribute it by pipeline to our licensed service
area which consists of the Seven Mile Beach and West Bay areas of Grand Cayman, two of the three most populated areas in the Cayman
Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under our license, we pay a royalty to
the government of 7.5% of our gross retail water sales revenues (excluding energy adjustments). The selling prices of water sold
to our customers are determined by license and vary depending upon the type and location of the customer and the monthly volume
of water purchased. The license provides for an automatic adjustment for inflation or deflation on an annual basis, subject to
temporary limited exceptions, and an automatic adjustment for the cost of electricity on a monthly basis. The Water Authority-Cayman,
on behalf of the government, reviews and confirms the calculations of the price adjustments for inflation and electricity costs.
If we want to adjust our prices for any reason other than inflation or electricity costs, we have to request prior approval of
the Cabinet of the Cayman Islands government. Disputes regarding price adjustments are referred to arbitration. Our last price
increase, requested in June 1985, was granted in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This license was set to expire on
July 10, 2010; however, the Company and the Cayman Islands government have agreed in correspondence to extend the license
seven times in order to provide sufficient time to negotiate the terms of a new license agreement. We were advised by a
letter dated February 16, 2012 from Water Authority-Cayman that the government had approved an extension of the license until
June 30, 2012. We are currently waiting for the government to execute such license extension.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 14, 2011, the Water Production
and Supply Law, 2011 (which replaces the Water (Production and Supply) Law (1996 Revision) under which the Company is licensed)
and the Water Authority (Amendment) Law, 2011 (the &ldquo;New Laws&rdquo;) were published on terms that they would come into force
on such date as may be appointed by Order made by the Governor in Cabinet. Such Order was subsequently made by Cabinet and the
New Laws are now in full force and effect. Under the New Laws, the Water Authority-Cayman would issue any new license which could
include a rate of return on invested capital model described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been informed during our retail
license renewal negotiations conducted with representatives of the Cayman Islands government that the Cayman Islands government
seeks to restructure the terms of our license to employ a &ldquo;rate of return on invested capital model&rdquo; similar to that
governing the sale of water to many U.S. municipalities. We have formally objected to the implementation of a &ldquo;rate of return
on invested capital model&rdquo; on the basis that we believe that such a model would not promote the efficient operation of our
water utility and could ultimately increase water rates to our customers. We believe such a model, if ultimately implemented, could
significantly reduce the operating income and cash flows we have historically generated from our retail license and could require
us to record an impairment loss to reduce the $1.2 million carrying value of our retail segment&rsquo;s goodwill.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a new long-term license agreement is
not entered into with the government, we would retain a right of first refusal to renew the license on terms that are no less favorable
than those that the government might offer in the future to a third party.&nbsp;&nbsp;See further discussion of this matter at
Item 1.A. &ldquo;Risk Factors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Facilities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our retail operations in the Cayman
Islands currently produce potable water at four reverse osmosis seawater conversion plants in Grand Cayman located at our
Abel Castillo Water Works (&ldquo;ACWW&rdquo;, formerly Governor&rsquo;s Harbour), Britannia and West Bay sites. We own the
land for our ACWW and West Bay plants and have entered into a lease for the land for our Britannia plant until January 1,
2027. The current production capacity of the two plants located at ACWW is 2.2 million U.S. gallons of water per
day.&nbsp;&nbsp;The production capacity of the Britannia plant is 715,000 U.S. gallons of water per day. The production
capacity of the West Bay plant is 910,000 U.S. gallons of water per day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Electricity to our plants is supplied
by Caribbean Utilities Co. Ltd., a publicly traded utility company. At all of our four retail plant sites we maintain diesel
driven, standby generators with sufficient capacity to operate our distribution pumps and other essential equipment during
any temporary interruptions in electricity supply. Standby generation capacity is also maintained at our West Bay Plant and
ACWW plants to operate a portion of the water production capacity as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of an emergency, our distribution
system is connected to the distribution system of the Water Authority-Cayman. In prior years we have purchased water from the Water
Authority-Cayman for brief periods of time. We have also sold potable water to the Water Authority-Cayman from our retail plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our pipeline system in the Cayman Islands
covers the Seven Mile Beach and West Bay areas of Grand Cayman and consists of approximately 71 miles of polyvinyl chloride and
polyethylene pipeline. We extend our distribution system periodically as demand warrants. We have a main pipe loop covering the
Seven Mile Beach and West Bay areas. We place extensions of smaller diameter pipe off our main pipe to service new developments
in our service area. This system of building branches from the main pipe keeps construction costs low and allows us to provide
service to new areas in a timely manner. During 2011, we completed a number of small pipeline extensions into newly developed properties
within our distribution system. Developers are responsible for laying the pipeline within their developments at their own cost,
but in accordance with our specifications. When a development is completed, the developer then transfers operation and maintenance
of the pipeline to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have a comprehensive layout of our pipeline
system, superimposed upon digital aerial photographs, which is maintained using a computer aided design system. This system is
interconnected with a computer generated hydraulic model, which allows us to accurately locate pipes and equipment in need of repair
and maintenance. It also helps us to plan extensions and upgrades.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Customers</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We enter into contracts with hotels, condominiums,
residential homes and other properties located in our existing licensed area to provide potable water. In the Seven Mile Beach
area, our primary customers are the hotels and condominium complexes that serve the tourist industry. In the West Bay area, our
primary customers are residential homes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Development continues to take place on
Grand Cayman, and particularly in our licensed area, to accommodate both the growing local population and the tourism market. Because
our license requires us to supply water to developments in our licensed area, the planning department of the Cayman Islands government
routinely advises us of proposed developments. This advance notice allows us to manage our production capacity to meet anticipated
demand. We believe that we have a sufficient supply of water to meet the foreseeable future demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We bill our customers on a monthly basis
based on metered consumption and bills are typically collected within 30 to 35 days after the billing date and receivables not
collected within 45 days subject the customer to disconnection from water service. In 2011, 2010 and 2009, bad debts represented
less than 1% of our total annual retail sales. In addition to their past due invoice balance, customers that have had their service
disconnected must pay re-connection charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth our approximate
total number of customer connections as of, and for the indicated years ended December 31:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Retail Water Customer Connections</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">2011</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">2010</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">2009</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">2008</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">2007</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="width: 45%; padding-bottom: 3.3pt; text-autospace: none">Number of Customer Connections</TD>
    <TD STYLE="width: 1%; padding-bottom: 3.3pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 2.25pt double; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: black 2.25pt double; text-autospace: none; text-align: right">5,200</TD>
    <TD STYLE="width: 1%; padding-bottom: 3.3pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 3.3pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 2.25pt double; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: black 2.25pt double; text-autospace: none; text-align: right">5,100</TD>
    <TD STYLE="width: 1%; padding-bottom: 3.3pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 3.3pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 2.25pt double; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: black 2.25pt double; text-autospace: none; text-align: right">5,000</TD>
    <TD STYLE="width: 1%; padding-bottom: 3.3pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 3.3pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 2.25pt double; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: black 2.25pt double; text-autospace: none; text-align: right">4,600</TD>
    <TD STYLE="width: 1%; padding-bottom: 3.3pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 3.3pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 2.25pt double; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: black 2.25pt double; text-autospace: none; text-align: right">4,600</TD>
    <TD STYLE="width: 1%; padding-bottom: 3.3pt; text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table above does not precisely represent
the actual number of customers or facilities that we serve. For example, in hotels and condominiums, we may only have a single
customer (e.g. the operator of the hotel or the condominium) while supplying water to all of the units within that hotel or condominium
development. Historically, demand on our pipeline distribution has varied throughout the year. Demand depends upon the number of
tourists visiting and the amount of rainfall during any particular time of the year. In general, the majority of tourists come
from the United States during the winter months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Bulk Water Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For fiscal years 2011, 2010 and 2009, our
bulk water operations accounted for approximately 56%, 50% and 45%, respectively, of our consolidated revenues and are comprised
of businesses in the Cayman Islands, The Bahamas and Belize. These businesses produce potable water from seawater and sell this
water to governments and private customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Bulk Water Operations in the Cayman Islands</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We sell bulk water in the Cayman Islands
through our wholly-owned subsidiary OC-Cayman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Facilities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operate and sell water from four reverse
osmosis seawater conversion plants in Grand Cayman that are owned by the Water Authority-Cayman: the Red Gate, Lower Valley, North
Sound and North Side Water Works plants, which have production capacities of approximately 1.3 million, 1.1 million, 1.6 million
and 2.4 million U.S. gallons of water per day, respectively. The North Side Water Works (&ldquo;NSWW&rdquo;) plant was commissioned
in June 2009. The Red Gate plant was temporarily de-commissioned in December 2009 in order to carry out extensive rehabilitative
and upgrade work to the plant as part of a new seven year operating contract with the Water Authority-Cayman. The refurbished Red
Gate plant was re-commissioned in July 2010. The plants that we operate for the Water Authority-Cayman are located on land owned
by the Water Authority-Cayman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Customers</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We provide bulk water on a take-or-pay
basis to the Water Authority-Cayman, a government owned utility and regulatory agency, under various licenses and agreements. The
Water Authority-Cayman in turn distributes that water to properties in the parts of Grand Cayman that are outside of our retail
license area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The current operating agreement for the Red Gate plant began
on July 2, 2010 for a period of seven years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The current operating agreement for the North Sound plant was
extended on April 1, 2007 for a period of seven years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The current operating agreement for the
Lower Valley plant was extended on January 12, 2006 for a period of seven years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 11, 2008, we signed a ten-year
agreement with the Water Authority-Cayman to finance, design, build and operate a seawater reverse osmosis water production plant
at their NSWW site on Grand Cayman. Under the terms of this license, OC-Cayman is obligated to deliver to the Water Authority-Cayman
the amount of water it demands or 2.14 million U.S. gallons of water per day on average each month, whichever is less. The NSWW
plant was completed in June 2009 and has a production capacity of 2.4 million U.S. gallons per day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Bulk Water Operations in Belize</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In Belize, we sell bulk water through our
wholly-owned subsidiary CW-Belize.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Facilities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We own the reverse osmosis seawater conversion
plant in Belize and lease the land on which our plant is located from the Belize government at an annual rent of BZE$1.00. The
lease, which was entered into in April 1993 and extended in January 2004, expires in April 2026. The production capacity of the
plant is 550,000 U.S. gallons of water per day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Electricity to our plant is supplied by
Belize Electricity Limited. At the plant site, we maintain a diesel driven, standby generator with sufficient capacity to operate
our water production equipment during any temporary interruption in the electricity supply. Feed water for the reverse osmosis
units is drawn from deep wells with associated pumps on the property. Reject water is discharged into a well on the property at
a level below that of the feed water intakes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Customers</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are the exclusive provider of water
in Ambergris Caye, Belize to Belize Water Services Ltd. (&ldquo;BWSL&rdquo;), a government controlled entity which distributes
the water through its own pipeline system to residential, commercial and tourist properties. BWSL distributes our water primarily
to residential properties, small hotels, and businesses that serve the tourist market. The base price of water supplied, and adjustments
thereto, are determined by the terms of the contract, which provides for annual adjustments based upon the movement in the government
price indices specified in the contract, as well as monthly adjustments for changes in the cost of diesel fuel and electricity.
Demand is less cyclical than in our other locations due to a higher proportion of residential to tourist demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have an exclusive 23-year contract with
BWSL to supply a minimum of 1.75 million U.S. gallons of water per week, or upon demand up to 2.1 million U.S. gallons per week,
on a take-or-pay basis. This contract terminates on March 23, 2026. BWSL has the right, with six months advance notice before the
termination date, to renew the contract for a further 25-year period on the same terms and conditions. The contract was amended
on March 1, 2011 to increase the minimum supply to 290,000 U.S. gallons per day (equal to 2.03 million U.S. gallons per week),
or upon demand up to approximately 12.7 million U.S. gallons per month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Bulk Water Operations in The Bahamas</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In The Bahamas, we sell bulk water through
our majority-owned subsidiary, CW-Bahamas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Facilities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently supply bulk water in The Bahamas
from our Windsor, Blue Hills and Bimini plants. We supply water from our Windsor plant which has a capacity of 3.1 million U.S.
gallons per day under the terms of a 15-year water supply agreement with an effective date of March 1998. We supply water from
our Blue Hills plant under the terms of a twenty-year water supply agreement dated May 20, 2005, effective July 2006. Prior to
2011, the Blue Hills plant was capable of producing 7.2 million U.S. gallons of potable water per day, and is our largest seawater
conversion facility to date. The Blue Hills plant water supply agreement was amended effective January 31, 2011 pursuant to which
we increased the production capacity of the Blue Hills plant to 12.0 million U.S. gallons per day during 2011. The term of the
water supply agreement will be extended at the date that the expansion is deemed substantially complete for a period of 20-years,
or until the plant has delivered approximately 66.9 billion U.S. gallons of water, whichever occurs later. We expect to achieve
substantial completion in the first quarter of 2012. The Bimini plant has a capacity of 115,000 U.S gallons per day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Electricity to our plants is supplied by
Bahamas Electricity Corporation. We maintain a standby generator with sufficient capacity to operate essential equipment at our
Windsor and Blue Hills plants and are able to produce water with these plants during temporary interruptions in the electricity
supply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Feed water for the reverse osmosis units
are drawn from deep wells with associated pumps on the property. Reject water is discharged into wells on the property at a deeper
level than the feed water intakes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Customers</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We provide bulk water to the Water and
Sewerage Corporation of The Bahamas (&ldquo;WSC&rdquo;), which distributes the water through its own pipeline system to residential,
commercial and tourist properties on the Island of New Providence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are required to provide the WSC with
at least 16.8 million U.S. gallons per week of potable water from our Windsor plant, and the WSC has contracted to purchase at
least that amount from us on a take-or-pay basis. This water supply agreement expires on March 1, 2013. At the conclusion of the
agreement, the WSC has the option to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none">extend the agreement for an additional five years at a rate to be negotiated;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="text-autospace: none">exercise a right of first refusal to purchase any materials, equipment and facilities that CW-Bahamas intends to remove from the site, and negotiate a purchase price with CW-Bahamas; or</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="text-autospace: none">require CW-Bahamas to remove all materials, equipment and facilities from the site.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to 2011 we incurred penalties relating
to the Windsor plant for not meeting diesel fuel and electricity efficiencies specified in our water sale agreement with the WSC.
These penalties totaled $15,713, and $63,433 in 2010 and 2009, respectively. We believe that programs to replace problematic equipment
and improve the feed water source of this plant will to allow us to operate without incurring any material penalties in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We were required to provide the WSC with
at least 33.6 million U.S. gallons per week of potable water from the Blue Hills plant, and the WSC had contracted to purchase
at least that amount from us on a take-or-pay basis. This water supply agreement expired on the later of July 26, 2026 or after
the plant had produced 35.0 billion U.S. gallons of water. The Blue Hills plant water supply agreement was amended effective January
31, 2011. Under the terms of the amended agreement we increased the production capacity of the Blue Hills plant to 12.0 million
U.S. gallons per day. With this expansion, we are required to deliver and the WSC is required to purchase a minimum of 63.0 million
U.S. gallons per week. The term of the water supply agreement will be extended at the date that the expansion is deemed substantially
complete for a period of 20-years, or until the plant has delivered approximately 65.7 billion U.S. gallons of water, whichever
occurs later. We expect to achieve substantial completion in the first quarter of 2012. At the conclusion of the agreement, the
WSC has the option to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none">extend the agreement for an additional five years at a rate to be negotiated;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="text-autospace: none">exercise a right of first refusal to purchase any materials, equipment and facilities that CW-Bahamas intends to remove from the site, and negotiate a purchase price with CW-Bahamas; or</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="text-autospace: none">require CW-Bahamas to remove all materials, equipment and facilities from the site.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Services Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For fiscal years 2011, 2010 and 2009, our
services operations accounted for approximately 2%, 7% and 15%, respectively, of our consolidated revenues and are comprised
of businesses providing services in the Cayman Islands, The Bahamas, the British Virgin Islands and (through June 30, 2011) Bermuda.
These businesses provide engineering and management services, including designing and constructing desalination plants, and managing
and operating plants owned by other companies<FONT STYLE="color: #0070C0">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Engineering and Management Services Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We provide design, engineering and construction
services for desalination projects through DesalCo, which is recognized by suppliers as an original equipment manufacturer of reverse
osmosis seawater desalination plants for our Company. DesalCo also provides management services to our affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aquilex, Inc., our wholly-owned U.S. subsidiary
located in Coral Springs, Florida, provides financial, engineering and supply chain support services to our operating segments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affiliate Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our affiliate, OC-BVI, sells water to one
government customer in the British Virgin Islands. We own 50% of the voting shares of OC-BVI and have an overall 43.5% equity interest
in the profits of OC-BVI. We also own separate profit sharing rights in OC-BVI that raise our effective interest in OC-BVI&rsquo;s
profits from 43.5% to approximately 45%. Sage Water Holdings (BVI) Limited (&ldquo;Sage&rdquo;) owns the remaining 50% of the voting
shares of OC-BVI and the remaining 55% interest in its profits. Under the Articles of Association of OC-BVI, we have the right
to appoint three of the six directors of OC-BVI. Sage is entitled to appoint the remaining three directors. In the event of a tied
vote of the Board, the President of the Caribbean Water and Wastewater Association, a regional trade association comprised primarily
of government representatives, is entitled to appoint a junior director to cast a deciding vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We provide certain engineering and administrative
services to OC-BVI for a monthly fee and a bonus arrangement which provides for payment of 4.0% of the net operating income of
OC-BVI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We account for our interests in OC-BVI
using the equity method of accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Customer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">OC-BVI sells bulk water to the Government
of The British Virgin Islands Water and Sewerage Department (&ldquo;BVIW&amp;S&rdquo;), which distributes the water through its
own pipeline system to residential, commercial and tourist properties on the islands of Tortola and Jost Van Dyke in the British
Virgin Islands. During 2011, OC-BVI supplied BVIW&amp;S with 180 million U.S. gallons of water from desalination plants located
at Bar Bay, Tortola, and the island of Jost Van Dyke in the British Virgin Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Facilities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Through March 2010, OC-BVI operated a seawater
reverse osmosis plant at Baughers Bay, Tortola, in the British Virgin Islands, which had a production capacity of 1.7 million U.S.
gallons per day. The plant had an advanced energy recovery system, generated its own electrical power on site using two large diesel
driven generator units and also purchased electricity from the BVI Electric Co. to power ancillary equipment and provide building
lighting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2006, we were notified by
OC-BVI that the Ministry of Communications and Works of the Government of the British Virgin Islands (the
&ldquo;Ministry&rdquo;) had asserted a purported right of ownership of OC-BVI&rsquo;s Baughers Bay desalination plant
pursuant to the terms of a Water Supply Agreement dated May 1990 (the &ldquo;1990 Agreement&rdquo;). In November 2007, the
Ministry commenced litigation against OC-BVI in the Eastern Caribbean Supreme Court seeking ownership of the
Baughers Bay plant and was awarded ownership and possession of this plant by the Court in October 2009. As a result of the
Court decision, OC-BVI ceased operating the Baughers Bay plant on March 29, 2010. See further discussion at &ldquo;Item 7.
Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations &mdash; Material Commitments,
Expenditures and Contingencies.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2007, OC-BVI completed the construction
of a 720,000 U.S. gallons per day plant at Bar Bay, Tortola, in the British Virgin Islands. This plant began supplying water to
the BVI government in January 2009. The definitive contract for the sale of water from this plant was signed on March 4, 2010.
The contract has a term of seven years with a seven year renewal option exercisable by the BVI government. We purchase electrical
power to operate this plant from BVI Electric Co. and operate diesel engine driven emergency power generators when BVI Electric
Co. is unable to provide power to the plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">OC-BVI&rsquo;s plant on the island of Jost
Van Dyke has a capacity of 60,000 U.S. gallons per day.&nbsp;&nbsp;This plant operates under a contract with the BVI government
that expires July 8, 2013. We purchase electrical power to operate this plant from BVI Electric Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>Reverse Osmosis
Technology</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The conversion of seawater to potable water
is called desalination. The two primary forms of desalination are distillation and reverse osmosis. Both methods are used throughout
the world and technologies are improving to lower the costs of production. Reverse osmosis is a fluid separation process in which
the saline water is pressurized and the fresh water is separated from the saline water by passing through a semi-permeable membrane
which rejects the salts. The saline water (i.e. seawater) is first passed through a pretreatment system, which generally consists
of fine filtration and treatment chemicals, if required. Pre-treatment removes suspended solids and organics which could cause
fouling of the membrane surface. Next, a high-pressure pump pressurizes the saline water thus enabling approximately 40% conversion
of the saline water to fresh water as it passes through the membrane, while more than 99% of the dissolved salts are rejected and
remain in the now concentrated saline water. This remaining feed water which has now been concentrated is discharged without passing
through the membrane. The remaining hydraulic energy in the concentrated feed water is transferred to the initial saline feed water
with an energy recovery device thus reducing the total energy requirement for the reverse osmosis system. The final step is post-treatment,
which consists of stabilizing the produced fresh water, thereby removing undesirable dissolved gases, adjusting the pH and providing
chlorination to prepare it for distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We use reverse osmosis technology to convert
seawater to potable water at all of the plants we construct and operate. We believe that this technology is the most effective
and efficient conversion process for our market. However, we are always seeking ways to maximize efficiencies in our current processes
and investigating new, more efficient processes to convert seawater to potable water. The equipment at our plants is among the
most energy efficient available and we monitor and maintain the equipment in an efficient manner. As a result of our decades of
experience in seawater desalination, we believe that we have an expertise in the development and operation of desalination plants
which is easily transferable to locations outside of our current operating areas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Raw Materials and Sources of Supply</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All materials, parts and supplies essential
to our business operations are obtained from multiple sources and we use the latest industry technology. We do not manufacture
any parts or components for equipment essential to our business. Our access to seawater for processing into potable water is granted
through our licenses and contracts with governments of the various jurisdictions in which we have our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Seasonal Variations in Our Business</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operations are affected by the levels
of tourism and are subject to seasonal variations in our service areas. Demand for our water in the Cayman Islands, Belize, and
the Bahamas is affected by variations in the level of tourism and local weather, primarily rainfall. Tourism in our service areas
is affected by the economies of the tourists&rsquo; home countries, primarily the United States and Europe, terrorist activity
and perceived threats thereof, and increased costs of fuel and airfares. We normally sell more water during the first and second
quarters, when the number of tourists is greater and local rainfall is less, than in the third and fourth quarters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Government Regulations, Custom Duties and Taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operations and activities are subject
to the governmental regulations and taxes of the countries in which we operate. The following summary of regulatory developments
and legislation does not purport to describe all present and proposed regulation and legislation that may affect our businesses.
Legislative or regulatory requirements currently applicable to our businesses may change in the future. Any such changes could
impose new obligations on us that may adversely affect our businesses and operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Cayman Islands</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Cayman Islands are a British Overseas
Territory and have had a stable political climate since 1670, when the Treaty of Madrid ceded the Cayman Islands to England. The
Queen of England appoints the Governor of the Cayman Islands to make laws with the advice and consent of the legislative assembly.
The legislative assembly consists of 15 elected members and three members appointed by the Governor from the Civil Service. The
Cabinet is responsible for day-to-day government operations. The Cabinet consists of five ministers who are chosen by the legislative
assembly from its 15 popularly elected members, and the three Civil Service members. The elected members choose from among themselves
a leader, who is designated the Premier, and is in effect the leader of the elected government. The Governor has reserved powers
and the United Kingdom retains full control over foreign affairs and defense. The Cayman Islands are a common law jurisdiction
and have adopted a legal system similar to that of the United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Cayman Islands have no taxes on profits,
income, distributions, capital gains or appreciation. We have exemptions from, or receive concessionaire rates of customs duties
on capital expenditures for plant and major consumable spare parts and supplies imported into the Cayman Islands as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none">We do not pay import duty or taxes on reverse osmosis membranes, electric pumps and motors and chemicals, but we do pay duty at the rate of 10% of the cost, including insurance and transportation to the Cayman Islands, of other plant and associated materials and equipment to manufacture or supply water in the Seven Mile Beach or West Bay areas. We have been advised by the Government of the Cayman Islands that we will not receive any duty concessions in our new retail water license; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none">OC-Cayman pays full customs duties in respect of all plants that it operates for the Water Authority-Cayman.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The stamp tax on the transfer of ownership
of land in the Cayman Islands is a major source of revenue to the Cayman Islands government. To prevent stamp tax avoidance by
transfer of ownership of the shares of a company which owns land in the Cayman Islands (as opposed to transfer of the land itself),
The Land Holding Companies (Share Transfer Tax) Law was passed in 1976. The effect of this law is to charge a company, which owns
land or an interest in land in the Cayman Islands, a tax based on the value of its land or interest in land attributable to each
share transferred. The stamp tax calculation does not take into account the proportion which the value of a company&rsquo;s Cayman
land or interest in land bears to its total assets and whether the intention of the transfer is to transfer ownership of part of
a company&rsquo;s entire business or a part of its Cayman land or interest in land.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to our common shares becoming publicly
traded in the United States, we paid this tax on private share transfers. We have never paid the tax on transfers of our publicly
traded shares and requested an exemption in 1994. On April 10, 2003, we received notice that the Cayman Islands government had
granted an exemption from taxation for all transfers of our shares. We believe it is unlikely that government will seek to collect
this tax on transfers of our publicly traded shares during 1994 through April 10, 2003.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Bahamas</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Commonwealth of The Bahamas is an independent
nation and a constitutional parliamentary democracy with the Queen of England as the constitutional head of state. The basis of
the Bahamian law and legal system is the English common law tradition with a Supreme Court, Court of Appeals, and a Magistrates
court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the current laws of the Commonwealth
of The Bahamas, no income, corporation, capital gains or other taxes are payable by the Company. The Company is required to pay
an annual business license fee (the calculation of which is based on the Company&rsquo;s preceding year&rsquo;s financial statements)
which to date has not been material to the results of our Bahamas operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Belize</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Belize (formerly British Honduras) achieved
full independence from the United Kingdom in 1981. Today, Belize is a constitutional monarchy with the adoption of a constitution
in 1991. Based on the British model with three independent branches, the Queen of England is the constitutional head of state,
represented by a Governor General in the government. A Prime Minister and cabinet make up the executive branch, while a 29 member
elected House of Representatives and a nine member appointed Senate form a bicameral legislature. The cabinet consists of a prime
minister, other ministers and ministers of state who are appointed by the Governor-General on the advice of the Prime Minister,
who has the support of the majority party in the House of Representatives. Belize is an English common law jurisdiction with a
Supreme Court, Court of Appeals and local Magistrate Courts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Government of Belize has exempted CW-Belize
from certain customs duties and all revenue replacement duties until April 18, 2026, and had exempted CW-Belize from company taxes
until January 28, 2006. Belize levies a gross receipts tax on corporations at a rate varying between 0.75% and 25%, depending on
the type of business, and a corporate income tax at a rate of 25% of chargeable income. Gross receipts tax payable amounts are
credited towards corporate income tax. The Government of Belize also implemented certain environmental taxes and a general sales
tax effective July 1, 2006 and increased certain business and personal taxes and created new taxes effective March 1, 2005. Belize
levies import duty on most imported items at rates varying between 0% and 45%, with most items attracting a rate of 20%. In 2008,
it was determined that the tax exemption was no longer valid and CW-Belize paid approximately $156,000 of business and corporate
income tax for the period 2004 through 2008. Under the terms of our water supply agreement with BWSL we are reimbursed by BWSL
for all taxes and customs duties that we are required to pay and we record this reimbursement as an offset to our tax expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The British Virgin Islands</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The British Virgin Islands (the &ldquo;BVI&rdquo;)
is a British Overseas Territory, with the Queen as the Head of State and Her Majesty&rsquo;s representative, the Governor, responsible
for external affairs, defense and internal security, the Civil Service and administration of the courts.&nbsp;&nbsp;Since 1967,
the BVI has held responsibility for its own internal affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The BVI Constitution provides for the people
of the BVI to be represented by a ministerial system of government, led by an elected Premier, a Cabinet of Ministers and the House
of Assembly.&nbsp;&nbsp;The House of Assembly consists of 13 elected representatives, the Attorney General, and the Speaker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The judicial system, based on English law,
is under the direction of the Eastern Caribbean Supreme Court, which includes the High Court of Justice and the Court of Appeal.&nbsp;&nbsp;The
ultimate appellate court is the Privy Council in London.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market and Service Area</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we currently operate in the Cayman
Islands, Belize, The British Virgin Islands, and The Bahamas, we believe that our potential market consists of any location where
there is a need for potable water. The desalination of seawater, either through distillation or reverse osmosis, is the most widely
used process for producing fresh water in areas with an insufficient natural supply. We believe our experience in the development
and operation of reverse osmosis desalination plants provides us with a significant opportunity to successfully
expand our operations beyond the markets in which we currently operate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Cayman Islands Government, through
the Water Authority-Cayman, supplies water to parts of Grand Cayman, which are not within our licensed area, as well as to Little
Cayman and Cayman Brac. We operate all the reverse osmosis desalination plants owned by the Water Authority-Cayman on Grand Cayman
and supply water under licenses and supply agreements held by OC-Cayman with the Water Authority-Cayman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the most recent information
published by the Economics and Statistics Office of the Cayman Islands Government, the population of the Cayman Islands was estimated
in December 2010 to be approximately 54,397. According to the figures published by the Department of Tourism Statistics Information
Center, during the year ended December 31, 2011, tourist air arrivals increased by 7.2% and tourist cruise ship arrivals decreased
by 12.0% compared to 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total visitors for the year
decreased from 1.9 million in 2010 to 1.7 million in 2011. We believe that our water sales in the Cayman Islands are more
positively impacted by stay-over tourists that arrive by air than by those arriving by cruise ship, since cruise ship
tourists generally only remain on the island for one day or less and do not remain on the island overnight. At this time, we
believe the stay-over trend will continue through 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our current operations in Belize are located
on Ambergris Caye, which consists of residential, commercial and tourist properties in the town of San Pedro. This town is located
on the southern end of Ambergris Caye. Ambergris Caye is one of many islands located east of the Belize mainland and off the southeastern
tip of the Yucatan Peninsula. Ambergris Caye is approximately 25 miles long and, according to the Central Statistical Office &ldquo;Belize:
2010 National Census Overview&rdquo;, has a population of about 11,510 residents. We provide bulk potable water to BWSL, which
distributes this water to this market. BWSL currently has no other source of potable water on Ambergris Caye. Our contract with
BWSL makes us their exclusive producer of desalinated water on Ambergris Caye through 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A 185 mile long barrier reef, which is
the largest barrier reef in the Western Hemisphere, is situated just offshore of Ambergris Caye. This natural attraction is becoming
a choice destination for scuba divers and tourists. According to information published by the Belize Trade and Investment Development
Service, tourism is Belize&rsquo;s second largest source of foreign income, next to agriculture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our current operations in The Bahamas are
located on South Bimini Island and in Nassau on New Providence. The Bimini Islands consist of North Bimini and South Bimini, and
are two of 700 islands which comprise The Bahamas. The Bimini Islands are located approximately 50 miles east of Ft. Lauderdale,
Florida and are a premier destination for sport fishing enthusiasts. The population of the Bimini Islands is approximately 1,600
persons and the islands have about 200 hotel and guest rooms available for tourists. The total land area of the Bimini Islands
is approximately 9 square miles. New Providence, Lyford Caye and Paradise Island, connected by several bridges, are located approximately
150 miles east southeast of the Bimini Islands. With an area of 151 square miles and a population of approximately 211,000, Nassau
is the political capital and commercial hub of The Bahamas, and accounts for more than two-thirds of the 4 million tourists who
visit The Bahamas annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The British Virgin Islands are a British
Overseas Territory and are situated east of Puerto Rico. They consist of 16 inhabited and more than 20 uninhabited islands, of
which Tortola is the largest and most populated island. The islands are the center for many large yacht-chartering businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Competition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Cayman Islands.</I> Pursuant to our
license granted by the Cayman Islands government, we have the exclusive right to provide potable, piped water within our licensed
service area on Grand Cayman. At the present time, we are the only non-government-owned public water utility on Grand Cayman. The
Cayman Islands government, through the Water Authority-Cayman, supplies water to parts of Grand Cayman located outside of our licensed
service area. Although we have no competition within our exclusive retail license service area, our ability to expand our service
area is at the discretion of the Cayman Island government. Private residences and commercial multi-unit dwellings up to four units
may install water making equipment for their own use. Water plants on premises within our license area and serving only their premises
in existence prior to 1991 can be maintained but not replaced or expanded. We are aware of only one such plant currently in operation.
The Cayman Islands government, through the Water Authority-Cayman, supplies water to parts of Grand Cayman outside of our licensed
service area. We have competed with such companies as GE Water, Veolia, and IDE for bulk water supply contracts with the Water
Authority-Cayman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Belize.</I> On Ambergris Caye in Belize,
our water supply contract with Belize Water Services Limited is exclusive, and Belize Water Services Limited can no longer seek
contracts with other water suppliers, or produce water themselves, to meet their future needs in San Pedro, Ambergris Caye, Belize.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The Bahamas.</I> On South Bimini Island
in The Bahamas, we supply water to a private developer and do not have competitors. GE Water operates a seawater desalination plant
on North Bimini Island. We competed with companies such as GE Water, Veolia, IDE,&nbsp;OHL Inima and Biwater for the new contract
with the Bahamian government to build and operate a seawater desalination plant at Blue Hills, New Providence, Bahamas. We expect
to compete with these companies and others for future water supply contracts in The Bahamas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>British Virgin Islands.</I> In the British
Virgin Islands, GE Water operates seawater desalination plants in West End and Sea Cows Bay, Tortola, and on Virgin Gorda and generally
bids against OC-BVI for projects. Biwater PLC was recently awarded a 16 year contract to construct and operate a 2.75 million U.S.
gallon per day desalination plant in Tortola for the British Virgin Islands government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To implement our growth strategy outside
our existing operating areas, we will have to compete with some of the same companies we competed with for the Blue Hills project
in Nassau, Bahamas such as GE Water, Veolia, IDE Technologies, OHL Inima,&nbsp;and Biwater as well as other smaller companies.&nbsp;&nbsp;Some
of these companies currently operate in areas in which we would like to expand our operations and already maintain worldwide operations
having greater financial, managerial and other resources than our company. We believe that our low overhead costs, knowledge of
local markets and conditions and our efficient manner of operating desalinated water production and distribution equipment provide
us with the capabilities to effectively compete for new projects in the Caribbean basin and other select markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Environmental and Health Regulatory Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Cayman Islands.</I> With respect to
our Cayman Islands operations, although not required by local government regulations, we operate our water plants in accordance
with guidelines of the Cayman Islands Department of Environment. We are licensed by the government to discharge concentrated seawater,
which is a byproduct of our desalination process, into deep disposal wells.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Cayman Islands license requires that
our potable water quality meet the World Health Organization&rsquo;s Guidelines for Drinking Water Quality and contain less than
200 mg/l of total dissolved solids.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Belize, The Bahamas, British Virgin
Islands.</I> With respect to our Belize and Bahamas operations and OC-BVI&rsquo;s British Virgin Islands operations, we and OC-BVI
are required by our water supply contracts to take all reasonable measures to prevent pollution of the environment. We are licensed
by the Belize and Bahamian governments to discharge concentrated seawater, which is a byproduct of our desalination process, into
deep disposal wells. OC-BVI is licensed by the British Virgin Islands government to discharge concentrated seawater into the sea.
We operate our plants in a manner so as to minimize the emission of hydrogen sulfide gas into the environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not aware of any existing or pending
environmental legislation which may affect our operations. To date we have not received any complaints from any regulatory authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Employees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 9, 2012, we employed a total
of 123 persons, 69 in the Cayman Islands, 22 in The Bahamas, 25 in the United States and seven in Belize. We also managed the five
employees of OC-BVI in the British Virgin Islands. We have 11 management personnel and 36 administrative and clerical employees.
The remaining employees are engaged in engineering, purchasing, plant maintenance and operations, pipe laying and repair, leak
detection, new customer connections, meter reading and laboratory analysis of water quality. None of our employees is a party to
a collective bargaining agreement. We consider our relationships with our employees to be good.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Available Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our website address is http://www.cwco.com.
Information contained on our website is not incorporated by reference into this Annual Report, and you should not consider information
contained on our website as part of this Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have adopted a written code of conduct
and ethics that applies to all of our employees and directors, including, but not limited to, our principal executive officer,
principal financial officer, and principal accounting officer or controller, or persons performing similar functions. <FONT STYLE="color: black">The
Code of Conduct and Ethics, the charters of the Audit Committee, Compensation Committee, Nominations and Corporate Governance Committee
and the Consolidated Water Co. Ltd. Corporate Governance Guidelines </FONT>of our Board of Directors, are available at the Investors
portion of our website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may access, free of charge, our annual
reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, plus amendments to such reports as filed
or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, on our website and on the website
of the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) as soon as reasonably practicable after we electronically file
such material with, or furnish it to, the SEC. In addition, paper copies of these documents may be obtained free of charge by writing
us at the following address: Consolidated Water Co. Ltd., Regatta Office Park, Windward Three, 4th Floor, West Bay Road, P.O. Box
1114, Grand Cayman, KY1-1102, Cayman Islands, Attention: Investor Relations; or by calling us at (345) 945-4277.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 1A. RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investing in our common shares involves
risks. Prior to making a decision about investing in our common shares, you should consider carefully the factors discussed below
and the information contained in this Annual Report. Each of these risks, as well as other risks and uncertainties not presently
known to us or that we currently deem immaterial, could adversely affect our business, operating results, cash flows and financial
condition, and cause the value of our common shares to decline, which may result in the loss of all or part of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our exclusive license to provide water
to retail customers in the Cayman Islands may not be renewed in the future.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the Cayman Islands, we provide water
to retail customers under a 20-year license issued to us in July 1990 by the Cayman Islands&nbsp;government that grants us the
exclusive right to provide water to retail customers within our licensed service area. Our service area is comprised of an area
on Grand Cayman that includes the Seven Mile Beach and West Bay areas, two of the three most populated areas in the Cayman Islands.
For the year ended December 31, 2011, we generated approximately 42% of our consolidated revenues and 51% of our consolidated gross
profits from the retail water operations conducted pursuant to our exclusive license.&nbsp;&nbsp; If we are not in default of any
terms of the license, we have a right of first refusal to renew the license on terms that are no less favorable than those that
the government offers to any third party.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This license was set to expire on July
10, 2010, however we and the Cayman Islands government have agreed in correspondence to extend the license seven times in order
to provide sufficient time to negotiate the terms of a new license agreement.&nbsp;We were advised by letter dated February 16,
2012 from Water Authority-Cayman that the government had approved an extension of the License until June 30, 2012. We are currently
waiting for the government to execute such license extension.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 14, 2011, the Water Production
and Supply Law, 2011 (which replaces the Water (Production and Supply) Law (1996 Revision) under which the Company is licensed)
and the Water Authority (Amendment) Law, 2011 (the &ldquo;New Laws&rdquo;) were published on terms that they would come into force
on such date as may be appointed by Order made by the Governor in Cabinet. Such Order was subsequently made by Cabinet and the
New Laws are now in full force and effect. Under the New Laws, the Water Authority-Cayman would issue any new license which could
include a rate of return on invested capital model described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been informed during our retail
license renewal negotiations conducted with representatives of the Cayman Islands government that the Cayman Islands government
seeks to restructure the terms of our license to employ a &ldquo;rate of return on invested capital model&rdquo; similar to that
governing the sale of water to many U.S. municipalities. We have formally objected to the implementation of a &ldquo;rate of return
on invested capital model&rdquo; on the basis that we believe that such a model would not promote the efficient operation of our
water utility and could ultimately increase water rates to our customers. We believe such a model, if ultimately implemented, could
significantly reduce the operating income and cash flows we have historically generated from our retail license and could require
us to record an impairment loss to reduce the $1.2 million carrying value of our retail segment&rsquo;s goodwill.&nbsp;&nbsp;Such
impairment loss could be material to our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a new long-term license agreement is
not entered into with the government, we would retain a right of first refusal to renew the license on terms that are no less favorable
than those that the government might offer in the future to a third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we do not enter into a new license agreement,
and no other party is awarded a license, we expect to be permitted to continue to supply water to our service area. However, the
terms of such continued supply may not be as favorable to us as the terms in the July 11, 1990 license agreement. It is possible
that the government could offer a third party a license to service some or all of our present service area.&nbsp;&nbsp;In such
event, we may assume the license offered to the third party by exercising our right of first refusal. The terms of the new license
agreement may not be as favorable to us as the terms under which we are presently operating and could reduce the operating income
and cash flows we have historically generated from our retail license and could require us to record an impairment loss to reduce
the $1.2 million carrying value of our retail segment&rsquo;s goodwill. Such impairment loss could be material to our results of
operations<FONT STYLE="color: #0070C0">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The value of our investment in our
affiliate OC-BVI is dependent upon the collection of amounts recently awarded by the Eastern Caribbean Supreme Court.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2006, the British Virgin Islands
government notified OC-BVI that it was asserting a purported right of ownership of OC-BVI&rsquo;s desalination plant in Baughers
Bay, Tortola pursuant to the terms of a 1990 Agreement. Early in 2007, the British Virgin Islands government unilaterally took
the position that until such time as a new agreement is reached on the ownership of the Baughers Bay plant and for the price of
the water produced by the plant, the BVI government would only pay that amount of OC-BVI&rsquo;s invoices that the BVI government
purported constituted OC-BVI&rsquo;s costs of producing the water. Payments made by the BVI government to OC-BVI since the BVI
government&rsquo;s assumption of this reduced price were sporadic. On November 22, 2007, OC-BVI&rsquo;s management was informed
that the BVI government had filed a lawsuit with the Eastern Caribbean Supreme Court (the &ldquo;Court&rdquo;) seeking ownership
and possession of the Baughers Bay plant. OC-BVI counterclaimed that it was entitled to continued possession and operation of the
Baughers Bay plant until the BVI government paid OC-BVI approximately $4.7 million, which it believed represented the value of
the Baughers Bay plant at its present expanded production capacity. OC-BVI also took the legal position that since the BVI government
never paid the $1.42 million required under the 1990 Agreement to purchase the Baughers Bay plant, the 1990 Agreement terminated
on May 31, 1999, which was eight months after the date that the Ministry provided written notice of its intention to purchase the
plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 4, 2008, OC-BVI filed a claim with
the Court, and on April 22, 2009 amended and increased this claim, seeking recovery of amounts for water sold and delivered to
the BVI government from the Baughers Bay plant through May 31, 2009 based upon the contract prices in effect before the BVI government
asserted its purported right of ownership of the plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Court held a trial in July 2009 to
address both the Baughers Bay ownership issue and OC-BVI&rsquo;s claim for payment of amounts owed for water sold and delivered
to the BVI government and on September 17, 2009, the Court issued a preliminary ruling with respect to this litigation. The Court
determined that the BVI government was entitled to immediate possession of the Baughers Bay plant and dismissed OC-BVI&rsquo;s
claim for compensation of approximately $4.7 million for improvements to the plant. However, the Court determined that OC-BVI was
entitled to full payment of water invoices issued up to December 20, 2007, which had been calculated under the terms of the original
1990 water supply agreement, and ordered the BVI government to make an immediate interim payment of $5.0 million to OC-BVI for
amounts owed to OC-BVI. The Court deferred deciding the entire dispute between the parties until it could conduct a hearing to
determine the reasonable rate for water produced by OC-BVI for the period subsequent to December 20, 2007.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After conducting hearings in October 2009,
the Court ordered the BVI government to pay OC-BVI at the rate of $13.91 per thousand imperial gallons for water produced by OC-BVI
for the period subsequent to December 20, 2007, which amounted to a total recovery for OC-BVI of $10.4 million as of September
17, 2009. The BVI government made a payment of $2.0 million to OC-BVI under the Court order during the fourth quarter of 2009,
a second payment of $2 million under the Court order in July 2010 and a third payment of $1 million under the Court order in February
2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 28, 2009, OC-BVI filed an appeal
with the Eastern Caribbean Court of Appeals (the &ldquo;Appellate Court&rdquo;) asking the Appellate Court to review the September
17, 2009 ruling by the Eastern Caribbean Supreme Court as it relates to OC-BVI&rsquo;s claim for compensation for improvements
to the Baughers Bay plant. On October 29, 2009, the BVI government filed an appeal with the Appellate Court seeking the Appellate
Court&rsquo;s review of the September 17, 2009 ruling of the Court that the BVI government pay OC-BVI the reasonable rate for water
produced by OC-BVI for the period subsequent to December 20, 2007. The BVI government is requesting a ruling from the Appellate
Court that the BVI government should only pay OC-BVI the actual cost of water produced at the plant. In March 2011, the BVI government
filed an application with the Appellate Court for a stay of execution of the judgments of the Court in order to defer any further
payments of amounts under the Court order until such time as the Appellate Court rules on the appeal. On September 30, 2011, the
Appellate Court conducted its hearing of the arguments of both parties under their respective appeals.&nbsp; While we anticipated
that the Appellate Court would issue its ruling on these appeals by the end of 2011, no ruling has been issued to date. We have
not been informed when to expect the Appellate Court to issue its ruling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After considering the impact of the September
and October 2009 rulings of the Court of the Caribbean relating to the Baughers Bay dispute and the announcement by the BVI government
in February 2010 that it had signed a long-term contract with another company for the construction and operation of a new water
plant to serve Tortola, we determined that the carrying value of our investment in OC-BVI exceeded the estimated fair value for
our investment in OC-BVI and therefore recognized impairment losses aggregating approximately $4.7 million for the year ended December
31, 2009 to reduce our investment in OC-BVI to its estimated fair value. The remaining carrying value of our investment in OC-BVI
of $6.6 million as of December 31, 2011 assumes OC-BVI will collect in full the remaining $5.4 million awarded by the Court and
will not be required to return any of the $5.0 million paid to date by the BVI government under the Court order. Should the BVI
government be successful in its appeal to reduce the $10.4 million award, we will be required to record charges that will reduce
our earnings by an amount equal to approximately 44% of any reduction of the $10.4 million previously awarded by the Court. Such
charges could have a significant adverse impact on our results of operations, financial condition and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The staff of the SEC is presently reviewing our goodwill
impairment testing for 2011, and we could ultimately be required to record an impairment charge to reduce the carrying value of
this asset.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market price of our common stock has
declined over the past twelve months and at times during this period, our market capitalization has been less than the carrying
value of our stockholders equity. The staff of the Division of Corporation Finance of the U.S. Securities and Exchange Commission
(the &ldquo;Staff&rdquo;) has inquired (through comment letters issued in connection with their periodic reviews of our recent
annual and quarterly filings) as to what consideration we have given to recognizing an impairment of our goodwill <FONT STYLE="font-size: 10pt">in
light of the extent, and the duration of time, our market capitalization has been below </FONT>the carrying value of our stockholders
equity<FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have responded to the Staff that,
based upon our impairment testing for 2011, we have concluded that our goodwill was not impaired as of December 31, 2011. At
their request, we have provided the Staff with the supporting calculations, assumptions and methodologies utilized for our
2011 goodwill impairment testing. The Staff is presently reviewing this information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our goodwill amounted to $3,587,754 as
of December 31, 2011. While we have concluded that this goodwill was not impaired as of December 31, 2011, the Staff could disagree
with our conclusion and we could ultimately be required to record an impairment charge for a portion or all of this goodwill as
of December 31, 2011 or as of a later date. Such impairment charge could have a material adverse impact on our results of operations
for the year ended December 31, 2011 or the results of operations for future periods.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We rely on fixed-term water supply agreements
with our bulk customers in the Cayman Islands, Belize and The Bahamas, which may not be renewed or may be renewed on terms less
favorable to us.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of our bulk water supply agreements
are for fixed terms ranging originally from seven to 23 years and with a range of approximately one to 20 years remaining. Upon
expiration, these agreements may not be renewed or may be renewed on terms less favorable to us. In addition, certain of these
agreements for plants not owned by us provide for our customers to take over the operations of the plant upon expiration of the
contract term. If this occurs, we may no longer generate income from such plant. In instances where we own the plant that produces
the water under an agreement that is not renewed or renewed with lower production quantities, we may not be able to find a new
customer for the plant&rsquo;s excess production capacity. If our fixed-term agreements are not renewed or are renewed on terms
less favorable to us, our results of operations, cash flows and financial condition could be adversely affected.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We have spent almost $5 million to fund
the developmental costs for a possible project in Mexico, and may elect to expend significant additional funds to pursue this project.&nbsp;
However, we could decide after expending these additional funds that the project is not viable.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2010, we acquired, through our wholly-owned
Netherlands subsidiary, Consolidated Water Cooperatief, U.A., a 50% interest in N.S.C. Agua, S.A. de C.V., (&ldquo;NSC&rdquo;)
a Mexican company.&nbsp;&nbsp;NSC has been formed to pursue a project encompassing the construction, ownership and operation of
a 100 million gallon per day seawater reverse osmosis desalination plant to be located in northern Baja California, Mexico and
an accompanying pipeline to deliver water to a Mexican potable water system and the U.S. border.&nbsp;&nbsp;&nbsp;We believe such
a project can&nbsp;&nbsp;be successful due to what we anticipate will be a growing need for a new potable water supply for the
areas of northern Baja California, Mexico and Southern California, United States.&nbsp;&nbsp;To complete this project, we have
engaged an engineering group with extensive regional experience and have partnered with Doosan Heavy Industries and Construction,
a global leader in the engineering, procurement and construction of large seawater desalination plants.&nbsp;&nbsp;Once completed,
we would operate the plant while retaining a minority position in its ownership.&nbsp;&nbsp;NSC is in the development stage, and
is presently involved in (i) extending contracts for the purchase of land on which to build the plant, (ii) seeking contracts for
the electric power and feed water sources for the plant&rsquo;s proposed operations, and (iii) implementing a water quality monitoring
and equipment testing program at the proposed feed water source.&nbsp;&nbsp;In addition to completing these activities, NSC will
be required to complete various other steps before it can commence construction of the plant and pipeline including, but not limited
to, obtaining approvals and permits from various governmental agencies in Mexico and the United States, securing contracts with
its proposed customers to sell water in sufficient quantities and at prices that make the project financially viable, and obtaining
equity and debt financing for the project. NSC&rsquo;s potential customers will also be required to obtain various governmental
permits and approvals in order to purchase water from NSC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For our 50% interest in NSC, we agreed
to provide initial funding of up to $4 million in the form of equity for NSC&rsquo;s development activities. As of June 30, 2011
we had met this initial funding commitment.&nbsp; Because we exercise effective financial control over NSC and our partners in
NSC did not participate in funding the first $4 million in losses that NSC incurred, we consolidate NSC&rsquo;s results of operations.
Included in our consolidated results of operations for the years ended December 31, 2011 and 2010 are approximately $3.0 and $1.7
million respectively in general and administrative expenses from NSC, consisting of organizational, legal, accounting, engineering,
consulting and other costs relating to its project development activities. The assets and liabilities of NSC included in our consolidated
balance sheet amounted to approximately $27,000 and $336,000 respectively, as of December 31, 2011 and approximately $731,000 and
$131,000, respectively, as of December 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2012, we acquired an option,
exercisable through February 7, 2014, to purchase the shares of one of the other shareholders of NSC along with an immediate power
of attorney to vote those shares. As a result, we now have effective control over NSC and are continuing its project development
activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have determined that completing NSC&rsquo;s
development activities will require significantly more funding than has been expended to date.&nbsp; We may choose to fund these
development activities ourselves or may seek funding from additional investors.&nbsp; We may incur significant development expenses
in the future for this project without ultimately being able to obtain the funding necessary for NSC to build the project.&nbsp;
We estimate that it will take at least two years for NSC to complete all of the development activities (which include initiating
site piloting plant activities, extending purchase agreements for the land for the plant, securing feed water and power supplies,
completing the engineering and feasibility studies, negotiating customer contracts, obtaining required regulatory permits and arranging
the project financing) necessary to commence construction of the plant. However NSC may ultimately be unable to complete all of
the activities necessary to begin construction of the project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We do not have voting control over our
affiliate, OC-BVI. A divergence of our interests and the interests of OC-BVI&rsquo;s other voting shareholder could adversely affect
the operations of OC-BVI and decrease the value of our investment in OC-BVI.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We own 43.5% of the equity and 50% of the
voting shares of OC-BVI. We and Sage, which owns the remaining 50% of the voting shares, are each entitled to appoint three of
the six directors of OC-BVI. If a tie vote of the directors occurs on any matter, the president of the Caribbean Water and Wastewater
Association, a regional trade association comprised primarily of government representatives, is entitled to appoint a temporary
director to cast the deciding vote. As a result, although we provide operating management and engineering services to OC-BVI, we
share the overall management of OC-BVI with Sage and do not fully control its operations. A divergence of our interests and the
interests of Sage could adversely affect the operations of OC-BVI and in turn decrease the value of our investment in OC-BVI, in
which case we could be required to record an impairment charge to reduce the carrying value of our investment in OC-BVI. Such an
impairment charge would reduce our earnings and have a significant adverse impact on our result of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The profitability of our plants is dependent
upon our ability to accurately estimate the costs of their construction and operation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cost estimates prepared in connection
with the construction and operation of our plants are subject to inherent uncertainties. Additionally, the terms of our supply
contracts may require us to guarantee the price of water on a per unit basis, subject to certain annual inflation and monthly energy
cost adjustments, and to assume the risk that the costs associated with producing this water may be greater than anticipated. Because
we base our contracted price of water in part on our estimation of future construction and operating costs, the profitability of
our plants is dependent on our ability to estimate these costs accurately. The cost of materials and services and the cost of the
delivery of such services may increase significantly after we submit our bid for a plant, which could cause the gross profit and
net return on investment for a plant to be less than we anticipated when the bid was made. The profit margins we initially expect
to generate from a plant could be further reduced if future operating costs for that plant exceed our estimates of such costs.
These future operating costs could be affected by a variety of factors, including lower than anticipated production efficiencies
and hydrological conditions at the plant site that differ materially from those that existed at the time we submitted our bid.
Any construction and operating costs for our plants that significantly exceed our initial estimates could adversely affect our
results of operations, financial condition and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>A significant portion of our consolidated
revenues are derived from two customers. A loss of, or a less favorable relationship with, either of these customers would adversely
affect us.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our top two bulk water customers, the Water
Authority-Cayman and the WSC, accounted for approximately 16% and 36%, respectively, of our consolidated revenues for the year
ended December 31, 2011.&nbsp;&nbsp;If either of these customers terminate or decide not to renew their contracts with us, or renew
such contracts on terms that are less favorable to us, or become unable for financial or other reasons to comply with the terms
of our contracts with them, our results of operations, cash flows and financial condition would be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Possible future regulatory oversight
and control could adversely impact our Belize operations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By Statutory Instrument No. 81 of 2009,
the Minister of Public Utilities of the government of Belize published an order, the Public Utility Provider Class Declaration
Order, 2009 (the &ldquo;Order&rdquo;), which as of May 1, 2009 designated CW-Belize as public utility provider under the laws of
Belize. With this designation, the Public Utilities Commission of Belize (the &ldquo;PUC&rdquo;) has the authority to set the rates
charged by CW-Belize and to otherwise regulate its activities. On November 1, 2010, CW-Belize received a formal complaint from
the PUC alleging that CW-Belize was operating without a license under the terms of the Water Industry Act. CW-Belize applied for
this license in December 2010. On July 29, 2011, the PUC issued the San Pedro Public Water Supply Quality and Security Complaint
Order (the &ldquo;Second Order&rdquo;) which among other things requires that (i) CW-Belize and its customer jointly make a submission
to the responsible Minister requesting that the area surrounding CW-Belize&rsquo;s seawater abstraction wells be designated a forest
reserve or national park and be designated a Controlled Area under section 58 of the Water Industry Act, (ii) CW-Belize submit
an operations manual for CW-Belize&rsquo;s desalination plant to the PUC for approval, (iii) CW-Belize and its customer modify
the water supply agreement between the parties to (a) include new water quality parameters included in the Order and (b) cap the
current exclusive water supply arrangement in the agreement at maximum of 450,000 gallons per day, (iv) CW-Belize keeps a minimum
number of replacement seawater reverse osmosis membranes in stock at all times and (v) CW-Belize takes possession of and reimburses
the PUC for certain equipment which the PUC purchased from a third-party in late 2010. CW-Belize has applied for declaratory judgment
and has been granted a temporary injunction to stay the enforcement of the Second Order by the PUC until such time as the matter
can be heard by the Belize courts. We are presently unable to determine what impact the Order and the Second Order will have on
our results of operations, financial position or cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our operations are affected by tourism
and are subject to seasonal fluctuations which could affect the demand for our water.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operations are affected by the levels
of tourism and are subject to seasonal variations in our service areas. Demand for our water in the Cayman Islands, Belize, Bimini
and the Bahamas is affected by variations in the level of tourism and local weather, primarily rainfall. Tourism in our service
areas is affected by the economies of the tourists&rsquo; home countries, primarily the United States and Europe, terrorist activity
and perceived threats thereof, and increased costs of fuel and airfares. We normally sell more water during the first and second
quarters, when the number of tourists is greater and local rainfall is less, than in the third and fourth quarters. A downturn
in tourism or greater than expected rainfall in the locations we serve could adversely affect our revenues, cash flows and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may have difficulty accomplishing
our growth strategy within and outside of our current operating areas</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our expansion both within our current operating
areas and into new areas involves significant risks, including, but not limited to, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none">regulatory risks, including government relations difficulties, local regulations, currency controls and fluctuations in currency exchange rates;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="text-autospace: none">receiving and maintaining necessary permits, licenses and approvals;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="text-autospace: none">risks related to operating in foreign countries, including political instability, reliance on local economies, environmental problems, shortages of materials, immigration restrictions and limited skilled labor;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="text-autospace: none">risks related to development of new operations, including inaccurate assessment of the demand for water, engineering difficulties and inability to begin operations as scheduled; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="text-autospace: none">risks relating to greater competition in these new territories, including the ability of our competitors to gain or retain market share by reducing prices.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even if we successfully expand our operations,
we may have difficulty managing our growth. We cannot assure you that any new operations within or outside of our current operating
areas will attain or maintain profitability or that the results from these new operations will not negatively affect our overall
profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Production shortfalls under any of our
bulk supply contracts could result in penalties or cancellation of the contract.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our bulk water supply contracts require
us to deliver specified minimum volumes of water. During a period from October 2004 to February 2008, we were unable to deliver
the minimum water volumes required under one of our bulk water supply contracts because of mechanical equipment problems and membrane
fouling. We have since resolved the minimum supply issues for this plant. However, membrane fouling or other technical problems
could occur at any of our plants, and if we are unable to meet the production minimums due to such operating issues, we could be
in technical default of the supply contract and subject to various adverse consequences, including financial penalties or cancellation
of the contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our operations could be harmed by hurricanes
or tropical storms.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A hurricane or tropical storm could cause
major damage to our equipment and properties and the properties of our customers, including the large tourist properties in our
areas of operation. For example, in September 2004 Hurricane Ivan caused significant damage to our plants and our customers&rsquo;
properties, which adversely affected our revenues. Any future damage could cause us to lose use of our equipment and properties
and incur additional repair costs. Damage to our customers&rsquo; properties and the adverse impact on tourism could result in
a decrease in water demand. A hurricane or tropical storm could also disrupt the delivery of equipment and supplies, including
electricity, necessary to our operations. These and other possible effects of hurricanes or tropical storms could have an adverse
impact on our results of operations, cash flows and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Contamination of our processed water
may cause disruption in our services and adversely affect our revenues</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our processed water may become contaminated
by natural occurrences and by inadvertent or intentional human interference, including acts of terrorism. In the event that a portion
of our processed water is contaminated, we may have to interrupt the supply of water until we are able to install treatment equipment
or substitute the flow of water from an uncontaminated water production source. In addition, we may incur significant costs in
order to treat a contaminated source of plant feed water through expansion of our current treatment facilities, or development
of new treatment methods. An inability by us to substitute processed water from an uncontaminated water source or to adequately
treat the contaminated plant feed water in a cost-effective manner may have an adverse effect on our revenues, cash flows and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Potential government decisions, actions
and regulations could negatively affect our operations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to the local regulations
of the Cayman Islands, Belize, the British Virgin Islands, and The Bahamas, all of which are subject to change. Any government
that regulates our operations may issue legislation or adopt new regulations, including but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none">restricting foreign ownership of us;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&bull;</TD>
    <TD STYLE="text-autospace: none">providing for the expropriation of our assets by the government;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&bull;</TD>
    <TD STYLE="text-autospace: none">providing for nationalization of public utilities by the government;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="text-autospace: none">providing for different water quality standards;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="text-autospace: none">unilaterally changing or renegotiating our licenses and agreements;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="text-autospace: none">restricting the transfer of U.S. currency; or</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="text-autospace: none">causing currency exchange fluctuations/devaluations or making changes in tax laws.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As new laws and regulations are issued,
we may be required to modify our operations and business strategy, which we may be unable to do in a cost-effective manner. Failure
by us to comply with applicable regulations could result in the loss of our licenses or authorizations to operate, the assessment
of penalties or fines, or otherwise may have a material adverse effect on our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The rates we charge our retail customers
in the Cayman Islands are subject to regulation. If we are unable to obtain government approval of our requests for rate increases,
or if approved rate increases are untimely or inadequate to cover our projected expenses, our results of operations may be adversely
affected.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under our exclusive retail license in the
Cayman Islands, with the exception of annual inflation-related and monthly energy-related adjustments, we cannot increase the base
rates we charge our retail customers without prior approval from the Cayman Islands government. However, the expenses we incur
in supplying water under this license may increase due to circumstances that were unforeseen at the time we entered into the license.
We may incur additional costs in attempting to obtain government approval of any rate increase, which may be granted on a delayed
basis, if at all. Failure to obtain timely and adequate rate increases could have an adverse effect on our results of operations,
cash flows and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We rely on the efforts of key employees.
Our failure to retain these employees could adversely affect our results of operations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our success depends upon the abilities
of our executive officers. In particular, the loss of the services of Fredrick W. McTaggart, our President and Chief Executive
Officer, could be detrimental to our operations and our continued success. Mr. McTaggart has an employment agreement expiring on
December 31, 2014. Each year, the term of this agreement may be extended for an additional year. However, we cannot guarantee that
Mr. McTaggart will continue to work for us during the term of his agreement or will enter into any extensions thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We are exposed to credit risk through
our relationships with several customers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to credit risk posed by
possible defaults in payment by our bulk water customers in the Cayman Islands, Belize, the British Virgin Islands and The Bahamas
and by possible defaults in payment of loan receivables by the Water Authority-Cayman. Adverse economic conditions affecting, or
financial difficulties of, those parties could impair their ability to pay us or cause them to delay payment. We depend on these
parties to pay us on a timely basis. Our outstanding accounts receivable are not covered by collateral or credit insurance. Any
delay or default in payment could adversely affect our cash flows, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We are exposed to the risk of variations
in currency exchange rates.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we report our results in United
States dollars, the majority of our revenues are earned in other currencies. All of the currencies in our operating areas other
than the Mexican peso and the Euro have been fixed to the United States dollar for over 20 years and we do not employ a hedging
strategy against exchange rate risk associated with our reporting in United States dollars. If any of these fixed exchange rates
becomes a floating exchange rate our results of operations and financial condition could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may enter new markets in the future
in which we do not have a contractual commitment for our products or existing customers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our strategy contemplates potential entry
into new markets, such as Mexico and Asia, where we believe a demand for potable water exists beyond the current supply of potable
water in those markets. We may incur significant business development expenses in the pursuit of new markets prior to obtaining
a contract for services in these markets, and such expenses could have an adverse impact on our results of operations and cash
flows. We may decide to enter such markets by building new reverse osmosis desalination plants before we have obtained a contract
for the sale of water produced by the new plant or before we have established a customer base for the water produced by the new
plant. If after completing such plant we are unable to obtain a contract or sufficient number of customers for the plant, we may
be unable to recover the cost of our investment in the plant, which could have a material adverse effect on our financial condition,
results of operations and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We may not pay dividends in the future.
If dividends are paid, they may be in lesser amounts than past dividends</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our shareholders may receive dividends
out of legally available funds if, and when, they are declared by our Board of Directors. We have paid dividends in the past, but
may cease to do so at any time. We may incur increased capital requirements or additional indebtedness in the future that may restrict
our ability to declare and pay dividends. We may also be restricted from paying dividends in the future due to restrictions imposed
by applicable corporate laws, our financial condition and results of operations, covenants contained in our financing agreements,
management&rsquo;s assessment of future capital needs and other factors considered by our Board of Directors. We may not continue
to pay dividends in the future or, if dividends are paid, they may not be in amounts similar to past dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Service of process and enforcement of
legal proceedings commenced against us in the United States may be difficult to obtain.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are incorporated under the laws of the
Cayman Islands and most of our assets are located outside of the United States. In addition, 10 of our 16 directors and executive
officers reside outside the United States. As a result, it may be difficult for investors to affect service of process within the
United States upon us and such other persons, or to enforce judgments obtained against such persons in United States courts, and
bring any action, including actions predicated upon the civil liability provisions of the United States securities laws. In addition,
it may be difficult for investors to enforce, in original actions brought in courts or jurisdictions located outside of the United
States, rights predicated upon the United States securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the advice of our Cayman Islands
legal counsel, we believe there is no reciprocal statutory enforcement of foreign judgments between the United States and the Cayman
Islands, and that foreign judgments originating from the United States are not directly enforceable in the Cayman Islands. A prevailing
party in a United States proceeding against us or our officers or directors would have to initiate a new proceeding in the Cayman
Islands using the United States judgment as evidence of the party&rsquo;s claim. A prevailing party could rely on the summary judgment
procedures available in the Cayman Islands, subject to available defenses in the Cayman Islands courts, including, but not limited
to, the lack of competent jurisdiction in the United States courts, lack of due service of process in the United States proceeding
and the possibility that enforcement or recognition of the United States judgment would be contrary to the public policy of the
Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depending on the nature of damages awarded,
civil liabilities under the Securities Act of 1933, as amended (or the Securities Act), or the Securities Exchange Act of 1934,
as amended (or the Exchange Act), for original actions instituted outside the Cayman Islands may or may not be enforceable. For
example, a United States judgment awarding remedies unobtainable in any legal action in the courts of the Cayman Islands, such
as treble damages, would likely not be enforceable under any circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Low trading volume of our stock may
limit your ability to sell your shares at or above the price you pay for them.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2011,
the average daily trading volume of our common shares was approximately 64,300 shares, a much lower trading volume than the stock
of many other companies listed on the NASDAQ Global Select Market. A public trading market having the desired characteristics of
depth, liquidity and orderliness depends on the presence in the market of willing buyers and sellers of our common shares at any
given time. This presence in turn depends on the individual decisions of investors and general economic and market conditions over
which we have no control. As a consequence of the limited volume of trading in our common shares, an investor in our stock may
have difficulty selling a large number of our common shares in the manner or at the price that might be attainable if our common
shares were more actively traded. In addition, as a result of our low trading volume, the market price of our common shares may
not accurately reflect their value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We are subject to anti-takeover measures
that may discourage, delay or prevent a change of control of our Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Classified Board of Directors</I>. We
have a classified Board that consists of three groups of directors. Only one group of directors is elected each year. Our classified
Board may increase the length of time necessary for an acquirer to change the composition of a majority of directors in order to
gain control of our Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Option Deed</I>. Our Board of Directors
has adopted an Option Deed that is intended to improve the bargaining position of our Board of Directors in the event of an unsolicited
offer to acquire our outstanding stock. Under the terms of the Option Deed, a stock purchase right is attached to each of our current
or future outstanding common shares issued prior to the time the purchase rights become exercisable, are redeemed or expire. The
purchase rights will become exercisable only if an individual or group has acquired, or obtained the right to acquire, or announced
a tender or exchange offer that if consummated would result in such individual or group acquiring beneficial ownership of 20% or
more of our outstanding common shares. Upon the occurrence of a triggering event, the rights will entitle every holder of our common
shares, other than the acquirer, to purchase our shares or shares of our successor on terms that would likely be economically dilutive
to the acquirer. Under certain circumstances, instead of common shares, our Board of Directors may issue cash or debt securities.
Our Board of Directors, however, has the power to amend the Option Deed so that it does not apply to a particular acquisition proposal
or to redeem the rights for a nominal value before they become exercisable. These features will likely encourage an acquirer to
negotiate with our Board of Directors before commencing a tender offer or to condition a tender offer on our Board of Directors
taking action to prevent the purchase rights from becoming exercisable. In March 2007, our Board extended the expiration date of
the Option Deed through July 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of these anti-takeover measures,
we could deter efforts to make changes to, or exercise control over, current management. In addition, our shareholders may not
have an opportunity to sell their common shares to a potential acquirer at the acquirer&rsquo;s offering price, which is typically
at a premium to market price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Restrictive covenants in our credit
facilities and trust deeds could adversely affect our business by limiting our flexibility; our failure to comply with these covenants
could cause foreclosure on our assets.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our credit facilities and the trust deeds
governing the terms of our debt securities contain restrictive covenants. These covenants and requirements limit our ability, without
approval of the lender or trustee, to take various actions, including incurring additional debt, making capital expenditures, guaranteeing
indebtedness, engaging in various types of transactions, including mergers and sales of assets, and paying dividends and making
distributions or other restricted payments. These covenants could place us at a disadvantage compared to some of our competitors
which may not be required to operate under these or similar restrictions. Further, these covenants could have an adverse effect
on our business by limiting our ability to take advantage of financing, acquisition or investment opportunities. A material breach
of any of these covenants would constitute a default under our credit facilities or trust deeds. In the event of default, the lender
or trustee may accelerate repayment of our outstanding indebtedness. If we are unable to repay the amounts accelerated, the lender
or trustee has the right to foreclose on substantially all of our assets, which we have pledged to secure that indebtedness. Foreclosure
upon our assets would have a significant adverse affect on our results of operations, cash flows, financial condition and ability
to continue operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 1B. UNRESOLVED STAFF COMMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market price of our common stock has
declined over the past twelve months and at times during this period, our market capitalization has been less than the carrying
value of our stockholders equity. The staff of the Division of Corporation Finance of the U.S. Securities and Exchange Commission
(the &ldquo;Staff&rdquo;) has inquired (through comment letters issued in connection with their periodic reviews of our recent
annual and quarterly filings) as to what consideration we have given to recognizing an impairment of our goodwill <FONT STYLE="font-size: 10pt">in
light of the extent, and the duration of time, our market capitalization has been below </FONT>the carrying value of our stockholders
equity<FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have responded to the Staff that,
based upon our impairment testing for 2011, we have concluded that our goodwill was not impaired as of December 31, 2011. At
their request, we have provided the Staff with the supporting calculations, assumptions and methodologies utilized for our
2011 goodwill impairment testing. The Staff is presently reviewing this information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our goodwill amounted to $3,587,754 as
of December 31, 2011. While we have concluded that this goodwill was not impaired as of December 31, 2011, the Staff could disagree
with our conclusion and we could ultimately be required to record an impairment charge for a portion or all of this goodwill as
of December 31, 2011 or as of a later date. Such impairment charge could have a material adverse impact on our results of operations
for the year ended December 31, 2011 or the results of operations for future periods.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 2.&nbsp;&nbsp;&nbsp;PROPERTIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cayman Island Properties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Abel Castillo Water Works (formerly Governor&rsquo;s
Harbour)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We own our Abel Castillo Water Works (&ldquo;ACWW&rdquo;)
site and the 12,812 square feet of buildings, which contain two reverse osmosis water treatment plants, a distribution pump house
and warehouse space, and operate and maintain the site through our wholly-owned subsidiary, Cayman Water. The site is located on
3.2 acres, including 485 feet of waterfront. The current water production capacity of our site is 2.2 million U.S. gallons per
day by two separate water plants designated GHB-1 and GHB-2 with rated production capacities of 1.2 million and 1.0 million U.S.
gallons per day respectively. On this site we also have three 1.0 million U.S. gallon potable water storage tanks and a high service
distribution pump house.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We own an approximately one acre property
adjacent to our ACWW plant which we purchased in 2007 to provide space for future additional water production and storage facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">West Bay Plant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We own, operate and maintain our West Bay
plant in Grand Cayman, which is located on 6.1 acres in West Bay. The plant began operating in 1995 and was expanded in 1998, 2000
and 2008. On this site we have a 2,600 square foot building which houses our water production facilities, a 2,400 square foot building
which houses the potable water distribution pumps, a water quality testing laboratory, and office space and water storage capacity
consisting of three 1.0 million U.S. gallon potable water tanks. The capacity of our West Bay plant was expanded to 910,000 U.S.
gallons per day in 2008.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Britannia Plant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We own the Britannia seawater desalination
plant in Grand Cayman, which consists of a seawater reverse osmosis production plant with a capacity of 715,000 U.S. gallons of
water per day, an 840,000 U.S. gallon bolted steel water tank, potable water high service pumps, and various ancillary equipment
to support the operation. We have entered into a lease of the 0.73 acre site and steel frame building which houses the plant from
Cayman Hotel and Golf Inc., for a term of 25 years at an annual rent of $1.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Distribution System</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We own our Seven Mile Beach and West Bay
potable water distribution systems in Grand Cayman. The combined systems consist of polyvinyl chloride and polyethylene water pipes,
valves, curb stops, meter boxes, and water meters installed in accordance to accepted engineering standards in the United States
of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corporate Office</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We lease approximately 5,500 square feet
of office space at the Regatta Office Park, West Bay Road, Grand Cayman, Cayman Islands. In October 2007, we exercised an option
to extend this lease through April 30, 2011. In 2011, we extended the lease again through April 30, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Red Gate Plant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of the water production
and supply license between OC-Cayman and the government of the Cayman Islands, OC-Cayman is allowed to use the property and the
plant for the Red Gate plant to produce approximately 1.3 million U.S. gallons of desalinated water per day for sale to the Water
Authority-Cayman. On November 30, 2008, the license was extended for a period of one year, during which time OC-Cayman was required
to continue to operate and maintain the plant.&nbsp;&nbsp;In August 2008, the Water Authority-Cayman asked OC-Cayman to refurbish
and make other improvements to the plant. The work was completed in July 2010. OC-Cayman was granted a new seven year license and
operating agreement for the plant that commenced on that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lower Valley Plant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">OC-Cayman provided the plant and equipment
to the Water Authority-Cayman under a vendor-financed sale and operating agreement which has been extended on two occasions. OC-Cayman
operates the electrically-powered 1.1 million U.S. gallons per day rated plant and supplies water to the Water Authority-Cayman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2005, the Water Authority-Cayman accepted
our proposal to increase the capacity of the Lower Valley plant to 1.1 million U.S. gallons per day in exchange for a seven-year
extension of the license.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">OC-Cayman leases the property on which
the plant is located from the Water Authority-Cayman for a minimal annual rent for the duration of the operating agreement, which
originally was set to expire on March 9, 2006, but was extended effective January 2006 with the seven-year extension of the license.
Responsibility for operation of the plant passes to the Water Authority-Cayman upon expiration of the operating agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">North Sound Plant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Construction of this plant was completed
in November 2002. OC-Cayman provided the plant and equipment to the Water Authority-Cayman under a seven-year vendor-financed sale
and operating agreement. OC-Cayman operates the electrically powered plant and supplies approximately 1.6 million U.S. gallons
of desalinated water per day to the Water Authority-Cayman. OC-Cayman leases the property on which the plant is located from the
Water Authority-Cayman for a minimal annual rent, for the duration of the sale and operating agreement. The sale and operating
agreement and property lease were recently extended and expire in the first quarter of 2014. Responsibility for operation of the
plant passes to the Water Authority-Cayman upon expiration of the sale and operating agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">North Side Water Works Plant (NSWW)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Construction of this plant was completed
in June 2009. OC-Cayman provided the plant and equipment to the Water Authority-Cayman under a ten-year vendor-financed sale and
operating agreement. OC-Cayman operates the electrically powered plant which can supply up to approximately 2.4 million U.S. gallons
of desalinated water per day to the Water Authority-Cayman. OC-Cayman leases the property on which the plant is located from the
Water Authority-Cayman for a minimal annual rent, for the duration of the sale and operating agreement. Responsibility for operation
of the plant passes to the Water Authority-Cayman upon expiration of the sale and operating agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Belize Properties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We own our San Pedro water production facility
in Ambergris Caye, Belize. The plant consists of a one story concrete block building, which contains a seawater RO water production
plant with a production capacity of 550,000 U.S. gallons per day and a 1.0 million U.S. gallon storage tank. We lease the land
on which our plant is located from the Government of Belize at an annual rent of BZE$1.00. This lease expires in April 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Bahamas Properties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We own the water production facility in
South Bimini. The facility consists of a 250,000 U.S. gallon bolted steel potable water tank and two 40 foot long standard shipping
containers which contain a seawater reverse osmosis production plant with a rated capacity of 115,000 U.S. gallons per day, a high
service pump skid and an office. The facility is located on a parcel of land owned by South Bimini International Ltd., and we are
allowed, under the terms of our agreement, to utilize the land for the term of the agreement without charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We own a water production facility, the
Windsor plant, located in Nassau, New Providence, with a production capacity of 3.1 million U.S. gallons per day. The plant is
powered by a combination of diesel engine-driven high-pressure pumps, and electrical power purchased from the Bahamas Electricity
Corporation to power all other loads in the plant. The plant is contained within a 13,000 sq. ft. concrete and steel building that
also contains a warehouse, workshop and offices. It is located on land owned by the Water and Sewerage Corporation of The Bahamas
and our 15-year water sales agreement gives us a license to use the land throughout the term of that agreement. This water supply
agreement expires on March 1, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2006, we substantially completed
construction of a second water production facility in Nassau, New Providence: the Blue Hills plant. With a production capacity
of 7.2 million U.S. gallons per day this plant is the largest desalination plant we have built or operated to date. The plant is
powered by a combination of diesel engine-driven high-pressure pumps, and electrical power purchased from the Bahamas Electricity
Corporation to power all other loads in the plant. The plant is contained within a 16,000 sq. ft. concrete and steel building that
also contains a warehouse, workshop and offices. It is located on land owned by the Water and Sewerage Corporation of The Bahamas
and our 20-year water sales agreement gives us a license to use the land throughout the term of that agreement. The Blue Hills
plant water supply agreement was amended in January, 2011 and extended through 2031. Pursuant to this amendment we increased the
production capacity of the Blue Hills plant to 12.0 million U.S. gallons per day during 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>U.S. Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Aquilex office consists of 6,500 square
feet located in Coral Springs, Florida that has been leased through May 2016. Our U.S. warehouse consists of 4,100 square feet
warehouse in Sunrise, Florida that has been leased through October 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEGAL
PROCEEDINGS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our affiliate, OC-BVI, is involved in litigation
with the BVI government. For information relating to this dispute, see &ldquo;Item 7. Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operations Material Commitments, Expenditures and Contingencies.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By Statutory Instrument No. 81 of 2009,
the Minister of Public Utilities of the government of Belize published an order, the Public Utility Provider Class Declaration
Order, 2009 (the &ldquo;Order&rdquo;), which as of May 1, 2009 designated CW-Belize as public utility provider under the laws of
Belize. With this designation, the Public Utilities Commission of Belize (the &ldquo;PUC&rdquo;) has the authority to set the rates
charged by CW-Belize and to otherwise regulate its activities. On November 1, 2010, CW-Belize received a formal complaint from
the PUC alleging that CW-Belize was operating without a license under the terms of the Water Industry Act. CW-Belize applied for
this license in December 2010. On July 29, 2011, the PUC issued the San Pedro Public Water Supply Quality and Security Complaint
Order (the &ldquo;Second Order&rdquo;) which among other things requires that (i) CW-Belize and its customer jointly make a submission
to the responsible Minister requesting that the area surrounding CW-Belize&rsquo;s seawater abstraction wells be designated a forest
reserve or national park and be designated a Controlled Area under section 58 of the Water Industry Act, (ii) CW-Belize submit
an operations manual for CW-Belize&rsquo;s desalination plant to the PUC for approval, (iii) CW-Belize and its customer modify
the water supply agreement between the parties to (a) include new water quality parameters included in the Order and (b) cap the
current exclusive water supply arrangement in the agreement at maximum of 450,000 gallons per day, (iv) CW-Belize keeps a minimum
number of replacement seawater RO membranes in stock at all times and (v) CW-Belize takes possession of and reimburses the PUC
for certain equipment which the PUC purchased from a third-party in late 2010. CW-Belize has applied for declaratory judgment and
has been granted a temporary injunction to stay the enforcement of the Second Order by the PUC until such time as the matter can
be heard by the Belize courts. We are presently unable to determine what impact the Order and the Second Order will have on our
results of operations, financial position or cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-autospace: none; font-weight: bold">ITEM 5.</TD>
    <TD STYLE="width: 88%; text-autospace: none; font-weight: bold; text-align: justify">MARKET FOR REGISTRANT&rsquo;S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES</TD>
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Class A common stock is listed on the
NASDAQ Global Select Market and trades under the symbol &ldquo;CWCO.&rdquo; Listed below, for each quarter of the last two fiscal
years, are the high and low closing prices for our Class A common stock on the NASDAQ Global Select Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">High</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Low</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="width: 77%; text-autospace: none">First Quarter 2011</TD>
    <TD STYLE="width: 1%; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 2%; text-autospace: none">$</TD>
    <TD STYLE="width: 8%; text-autospace: none; text-align: right">11.43</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">$</TD>
    <TD STYLE="width: 8%; text-autospace: none; text-align: right">9.44</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">Second Quarter 2011</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">10.78</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">8.58</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Third Quarter 2011</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">9.55</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">7.66</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">Fourth Quarter 2011</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">9.78</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">7.26</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">First Quarter 2010</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">$</TD>
    <TD STYLE="text-autospace: none; text-align: right">14.50</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">$</TD>
    <TD STYLE="text-autospace: none; text-align: right">12.15</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Second Quarter 2010</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">15.00</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">11.17</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">Third Quarter 2010</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">12.19</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">8.15</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Fourth Quarter 2010</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">10.42</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">8.63</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No trading market exists for our redeemable
preferred shares, which are only issued to, or purchased by, long-term employees of our company and must be held by these employees
for a period of four years before they vest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 15, 2011, we issued 7,614 shares
of common stock to our directors under the Non-Executive Directors&rsquo; Share Plan in consideration for their service on our
Board of Directors and the committees thereof. See &ldquo;Item 11. Executive Compensation &mdash; Director Compensation.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 27, 2005, the Company entered
into a Second Deed of Amendment (the &ldquo;Amendment&rdquo;) to its Option Deed dated as of August 6, 1997 and as amended on August
8, 2005 between the Company and American Stock Transfer &amp; Trust Company (the &ldquo;Option Deed&rdquo;). In March 2007, our
Board extended the expiration date of the Option Deed through July 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Option Deed grants to each holder of
a common and preferred share an option to purchase one one-hundredth of a class B common share at an exercise price of $100.00
subject to adjustment. If an attempt to take over control of the Company occurs, each shareholder of the Company would be able
to exercise the option and receive common shares with a value equal to twice the exercise price of the option. Under circumstances
described in the Option Deed, as amended, instead of receiving common shares, the Company may issue to each shareholder (i) cash;
(ii) other equity or debt securities of the Company; or (iii) the equity securities of the acquiring company, as the case may be,
with a value equal to twice the exercise price of the option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Amendment to the Option
Deed, each holder of a common and redeemable preferred share has the option to purchase one one-hundredth of a class B common share
at an exercise price of $50.00, subject to adjustment. The Amendment does not modify the Option Deed in any other material respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The options are attached to each common
share and redeemable preferred share, and presently have no monetary value. The options will not trade separately from the Company&rsquo;s
shares unless and until they become exercisable. The options, which expire on July 31, 2017, may be redeemed, at the option of
the Company&rsquo;s Board of Directors, at a price of CI$.01 per option at any time until ten business days following the date
that a group or person acquires ownership of 20% or more of the Company&rsquo;s outstanding common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our 2,023,850 Bahamian Depository Receipts
(&ldquo;BDRs&rdquo;) are listed and traded only on the Bahamian International Stock Exchange (&ldquo;BISX&rdquo;). Currently 404,770
shares of our common stock underlie the BDRs and are held in a custodial account in The Bahamas. The BDRs are entitled to dividend
payments, if and when declared on our common shares, in proportion to their relative value to our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 9, 2012, we had 814 holders of
record of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have paid dividends to owners of our
common shares and redeemable preference shares since we began declaring dividends in 1985. However, the payment of any future cash
dividends will depend upon our earnings, financial condition, cash flows, capital requirements and other factors our Board deems
relevant in determining the amount and timing of such dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors declares and approves
all dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Listed below, for each quarter of the last
two fiscal years, is the amount of dividends declared on our issued and outstanding shares of common shares and redeemable preferred
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="width: 74%; text-autospace: none">Fourth Quarter 2011</TD>
    <TD STYLE="width: 1%; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">$</TD>
    <TD STYLE="width: 9%; text-autospace: none; text-align: right">0.075</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 14%; text-autospace: none">Per&nbsp;Share</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">Third Quarter 2011</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">0.075</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Per Share</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Second Quarter 2011</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">0.075</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Per Share</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">First Quarter 2011</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">0.075</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Per Share</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">Fourth Quarter 2010</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">$</TD>
    <TD STYLE="text-autospace: none; text-align: right">0.075</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Per&nbsp;Share</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Third Quarter 2010</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">0.075</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Per Share</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">Second Quarter 2010</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">0.075</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Per Share</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">First Quarter 2010</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">0.075</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Per Share</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exchange Controls and Other Limitations Affecting Security
Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Company is not subject to any governmental
laws, decrees or regulations in the Cayman Islands which restrict the export or import of capital, or that affect the remittance
of dividends, interest or other payments to non-resident holders of our securities.&nbsp;&nbsp;The Cayman Islands does not impose
any limitations on the right of non-resident owners to hold or vote our common stock other than stated below. There are no exchange
control restrictions in the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Taxation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Cayman Islands presently impose no
taxes on profit, income, distribution, capital gains, or appreciations of our Company and no taxes are currently imposed in the
Cayman Islands on profit, income, capital gains, or appreciations of the holders of our securities or in the nature of estate duty,
inheritance, or capital transfer tax. There is no income tax treaty between the United States and the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required by Item 201(d)
of Regulation S-K is provided under Item 12 of this Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SELECTED
FINANCIAL DATA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below contains selected financial
data, expressed in U.S. dollars, derived from our audited consolidated financial statements for each of the years in the five-year
period ended December 31, 2011. Our consolidated financial statements are prepared in accordance with the accounting principles
generally accepted in the United States (&ldquo;US-GAAP&rdquo;). As a result, all financial information presented herein has been
prepared in accordance with US-GAAP. This selected financial data should be read in conjunction with &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&rdquo; and with our consolidated financial statements
and related notes thereto contained elsewhere in this Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2008</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2007</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 0; padding-left: 0">Statement of Income Data:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 30%; font-size: 10pt; text-align: left; padding-left: 0.12in; padding-right: 0">Revenue</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">55,154,492</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">50,708,554</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">58,019,517</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">65,678,959</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">54,076,865</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in; padding-right: 0">Net Income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,113,218</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,292,025</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,098,571</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,209,716</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,387,651</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0; padding-right: 0">Balance Sheet Data:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in; padding-right: 0">Total Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">160,859,431</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">152,201,566</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">154,475,781</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">154,656,574</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">149,330,884</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in; padding-right: 0">Long Term Debt Obligations (including current portion)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">24,383,794</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,306,785</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">21,129,267</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22,358,340</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23,500,593</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in; padding-right: 0">Redeemable Preferred Stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,456</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,070</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,315</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,420</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,650</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in; padding-right: 0">Non-controlling interests</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,556,529</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,600,167</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,449,030</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,020,721</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,954,754</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Dividends Declared Per Share</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.30</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.30</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.28</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.33</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.20</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Basic Earnings Per Share</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.42</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.43</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.42</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.50</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.79</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Weighted Average Number of Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,560,259</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,547,065</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,535,192</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,519,847</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,404,732</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Diluted Earnings Per Share</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.42</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.43</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.42</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.50</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.79</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Weighted Average Number of Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,596,013</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,597,894</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,588,144</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,538,971</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,495,364</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; text-autospace: none; font-weight: bold">ITEM 7.</TD>
    <TD STYLE="width: 92%; text-autospace: none; font-weight: bold; text-align: justify">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our objective is to provide water services
in areas where the supply of potable water is scarce and where the use of reverse osmosis (&ldquo;RO&rdquo;) technology to produce
potable water is economically feasible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to increase revenues by developing
new business opportunities both within our current service areas and in new areas. We expect to maintain operating efficiencies
by continuing to focus on our successful business model and by properly executing our equipment maintenance and water loss mitigation
programs. We believe that many water scarce countries in the Caribbean basin, and other select markets present opportunities for
our business model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operations and activities, and those
of our affiliate OC-BVI, are presently conducted at 14 plants in four countries: the Cayman Islands, The Bahamas, the British Virgin
Islands and Belize. The following table sets forth the comparative combined production capacity of our retail, bulk and affiliate
operations as of December 31 of each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="border-bottom: black 1pt solid; padding-right: 18.7pt; text-autospace: none; font-weight: bold; text-align: center">Comparative Operations</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-bottom: black 1pt solid; padding-right: 7.7pt; text-autospace: none; font-weight: bold; text-align: center">2011</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-bottom: black 1pt solid; padding-right: 7.7pt; text-autospace: none; font-weight: bold; text-align: center">2010</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-autospace: none; font-weight: bold">Location</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 1.1pt; text-autospace: none; font-weight: bold; text-align: center">Plants</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 1.1pt; text-autospace: none; font-weight: bold; text-align: center"><B>Capacity<FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></B></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center">Location</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 1.1pt; text-autospace: none; font-weight: bold; text-align: center">Plants</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 1.1pt; text-autospace: none; font-weight: bold; text-align: center"><B>Capacity<FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></B></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 29%; vertical-align: bottom; background-color: #C0FFC0; padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">Cayman Islands</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 7%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">&nbsp;8</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 3%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">&nbsp;10.2</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 22%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">Cayman Islands</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 7%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">&nbsp;8</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 3%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">&nbsp;10.2</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">Bahamas</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">&nbsp;3</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">&nbsp;15.2</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">Bahamas</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">&nbsp;3</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">&nbsp;10.4</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">Belize</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">&nbsp;1</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">&nbsp;0.6</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">Belize</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">&nbsp;1</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">&nbsp;0.6</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">British Virgin Islands</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">&nbsp;2</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">&nbsp;0.8</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">British Virgin Islands</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">&nbsp;2</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">&nbsp;0.8</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">Bermuda</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none">Bermuda</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">1</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">0.6</TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 3.3pt; padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 3.3pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">14</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 3.3pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 3.3pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">26.8</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 3.3pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 3.3pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 3.3pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">15</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 3.3pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 3.3pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; vertical-align: bottom; background-color: white; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">22.6</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 3.3pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">________________________</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-autospace: none; text-align: right">(1)&nbsp;&nbsp;</TD>
    <TD STYLE="width: 93%; text-autospace: none; text-align: justify">In millions of U.S. gallons per day.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #0070C0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cayman Islands</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been operating our business on
Grand Cayman Island since 1973 and have been using RO technology to convert seawater to potable water since 1989. The Cayman Islands
have a limited natural supply of fresh water. We currently have an exclusive license from the Cayman Islands government to process
potable water from seawater and then sell and distribute that water by pipeline to Seven Mile Beach and West Bay, Grand Cayman.
Our operations consist of eight reverse osmosis seawater conversion plants which provide water to approximately 5,200 retail residential
and commercial customers within a government licensed area and bulk water sales to the Water Authority-Cayman. Our pipeline system
in the Cayman Islands covers the Seven Mile Beach and West Bay areas of Grand Cayman and consists of approximately 71 miles of
polyvinyl chloride and high density polyethylene pipe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our exclusive license from the Cayman Islands
government was set to expire on July 30, 2010, however we and the Cayman Islands government have agreed in correspondence to extend
the license seven times in order to provide sufficient time to negotiate the terms of a new license. We were advised by letter
dated February 16, 2012 from Water Authority-Cayman that the government had approved an extension of the License until June 30,
2012. We are currently waiting for the government to execute such license extension. On February 14, 2011, the Cayman Islands government
enacted new water regulation laws pursuant to which the Water Authority-Cayman Cayman will issue any new retail license. We have
been informed during our retail license negotiations that the Cayman Islands government seeks to restructure the terms of our license
to employ a &ldquo;rate of return on invested capital&rdquo; model, the implementation of which could significantly reduce the
operating income and cash flows we have historically generated from our retail license. See further discussion of this matter at
&ldquo;ITEM 1A. RISK FACTORS.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Bahamas</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CW-Bahamas produces potable water from
three reverse osmosis seawater conversion plants. Two of these plants, the Windsor plant and the Blue Hills plant, are located
in New Providence and have a total installed capacity of 15.1 million U.S. gallons per day. CW-Bahamas supplies water from these
plants on a take-or-pay basis to the Water and Sewerage Corporation of The Bahamas (the &ldquo;WSC&rdquo;) under long-term build,
own and operate supply agreements.&nbsp;&nbsp;During 2011, we supplied approximately 3.2 billion U.S. gallons (2010: 3.0 billion
U.S. gallons) of water to the WSC from these plants. CW-Bahamas&rsquo; third plant is located in Bimini, has a capacity of 115,000
U.S. gallons per day, and provides potable water to the Bimini Sands Resort and to the Bimini Beach Hotel. We have also sold water
intermittently to the WSC from our Bimini plant when their regular supply was unavailable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, CW-Bahamas has experienced
delays in collecting its accounts receivable due to financial difficulties experienced by the WSC. CW-Bahamas was due approximately
$4.4 million and $6.1 million from the WSC as of December 31, 2011 and January 31, 2012, respectively. Representatives of the Bahamas
government have informed us that the delay in paying our accounts receivables is due to operating issues within the WSC, that the
delay does not reflect any type of dispute with us with respect to the amounts owed, and that the amounts will ultimately be paid
in full. We believe that the accounts receivable from the WSC are fully collectible and therefore have not provided any allowance
for possible non-payment of these receivables as of December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Belize</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CW-Belize was acquired on July 21, 2000,
and consists of one reverse osmosis seawater conversion plant on Ambergris Caye, Belize, Central America capable of producing 550,000
U.S. gallons per day. We sell water to one customer, Belize Water Services Limited, which then distributes the water through its
own distribution system to residential, commercial and tourist properties on Ambergris Caye.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2009, the Minister of Public Utilities
of the government of Belize published a declaratory order designating CW-Belize as a public utility provider. With this order the
Public Utilities Commission of Belize (&ldquo;PUC&rdquo;) has the authority to regulate CW-Belize&rsquo;s activities. In 2011 in
the PUC issued a second order that requires CW-Belize to take various actions mandated by the PUC that would be significant to
its operations. CW-Belize has applied for declaratory judgment and has been granted a temporary injunction to stay the enforcement
of the second order by the PUC until such time as the matter can be heard by the courts. See further discussion of this matter
at &ldquo;ITEM 1A. RISK FACTORS.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>British Virgin Islands</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hold an equity position in, and shared
management of, OC-BVI.&nbsp;&nbsp;This affiliate produces potable water from two reverse osmosis seawater conversion plants located
at Bar Bay, Tortola and the island of Jost Van Dyke.&nbsp;&nbsp;The plants at Bar Bay and Jost Van Dyke have a total installed
capacity of 720,000 and 60,000 U.S. gallons per day, respectively, and provide water to the Department of Water and Sewerage of
the Ministry of Communications and Works of the Government of the British Virgin Islands. During the three years ended December
31, 2011, OC-BVI also sold water to the Department of Water and Sewerage from a plant with a 1.7 million U.S. gallon per day capacity
located at Baughers Bay, Tortola. In 2007, the BVI government initiated litigation against OC-BVI over ownership of the Baughers
Bay plant. On March 29, 2010, as the result of a court decision granting the BVI government ownership of this plant, OC-BVI vacated
the Baughers Bay plant and the BVI government assumed direct responsibility for its operations. OC-BVI remains involved in litigation
with the BVI government over the final amounts due OC-BVI for water supplied from the Baughers Bay plant. The final resolution
of this litigation, which is currently under appeal, could significantly impact the value of our investment in OC-BVI. See further
discussion of this matter at &ldquo;ITEM 1A. RISK FACTORS.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Bermuda</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2007, our affiliate, Consolidated
Water (Bermuda) Limited (&ldquo;CW-Bermuda&rdquo;) entered into a design, build, sale and operating agreement with the Government
of Bermuda for a desalination plant to be built in two phases at Tynes Bay along the northern coast of Bermuda. Under the agreement,
CW-Bermuda constructed and operated the plant from the second quarter of 2009 through the termination of the agreement on June
30, 2011. We entered into a management services agreement with CW-Bermuda for the design, construction and operation of the Tynes
Bay plant, under which we received fees for direct services, purchasing activities and proprietary technology. Although we own
only 40% of the common shares of CW-Bermuda, we consolidate its results in our consolidated financial statements as we are its
primary financial beneficiary. As a result of the termination of its agreement with the Bermuda government, we do not expect to
receive any future fees or revenues from CW-Bermuda.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Critical Accounting Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of consolidated financial
statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.
Our actual results could differ significantly from such estimates and assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of our accounting estimates or
assumptions constitute &ldquo;critical accounting estimates&rdquo; for us due to the fact that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none">the nature of these estimates or assumptions is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none">the impact of the estimates and assumptions on financial condition and results of operations is material.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our critical accounting estimates relate
to (i) the valuation of our equity investment in our affiliate, OC-BVI; (ii) goodwill and intangible assets; and (iii) plant construction
revenues and costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Valuation of Equity Investment in OC-BVI</I>.<FONT STYLE="color: #0070C0">
</FONT>We account for our investment in OC-BVI under the equity method of accounting for investments in common stock. This method
requires recognition of a loss on an equity investment that is other than temporary, and indicates that a current fair value of
an equity investment that is less than its carrying amount may indicate a loss in the value of the investment. The final resolution
of OC-BVI&rsquo;s on-going dispute and litigation with the BVI government relating to the Baughers Bay plant may result in a fair
value of our investment in OC-BVI that is less than our carrying value for this investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a quoted market price for OC-BVI&rsquo;s
stock is not available, to test for possible impairment of our investment in OC-BVI we estimate its fair value by calculating the
expected cash flows from our investment in OC-BVI by (i) estimating the expected cash flows from OC-BVI&rsquo;s&nbsp;&nbsp;contract
with the BVI government to supply water from its Bar Bay plant;&nbsp;&nbsp;(i) identifying various possible outcomes of the Baughers
Bay litigation and estimating the cash flows associated with each possible outcome; and (iii) assigning a probability to each Baughers
Bay outcome and associated expected cash flows based upon discussions held to date by OC-BVI&rsquo;s management with the BVI government
and OC-BVI&rsquo;s legal counsel. The resulting probability weighted sum represents the expected cash flows, and our best estimate
of future cash flows, to be derived from our investment in OC-BVI, which are present-valued to estimate OC-BVI&rsquo;s fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The identification of the possible outcomes
for the Baughers Bay dispute, the projections of cash flows for each outcome, and the assignment of relative probabilities to each
outcome all represent significant estimates made by us. While we have used our best judgment to identify the possible outcomes
and expected cash flows for these outcomes and assign relative probabilities to each outcome, these estimates are by their nature
highly subjective and are also subject to material change by our management over time based upon additional information from OC-BVI&rsquo;s
management and legal counsel, and a change in the status of OC-BVI&rsquo;s litigation with the BVI government. After considering
the September and October 2009 rulings of the Eastern Caribbean Supreme Court relating to the Baughers Bay litigation and
an announcement by the BVI government in February 2010 that it had signed a contract with another company to construct and operate
a plant to provide potable water to the greater Tortola area served by the Baughers Bay plant, we determined that the carrying
value of our investment in OC-BVI exceeded the estimated fair value for our investment in OC-BVI and therefore recognized impairment
losses aggregating approximately $4.7 million for the year ended December 31, 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The remaining carrying value of our
investment in OC-BVI as of December 31, 2011 of $6.6 million assumes that the BVI government will ultimately pay OC-BVI the
full amount awarded by the Eastern Caribbean Supreme Court in its 2009 rulings. To date, the BVI government has paid only $5
million of the $10.4 million awarded by this court. The BVI government has appealed these rulings, and the Eastern Caribbean
Court of Appeals could ultimately overturn the rulings of the Eastern Caribbean Supreme Court or require the BVI government
to pay OC-BVI an amount lower than the amount awarded by the Eastern Caribbean Supreme Court. Should the BVI government
be successful in its appeal to reduce the $10.4 million Court award, we will be required to record charges that will reduce
our earnings by an amount approximately equal to 44% of any reduction of the $10.4 million previously awarded by the Court.
If the BVI government is successful in its appeal, or if the BVI government fails to honor the terms of the contract for the
Bar Bay plant, the actual cash flows from OC-BVI could vary materially from the expected cash flows we used in determining
OC-BVI&rsquo;s fair value as of December 31, 2011, and we would be required to record an additional loss to reduce the
carrying value of our investment in OC-BVI. Such impairment loss would reduce our earnings and could have a material adverse
impact on our results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Goodwill and other intangible assets.</I>
Goodwill represents the excess costs over fair value of the assets of an acquired business. Goodwill and intangible assets acquired
in a business combination accounted for as a purchase and determined to have an indefinite useful life are not amortized, but are
tested for impairment at least annually. Intangible assets with estimable useful lives are amortized over their respective estimated
useful lives to their estimated residual values and reviewed periodically for impairment. We evaluate the possible impairment of
goodwill annually as part of our reporting process for the fourth quarter of each fiscal year. Management identifies our reporting
units and determines the carrying value of each reporting unit by assigning the assets and liabilities, including the existing
goodwill and intangible assets, to those reporting units. We determine the fair value of each reporting unit by calculating the
expected cash flows from each reporting unit and compare the fair value to the carrying amount of the reporting unit. To the extent
the carrying amount of the reporting unit exceeds the fair value of the reporting unit, we are required to perform the second step
of the impairment test, as this is an indication that the reporting unit goodwill may be impaired. In this step, we compare the
implied fair value of the reporting unit goodwill with the carrying amount of the reporting unit goodwill. The implied fair value
of goodwill is determined by allocating the fair value of the reporting unit to all the assets (recognized and unrecognized) and
liabilities of the reporting unit in a manner similar to a purchase price allocation. The residual fair value after this allocation
is the implied fair value of the reporting unit goodwill. If the implied fair value is less than its carrying amount, the impairment
loss is recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For each of the years in the three-year
period ended December 31, 2011 we estimated the fair value of each of our reporting units by applying the discounted cash flow
method, the subject company stock price method, the guideline public company method, and the mergers and acquisitions method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The discounted cash flow method relied
upon seven-year discrete projections of operating results, working capital and capital expenditures, along with a terminal value
subsequent to the discrete period. These seven-year projections were based upon historical and anticipated future results, general
economic and market conditions, and considered the impact of planned business and operational strategies. The discount rates for
the calculations represented the estimated cost of capital for market participants at the time of each analysis. We did not adjust
our projections for any possible impact of negotiations underway with the Cayman Islands government for the renewal of our exclusive
retail license.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also estimated the fair value of each
of our reporting units for each of the years in the three-year period ended December 31, 2011 through reference to the quoted market
prices for our Company and guideline companies and the market multiples implied by guideline merger and acquisition transactions.
We also performed an analysis reconciling the conclusions of value for our reporting units to our market capitalization at October
1, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based upon our discounted cash flows and
market price analyses, no impairment charges were required for our goodwill for<I> </I>any of the years in the three year period
ended December&nbsp;31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Plant construction revenue and cost
of plant construction revenue.</I> We recognize revenue and related costs as work progresses on fixed price contracts for the construction
of desalination plants to be sold to third parties using the percentage-of-completion method, which relies on contract revenue
and estimates of total expected costs. We follow this method since we can make reasonably dependable estimates of the revenue and
costs applicable to various stages of a contract. Under the percentage-of-completion method, we record revenue and recognize profit
or loss as work on the contract progresses. Our engineering personnel estimate total project costs and profit to be earned on each
long term, fixed price contract prior to commencement of work on the contract and update these estimates as work on the contract
progresses. The cumulative amount of revenue recorded on a contract at a specified point in time is that percentage of total estimated
revenue that incurred costs to date comprise of estimated total contract costs. As work progresses, if the actual contract costs
exceed estimates, the profit recognized on revenue from that contract decreases. We recognize the full amount of any estimated
loss on a contract at the time the estimates indicate such a loss. To date we have not experienced a material adverse variation
from our cost estimates for plants constructed for sale to third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We assume the risk that the costs associated
with constructing the plant may be greater than we anticipated in preparing our bid. However, the terms of each of the sales contracts
with our customers require us to guarantee the sales price for the plant at the bid amount. Because we base our contracted sales
price in part on our estimation of future construction costs, the profitability of our plant sales is dependent on our ability
to estimate these costs accurately. The cost estimates we prepare in connection with the construction of plants to be sold to third
parties are subject to inherent uncertainties. The cost of materials and construction may increase significantly after we submit
our bid for a plant due to factors beyond our control, which could cause the gross margin for a plant to be less than we anticipated
when the bid was made. The gross profit we initially expect to generate from a plant sale could be further affected by other factors,
such as hydro-geologic conditions at the plant site that differ materially from those we believed existed and relied upon when
we submitted our bid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Quarterly Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents unaudited
quarterly results of operations for the eight quarters ended December 31, 2011. We believe that all adjustments, consisting only
of normal recurring adjustments, necessary to present fairly such quarterly information have been included in the amounts reported
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="11" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">Year Ended December 31, 2011</TD></TR>
<TR>
    <TD STYLE="width: 53%; vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">First</TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">Second</TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">Third</TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">Fourth</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">Quarter</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">Quarter</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">Quarter</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">Quarter</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-autospace: none">Total revenues</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">$</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">13,906,620</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">$</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">14,835,872</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">$</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">12,806,652</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">$</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">13,605,348</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-autospace: none">Gross profit</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">5,250,555</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">5,251,205</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">4,008,850</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">4,511,457</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-autospace: none">Net income attributable to Consolidated Water Co. Ltd. stockholders</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">1,993,010</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">1,929,662</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">1,286,068</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">904,478</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-autospace: none">Diluted earnings per common
    share</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">0.14</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">0.13</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">0.09</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">0.06</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP COLSPAN="11" STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">Year Ended December 31, 2010</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">First</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">Second</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">Third</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">Fourth</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">Quarter</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">Quarter</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">Quarter</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">Quarter</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-autospace: none">Total revenues</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">$</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">14,677,311</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">$</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">12,699,485</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">$</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">11,699,802</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">$</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">11,631,956</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-autospace: none">Gross profit</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">5,486,249</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">4,231,302</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">3,772,515</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">3,120,429</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-autospace: none">Net income attributable to Consolidated Water Co. Ltd. stockholders</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">3,076,936</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">1,033,075</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">1,265,593</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">916,421</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-autospace: none">Diluted earnings per common
    share</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">0.21</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">0.07</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">0.09</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">0.06</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following discussion and analysis of
our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements
and accompanying notes included under Part II, Item 8 of this Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Year Ended December 31, 2011 Compared
to Year Ended December 31, 2010</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consolidated Results</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net income attributable to Consolidated
Water Co. Ltd. common stockholders for the year ended December 31, 2011 was $6,113,218 ($0.42 per share on a fully-diluted basis),
as compared to $6,292,025 ($0.43 per share on a fully-diluted basis) for the year ended December 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total revenues for the year ended December
31, 2011 were $55,154,492, up from the $50,708,554 in revenues for the year ended December 31, 2010, as revenue increases for our
bulk segment and, to a lesser extent our retail segment, more than offset a decline in services segment revenues. Gross profit
for the year ended December 31, 2011 was $19,022,067 or 34% of total revenues, as compared to $16,610,495, or 33% of total revenues,
for the year ended December 31, 2010. Gross profit for retail and bulk segments improved while gross profit for the services segment
declined in 2011 from 2010. For further discussion of revenues and gross profit for the year ended December 31, 2011, see the &ldquo;Results
by Segment&rdquo; analysis that follows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General and administrative expenses on
a consolidated basis were $13,651,650 and $11,329,648 for the years ended December 31, 2011 and 2010, respectively. This increase
in G&amp;A expenses of approximately $2.3 million resulted from incremental expenses of approximately $1,286,000 for the project
development activities of our consolidated Mexico affiliate, NSC, and an increase of approximately $1,045,000 in employee costs
due to approximately $270,000 in additional management bonuses, incremental stock based compensation of approximately $237,000,
the hiring of additional personnel and salary increases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest expense decreased to $1,141,744
for the year ended December 31, 2011 from $1,584,771 for the year ended December 31, 2010 as a result of $246,851 in interest capitalized
for the expansion of our Blue Hills plant and the prepayment on September 30, 2010 of $1.5 million of our 7.5% bonds payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We recognized earnings on our investment
in OC-BVI for the years ended December 31, 2011 and 2010 of $838,652 and $1,235,146, respectively. See further discussion of OC-BVI
at &ldquo;Liquidity and Capital Resources &mdash; Material Commitments, Contingencies and Expenditures &mdash; OC-BVI Litigation.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Results by Segment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Retail Segment:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The retail segment contributed $2,840,613
and $3,397,210 to our income from operations for the years ended December 31, 2011 and 2010, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues generated by our retail water
operations were $23,356,338 and $21,864,252 for the years ended December 31, 2011 and 2010, respectively. The number of gallons
sold by the retail segment decreased by approximately 4% from 2010 to 2011 due to water sales made in the first quarter of 2010
at bulk water rates to the Water Authority Cayman (&ldquo;WAC&rdquo;) to replace water previously supplied by the Red Gate plant
while such plant was under refurbishment. Excluding this water sold to the WAC, the number of gallons sold by the retail segment
increased by approximately 3% from 2010 to 2011. The increase in retail revenues from 2010 to 2011 is due to (i) the annual first
quarter adjustment to our base rates, as our retail segment increased its base rates by approximately 2% due to an upward movement
in the consumer price indices used to determine such rate adjustment; and (ii) higher energy prices in 2011 which resulted in energy
pass through charges to our retail customers that were approximately $890,000 higher in 2011 than in 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Retail segment gross profit was $11,859,740
(51% of revenues) and $11,502,950 (53% of revenues) for the years ended December 31, 2011 and 2010, respectively. The slight decline
in gross profit as a percentage of revenues from 2010 to 2011 reflects the increased energy pass through charges and higher non-revenue
water volumes for 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consistent with prior periods, we record
all non-direct G&amp;A expenses in our retail business segment and do not allocate any of these non-direct costs to our other two
business segments. Retail G&amp;A expenses for the years ended December 31, 2011 and 2010 were $9,019,127 and $8,105,740, respectively.
G&amp;A expenses increased from 2010 to 2011 due to additional employee costs of approximately $1,002,000 due to approximately
$270,000 in additional management bonuses, incremental stock based compensation of approximately $237,000, the hiring of additional
personnel and salary increases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><I>Bulk Segment:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The bulk segment contributed $5,262,101
and $3,147,036 to our income from operations for the years ended December 31, 2011 and 2010, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bulk segment revenues were $30,757,874
and $25,302,093 for the years ended December 31, 2011 and 2010, respectively. The increase in bulk revenues of approximately $5.5
million from 2010 to 2011 resulted from a 6% increase in the number of gallons of water sold&nbsp;and energy pass-through increases
to our rates due to higher energy prices. Our bulk revenues for 2011 benefited from $770,000 in revenues generated in the fourth
quarter from the expansion of CW-Bahamas&rsquo; Blue Hills plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gross profit for our bulk segment was $6,630,386
and $4,394,112 for the years ended December 31, 2011 and 2010, respectively. Gross profit as a percentage of bulk revenues increased
to approximately 22% for 2011 as compared to approximately 17% for 2010. The improvement in the bulk segment&rsquo;s gross profit
as a percentage of revenues in 2011 from 2010 is attributable to the increase in revenues, as a significant portion of our production
costs are relatively fixed in nature and do not increase proportionately with an increase in the volume of water sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bulk segment G&amp;A expenses were $1,368,285
and $1,247,076 for the years ended December 31, 2011 and 2010, respectively. The increase in these expenses from 2010 to 2011 is
primarily due to approximately $86,000 in additional taxes paid by our Belize operations during the first quarter of 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Services Segment:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The services segment incurred losses from
operations of ($2,732,297) and ($1,263,399) for the years ended December 31, 2011 and 2010, respectively. We anticipate that the
services segment will continue to incur losses from operations while we continue to fund the project development activities of
NSC and/or until such time as we obtain significant new management services or plant construction contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Services segment revenues were $1,040,280
and $3,542,209 for the years ended December 31, 2011 and 2010, respectively. Services revenues decreased from 2010 to 2011 due
to (i) substantially lower plant sales revenues, which declined by approximately $1.7 million due to a lack of customer plant construction
activity in 2011; (ii) the expiration of the management services contract for the Bermuda plant on June 30, 2011; and (iii) lower
fees earned on our management agreement for OC-BVI due to the incremental fees earned on the higher earnings generated by this
affiliate in 2010 as compared to 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gross profit for our services segment was
$531,941 and $713,433 for the years ended December 31, 2011 and 2010, respectively. The lower gross profit for 2011 reflects the
decrease in revenues discussed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">G&amp;A expenses for the services segment
were $3,264,238 and $1,976,832 for the years ended December 31, 2011 and 2010, respectively. The increase in G&amp;A expenses is
attributable to the project development activities of our consolidated Mexico affiliate, NSC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As noted above, our management contract
for the Bermuda plant expired on June 30, 2011, and we do not expect to generate any further fees or revenues from this plant.
We generated revenues and gross profits from our Bermuda affiliate of $723,000 and $457,000, respectively, for the year ended December
31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Year Ended December 31, 2010 Compared
to Year Ended December 31, 2009</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consolidated Results</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net income attributable to controlling
interests for 2010 was $6,292,025 ($0.43 per share on a fully-diluted basis) as compared to $6,098,571 ($0.42 per share on a fully-diluted
basis) for 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total revenues for the years ended December
31, 2010 and 2009 were $50,708,554 and $58,019,517, respectively.&nbsp;&nbsp;The decrease in consolidated revenues from 2009 to
2010 primarily reflects lower revenues for our retail and services segments. Gross profit for the year ended December 31, 2010
was $16,610,495, or 33% of total revenues, as compared to $22,999,077 or 40% of total revenues, for the year ended December 31,
2009. All three segments reported decreased gross profits for 2010 as compared to 2009.&nbsp;&nbsp;For further discussion of revenues
and gross profit for the year ended December 31, 2010, see the &ldquo;Results by Segment&rdquo; analysis that follows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">G&amp;A&nbsp;expenses on a consolidated
basis were $11,329,648 and $10,101,257 for the years ended December 31, 2010 and 2009, respectively. The increase in G&amp;A expenses
for 2010 reflects approximately $1.7 million in incremental expenses that are attributable to the business development activities
of our consolidated Mexico affiliate, NSC, which was formed in 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest income increased to $1,375,827
in 2010 as compared to $917,330 in 2009 due to interest earned on the loans receivable from the Water Authority - Cayman arising
from the completion and sale of the North Side Water Works plant and the refurbishment of the Red Gate plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We reported a loss from our investment
in OC-BVI for the year ended December 31, 2009 of ($1,025,968) as a result of OC-BVI&rsquo;s contractual dispute with the BVI government
relating to its Baughers Bay plant. For the year ended December 31, 2010 we recognized earnings on our investment in OC-BVI of
$1,235,146 due to the (i) receipt by OC-BVI during July 2010 of a $2.0 million payment under the Court award for the Baughers Bay
dispute and (ii) revenues generated by the Bar Bay plant. See further discussion of the OC-BVI situation at &ldquo;Liquidity and
Capital Resources &mdash; Material Commitments, Contingencies and Expenditures &mdash; OC-BVI Litigation.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Results by Segment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Retail Segment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The retail segment contributed $3,397,210
to our income from operations in 2010, as compared to $5,212,180 in 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues generated by our retail water
operations were $21,864,252 and $23,239,756 for 2010 and 2009, respectively. The volume of gallons sold in 2010 by the retail segment
decreased by approximately 1% from 2009 to 2010. The decline in retail revenues from 2009 to 2010 is principally attributable to
the annual inflation-related adjustment made to our base rates made during the first quarter of each year. This adjustment decreased
our rates in 2010 due to a downward movement in the consumer price indices from 2009 to 2010 used to determine such adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Retail segment gross profit was $11,502,950
(53% of revenues) and $13,427,322 (58% of revenues) for 2010 and 2009, respectively. The decline in gross profit as a percentage
of revenues from 2009 to 2010 reflects the base rate adjustment discussed in the previous paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this filing we have not
concluded negotiations with the Cayman Islands government for an extension of our retail license. The outcome of these negotiations
could have a material impact on the amounts of revenues and gross profit we have historically generated from our retail segment.
See further discussion at Item 1.A. &ldquo;Risk Factors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consistent with prior periods, we record
all non-direct G&amp;A expenses in our retail business segment and do not allocate any of these non-direct costs to our other two
business segments.&nbsp;&nbsp;Retail G&amp;A expenses for 2010 and 2009 were relatively consistent at $8,105,740 and $8,215,142,
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bulk Segment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The bulk segment contributed $3,147,036
and $4,078,781 to our income from operations in 2010 and 2009, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bulk segment revenues were $25,302,093
and $25,905,077 for the years ended December 31, 2010 and 2009, respectively. The volume of water sold by our bulk segment decreased
by approximately 2% from 2009 to 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gross profit for our bulk segment was $4,394,112
and $5,755,108 for 2010 and 2009, respectively. Gross profit as a percentage of bulk revenues was 17% and 22% for the years ended
December 31, 2010 and 2009, respectively. The decline in bulk gross profit from 2009 to 2010 reflects the annual inflation-related
adjustment made during the first quarter of 2010 to the base rates charged by Ocean Conversion Cayman. This adjustment reduced
OCC&rsquo;s rates in 2010 due to a downward movement in the consumer price indices used to determine such adjustment. The bulk
segment&rsquo;s gross profit was also affected by the loss of the relatively higher margins earned on the previous contract (the
extension for which expired in late 2009) for the Red Gate plant, coupled with the delay in completing the refurbishment of this
plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bulk segment G&amp;A expenses were $1,247,076
and $1,676,327 for 2010 and 2009, respectively. The decrease in this segment&rsquo;s G&amp;A expenses from 2009 to 2010 is primarily
due to approximately $183,000 in penalties and interest assessed to our Belize operations in 2009 relating to delinquent business
taxes and a decrease in bank charges of approximately $253,000 for our Bahamas operations. The Belize penalties and interest arose
because we were erroneously informed in the past that our Belize subsidiary was not subject to these taxes. The bank charges incurred
in 2009 resulted&nbsp;from the conversion of Bahamas dollars into U.S. dollars and the transfer of such dollars from the Bahamas
to Grand Cayman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Services Segment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The services segment incurred a loss from
operations of ($1,263,399) for the year ended December 31, 2010.&nbsp;&nbsp;The services segment contributed $3,606,859 to our
income from operations for the year ended December 31, 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Services segment revenues were $3,542,209
and $8,874,684 for 2010 and 2009, respectively.&nbsp;&nbsp;Services revenues decreased from 2009 to 2010 due to substantially lower
plant sales revenues, which declined by approximately $5.1 million due to reduced construction activity for third parties, and
to a decrease of approximately $613,000 in management fees due to the renegotiation of the management services agreement for the
Bermuda plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gross profit for our services segment was
$713,433 and $3,816,647 for 2010 and 2009, respectively. The lower gross profit for 2010 stems primarily from the decreased plant
sales revenues and, to a lesser extent, from liquidated damages of $260,000 and construction cost overruns relating to the refurbishment
and commissioning of the Red Gate plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">G&amp;A expenses for the services segment
were $1,976,832 and $209,788 for 2010 and 2009, respectively. The increase in G&amp;A expenses in 2010 reflects incremental legal,
accounting, engineering, consulting and other expenses aggregating approximately $1.7 million attributable to the business development
activities of our consolidated Mexico affiliate, NSC, which was formed in 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>LIQUIDITY AND CAPITAL RESOURCES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our sources of cash are (i) revenues generated
from our retail license, plant operating contracts and management agreements; (ii)&nbsp;&nbsp;borrowings under term loans, credit
facilities and debt securities; and (iii) sales of equity securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our cash flows from operations are affected
by tourism, rainfall patterns, weather conditions (such as hurricanes), changes in our customer base, the timing and level of rate
increases, overall economic conditions and other factors and the timing of the collection of these revenues from our customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to access the debt and equity
capital markets is impacted by our current and anticipated financial results, financial condition, existing level of borrowings,
credit rating, the terms of our debt agreements (including our compliance therewith), and by conditions in the debt and equity
markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our primary uses of cash other than for
operations are construction costs and capital expenditures, including plant expansion and new plant construction. Other significant
uses include payment of dividends, repayment of debt and the pursuit of new business opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash of approximately $29.6 million
has been provided by our operating activities over the last three years. As of December 31, 2011, we had cash balances totaling
approximately $37.6 million and working capital of approximately $44.0 million. We believe our cash on hand and cash to be generated
from operations will be sufficient to meet our liquidity requirements for the next 12 months, which include approximately $18.4
million in principal and interest payments on debt (which includes $8.5 million in early redemption of bonds), capital expenditures
of approximately $3.8 million and quarterly dividends, if declared by our Board. Our dividend payments amounted to approximately
$4.9 million in 2011. We may be required to seek new financing should we obtain any new projects or plant expansions in 2012. We
believe we have a sufficient credit standing and adequate funding sources to obtain any new financing that may be required for
new projects or plant expansions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not presently aware of anything
that would lead us to believe that we will not have sufficient liquidity to meet our needs for 2012 and thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Discussion of Cash Flows for the Year
Ended December 31, 2011</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our cash and cash equivalents decreased
to $37.6 million as of December 31, 2011 from $46.1 million as of December 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Cash Flows from Operating Activities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operating activities provided net cash
for the year ended December 31, 2011 of $8.4 million. This cash provided reflects net income generated for the year of $6.6 million
as adjusted for (i) various items included in the determination of net income that do not affect cash flows during the year and
(ii) changes in the other components of working capital. The more significant of such items for 2011&nbsp;included depreciation
and amortization of approximately $6.0 million and a net decrease in accounts receivable of approximately $3.7 million. We used
$8.5 million to purchase marketable (trading) securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Cash Flows Used in Investing Activities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our investing activities used $18.1 million
in net cash during the year ended December 31, 2011. Approximately $14.0 million was used for construction in progress and property,
plant and equipment additions&nbsp;and we collected $1.7 million on our loans receivable and received $1.7 million in cash from
our investment in OC-BVI. Cash of $7.5 million was pledged as collateral on our $10,000,000 non-revolving credit facility with
Scotiabank (Cayman) Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Cash Flows Used in Financing Activities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our financing activities provided $1.1
million in net cash during the year ended December 31, 2011. During the year, we made $1.5 million in scheduled payments on our
debt, paid dividends of $4.9 million and borrowed (and pledged as collateral) $7.5 million on our $10,000,000 non-revolving credit
facility with Scotiabank (Cayman) Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financial Position</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable as of December 31,
2011 were approximately $8.5 million, down approximately $3.6 million from December 31, 2010. Approximately $1.8 million of the
decrease reflects a reduction in accounts receivable due from the WSC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loans receivable decreased approximately
$1.7 million from approximately $14.3 million as of December 31, 2010 to approximately $12.6 million as of December 31, 2011 due
to scheduled payments by the WAC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Borrowings Outstanding</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, we had total borrowings
outstanding aggregating $24,383,794, which consisted of bonds payable and borrowings on our non-revolving credit facility with
Scotiabank (Cayman) Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>5.95% Secured Bonds</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2006, we issued $15,771,997 principal
amount secured fixed rate bonds in a private offering and received net proceeds (excluding issuance costs and after the offering
discount) of $14,445,720. These bonds bear interest at a rate of 5.95%, are repayable in quarterly principal and interest installments
of $526,010, and mature in 2016. We have the right to redeem the bonds in full at any time after August 4, 2009 at a premium of
1.5% of the outstanding principal and accrued interest on the bonds on the date of redemption. As of December 31, 2011, $8,650,503
in principal amount was outstanding on these secured bonds. Our obligations under the bonds are secured by fixed and floating charges
(i) on all of our assets, including an equitable charge of all of the shares of Cayman Water, and (ii) on all of Cayman Water&rsquo;s
assets including its real estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trust deed for these bonds restricts
our ability to enter into new borrowing agreements or any new guarantees without prior approval of the trustee and limits our capital
expenditures, with the exception of capital expenditures to be incurred on certain defined projects, to $2,000,000 annually without
prior approval by the trustee. The trust deed also contains financial covenants that require us to maintain a debt service coverage
ratio of not less than 1.25 to 1, a ratio of long term debt to EBITDA (i.e. earnings before interest, taxes, depreciation and amortization)
for the 12 months preceding the ratio calculation date not greater than 2.5 to 1 and a ratio of long term debt to equity equal
to or less than 1.5 to 1. As of December 31, 2011, we were deemed to be in compliance with the covenants under the trust deed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>$10,000,000 Credit Facility</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2011, we entered into a $10,000,000
Credit Agreement with Scotiabank (Cayman) Ltd. pursuant to which we can borrow up to $10,000,000 on a non-revolving basis. This
credit agreement expires 12 months from the date of the initial advance, which was made on December 30, 2011 in the amount of $7,500,000.
Interest on this loan is based on the bank's term deposit rate plus 1% per annum. The Company is required to maintain an interest
bearing cash deposit account as collateral for the borrowings of account and funded to the extent of the amount of the borrowings
outstanding..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>CW-Bahamas Series A Bonds</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2005, CW-Bahamas sold B$10,000,000
Series A bonds to Bahamian citizens and permanent resident investors in The Bahamas to finance a portion of the construction cost
of its Blue Hills plant. These bonds have a contractual maturity date of June 30, 2015 and accrue interest at the annual fixed
rate of 7.5%. Interest is payable quarterly. CW-Bahamas has the option, which commenced in 2008, to redeem these bonds in whole
or in part without penalty. We have guaranteed CW-Bahamas repayment obligations upon an &ldquo;event of default&rdquo; as defined
in the guarantee agreement. If we pay any amounts pursuant to the guarantee, we will be subrogated to all rights of the bondholders
in respect of any such payments. The guarantee is a general unsecured obligation junior to our other secured obligations. We redeemed
$1.5 million of these bonds in September 2010.&nbsp; As of December 31, 2011, B$8,500,000 of the Series A bonds were outstanding.
We have elected to redeem the remaining B$8,500,000 of these bonds outstanding on March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Material Commitments, Expenditures and Contingencies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Renewal of Retail License</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the Cayman Islands, we provide water
to retail customers under a 20 year license issued to us in July 1990 by the Cayman Islands&nbsp;government that grants us the
exclusive right to provide water to retail customers within our licensed service area. Our service area is comprised of an area
on Grand Cayman that includes the Seven Mile Beach and West Bay areas, two of the three most populated areas in the Cayman Islands.
For the year ended December 31, 2011, we generated approximately 42% of our consolidated revenues and 51% of our consolidated gross
profits from the retail water operations conducted pursuant to our exclusive license.&nbsp;&nbsp; If we are not in default of any
terms of the license, we have a right of first refusal to renew the license on terms that are no less favorable than those that
the government offers to any third party.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This license was set to expire on July
10, 2010; however, we and the Cayman Islands government have agreed in correspondence to extend the license seven times in order
to provide sufficient time to negotiate the terms of a new license agreement. The government has not requested that we meet to
continue our retail license negotiations since our last meeting in February 2011. We believe the lack of recent license negotiations
results from government&rsquo;s focus on other matters (including the government&rsquo;s publicly acknowledged intention to privatize
certain government owned assets including the Water Authority-Cayman) rather than any inability to make progress with us on the
license negotiations. We were advised by a letter dated February 16, 2012 from Water Authority-Cayman that the government had approved
an extension of the license until June 30, 2012. We are currently waiting for the government to execute such license extension
and continue to believe that the retail license negotiations will ultimately be resolved to the satisfaction of both parties.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 14, 2011, the Water Production
and Supply Law, 2011 (which replaces the Water (Production and Supply) Law (1996 Revision) under which the Company is licensed)
and the Water Authority (Amendment) Law, 2011 (the &ldquo;New Laws&rdquo;) were published on terms that they would come into force
on such date as may be appointed by Order made by the Governor in Cabinet. Such Order was subsequently made by Cabinet and the
New Laws are now in full force and effect. Under the New Laws, the Water Authority-Cayman would issue any new license which could
include a rate of return on invested capital model described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been informed during our retail
license renewal negotiations conducted with representatives of the Cayman Islands government that the Cayman Islands government
seeks to restructure the terms of our license to employ a &ldquo;rate of return on invested capital model&rdquo; similar to that
governing the sale of water to many U.S. municipalities. We have formally objected to the implementation of a &ldquo;rate of return
on invested capital model&rdquo; on the basis that we believe that such a model would not promote the efficient operation of our
water utility and could ultimately increase water rates to our customers. We believe such a model, if ultimately implemented, could
significantly reduce the operating income and cash flows we have historically generated from our retail license and could require
us to record an impairment loss to reduce the $1.2 million carrying value of our retail segment&rsquo;s goodwill. Such impairment
loss could be material to our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a new long-term license agreement is
not entered into with the government, we would retain a right of first refusal to renew the license on terms that are no less favorable
than those that the government might offer in the future to a third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we do not enter into a new license agreement,
and no other party is awarded a license, we expect to be permitted to continue to supply water to our service area. However, the
terms of such continued supply may not be as favorable to us as the terms in the July 1990 license agreement. It is possible that
the government could offer a third party a license to service some or all of our present service area. In such event, we may assume
the license offered to the third party by exercising our right of first refusal. The terms of the new license agreement may not
be as favorable to us as the terms under which we are presently operating and could reduce the operating income and cash flows
we have historically generated from our retail license and could require us to record an impairment loss to reduce the $1.2 million
carrying value of our retail segment&rsquo;s goodwill. Such impairment loss could be material to our results of operations<FONT STYLE="color: #0070C0">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>OC-BVI Litigation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2006, our affiliate OC-BVI notified
us that the Ministry of Communications and Works of the Government of the British Virgin Islands (the &ldquo;Ministry&rdquo;) had
asserted a purported right of ownership of the Baughers Bay plant pursuant to the terms of the Water Supply Agreement between the
parties dated May 1990 (the &ldquo;1990 Agreement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of the 1990 Agreement,
upon the expiration of the initial seven year term in May 1999, the agreement would automatically be extended for another seven
year term unless the Ministry provided notice, at least eight months prior to such expiration, of its decision to purchase the
plant from OC-BVI for approximately $1.42 million. In correspondence between the parties from late 1998 through early 2000, the
Ministry indicated that the BVI government intended to purchase the plant but would be amenable to negotiating a new water supply
agreement, and that it considered the 1990 Agreement to be in force on a monthly basis until negotiations between the BVI government
and OC-BVI were concluded. Occasional discussions were held between the parties since 2000 without resolution of the matter. OC-BVI
continued to supply water to the Ministry and expended approximately $4.7 million between 1995 and 2003 to significantly expand
the production capacity of the plant beyond that contemplated in the 1990 Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Early in 2007, the Ministry unilaterally
took the position that until such time as a new agreement&nbsp;was reached on the ownership of the plant and the price for the
water produced by the plant, the Ministry would only pay that amount of OC-BVI&rsquo;s billings that the Ministry purported constituted
OC-BVI&rsquo;s costs of producing the water. Payments made by the Ministry to OC-BVI since the Ministry&rsquo;s assumption of this
reduced price were sporadic. On November 15, 2007, OC-BVI issued a demand letter to the BVI government for approximately $6.2 million
representing amounts that OC-BVI claimed were due by the BVI government for water sold and delivered plus interest and legal fees.
In response to OC-BVI&rsquo;s demand for payment, the BVI government issued a letter dated November 19, 2007 that reasserted its
claim that ownership of the Baughers Bay plant had passed to the BVI government and rejected OC-BVI&rsquo;s claim for payment.
On November 22, 2007, OC-BVI&rsquo;s management was informed that the BVI government had filed a lawsuit with the Eastern Caribbean
Supreme Court (the &ldquo;Court&rdquo;) seeking ownership of the Baughers Bay plant. OC-BVI counterclaimed that it was entitled
to continued possession and operation of the Baughers Bay plant until the BVI government paid OC-BVI approximately $4.7 million,
which it believed represented the value of the Baughers Bay plant at its expanded production capacity. OC-BVI took the legal position
that since the BVI government never paid the $1.42 million to purchase the Baughers Bay plant, the 1990 Agreement terminated on
May 31, 1999, which was eight months after the date that the Ministry provided written notice of its intention to purchase the
plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 4, 2008, OC-BVI filed a claim with
the Court, and on April 22, 2009 amended and increased this claim, seeking payment for water sold and delivered to the BVI government
through May 31, 2009 at the contract prices in effect before the BVI government asserted its purported right of ownership of the
plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Court held a three-day trial in July
2009 to address both the Baughers Bay ownership issue and OC-BVI&rsquo;s claim for payment of amounts owed for water sold and delivered
to the BVI government and on September 17, 2009, the Court issued a preliminary ruling with respect to this litigation. The Court
determined that the BVI government was entitled to immediate possession of the Baughers Bay plant and dismissed OC-BVI&rsquo;s
claim for compensation of approximately $4.7 million for the expenditures made to expand the production capacity of the plant.
As a result of this determination by the Court, OC-BVI recorded an impairment loss of approximately $2.1 million during the three
months ended September 30, 2009 for fixed assets associated with the Baughers Bay plant. However, the Court determined that OC-BVI
was entitled to full payment of water invoices issued up to December 20, 2007, which had been calculated under the terms of the
original 1990 Agreement, and ordered the BVI government to make an immediate interim payment of $5.0 million to OC-BVI for amounts
owed to OC-BVI. The Court deferred deciding the entire dispute between the parties until it could conduct a hearing to determine
the reasonable rate for water produced by OC-BVI for the period subsequent to December 20, 2007.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 28, 2009, the Court ordered
the BVI government to pay OC-BVI at the rate of $13.91 per thousand imperial gallons for water produced by OC-BVI for the period
subsequent to December 20, 2007, which amounted to a total recovery for OC-BVI of $10.4 million. The BVI government made a payment
of $2 million to OC-BVI under the Court order during the fourth quarter of 2009, a second payment of $2 million under the Court
order during July 2010 and a third payment under the Court order of $1 million in February 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 28, 2009, OC-BVI filed an appeal
with the Eastern Caribbean Court of Appeals (the &ldquo;Appellate Court&rdquo;) asking the Appellate Court to review the September
17, 2009 ruling by the Eastern Caribbean Supreme Court as it relates to OC-BVI&rsquo;s claim for compensation for expenditures
made to expand the production capacity of the Baughers Bay plant. On October 29, 2009, the BVI government filed an appeal with
the Appellate Court seeking the Appellate Court&rsquo;s review of the September 17, 2009 ruling of the Court that the BVI government
pay OC-BVI the reasonable rate for water produced by OC-BVI for the period subsequent to December 20, 2007. The BVI government
is requesting a ruling from the Appellate Court that the BVI government should only pay OC-BVI the actual cost of water produced
at the plant. In March 2011, the BVI government filed an application with the Appellate Court for a stay of execution of the judgments
of the Court in order to defer any further payments of amounts under the Court order until such time as the Appellate Court rules
on the appeal. On September 30, 2011, the Appellate Court conducted its hearing of the arguments of both parties under their respective
appeals.&nbsp; While we anticipated that the Appellate Court would issue its ruling on these appeals by the end of 2011, no ruling
has been issued to date. We have not been informed when to expect the Appellate Court to issue its ruling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Under US GAAP revenue
is generally realized or realizable and earned when all of the following criteria are met:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 1.6pt; text-autospace: none; font-weight: bold"><B>&bull;</B></TD>
    <TD STYLE="width: 94%; padding-right: 1.6pt; text-autospace: none">persuasive evidence of an arrangement exists;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 1.6pt; text-autospace: none; font-weight: bold"><B>&bull;</B></TD>
    <TD STYLE="padding-right: 1.6pt; text-autospace: none">delivery has occurred or services have been rendered;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 1.6pt; text-autospace: none; font-weight: bold"><B>&bull;</B></TD>
    <TD STYLE="padding-right: 1.6pt; text-autospace: none">the seller&rsquo;s price to the buyer is fixed and determinable; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 1.6pt; text-autospace: none; font-weight: bold"><B>&bull;</B></TD>
    <TD STYLE="padding-right: 1.6pt; text-autospace: none">collectability is reasonably assured.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective January 1, 2008, OC-BVI changed
its policy for the recording of its revenues from the Baughers Bay plant from the accrual to the equivalent of the cash method
due to an inability to meet all of the above revenue recognition criteria. As a result of this adjustment to OC-BVI&rsquo;s revenues,
the Company recorded losses from its equity in OC-BVI&rsquo;s results of operations for all fiscal quarters of 2008 and for the
first three quarters of 2009. Any cash payments made by the BVI government on Baughers Bay related invoices were applied by OC-BVI
to the remaining balance of outstanding accounts receivable that arose from billings for periods prior to and including December
2007 and thus were not recognized as revenues. Sufficient payments had been received from the BVI government as of September 30,
2009 to repay the remaining accounts receivable balances relating to period prior to December 31, 2007. OC-BVI continues to apply
the equivalent of the cash method with respect to the recognition of revenues from Baughers Bay. Consequently, OC-BVI does not
recognize as revenues any amounts to be paid to OC-BVI as a result of the Court ruling until such amounts are paid by the BVI government.
To date, the BVI government has paid OC-BVI $5 million of the $10.4 million awarded by the Court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2010, the BVI government announced
that it had signed a 16-year contract with another company for the construction and operation of a water plant that will provide
potable water to the greater Tortola area and (we believe) will replace the current production of the Baughers Bay plant. In March
2010, OC-BVI vacated the Baughers Bay plant and the BVI government assumed direct responsibility for the plant&rsquo;s operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We account for our investment in OC-BVI
in accordance with the equity method of accounting for investments in common stock. This method requires recognition of a loss
on an equity investment that is other than temporary, and indicates that a current fair value of an equity investment that is less
than its carrying amount may indicate a loss in the value of the investment. To test for possible impairment of our investment
in OC-BVI, we estimate its fair value as of the end of each fiscal quarter. In making this estimate, we calculate the expected
cash flows from our investment in OC-BVI by (i) estimating the expected cash flows from OC-BVI&rsquo;s contract with the BVI government
to supply water from its Bar Bay plant; (ii) identifying various possible outcomes of the Baughers Bay litigation and estimating
the expected cash flows associated with each possible outcome; and (iii) assigning a probability to each Baughers Bay outcome and
associated expected cash flows based upon discussions held to date by OC-BVI&rsquo;s management with the BVI government and OC-BVI&rsquo;s
legal counsel. The resulting probability-weighted sum represents the expected cash flows, and our best estimate of future cash
flows, to be derived from our investment in OC-BVI, which are present-valued to estimate OC-BVI&rsquo;s fair value. After considering
the impact of the September and October 2009 rulings of the Court and the decision by the BVI government to enter into the agreement
with another company to build a new plant to serve Tortola, we determined that the carrying value of our investment in OC-BVI exceeded
the estimated fair value for our investment in OC-BVI and therefore recognized impairment losses aggregating approximately $4.7
million for the year ended December 31, 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based upon the estimated fair value
determined as of December 31, 2011 we concluded that no impairment loss was required to be recognized on our investment
in OC-BVI during the year ended December 31, 2011. This conclusion assumes that the BVI government will fulfill its
obligations under the contract for the Bar Bay plant and that OC-BVI will collect all of the $10.4 million awarded by the
Court (of which only $5 million has been received to date). Should the BVI government be successful in its appeal to reduce
the $10.4 million Court award, we will be required to record charges that will reduce our earnings by an amount approximately
equal to 44% of any reduction of the $10.4 million previously awarded by the Court. If the Appellate Court ultimately
overturns the ruling of the Court or the Appellate Court reduces the amount awarded to OC-BVI under the Court order, or the
BVI government fails to honor the terms of its agreement for water supplied by OC-BVI&rsquo;s Bar Bay plant, the actual cash
flows from OC-BVI could vary materially from the expected cash flows we used in determining OC-BVI&rsquo;s fair value as of
December 31, 2011 and we would be required to record an additional impairment loss to reduce the carrying value of our
investment in OC-BVI. Such impairment loss would reduce  our earnings and could have a material adverse impact on our
results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Goodwill Valuation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market price of our common stock has
declined over the past twelve months and at times during this period, our market capitalization has been less than the carrying
value of our stockholders equity. The staff of the Division of Corporation Finance of the U.S. Securities and Exchange Commission
(the &ldquo;Staff&rdquo;) has inquired (through comment letters issued in connection with their periodic reviews of our recent
annual and quarterly filings) as to what consideration we have given to recognizing an impairment of our goodwill <FONT STYLE="font-size: 10pt">in
light of the extent, and the duration of time, our market capitalization has been below </FONT>the carrying value of our stockholders
equity<FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have responded to the Staff that, based
upon our impairment testing for 2011, we have concluded that our goodwill was not impaired as of December 31, 2011. At their request,
we have provided the Staff with the supporting calculations, assumptions and methodologies utilized for our 2011 goodwill impairment testing.
The Staff is presently reviewing this information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our goodwill amounted to $3,587,754 as
of December 31, 2011. While we have concluded that this goodwill was not impaired as of December 31, 2011, the Staff could disagree
with our conclusion and we could ultimately be required to record an impairment charge for a portion or all of this goodwill as
of December 31, 2011 or as of a later date. Such impairment charge could have a material adverse impact on our results of operations
for the year ended December 31, 2011 or the results of operations for future periods.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Mexico Affiliate</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2010, we acquired, through our wholly-owned
Netherlands subsidiary, Consolidated Water Cooperatief, U.A., a 50% interest in N.S.C. Agua, S.A. de C.V., (&ldquo;NSC&rdquo;)
a Mexican company.&nbsp;&nbsp;NSC has been formed to pursue a project encompassing the construction, ownership and operation of
a 100 million gallon per day seawater reverse osmosis desalination plant to be located in northern Baja California, Mexico and
an accompanying pipeline to deliver water to a Mexican potable water system and the U.S. border.&nbsp;&nbsp;&nbsp;We believe such
a project can&nbsp;&nbsp;be successful due to what we anticipate will be a growing need for a new potable water supply for the
areas of northern Baja California, Mexico and Southern California, United States.&nbsp;&nbsp;To complete this project, we have
engaged an engineering group with extensive regional experience and have partnered with Doosan Heavy Industries and Construction,
a global leader in the engineering, procurement and construction of large seawater desalination plants.&nbsp;&nbsp;Once completed,
we would operate the plant while retaining a minority position in its ownership.&nbsp;&nbsp;NSC is in the development stage, and
is presently involved in (i) extending contracts for the purchase of land on which to build the plant, (ii) seeking contracts for
the electric power and feed water sources for the plant&rsquo;s proposed operations, and (iii) implementing a water quality monitoring
and equipment testing program at the proposed feed water source.&nbsp;&nbsp;In addition to completing these activities, NSC will
be required to complete various other steps before it can commence construction of the plant and pipeline including, but not limited
to, obtaining approvals and permits from various governmental agencies in Mexico and the United States, securing contracts with
its proposed customers to sell water in sufficient quantities and at prices that make the project financially viable, and obtaining
equity and debt financing for the project. NSC&rsquo;s potential customers will also be required to obtain various governmental
permits and approvals in order to purchase water from NSC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For our 50% interest in NSC, we agreed
to provide initial funding of up to $4 million in the form of equity for NSC&rsquo;s development activities. As of June 30, 2011
we had met this initial funding commitment.&nbsp; Because we exercise effective financial control over NSC and our partners in
NSC did not participate in funding the first $4 million in losses that NSC incurred, we consolidate NSC&rsquo;s results of operations.
Included in our consolidated results of operations for the years ended December 31, 2011 and 2010 are approximately $3.0 and $1.7
million respectively in general and administrative expenses from NSC, consisting of organizational, legal, accounting, engineering,
consulting and other costs relating to its project development activities. The assets and liabilities of NSC included in our consolidated
balance sheet amounted to approximately $27,000 and $336,000 respectively, as of December 31, 2011 and approximately $731,000 and
$131,000, respectively, as of December 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2012, we acquired an option,
exercisable through February 7, 2014, to purchase the shares of one of the other shareholders of NSC along with an immediate power
of attorney to vote those shares. As a result, we now have effective control over NSC and are continuing its project development
activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have determined that completing NSC&rsquo;s
development activities will require significantly more funding than has been expended to date.&nbsp; We may choose to fund these
development activities ourselves or may seek funding from additional sources.&nbsp; We may incur significant development expenses
in the future for this project without ultimately being able to obtain the funding necessary for NSC to build the project.&nbsp;
We estimate that it will take at least two years for NSC to complete all of the development activities (which include initiating
site piloting plant activities, extending purchase agreements for the land for the plant, securing feed water and power supplies,
completing the engineering and feasibility studies, negotiating customer contracts, obtaining required regulatory permits and arranging
the project financing) necessary to commence construction of the plant. However NSC may ultimately be unable to complete all of
the activities necessary to begin construction of the project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>CW-Belize</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By Statutory Instrument No. 81 of 2009,
the Minister of Public Utilities of the government of Belize published an order, the Public Utility Provider Class Declaration
Order, 2009 (the &ldquo;Order&rdquo;), which as of May 1, 2009 designated CW-Belize as public utility provider under the laws of
Belize. With this designation, the Public Utilities Commission of Belize (the &ldquo;PUC&rdquo;) has the authority to set the rates
charged by CW-Belize and to otherwise regulate its activities. On November 1, 2010, CW-Belize received a formal complaint from
the PUC alleging that CW-Belize was operating without a license under the terms of the Water Industry Act. CW-Belize applied for
this license in December 2010. On July 29, 2011 the PUC issued the San Pedro Public Water Supply Quality and Security Complaint
Order (the &ldquo;Second Order&rdquo;) which among other things requires that (i) CW-Belize and its customer jointly make a submission
to the responsible Minister requesting that the area surrounding CW-Belize&rsquo;s seawater abstraction wells be designated a forest
reserve or national park and be designated a Controlled Area under section 58 of the Water Industry Act, (ii) CW-Belize submit
an operations manual for CW-Belize&rsquo;s desalination plant to the PUC for approval, (iii) CW-Belize and its customer modify
the water supply agreement between the parties to (a) include new water quality parameters included in the Order and (b) cap the
current exclusive water supply arrangement in the agreement at maximum of 450,000 gallons per day, (iv) CW-Belize keeps a minimum
number of replacement seawater RO membranes in stock at all times and (v) CW-Belize takes possession of and reimburses the PUC
for certain equipment which the PUC purchased from a third-party in late 2010. CW-Belize has applied for declaratory judgment and
has been granted a temporary injunction to stay the enforcement of the Second Order by the PUC until such time as the matter can
be heard by the Belize courts. We are presently unable to determine what impact the Order and the Second Order will have on our
results of operations, financial position or cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transfers of U.S. dollars from CW-Belize
to our other subsidiaries require authorization in advance from the Central Bank of Belize.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Material Expenditures and Commitments</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes our contractual
obligations as of December 31, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">Total</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">2012</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">2013-2015</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">2016-2018</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">2019 and</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">Thereafter</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 32%; padding-right: 0; padding-left: 0; text-autospace: none">Secured 5.95% bonds (1) (2)</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">$</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">9,994,190</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">$</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">2,104,040</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">$</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">6,312,120</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">$</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">1,578,030</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">$</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Series A bonds (1) (3)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">8,659,375</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">8,659,375</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">-</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">-</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Non-revolving credit facility (1)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">7,602,750</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">7,602,750</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">-</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">-</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Employment agreements</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">2,588,603</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">1,420,273</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">1,168,330</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">-</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Operating leases</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">1,526,966</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">470,765</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">1,008,985</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">47,216</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Purchase orders</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">448,471</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">448,471</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">-</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">-</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Security deposits</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">274,878</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">70,280</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">37,243</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">-</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">167,355</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-indent: 10pt">Total</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">$</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">31,095,233</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">$</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">20,775,954</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">$</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">8,526,678</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">$</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">1,625,246</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">$</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">167,355</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: left">Includes interest costs to be incurred.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: left">Secured 5.95% bonds are shown gross of discount.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">The Series A bonds have a contractual maturity date of
June 30, 2015 and accrue interest at the annual fixed rate of 7.5%. As of December 31, 2011, B$8,500,000 of the Series A bonds
were outstanding. We have elected to redeem the remaining B$8,500,000 of these bonds outstanding on March 31, 2012.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>CW-Bahamas Liquidity</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CW-Bahamas was due approximately $4.4 million
and $8.3 million from the WSC as of December 31, 2011 and February 29, 2012, respectively. We have been informed previously by representatives
of the Bahamas government that the delay in paying our accounts receivables is due to operating issues within the WSC, that the
delay does not reflect any type of dispute with us with respect to the amounts owed, and that the amounts will ultimately be paid
in full. We believe that the accounts receivable from the WSC are fully collectible and therefore have not provided any allowance
for possible non-payment of these receivables as of December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transfers of U.S. dollars from CW-Bahamas
to our other subsidiaries require authorization in advance from the Central Bank of the Bahamas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>CW-Bahamas Performance Bonds</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have two contracts, one for our
Windsor plant and one for our Blue Hills plant, to supply water to the WSC. Each contract requires us to guarantee delivery
of a minimum quantity of water per week. If we do not meet this minimum, we are required to pay the WSC for the difference
between the minimum and actual gallons delivered at a per gallon rate equal to the price per gallon that WSC is currently
paying us under the contract. The Windsor and Blue Hills contracts expire in 2013 and 2031, respectively and require us to
deliver 14.0 million imperial gallons and 52.5 million imperial gallons, respectively, of water each week. We are required to
provide the WSC with performance and operating guarantees, in the form of bank-issued letters of credit, to secure any
payments we may be required to make under the minimum delivery requirements of the Windsor contract. A performance bond
in the amount of $1,910,775 for the Windsor plant has expired and was not subsequently replaced. We expect to obtain a
performance bond for the Windsor plant once CW-Bahamas has received payment of its delinquent accounts receivable from the
WSC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Symbol; text-align: center">&middot;</TD>
    <TD STYLE="width: 96%; padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">On January 31, 2011, we paid a dividend of $0.075 to shareholders of record on January 1, 2011.</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Symbol; text-align: center">&middot;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">On April 30, 2011, we paid a dividend of $0.075 to shareholders of record on April 1, 2011.</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Symbol; text-align: center">&middot;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">On July 31, 2011, we paid a dividend of $0.075 to shareholders of record on July 1, 2011.</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Symbol; text-align: center">&middot;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">On October 31, 2011, we paid a dividend of $0.075 to shareholders of record on October 1, 2011.</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Symbol; text-align: center">&middot;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">On January 31, 2012, we paid a dividend of $0.075 to shareholders of record on January 1, 2012.</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Symbol; text-align: center">&middot;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">On February 21, 2012, our Board declared a dividend of $0.075 payable on April 30, 2012 to shareholders of record on April 1, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have paid dividends to owners of our
common shares and redeemable preference shares since we began declaring dividends in 1985. Our payment of any future cash dividends
will depend upon our earnings, financial condition, cash flows, capital requirements and other factors our Board deems relevant
in determining the amount and timing of such dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Dividend Reinvestment and Common Stock
Purchase Plan</B><I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This program is available to our shareholders,
who may reinvest all or a portion of their common cash dividends into shares of common stock at prevailing market prices and may
also invest optional cash payments to purchase additional shares at prevailing market prices as part of this program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Impact of Inflation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of our Cayman Islands license
and our water sales agreements in Belize, Bahamas and the British Virgin Islands, our water rates are automatically adjusted for
inflation on an annual basis, subject to temporary exceptions. We, therefore, believe that the impact of inflation on our gross
profit, measured in consistent dollars, will not be material. However, significant increases in items such as fuel and energy costs
could create additional credit risks for us, as our customers&rsquo; ability to pay our invoices could be adversely affected by
such increases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 7A. QUANTITATIVE AND QUALITATIVE
DISCLOSURE ABOUT MARKET RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Credit Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not exposed to significant credit
risk on retail customer accounts in the Cayman Islands as our policy is to cease supply of water to customers whose accounts are
more than 45 days overdue. Our primary exposure to credit risk is from accounts receivable arising from bulk water sales to the
governments of Belize, The Bahamas, The British Virgin Islands, and the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, we had approximately
$12.6 million in loans receivable due from the Water Authority-Cayman. These loans were current as to scheduled principal and interest
payments as of December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Interest Rate Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not exposed to significant interest
rate risk as the annual interest rates on our Series A bonds and 5.95% bonds are fixed at 7.5% and 5.95%, respectively. We have
elected to redeem on March 31, 2012 the remaining B$8,500,000 of Series A bonds outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Foreign Exchange Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of the currencies in our operating
areas other than the Mexican peso and the Euro have been fixed to the United States dollar for over 20 years and we do not employ
a hedging strategy against exchange rate risk associated with our reporting in United States dollars. If any of these fixed exchange
rates becomes a floating exchange rate our results of operations and financial condition could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>ITEM 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL
STATEMENTS AND SUPPLEMENTARY DATA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Page</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="width: 89%; padding-left: 9.9pt; text-autospace: none; font-weight: bold; text-indent: -9.9pt">CONSOLIDATED WATER CO. LTD.</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 8%; text-autospace: none; text-align: right"></TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9.9pt; text-autospace: none; font-weight: bold; text-indent: -9.9pt">INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right"></TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">Report of Independent Registered Public Accounting Firm</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">54</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">Consolidated Balance Sheets as of December 31, 2011 and 2010</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">55</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">Consolidated Statements of Income for the Years Ended December 31, 2011, 2010 and 2009</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">56</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">Consolidated Statements of Stockholders&rsquo; Equity for the Years Ended December 31, 2011, 2010 and 2009</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">57</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">Consolidated Statements of Cash Flows for the Years Ended December 31, 2011, 2010 and 2009</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">58</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">Notes to Consolidated Financial Statements</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">59</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Schedule II, Valuation and Qualifying Accounts, is omitted because the information is included in the financial statements and notes.</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9.9pt; text-autospace: none; font-weight: bold; text-indent: -9.9pt">OCEAN CONVERSION (BVI) LTD</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="padding-left: 9.9pt; text-autospace: none; font-weight: bold; text-indent: -9.9pt">INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">Report of Independent Registered Public Accounting Firm</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">85</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">Consolidated Balance Sheets as of December 31, 2011 and 2010</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">86</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">Consolidated Statements of Operations for the Years Ended December 31, 2011, 2010 and 2009</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">87</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">Consolidated Statements of Stockholders&rsquo; Equity for the Years Ended December 31, 2011, 2010 and 2009</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">88</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">Consolidated Statements of Cash Flows for the Years Ended December 31, 2011, 2010 and 2009</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">89</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="padding-left: 9.9pt; text-autospace: none; text-indent: -9.9pt">Notes to Consolidated Financial Statements</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">90</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors and Stockholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consolidated Water Co. Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
balance sheets of Consolidated Water Co. Ltd. as of December 31, 2011 and 2010, and the related consolidated statements of income,
stockholders&rsquo; equity and cash flows for each of the years in the three-year period ended December 31, 2011. We also have
audited Consolidated Water Co. Ltd.&rsquo;s internal control over financial reporting as of December 31, 2011, based on criteria
established in Internal Control&mdash;Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO). Consolidated Water Co. Ltd.&rsquo;s management is responsible for these financial statements, for maintaining
effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial
reporting, included in the accompanying Management&rsquo;s Annual Report on Internal Control Over Financial Reporting. Our responsibility
is to express an opinion on these financial statements and an opinion on the Company&rsquo;s internal control over financial reporting
based on our audits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with
the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform
the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether
effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements
included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation.
Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal
control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the
circumstances. We believe that our audits provide a reasonable basis for our opinions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A company&rsquo;s internal control over
financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&rsquo;s
internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company&rsquo;s assets that could have a material effect on the
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In our opinion, the financial statements
referred to above present fairly, in all material respects, the consolidated financial position of Consolidated Water Co. Ltd.
as of December 31, 2011 and 2010, and the consolidated results of their operations and their cash flows for each of the years in
the three-year period ended December 31, 2011 in conformity with accounting principles generally accepted in the United States
of America. Also in our opinion, Consolidated Water Co. Ltd. maintained, in all material respects, effective internal control over
financial reporting as of December 31, 2011, based on criteria established in Internal Control&mdash;Integrated Framework issued
by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>/s/&nbsp;&nbsp;Marcum LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fort Lauderdale, Florida</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 15, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED WATER CO. LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Expressed in United States dollars)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 0; padding-left: 0">ASSETS</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0; padding-right: 0">Current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left; padding-left: 0.24in; padding-right: 0">Cash and cash equivalents</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">37,624,179</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">46,130,237</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.24in; padding-right: 0">Restricted cash</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.24in; padding-right: 0">Marketable securities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,496,372</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.24in; padding-right: 0">Accounts receivable, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,537,232</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,132,730</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0.24in; padding-right: 0">Inventory</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,451,639</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,434,811</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.24in; padding-right: 0">Prepaid expenses and other current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,880,105</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,294,747</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.24in; padding-right: 0">Current portion of loans receivable</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,843,600</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,733,799</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0; padding-right: 0">Total current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">67,333,127</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">63,726,324</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Property, plant and equipment, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">64,185,110</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">55,923,731</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Construction in progress</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">141,204</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">249,300</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-right: 0">Inventory, non-current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,861,470</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,538,912</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Loans receivable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,758,873</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,602,419</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Investment in OC-BVI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,634,598</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,812,523</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Intangible assets, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,501,824</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,710,737</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-right: 0">Goodwill</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,587,754</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,587,754</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0; padding-right: 0">Other assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,855,471</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,049,866</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0; padding-right: 0">Total assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">160,859,431</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">152,201,566</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-right: 0">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0; padding-right: 0">LIABILITIES AND EQUITY</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0; padding-right: 0">Current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.24in; padding-right: 0">Accounts payable and other current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4,617,770</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4,316,125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.24in; padding-right: 0">Dividends payable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,156,081</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,152,614</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.24in; padding-right: 0">Current portion of long term debt</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">17,531,134</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,422,991</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0; padding-right: 0">Total current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23,304,985</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,891,730</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Long term debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,852,660</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,883,794</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0; padding-right: 0">Other liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">420,430</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">442,919</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0; padding-right: 0">Total liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">30,578,075</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">24,218,443</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-left: 0; padding-right: 0">Equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Consolidated Water Co. Ltd. stockholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0.24in; padding-right: 0">Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.24in; padding-right: 0">&nbsp;&nbsp;&nbsp;issued and outstanding 22,427 and 16,784 shares, respectively</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,456</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,070</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.24in; padding-right: 0">Class A common stock, $0.60 par value. Authorized 24,655,000 shares;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.24in; padding-right: 0">&nbsp;&nbsp;&nbsp;&nbsp;issued and outstanding 14,568,696 and 14,555,393 shares, respectively</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,741,217</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,733,236</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.24in; padding-right: 0">Class B common stock, $0.60 par value. Authorized 145,000 shares;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.24in; padding-right: 0">&nbsp;&nbsp;&nbsp;none issued or outstanding</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.24in; padding-right: 0">Additional paid-in capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">81,939,211</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">81,349,944</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.24in; padding-right: 0">Retained earnings</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">38,030,943</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">36,289,706</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Total Consolidated Water Co. Ltd. stockholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">128,724,827</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">126,382,956</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; padding-left: 0; padding-right: 0">Non-controlling interests</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,556,529</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,600,167</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0; padding-right: 0">Total equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">130,281,356</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">127,983,123</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0; padding-right: 0">Total liabilities and equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">160,859,431</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">152,201,566</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED WATER CO. LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF INCOME</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Expressed in United States dollars)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left">Retail water revenues</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">23,356,338</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">21,864,252</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">23,239,756</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Bulk water revenues</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30,757,874</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25,302,093</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25,905,077</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Services revenues</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,040,280</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,542,209</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,874,684</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;Total revenues</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">55,154,492</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">50,708,554</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">58,019,517</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Cost of retail revenues</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,496,598</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,361,302</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,812,434</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Cost of bulk revenues</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">24,127,488</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">20,907,981</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">20,149,969</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Cost of services revenues</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">508,339</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,828,776</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,058,037</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenues</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">36,132,425</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">34,098,059</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">35,020,440</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Gross profit</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19,022,067</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,610,495</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22,999,077</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">General and administrative expenses</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">13,651,650</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,329,648</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,101,257</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Income from operations</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,370,417</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,280,847</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">12,897,820</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Other income (expense):</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 16pt">Interest income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,200,999</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,375,827</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">917,330</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 16pt">Interest expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,141,744</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,584,771</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,698,084</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 16pt">Other income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">283,656</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">136,113</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">168,584</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 16pt">Equity in earnings (loss) of OC-BVI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">838,652</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,235,146</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,025,968</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 16pt">Impairment of investment in OC-BVI</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,660,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,181,563</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,162,315</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,298,138</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Net income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,551,980</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,443,162</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,599,682</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Income attributable to non-controlling interests</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">438,762</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">151,137</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">501,111</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net income attributable to Consolidated Water Co. Ltd. stockholders</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">6,113,218</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">6,292,025</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">6,098,571</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Basic earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.42</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.43</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.42</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Diluted earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.42</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.43</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.42</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">Dividends declared per common share</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.300</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.300</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.280</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold">Weighted average number of common shares used in the determination of:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; text-indent: 16pt">Basic earnings per share</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">14,560,259</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">14,547,065</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">14,535,192</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; text-indent: 16pt">Diluted earnings per share</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">14,596,013</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">14,597,894</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">14,588,144</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B>CONSOLIDATED WATER CO. LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF STOCKHOLDERS&rsquo;
EQUITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;(Expressed in United States dollars)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt"></TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="padding-bottom: 1pt; font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Redeemable<BR>
    preferred stock</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="padding-bottom: 1pt; font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 7pt"><B>Common
    stock </B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font-size: 7pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 7pt"><B>Additional<BR>
    paid-in&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 7pt"><B>Retained&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 7pt"><B>Non-controlling&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 7pt"><B>Total<BR> stockholders&rsquo;&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt"><B>Shares&nbsp;&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt"><B>Dollars&nbsp;&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt"><B>Shares&nbsp;&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt"><B>Dollars&nbsp;&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt"><B>capital&nbsp;&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt"><B>earnings&nbsp;&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt"><B>interest&nbsp;&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt"><B>equity&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 20%; font-size: 7pt">Balance as of December 31, 2008</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font-size: 7pt; text-align: right">17,366</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">$</TD><TD STYLE="width: 7%; font-size: 7pt; text-align: right">10,420</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font-size: 7pt; text-align: right">14,529,360</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">$</TD><TD STYLE="width: 7%; font-size: 7pt; text-align: right">8,717,616</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">$</TD><TD STYLE="width: 7%; font-size: 7pt; text-align: right">80,461,942</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">$</TD><TD STYLE="width: 7%; font-size: 7pt; text-align: right">32,340,077</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">$</TD><TD STYLE="width: 7%; font-size: 7pt; text-align: right">2,020,721</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">$</TD><TD STYLE="width: 7%; font-size: 7pt; text-align: right">123,550,776</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt">Issue of share capital</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">5,651</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">3,390</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">6,734</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">4,041</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">86,704</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">94,135</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 7pt; text-align: left">Conversion of preferred stock</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(5,784</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(3,470</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">5,784</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">3,470</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left">Buyback of preferred stock</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(41</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(25</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(863</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(888</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 7pt; text-align: left">Net income</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">6,098,571</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">501,111</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">6,599,682</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left">Dividends declared</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(4,073,008</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,072,802</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(5,145,810</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-bottom: 1pt">Stock-based compensation</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">442,903</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">442,903</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt">Balance as of December 31, 2009</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">17,192</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">10,315</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">14,541,878</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">8,725,127</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">80,990,686</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">34,365,640</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,449,030</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">125,540,798</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 7pt">Issue of share capital</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">5,899</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">3,539</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">8,565</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">5,139</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">117,441</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">126,119</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left">Conversion of preferred stock</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(4,950</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(2,970</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">4,950</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">2,970</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 7pt; text-align: left">Buyback of preferred stock</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,357</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(814</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(15,982</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(16,796</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left">Net income</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">6,292,025</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">151,137</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">6,443,162</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 7pt; text-align: left">Dividends declared</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(4,367,959</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(4,367,959</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-bottom: 1pt">Stock-based compensation</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">257,799</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">257,799</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 7pt">Balance as of December 31, 2010</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">16,784</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">10,070</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">14,555,393</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">8,733,236</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">81,349,944</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">36,289,706</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,600,167</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">127,983,123</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt">Issue of share capital</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">8,345</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">5,007</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">11,158</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">6,694</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">99,284</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">110,985</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 7pt; text-align: left">Conversion of preferred stock</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(2,145</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,287</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">2,145</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,287</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left">Buyback of preferred stock</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(557</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(334</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(4,665</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(4,999</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 7pt; text-align: left">Net income</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">6,113,218</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">438,762</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">6,551,980</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left">Dividends declared</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">-</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(4,371,981</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(482,400</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(4,854,381</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-bottom: 1pt">Stock-based compensation</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">494,648</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">494,648</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; padding-bottom: 2.5pt">Balance as of December 31, 2011</TD><TD STYLE="font-size: 7pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: right">22,427</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: right">13,456</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: right">14,568,696</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: right">8,741,217</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: right">81,939,211</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: right">38,030,943</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: right">1,556,529</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: right">130,281,356</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 7pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral
part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED WATER CO. LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">(Expressed in United States dollars)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;Year Ended December 31,</B></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Cash flows from operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left">Net income</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,551,980</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,443,162</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,599,682</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Adjustments to reconcile net income to net cash provided by operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Depreciation and amortization</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,998,319</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,279,551</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,395,745</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Stock compensation on share and option grants</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">566,593</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">305,002</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">497,938</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Net (profit) loss on disposal of fixed assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,195</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">126,066</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">68,778</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Equity in (earnings) loss of OC-BVI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(588,331</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,274,527</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">603,317</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Unrealized loss on marketable securities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,628</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Impairment of investment in OC-BVI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,660,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Change in:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in">Marketable securities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(8,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in">Accounts receivable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,709,123</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,950,213</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,190,904</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0.12in">Inventory</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(339,386</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">210,895</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(595,185</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in">Prepaid expenses and other assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">609,037</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(339,878</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">116,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.12in">Accounts payable and other liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">420,601</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,699,578</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,059,279</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash provided by operating activities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,446,759</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6,100,480</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">15,096,092</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Cash flows from investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Additions to property, plant and equipment and construction in progress</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(13,957,876</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,266,084</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,560,494</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Distribution of earnings from OC-BVI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">202,631</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,537,725</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Collections of loans receivable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,733,746</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,426,732</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,608,567</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Repayment of loan receivable by OC-BVI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,450,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,225,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">375,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Restriction of cash balances for non-revolving credit facility</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(7,500,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Net cash provided by (used in) investing activities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(18,071,499</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,923,373</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(576,927</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Cash flows from financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Dividends paid</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,850,914</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,368,047</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,999,514</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Issuance (repurchase) of redeemable preferred stock, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,542</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(10,674</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Proceeds from exercises of stock options</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,461</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Principal repayments of long term debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,531,946</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,944,085</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,361,267</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Borrowing under non-revolving credit facility</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,500,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Net cash provided by (used in) financing activities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,118,682</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(7,322,806</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,351,320</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Net increase (decrease) in cash and cash equivalents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(8,506,058</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,701,047</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,167,845</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Cash and cash equivalents at beginning of year</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">46,130,237</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">44,429,190</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">36,261,345</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents at end of year</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">37,624,179</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">46,130,237</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">44,429,190</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED WATER CO. LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1. Principal activity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consolidated Water Co. Ltd., and its subsidiaries
(collectively, the &ldquo;Company&rdquo;) use reverse osmosis technology to produce fresh water from seawater. The Company processes
and supplies water to its customers in the Cayman Islands, Belize and the Bahamas. The Company sells water to a variety of customers,
including public utilities, commercial and tourist properties, residential properties and government facilities. The base price
of water supplied by the Company, and adjustments thereto, are determined by the terms of a license and supply contracts, which
provide for adjustments based upon the movement in the government price indices specified in the licenses and contracts, as well
as monthly adjustments for changes in the cost of energy. The Company also provides engineering and design services for water plant
construction, manages and operates water plants owned by others, and provides engineering and design services for the construction
of water plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2. Accounting policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Basis of preparation:</B> The consolidated
financial statements presented are prepared in accordance with the accounting principles generally accepted in the United States
of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Use of estimates:</B> The preparation
of consolidated financial statements in conformity with the accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure
of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues
and expenses during the reporting period. Significant items subject to estimates and assumptions include the carrying value of
property, plant and equipment, intangible assets, goodwill and the fair value of the Company&rsquo;s investment in affiliate.&nbsp;&nbsp;Actual
results could differ significantly from such estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Basis of consolidation:</B> The consolidated
financial statements of the Company include the accounts of (i) wholly-owned subsidiaries, Aquilex, Inc., Cayman Water Company
Limited (&ldquo;Cayman Water&rdquo;), Consolidated Water (Belize) Limited (&ldquo;CW-Belize&rdquo;), Ocean Conversion (Cayman)
Limited (&ldquo;OC-Cayman&rdquo;), DesalCo Limited (&ldquo;DesalCo&rdquo;), Consolidated Water Cooperatief, U.A. (&ldquo;CW-Coop&rdquo;);&nbsp;
(ii) majority-owned subsidiary Consolidated Water (Bahamas) Ltd. (&ldquo;CW-Bahamas&rdquo;); and (iii) affiliates Consolidated
Water (Bermuda) Limited (&ldquo;CW-Bermuda&rdquo;) and N.S.C. Agua, S.A. de C.V. (&ldquo;NSC&rdquo;), which are consolidated because
the Company has a controlling financial interest in these companies. The Company&rsquo;s investment in its other affiliate, Ocean
Conversion (BVI) Ltd. (&ldquo;OC-BVI&rdquo;), is accounted for using the equity method of accounting. All significant intercompany
balances and transactions have been eliminated in consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Foreign currency:</B> The
Company&rsquo;s reporting currency is the United States dollar. The functional currency of the Company and its foreign
subsidiaries is the currency for each respective country. The exchange rates between the Cayman Islands dollar, the Belize
dollar, the Bahamian dollar, and the Bermuda dollar are fixed to the United States dollar.&nbsp;&nbsp;Foreign currency
gains/losses arising from transactions conducted in Mexican pesos and Euros are immaterial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cash and cash equivalents:</B> Cash
and cash equivalents consist of demand deposits at banks and highly liquid deposits at banks with an original maturity of three
months or less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, the Company did
not have deposits in U.S. banks in excess of federally insured limits. As of December 31, 2011, the Company held cash in foreign
bank accounts of approximately $42.2 million, which includes $7.5 million of restricted cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Restricted cash:</B> Restricted
cash represents cash in a short term deposit account that is pledged as collateral for $7.5 million in borrowings under the
Company&rsquo;s non-revolving credit facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Marketable securities: </B>Marketable
securities consist primarily of marketable debt obligations with maturities of less than one year, are accounted for as trading
securities and stated at market value. Any unrealized gains and losses on these securities are recognized in the consolidated statement
of income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Accounts receivable and allowance for
doubtful accounts:</B> Accounts receivable are recorded at invoiced amounts based on meter readings or minimum take-or-pay amounts
per contractual agreements. The allowance for doubtful accounts is the Company&rsquo;s best estimate of the amount of probable
credit losses in the Company&rsquo;s existing accounts receivable balance. The Company determines the allowance for doubtful accounts
based on historical write-off experience and monthly review of delinquent accounts. Past due balances are reviewed individually
for collectability and disconnection. Account balances are charged off against the allowance for doubtful accounts after all means
of collection have been exhausted and the potential for recovery is considered by management to be remote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Inventory:</B> Inventory primarily includes
consumables stock and spare parts stock that are valued at the lower of cost or net realizable value with cost determined on the
first-in, first-out basis. Inventory also includes potable water held in the Company&rsquo;s reservoirs. The carrying amount of
the water inventory is the lower of the average cost of producing water during the year or its net realizable value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Loans receivable:</B> Loans receivable
relate to notes receivable from customers arising from the construction and sale of water desalination plants. The allowance for
loan losses, if any, is the Company&rsquo;s best estimate of the amount of probable credit losses in the Company&rsquo;s existing
loans and is determined on an individual loan basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Property, plant and equipment:</B> Property,
plant and equipment is stated at cost less accumulated depreciation. Depreciation is calculated using a straight line method with
an allowance for estimated residual values. Rates are determined based on the estimated useful lives of the assets as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-autospace: none">Buildings</TD>
    <TD STYLE="width: 60%; text-autospace: none">5 to 40 years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Plant and equipment</TD>
    <TD STYLE="text-autospace: none">4 to 40 years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Distribution system</TD>
    <TD STYLE="text-autospace: none">3 to 40 years</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">Office furniture, fixtures and equipment</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">3 to 10 years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Vehicles</TD>
    <TD STYLE="text-autospace: none">3 to 10 years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Leasehold improvements</TD>
    <TD STYLE="text-autospace: none">Shorter of 5 years or operating lease term outstanding</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Lab equipment</TD>
    <TD STYLE="text-autospace: none">5 to 10 years</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additions to property, plant and equipment
are comprised of the cost of the contracted services, direct labor and materials. Assets under construction are recorded as additions
to property, plant and equipment upon completion of the projects. Depreciation commences in the month the asset is placed in service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Long-lived Assets:<I> </I></B> Long-lived
assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets
might not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable
market value of an asset, a significant change in the extent or manner in which an asset is used, or a significant adverse change
that would indicate that the carrying amount of an asset or group of assets is not recoverable. For long-lived assets to be held
and used, the Company recognizes an impairment loss only if its carrying amount is not recoverable through its undiscounted cash
flows and measures the impairment loss based on the difference between the carrying amount and fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Construction in progress</B><I>:</I>
Interest costs directly attributable to the acquisition and construction of qualifying assets, which are assets that necessarily
take a substantial period of time to be ready for their intended use, are added to the cost of those assets until such time as
the assets are substantially ready for use. Interest capitalized on assets constructed during the year ended December 31, 2011
was $246,851.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Goodwill and intangible assets:</B>
Goodwill represents the excess costs over fair value of the assets of an acquired business. Goodwill and intangible assets acquired
in a business combination and determined to have an indefinite useful life are not amortized, but are tested for impairment at
least annually. Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their
estimated residual values and reviewed periodically for impairment. The Company annually evaluates the possible impairment of goodwill
as part of its financial reporting process for the fourth quarter of each fiscal year. Management identifies its reporting units
and determines the carrying value of each reporting unit by assigning the assets and liabilities, including the existing goodwill
and intangible assets, to those reporting units. The Company determines the fair value of each reporting unit and compares it to
the carrying amount of the reporting unit. To the extent the carrying amount of the reporting unit exceeds the fair value of the
reporting unit, the Company is required to perform the second step of the impairment test, as this is an indication that the reporting
unit goodwill may be impaired. In this step, the Company compares the implied fair value of the reporting unit goodwill with the
carrying amount of the reporting unit goodwill. The implied fair value of goodwill is determined by allocating the fair value of
the reporting unit to all the assets (recognized and unrecognized) and liabilities of the reporting unit in a manner similar to
a purchase price allocation. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill.
If the implied fair value is less than its carrying amount, an impairment loss is recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For each of the years in the three-year
period ended December 31, 2011 the Company estimated the fair value of each of its reporting units by applying the discounted cash
flow method, the subject company stock price method, the guideline public company method, and the mergers and acquisitions method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The discounted cash flow method relied
upon seven-year discrete projections of operating results, working capital and capital expenditures, along with a terminal value
subsequent to the discrete period. These seven-year projections were based upon historical and anticipated future results, general
economic and market conditions, and considered the impact of planned business and operational strategies. The discount rates for
the calculations represented the estimated cost of capital for market participants at the time of each analysis.<I> </I>The Company
did not adjust its projections for any possible impact of negotiations underway with the Cayman Islands government for the renewal
of its exclusive retail license.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company also estimated the fair value
of each of its reporting units for each of the years in the three-year period ended December 31, 2011 through reference to the
quoted market prices for the Company and guideline companies and the market multiples implied by guideline merger and acquisition
transactions. The Company also performed an analysis reconciling the conclusions of value for the reporting units to the Company&rsquo;s
market capitalization at October 1, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based upon its discounted cash flows and
market price analyses, no impairment charges were required for the Company&rsquo;s goodwill for<I> </I>any of the years in the
three year period ended December&nbsp;31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investments:</B> Investments where the
Company does not exercise significant influence over the operating and financial policies of the investee and holds less than 20%
of the voting stock are recorded at cost. The Company uses the equity method of accounting for investments in common stock where
the Company holds 20% to 50% of the voting stock of the investee and has significant influence over its operating and financial
policies but does not meet the criteria for consolidation. The Company recognizes impairment losses on declines in the fair value
of the stock of investees that are other than temporary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other assets:</B> Under the terms of
the contract with the Water and Sewerage Corporation of The Bahamas for the purchase of water from the Company&rsquo;s Blue Hills
desalination plant, the Company was required to reduce the amount of water lost by the public water distribution system on New
Providence Island, The Bahamas, over a one year period by 438 million U.S. gallons, a requirement the Company met during 2007.
The Company was solely responsible for the engineering, labor and materials costs incurred to effect the reduction in lost water,
which were capitalized and are being amortized on a straight-line basis over the original remaining life of the Blue Hills contract.
Such costs are included in other assets and aggregated approximately $3.5 million as of December 31, 2011 and 2010. Accumulated
amortization for these costs was approximately $923,000 and $743,000 as of December 31, 2011 and 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other liabilities:</B> Other liabilities
consist of security deposits and advances in aid of construction. Security deposits are received from large customers as security
for trade receivables. Advances in aid of construction are recognized as a liability when advances are received from condominium
developers in the licensed area to help defray the capital expenditure costs of the Company. These advances do not represent loans
to the Company and are interest free. However, the Company allows a discount of ten percent on future supplies of water to these
developments until the aggregate discounts allowed are equivalent to advances received. Discounts are charged against advances
received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Income taxes:</B> The Company accounts
for the income taxes arising from the operations of its United States subsidiary, Aquilex, Inc., under the asset and liability
method. Deferred tax assets and liabilities, if any, are recognized for the future tax consequences attributable to differences
between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating
loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to
taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation
allowance is provided to the extent any deferred tax asset may not be realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consolidated Water (Belize) Limited (&ldquo;CW-Belize&rdquo;)
is liable for business and corporate income taxes. Under the terms of its water supply agreement with Belize Water Services Ltd.
(&ldquo;BWSL&rdquo;), its sole customer, CW-Belize is reimbursed by BWSL for all taxes that it is required to pay and&nbsp;records
this reimbursement as an offset to its tax expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is not subject to income taxes
in the other countries in which it operates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Plant construction revenue and cost
of plant construction revenue:</B> The Company recognizes revenue and related costs as work progresses on fixed price contracts
for the construction of desalination plants to be sold to third parties using the percentage-of-completion method, which relies
on contract revenue and estimates of total expected costs. The Company follows this method since it can make reasonably dependable
estimates of the revenue and costs applicable to various stages of a contract. Under the percentage-of-completion method, the Company
records revenue and recognizes profit or loss as work on the contract progresses. The Company estimates total project costs and
profit to be earned on each long term, fixed price contract prior to commencement of work on the contract and updates these estimates
as work on the contract progresses. The cumulative amount of revenue recorded on a contract at a specified point in time is that
percentage of total estimated revenue that incurred costs to date comprises of estimated total contract costs. If, as work progresses,
the actual contract costs exceed estimates, the profit recognized on revenue from that contract decreases. The Company recognizes
the full amount of any estimated loss on a contract at the time the estimates indicate such a loss. Any costs and estimated earnings
in excess of billings are classified as current assets. Billings in excess of costs and estimated earnings on uncompleted contracts,
if any, are classified as current liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company assumes the risk that the costs
associated with constructing the plant may be greater than it anticipated in preparing its bid. However, the terms of each of the
sales contracts with its customers require the Company to guarantee the sales price for the plant at the bid amount. Because the
Company bases its contracted sales price in part on its estimation of future construction costs, the profitability of its plant
sales is dependent on its ability to estimate these costs accurately. The cost estimates the Company prepares in connection with
the construction of plants to be sold to third parties are subject to inherent uncertainties. The cost of materials and construction
may increase significantly after the Company submits its bid for a plant due to factors beyond the Company&rsquo;s control, which
could cause the gross margin for a plant to be less than the Company anticipated when the bid was made. The profit margin the Company
initially expects to generate from a plant sale could be further affected by other factors, such as hydro-geologic conditions at
the plant site that differ materially from those the Company believed existed and relied upon when the Company submitted its bid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Revenue from water sales:</B> The Company
recognizes revenues from water sales at the time water is supplied to the customer&rsquo;s facility or storage tank. The amount
of water supplied is determined based upon water meter readings performed at the end of each month.&nbsp;&nbsp;Under the terms
of both its license agreement with the government of the Cayman Islands and its bulk water supply contracts, the Company is entitled
to charge its customers the greater of a minimum monthly charge or the price for water supplied during the month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Comparative amounts:</B> Certain amounts
presented in the financial statements issued for 2010 have been reclassified to conform to the current year&rsquo;s presentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3. Cash and cash equivalents and restricted cash</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents are not restricted
as to withdrawal or use. As of December 31, 2011 and 2010, the equivalent United States dollars are denominated in the following
currencies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Bank accounts:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left; padding-left: 0.12in">United States dollar</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">4,719,808</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">7,494,938</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in">Cayman Islands dollar</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,360,952</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,879,570</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in">Bahamian dollar</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,250,883</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,022,003</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in">Belize dollar</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,723,264</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,616,193</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in">Bermudian dollar</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">142,363</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">694,346</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in">Mexican Peso</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,459</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,349</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; padding-left: 0.12in">Euro</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,453</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">21,216,182</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">18,716,399</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Short term deposits:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in">United States dollar</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,622,793</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in">United States dollar</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,809,598</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,774,845</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.12in">Bahamian dollar</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,598,399</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,016,200</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">16,407,997</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">27,413,838</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total cash and cash equivalents</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">37,624,179</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">46,130,237</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, restricted cash as
of December 31, 2011 of $7.5 million represents cash in a short term deposit account that is pledged as collateral for $7.5
million in borrowings under the Company&rsquo;s non-revolving credit facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>4. Accounts receivable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left">Trade accounts receivable</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">8,079,194</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">11,956,314</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Receivable from affiliate</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">144,291</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">138,445</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other accounts receivable</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">473,881</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">198,105</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,697,366</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,292,864</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Allowance for doubtful accounts</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(160,134</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(160,134</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">8,537,232</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">12,132,730</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The activity for the allowance for doubtful
accounts consisted of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left">Opening allowance for doubtful accounts</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">160,134</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">276,994</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Recovery of doubtful accounts</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(116,860</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Ending allowance for doubtful accounts</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">160,134</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">160,134</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Significant concentrations of credit risk
are disclosed in Note 21.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>5. Inventory</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left">Water stock</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">33,436</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">31,263</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Consumables stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">275,119</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">167,758</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Spare parts stock</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,004,554</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,774,702</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Total inventory</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,313,109</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,973,723</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less current portion</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,451,639</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,434,811</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">Inventory (non-current)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">3,861,470</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">3,538,912</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>6. Loans receivable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">All loans receivable are due from the Water Authority-Cayman and consisted of:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: justify">Two loans originally aggregating $10,996,290, bearing interest at 6.5% per annum, receivable in monthly installments of $124,827 to May 2019, and secured by the machinery and equipment of the North Side Water Works plant</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">8,798,106</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">9,692,895</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: justify">Two loans originally aggregating $1,738,000, bearing interest at 5% per annum, receivable in monthly installments of $24,565 to March 2014, and secured by the machinery and equipment of the North Sound plant</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">626,070</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">882,544</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: justify">Two loans originally aggregating $3,671,000, bearing interest at 6.5% per annum, receivable in monthly installments of $54,513 to June 2017, and secured by the machinery and equipment of the Red Gate plant</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,018,190</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,460,369</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Two loans originally aggregating $897,000, bearing interest at 5% per annum, receivable in monthly installments of $12,678 to January 2013, and secured by the machinery and equipment of the Lower Valley plant</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">160,107</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">300,410</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Total loans receivable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,602,473</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,336,218</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less current portion</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,843,600</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,733,799</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Loans receivable, excluding current portion</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">10,758,873</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">12,602,419</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>7. Property, plant and equipment and construction in progress</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font-size: 10pt">Land</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">3,223,361</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">3,223,361</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Buildings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,732,298</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,222,319</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Plant and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">58,758,920</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">50,330,524</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Distribution system</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">24,099,566</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">20,776,389</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Office furniture, fixtures and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,492,913</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,174,260</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Vehicles</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,283,037</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,322,840</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Leasehold improvements</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">222,829</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">232,026</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Lab equipment</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">34,874</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">34,874</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">106,847,798</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">93,316,593</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less accumulated depreciation</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">42,662,688</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">37,392,862</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Property, plant and equipment, net</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">64,185,110</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">55,923,731</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Construction in progress</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">141,204</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">249,300</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, the Company had
outstanding capital commitments of approximately $211,000. The Company maintains insurance for loss or damage to all fixed assets
that it deems susceptible to loss. The Company does not insure its underground distribution system, which the Company estimates
has a replacement cost in excess of $40 million as of December 31, 2011, as the Company considers the possibility of material loss
or damage to this system to be remote. During the years ended December 31, 2011 and 2010, $13,576,895 and $740,729, respectively,
of construction in progress was placed in service. Depreciation expense was $5,789,401, $6,195,266, and 6,171,239 for the years
ended December 31, 2011, 2010 and 2009, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>8. Investment in OC-BVI</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company owns 50% of the outstanding
voting common shares and a 43.5% equity interest in the profits of Ocean Conversion (BVI) Ltd. (&ldquo;OC-BVI&rdquo;). The Company
also owns certain profit sharing rights in OC-BVI that raise its effective interest in the profits of OC-BVI to approximately 45%.
Pursuant to a management services agreement, OC-BVI pays the Company monthly fees for certain engineering and administrative services.
OC-BVI&rsquo;s sole customer is the Ministry of Communications and Works of the Government of the British Virgin Islands (the &ldquo;Ministry&rdquo;)
to which it sells bulk water.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Substantially all of the water sold
by OC-BVI to the Ministry was initially supplied under a Water Supply Agreement dated May 1990 (the &ldquo;1990
Agreement&rsquo;) and was produced by one desalination plant with a capacity of 1.7 million gallons per day located at
Baughers Bay, Tortola (the &ldquo;Baughers Bay plant&rdquo;). As discussed later in this Note (see &ldquo;<I>Baughers Bay
dispute&rdquo;</I>), the BVI government assumed the operating responsibilities for the Baughers Bay plant in March 2010.
During 2007, OC-BVI completed, for a total cost of approximately $8 million, the construction of a desalination plant with a
capacity of 720,000 gallons per day located at Bar Bay, Tortola (the &ldquo;Bar Bay plant&rdquo;). OC-BVI began selling water
to the Ministry from this plant in  January 2009 and on March 4, 2010, OC-BVI and the BVI government executed a definitive
seven-year contract for the Bar Bay plant (the &ldquo;Bar Bay Agreement&rdquo;). Under the terms of the Bar Bay Agreement,
OC-BVI delivers up to 600,000 U.S. gallons of water per day to the BVI government from the Bar Bay plant. The Bar Bay
Agreement includes a seven-year extension option exercisable by the BVI government and required OC-BVI to complete a storage
reservoir on the BVI government site by no later than March 4, 2011. OC-BVI has not commenced construction of this storage
reservoir due to the BVI government&rsquo;s failure to pay (i) the invoices for the water provided by the Bar Bay plant on a
timely basis; and (ii) the full amount ordered pursuant to a court ruling relating to the Baughers Bay dispute (see
discussion that follows).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company provided OC-BVI with a $3 million
loan to fund part of the construction costs for the Bar Bay plant. Principal on this loan was payable in quarterly installments
of $125,000 with a final balloon payment due on August 31, 2009 and interest on the loan was due quarterly at the rate of LIBOR
plus 3.5%. In August 2009, the Company amended the terms of this loan with OC-BVI, increasing its balance to $2.8 million by converting
$800,000 in trade receivables due to the Company from OC-BVI. Under the terms of this amendment, the interest rate on the loan
was increased to LIBOR plus 5.5% and the maturity date for the amended final balloon payment of $1,550,000 was extended to August
31, 2011. The Company and OC-BVI further amended this loan in January 2010 to increase the interest rate to LIBOR plus 7.5%. This
loan was fully repaid in August 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Summarized financial information of OC-BVI
is presented as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left">Current assets</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">2,726,046</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,942,418</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Non-current assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,436,845</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,235,140</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">10,162,891</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">10,177,558</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left">Current liabilities</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">2,109,284</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">3,378,917</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Non-current liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,218,519</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,387,606</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">4,327,803</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">5,766,523</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Water sales</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">4,925,108</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">7,173,903</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Gross profit</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,453,878</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">4,309,711</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Income from operations</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,833,056</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,891,240</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net income attributable to controlling interests</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,926,597</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,848,102</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s investment in OC-BVI
is comprised of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left">Equity investment (including profit sharing rights)</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,634,598</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,362,523</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Loan receivable - Bar Bay plant construction</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,450,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">6,634,598</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">7,812,523</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognized $838,652 and $1,235,146
in earnings from its equity investment in OC-BVI for the years ended December 31, 2011 and 2010, respectively, and a loss of ($1,025,968)
from its equity investment in OC-BVI for the year ended December 31, 2009. For the years ended December 31, 2011, 2010, and 2009,
the Company recognized approximately $317,500, $656,000, and $324,000, respectively, in revenues from its management services agreement
with OC-BVI. In addition to the Company&rsquo;s loan to, and equity investment in, OC-BVI of approximately $6.6 million in 2011
and $7.8 million in 2010, the Company&rsquo;s recorded value of the OC-BVI management services agreement, which is reflected as
an intangible asset on the Company&rsquo;s consolidated balance sheet, was approximately $571,000 and $714,000 as of December 31,
2011 and 2010, respectively (see Note 10).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Baughers Bay dispute:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2006, OC-BVI notified the Company
that the Ministry had asserted a purported right of ownership of the Baughers Bay plant pursuant to the terms of the 1990 Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of the 1990 Agreement,
upon the expiration of the initial seven year term in May 1999, the agreement would automatically be extended for another seven
year term unless the Ministry provided notice, at least eight months prior to such expiration, of its decision to purchase the
plant from OC-BVI for approximately $1.42 million. In correspondence between the parties from late 1998 through early 2000, the
Ministry indicated that the BVI government was prepared to exercise the option to purchase the plant but would be amenable to negotiating
a new water supply agreement, and that it considered the 1990 Agreement to be in force on a monthly basis until negotiations between
the BVI government and OC-BVI were concluded. Occasional discussions were held by the parties since 2000 without resolution of
the matter. OC-BVI continued to supply water to the Ministry and expended approximately $4.7 million to significantly expand the
production capacity of the plant beyond that contemplated in the 1990 Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Early in 2007, the Ministry unilaterally
took the position that until such time as a new agreement&nbsp;was reached on the ownership of the plant and the price for the
water produced by the plant, the Ministry would only pay that amount of OC-BVI&rsquo;s billings that the Ministry purported constituted
OC-BVI&rsquo;s costs of producing the water. Payments made by the Ministry to OC-BVI since the Ministry&rsquo;s assumption of this
reduced price were sporadic. On November 15, 2007, OC-BVI issued a demand letter to the BVI government for approximately $6.2 million
representing amounts that OC-BVI claimed were due by the BVI government for water sold and delivered plus interest and legal fees.
In response to OC-BVI&rsquo;s demand for payment, the BVI government issued a letter dated November 19, 2007 that reasserted its
claim that ownership of the Baughers Bay plant had passed to the BVI government and rejected OC-BVI&rsquo;s claim for payment.
On November 22, 2007, OC-BVI&rsquo;s management was informed that the BVI government had filed a lawsuit with the Eastern Caribbean
Supreme Court (the &ldquo;Court&rdquo;) seeking ownership of the Baughers Bay plant. OC-BVI counterclaimed that it was entitled
to continued possession and operation of the Baughers Bay plant until the BVI government paid OC-BVI approximately $4.7 million,
which it believed represented the value of the Baughers Bay plant at its expanded production capacity. OC-BVI took the legal position
that since the BVI government never paid the $1.42 million to purchase the Baughers Bay plant, the 1990 Agreement terminated on
May 31, 1999, which was eight months after the date that the Ministry provided written notice of its intention to purchase the
plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 4, 2008, OC-BVI filed a claim with
the Court, and on April 22, 2009 amended and increased this claim, seeking payment for water sold and delivered to the BVI government
through May 31, 2009 at the contract prices in effect before the BVI government asserted its purported right of ownership of the
plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Court held a three-day trial in July
2009 to address both the Baughers Bay ownership issue and OC-BVI&rsquo;s claim for payment of amounts owed for water sold and delivered
to the BVI government and on September 17, 2009, the Court issued a preliminary ruling with respect to this litigation. The Court
determined that the BVI government was entitled to immediate possession of the Baughers Bay plant and dismissed OC-BVI&rsquo;s
claim for compensation of approximately $4.7 million for the expenditures made to expand the production capacity of the plant.
As a result of this determination by the Court, OC-BVI recorded an impairment loss of approximately $2.1 million during the three
months ended September 30, 2009 for fixed assets associated with the Baughers Bay plant. However, the Court determined that OC-BVI
was entitled to full payment of water invoices issued up to December 20, 2007, which had been calculated under the terms of the
original 1990 Agreement, and ordered the BVI government to make an immediate interim payment of $5.0 million to OC-BVI for amounts
owed to OC-BVI. The Court deferred deciding the entire dispute between the parties until it could conduct a hearing to determine
the reasonable rate for water produced by OC-BVI for the period subsequent to December 20, 2007.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 28, 2009, the Court ordered
the BVI government to pay OC-BVI at the rate of $13.91 per thousand imperial gallons for water produced by OC-BVI subsequent to
December 20, 2007, which amounted to a total recovery for OC-BVI of $10.4 million. The BVI government made a payment of $2 million
to OC-BVI under the Court order during the fourth quarter of 2009, a second payment of $2 million under the Court order during
July 2010 and a third payment under the Court order of $1 million in February 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 28, 2009, OC-BVI filed an appeal
with the Eastern Caribbean Court of Appeals (the &ldquo;Appellate Court&rdquo;) asking the Appellate Court to review the September
17, 2009 ruling by the Eastern Caribbean Supreme Court as it relates to OC-BVI&rsquo;s claim for compensation for expenditures
made to expand the production capacity of the Baughers Bay plant. On October 29, 2009, the BVI government filed an appeal with
the Appellate Court seeking the Appellate Court&rsquo;s review of the September 17, 2009 ruling of the Court that the BVI government
pay OC-BVI the reasonable rate for water produced by OC-BVI for the period subsequent to December 20, 2007. The BVI government
is requesting a ruling from the Appellate Court that the BVI government should only pay OC-BVI the actual cost of water produced
at the plant. In March 2011, the BVI government filed an application with the Appellate Court for a stay of execution of the judgments
of the Court in order to defer any further payments of amounts under the Court order until such time as the Appellate Court rules
on the appeal. On September 30, 2011, the Appellate Court conducted its hearing of the arguments of both parties under their respective
appeals.&nbsp; While the Company anticipated that the Appellate Court would issue its ruling on these appeals by the end of 2011,
no ruling has been issued to date. The Company has not been informed when to expect the Appellate Court to issue its ruling. &nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under US GAAP revenue is generally realized
or realizable and earned when all of the following criteria are met:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 1.6pt; text-autospace: none; font-weight: bold"><B>&bull;</B></TD>
    <TD STYLE="width: 94%; padding-right: 1.6pt; text-autospace: none">persuasive evidence of an arrangement exists;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 1.6pt; text-autospace: none; font-weight: bold"><B>&bull;</B></TD>
    <TD STYLE="padding-right: 1.6pt; text-autospace: none">delivery has occurred or services have been rendered;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 1.6pt; text-autospace: none; font-weight: bold"><B>&bull;</B></TD>
    <TD STYLE="padding-right: 1.6pt; text-autospace: none">the seller&rsquo;s price to the buyer is fixed and determinable; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 1.6pt; text-autospace: none; font-weight: bold"><B>&bull;</B></TD>
    <TD STYLE="padding-right: 1.6pt; text-autospace: none">collectability is reasonably assured.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective January 1, 2008, OC-BVI changed
its policy for the recording of its revenues from the Baughers Bay plant from the accrual to the equivalent of the cash method
due to an inability to meet all of the above revenue recognition criteria. As a result of this adjustment to OC-BVI&rsquo;s revenues,
the Company recorded losses from its equity in OC-BVI&rsquo;s results of operations for all fiscal quarters of 2008 and for the
first three quarters of 2009. Any cash payments made by the BVI government on Baughers Bay related invoices were applied by OC-BVI
to the remaining balance of outstanding accounts receivable that arose from billings for periods prior to and including December
2007 and thus were not recognized as revenues. Sufficient payments had been received from the BVI government as of September 30,
2009 to repay the remaining accounts receivable balances relating to period prior to December 31, 2007. OC-BVI continues to apply
the equivalent of the cash method with respect to the recognition of revenues from Baughers Bay. Consequently, OC-BVI does not
recognize as revenues any amounts to be paid&nbsp;to OC-BVI as a result of the Court ruling until such amounts are paid by the
BVI government. To date, the BVI government has paid OC-BVI $5 million of the $10.4 million awarded by the Court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2010, the BVI government announced
that it had signed a 16-year contract with another company for the construction and operation of a water plant that will provide
potable water to the greater Tortola area and (the Company believes) will replace the current production of the Baughers Bay plant.
In March 2010, OC-BVI vacated the Baughers Bay plant and the BVI government assumed direct responsibility for the plant&rsquo;s
operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for its investment
in OC-BVI in accordance with the equity method of accounting for investments in common stock. This method requires recognition
of a loss on an equity investment that is other than temporary, and indicates that a current fair value of an equity investment
that is less than its carrying amount may indicate a loss in the value of the investment. To test for possible impairment of its
investment in OC-BVI, the Company estimates its fair value as of the end of each fiscal quarter. In making this estimate, the Company
calculates the expected cash flows from its investment in OC-BVI by (i) estimating the expected cash flows from OC-BVI&rsquo;s
contract with the BVI government to supply water from its Bar Bay plant; (ii) identifying various possible outcomes of the Baughers
Bay litigation and estimating the expected cash flows associated with each possible outcome; and (iii) assigning a probability
to each Baughers Bay outcome and associated expected cash flows based upon discussions held to date by OC-BVI&rsquo;s management
with the BVI government and OC-BVI&rsquo;s legal counsel. The resulting probability-weighted sum represents the expected cash flows,
and the Company&rsquo;s best estimate of future cash flows, to be derived from its investment in OC-BVI, which are present-valued
to estimate OC-BVI&rsquo;s fair value. After considering the impact of the September and October 2009 rulings of the Court and
the decision by the BVI government to enter into the agreement with another company to build a new plant to serve Tortola, the
Company determined that the carrying value of its investment in OC-BVI exceeded the estimated fair value for our investment in
OC-BVI and therefore recognized impairment losses aggregating approximately $4.7 million for the year ended December 31, 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based upon the estimated fair value determined
as of December 31, 2011 the Company concluded that no impairment loss was required to be recognized on its investment in OC-BVI
during the year ended December 31, 2011. This conclusion assumes that the BVI government will fulfill its obligations under the
contract for the Bar Bay plant and that OC-BVI will collect all of the $10.4 million awarded by the Court (of which only $5 million
has been received to date). Should the BVI government be successful in its appeal to reduce the $10.4 million Court award, the
Company will be required to record charges that will reduce its earnings by an amount approximately equal to 44% of any reduction
of the $10.4 million previously awarded by the Court. If the Appellate Court ultimately overturns the ruling of the Court or the
Appellate Court reduces the amount awarded to OC-BVI under the Court order, or the BVI government fails to honor the terms of its
agreement for water supplied by OC-BVI&rsquo;s Bar Bay plant, the actual cash flows from OC-BVI could vary materially from the
expected cash flows the Company used in determining OC-BVI&rsquo;s fair value as of December 31, 2011 and the Company would be
required to record an additional impairment loss to reduce the carrying value of its investment in OC-BVI. Such impairment loss
would reduce the Company&rsquo;s earnings and could have a material adverse impact on its results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>9. Other Affiliates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CW-Bermuda</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2006, the Company formed a Bermuda-based
affiliate, Consolidated Water (Bermuda) Limited (&ldquo;CW-Bermuda&rdquo;) with two other shareholders. The Company owns 40% of
the equity interest and voting rights of CW-Bermuda. In January 2007, CW-Bermuda entered into a design, build, sale and operating
agreement with the Government of Bermuda for a desalination plant to be built in two phases at Tynes Bay along the northern coast
of Bermuda. Under the agreement, CW-Bermuda constructed the plant and managed its operations from the second quarter of 2009 through
the termination of the agreement on June 30, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because (i) the equity investment in CW-Bermuda
was not sufficient to permit it to finance its activities without the loan from the Company; (ii) the other investors in CW-Bermuda
have no obligation to absorb any significant amount of its losses should losses arise; and (iii) the Company expected and received
economic benefits from CW-Bermuda that are significantly greater than the Company&rsquo;s voting rights of 40%, CW-Bermuda constitutes
a variable interest entity (&ldquo;VIE&rdquo;). The Company is the primary financial beneficiary of CW-Bermuda and accordingly,
consolidates the results of CW-Bermuda in its financial statements. The assets and liabilities of CW-Bermuda included in the Company&rsquo;s
consolidated balance sheet amounted to approximately $141,000 and $1,000 respectively, as of December 31, 2011. The Company has
not provided any guarantees related to CW-Bermuda and any creditors of the VIE do not have recourse to the general credit of the
Company as a result of including CW-Bermuda in the consolidated financial statements. The results of CW-Bermuda are reflected in
the Company&rsquo;s services segment. The Company generated revenues and gross profits from its Bermuda affiliate of approximately
$723,000 and $457,000, respectively, for the year ended December 31, 2011 and $1.1 million and $533,000, respectively, for the
year ended December 31, 2010. As a result of the termination of the agreement with the Bermuda government, the Company does not
expect to receive any future fees or revenues from CW-Bermuda.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NSC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2010, the Company acquired, through
its wholly-owned Netherlands subsidiary, Consolidated Water Cooperatief, U.A., a 50% interest in N.S.C. Agua, S.A. de C.V., (&ldquo;NSC&rdquo;)
a Mexican company.&nbsp;&nbsp;NSC has been formed to pursue a project encompassing the construction, ownership and operation of
a 100 million gallon per day seawater reverse osmosis desalination plant to be located in northern Baja California, Mexico and
an accompanying pipeline to deliver water to a Mexican potable water system and the U.S. border.&nbsp;&nbsp;&nbsp;The Company believes
such a project can&nbsp;&nbsp;be successful due to what we anticipate will be a growing need for a new potable water supply for
the areas of northern Baja California, Mexico and Southern California, United States.&nbsp;&nbsp;To complete this project, the
Company has engaged an engineering group with extensive regional experience and have partnered with Doosan Heavy Industries and
Construction, a global leader in the engineering, procurement and construction of large seawater desalination plants.&nbsp;&nbsp;Once
completed, a subsidiary of the Company would operate the plant while retaining a minority position in its ownership.&nbsp;&nbsp;NSC
is in the development stage, and is presently involved in (i) extending contracts for the purchase of land on which to build the
plant, (ii) seeking contracts for the electric power and feed water sources for the plant&rsquo;s proposed operations, and (iii)
implementing a water quality monitoring and equipment testing program at the proposed feed water source.&nbsp;&nbsp;In addition
to completing these activities, NSC will be required to complete various other steps before it can commence construction of the
plant and pipeline including, but not limited to, obtaining approvals and permits from various governmental agencies in Mexico
and the United States, securing contracts with its proposed customers to sell water in sufficient quantities and at prices that
make the project financially viable, and obtaining equity and debt financing for the project. NSC&rsquo;s potential customers will
also be required to obtain various governmental permits and approvals in order to purchase water from NSC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For its 50% interest in NSC, the Company
agreed to provide initial funding of up to $4 million in the form of equity for NSC&rsquo;s development activities. As of June
30, 2011 the Company had met this initial funding commitment.&nbsp; Because the Company exercises effective financial control over
NSC and its partners in NSC did not participate in funding the first $4 million in losses that NSC incurred, the Company consolidates
NSC&rsquo;s results of operations. Included in the consolidated results of operations for the years ended December 31, 2011 and
2010 are approximately $3.0 and $1.7 million respectively in general and administrative expenses from NSC, consisting of organizational,
legal, accounting, engineering, consulting and other costs relating to its project development activities. The assets and liabilities
of NSC included in the consolidated balance sheet amounted to approximately $27,000 and $336,000 respectively, as of December 31,
2011 and approximately $731,000 and $131,000, respectively, as of December 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2012, the Company acquired
an option, exercisable through February 7, 2014, to purchase the shares of one of the other shareholders of NSC along with an immediate
power of attorney to vote those shares. As a result, the Company now has effective control over NSC and is continuing its project
development activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has determined that completing
NSC&rsquo;s development activities will require significantly more funding than has been expended to date. The Company may choose
to fund these development activities itself or may seek funding from additional sources. The Company may incur significant development
expenses in the future for this project without ultimately being able to obtain the funding necessary for NSC to build the project.&nbsp;
The Company estimates that it will take at least two years for NSC to complete all of the development activities (which include
initiating site piloting plant activities, extending purchase agreements for the land for the plant, securing feed water and power
supplies, completing the engineering and feasibility studies, negotiating customer contracts, obtaining required regulatory permits
and arranging the project financing) necessary to commence construction of the plant. However NSC may ultimately be unable to complete
all of the activities necessary to begin construction of the project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>10. Intangible assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2003, as part of the acquisition of
a group of companies, the Company acquired 100% of the outstanding voting common shares of DesalCo, which had an agreement to provide
management and engineering services to OC-BVI. The Company attributed $856,356 of the purchase price of the acquisition to the
value of this management services agreement, which has no expiration term. Initially the Company determined that this intangible
asset had an indefinite life and therefore it was not amortized. However in 2010, as a result of the loss by OC-BVI of its Baughers
Bay contract (see Note 8) the Company assigned a useful life of seven years to this asset and began its amortization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amount of the Belize Water
Production and Supply Agreement is<FONT STYLE="color: #0070C0"> </FONT>being amortized over the 23 year term of the agreement<FONT STYLE="color: #0070C0">
</FONT>and has a weighted average remaining useful life of 15.4 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #0070C0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">Cost</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left">Intangible asset management service agreement</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">856,356</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">856,356</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Belize water production and supply agreement</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,522,419</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,522,419</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,378,775</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,378,775</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Accumulated amortization</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Intangible asset management service agreement</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(285,452</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(142,726</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Belize water production and supply agreement</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(591,499</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(525,312</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(876,951</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(668,038</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Intangible assets, net</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,501,824</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,710,737</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amortization for each of the next five
years and thereafter is expected to be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 86%; font-size: 10pt; text-align: left">2012</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">208,918</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">2013</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">208,918</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">2014</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">208,918</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">2015</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">208,918</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">2016</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">66,192</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-align: left">Thereafter</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">599,960</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,501,824</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>11. Dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interim dividends declared on Class A common
stock and redeemable preferred stock for each quarter of the respective years ended December 31 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left">First Quarter</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.075</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.075</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.065</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Second Quarter</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.075</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.075</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.065</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Third Quarter</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.075</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.075</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.075</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Fourth Quarter</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.075</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.075</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.075</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>12. Long term debt</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Long term debt consists of the following:&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: justify">Fixed rate bonds bearing interest at a rate of 5.95%; repayable in quarterly installments of $526,010; secured through an inter-creditor agreement with the Republic Bank &amp; Trust by substantially all of the Company&rsquo;s assets. Redeemable in full at any time after August 4, 2009 at a premium of 1.5% of the outstanding principal and accrued interest on the bonds on the date of redemption (1)</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">8,650,503</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">10,182,449</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Series A bonds bearing interest at the annual fixed rate of 7.5%, payable quarterly; maturing on June 30, 2015 (2)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Borrowings under non-revolving credit facility (3)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,500,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Total debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">24,650,503</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,682,449</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Less discount</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">266,709</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">375,664</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less current portion</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">17,531,134</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,422,991</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Long term debt, excluding current portion</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">6,852,660</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">16,883,794</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 73; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="color: #0070C0">(</FONT>1)</TD><TD STYLE="text-align: justify">The Company has collateralized all borrowings under the
5.95% fixed rate bonds by providing a first debenture over fixed and floating assets,
a first legal charge over all land and buildings, a security interest in all insurance policies and claims, a reimbursement agreement
for standby letters of credit, a pledge of capital stock of each subsidiary and guarantees and negative pledges from each company
where a majority interest exists.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The trust deed for these
bonds restricts our ability to enter into new borrowing agreements or any new guarantees without prior approval of the
trustee and limits our capital expenditures, with the exception of capital expenditures to be incurred on certain defined
projects, to $2.0 million annually without prior approval by the trustee. The trust deed also contains financial covenants
that require us to maintain a debt service coverage ratio, a ratio of long term debt to EBITDA (i.e. earnings before
interest, taxes, depreciation and amortization) for the 12 months preceding the ratio calculation date and a ratio of long
term debt to equity. As of December 31, 2011, we were deemed to be in compliance with the covenants under the trust deed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">In July 2005, CW-Bahamas sold B$10.0 million Series A bonds to Bahamian citizens and
                                                                                permanent resident investors in The Bahamas to finance a portion of the construction cost of its Blue Hills plant. These
                                                                                bonds mature on June 30, 2015 and accrue interest at the annual fixed rate of 7.5%. Interest is payable quarterly. CW-Bahamas
                                                                                has the option to redeem the bonds in whole or in part without penalty commencing after June 30, 2008. The Company has
                                                                                guaranteed CW-Bahamas repayment obligations upon an &ldquo;event of default&rdquo; as defined in the guarantee agreement. If
                                                                                the Company pays any amounts pursuant to the guarantee, it will be subrogated to all rights of the bondholders in respect
                                                                                of any such payments. The guarantee is a general unsecured obligation junior to the Company&rsquo;s other secured
                                                                                obligations. The Company redeemed $1.5 million of these bonds in September 2010. The Company has elected to redeem the
                                                                                balance of these bonds on March 31, 2012.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">In October 2011, the Company entered into a $10.0 million Credit Agreement which includes a
                                                                                non-revolving credit facility. The credit facility expires 12 months from the date of the initial advance. The initial
                                                                                advance of $7.5 million was drawn on December 30, 2011 and matures December 31, 2012. Interest on this loan is based on the
                                                                                bank's term deposit rate plus 1% per annum. The Company is required to maintain an interest bearing cash deposit account as
                                                                                collateral for the borrowings in an amount equal to the amount of the borrowings.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, the aggregate
debt repayment obligations for the next five years are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 86%; font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">2012</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">17,531,134</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">2013</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,647,493</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">2014</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,772,690</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">2015</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,907,398</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0; padding-right: 0">2016</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,525,079</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 0; text-align: left; padding-right: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">24,383,794</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>13. Share capital and additional paid-in capital</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redeemable preferred stock
(&ldquo;preferred shares&rdquo;) is issued under the Company&rsquo;s Employee Share Incentive Plan as discussed in Note  19
and carries the same voting and dividend rights as shares of common stock (&ldquo;common share&rdquo;). Preferred shares vest
over four years and convert to common stock on a share for share basis on the fourth anniversary of each grant date.
Preferred shares are only redeemable with the Company&rsquo;s agreement. Upon liquidation, preferred shares rank in
preference to the common shares to the extent of the par value of the preferred shares and any related additional paid in
capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has an Option Deed in place
designed to deter coercive takeover tactics. Pursuant to this plan, holders of common shares and preferred shares are granted options
which entitle them to purchase 1/100 of a share of Class &lsquo;B&rsquo; stock at an exercise price of $50.00 if a person or group
acquires or commences a tender offer for 20% or more of the Company&rsquo;s common shares. Option holders (other than the acquiring
person or group) will also be entitled to buy, for the $37.50 exercise price, common shares with a then market value of $100.00
in the event a person or group actually acquires 20% or more of the Company&rsquo;s common shares. Options may be redeemed at $0.01
under certain circumstances. A total of 145,000 of the Company&rsquo;s authorized but unissued common shares have been reserved
for issuance as Class &lsquo;B&rsquo; stock. The Class &lsquo;B&rsquo; stock has priority over common shares with respect to dividend
and voting rights. No Class &lsquo;B&rsquo; stock options have been exercised or redeemed up to December 31, 2011. In March 2007,
the Board of Directors extended the expiration date of the Option Deed through July 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>14. Cost of revenues and general and administrative expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 102.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Cost of revenues consist of:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 58%; font-size: 10pt">Electricity</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">12,622,788</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">10,132,956</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">8,743,711</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Depreciation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,537,098</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,854,297</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,882,387</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Fuel oil</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,195,692</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,928,409</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,953,120</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Employee costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,276,682</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,444,814</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,537,824</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Cost of plant sales</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">61,843</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,833,835</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,850,188</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Maintenance</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,140,776</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,541,927</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,437,164</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">Royalties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,406,160</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,368,181</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,505,080</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Insurance</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,545,771</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,490,121</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,321,727</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Other</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,345,615</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,503,519</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,789,239</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">36,132,425</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">34,098,059</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">35,020,440</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">General and administrative expenses consist of:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left">Employee costs</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">5,265,360</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">4,219,915</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">4,526,140</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">Insurance</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">965,003</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">951,715</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">952,742</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Professional fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,112,678</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,805,146</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">857,135</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Directors&rsquo; fees and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">551,132</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">519,786</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">692,374</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Depreciation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">252,303</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">340,969</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">310,529</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Other</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,505,174</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,492,117</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,762,337</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">13,651,650</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">11,329,648</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">10,101,257</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>15. Earnings per share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Earnings per share (&ldquo;EPS&rdquo;)
are computed on a basic and diluted basis. Basic EPS is computed by dividing net income available to common stockholders by the
weighted average number of common shares outstanding during the period. The computation of diluted EPS assumes the issuance of
common shares for all potential common shares outstanding during the reporting period and, if dilutive, the effect of stock options
using the treasury stock method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following summarizes information related
to the computation of basic and diluted EPS for the respective years ended December 31:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left">Net income attributable to Consolidated Water Co. Ltd. common stockholders</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,113,218</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,292,025</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,098,571</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Dividends paid and earnings attributable on preferred stock</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(7,040</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(5,350</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(5,236</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net income available to common shares in the determination of basic earnings per common share</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">6,106,178</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">6,286,675</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">6,093,335</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Weighted average number of common shares in the determination of basic earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,560,259</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,547,065</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,535,192</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Plus:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Weighted average number of preferred shares outstanding during the year</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19,892</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,723</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17,657</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Potential dilutive effect of unexercised options</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">15,862</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">32,106</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">35,295</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Weighted average number of shares used for determining diluted earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">14,596,013</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">14,597,894</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">14,588,144</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>16. Segment information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has three reportable segments:
retail, bulk and services. The retail segment operates the water utility for the Seven Mile Beach and West Bay areas of Grand Cayman
Island pursuant to an exclusive license granted by the Cayman Islands government. The bulk segment supplies potable water to government
utilities in Grand Cayman, the Bahamas and Belize under long-term contracts. The services segment designs, constructs and sells
desalination plants and provides desalination plant management and operating services to third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounting policies of the segments
are consistent with those described in Note 1. The Company evaluates each segment&rsquo;s performance based upon its income from
operations. All intercompany transactions are eliminated for segment presentation purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s segments are strategic
business units that are managed separately because, while all segments derive their revenues from desalination-related activities,
each segment sells different products and/or services, serves customers with distinctly different needs and generates different
gross profit margins.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of and for the year ended December 31, 2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Retail</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Bulk</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Services</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 44%; font-size: 10pt">Revenues</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">23,356,338</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">30,757,874</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,040,280</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">55,154,492</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Cost of revenues</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,496,598</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">24,127,488</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">508,339</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">36,132,425</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Gross profit</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,859,740</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,630,386</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">531,941</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19,022,067</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">General and administrative expenses</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">9,019,127</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,368,285</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,264,238</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">13,651,650</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income (loss) from operations</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,840,613</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,262,101</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,732,297</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">5,370,417</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other income (expense), net</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,181,563</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Consolidated net income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,551,980</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income attributable to non-controlling interests</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">438,762</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net income attributable to Consolidated Water Co. Ltd. stockholders</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; border-bottom: Black 2pt double">$</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: right; border-bottom: Black 2pt double">6,113,218</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold">As of December 31, 2011:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Property plant and equipment, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">25,456,103</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">37,824,507</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">904,500</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">64,185,110</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Construction in progress</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">141,204</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: blue; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: blue; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: blue; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">141,204</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Goodwill</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,170,511</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,328,526</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">88,717</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,587,754</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Total assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">73,557,410</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">83,457,607</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,844,414</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">160,859,431</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">As
    of and for the year ended December 31, 2010</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Retail</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Bulk</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Services</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="width: 44%; text-autospace: none"><FONT STYLE="font-size: 10pt">Revenues</FONT></TD>
    <TD STYLE="width: 2%; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">21,864,252</FONT></TD>
    <TD STYLE="width: 1%; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">25,302,093</FONT></TD>
    <TD STYLE="width: 1%; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">3,542,209</FONT></TD>
    <TD STYLE="width: 1%; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">50,708,554</FONT></TD>
    <TD STYLE="width: 1%; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">Cost of revenues</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">10,361,302</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">20,907,981</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">2,828,776</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">34,098,059</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">Gross profit</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">11,502,950</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">4,394,112</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">713,433</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">16,610,495</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">8,105,740</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">1,247,076</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">1,976,832</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">11,329,648</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">Income (loss) from operations</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">3,397,210</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">3,147,036</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">(1,263,399)</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">5,280,847</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">Other income (expense), net</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">1,162,315</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">Consolidated net income</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">6,443,162</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">Income attributable to non-controlling
    interests</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">151,137</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="padding-bottom: 3.3pt; text-autospace: none"><FONT STYLE="font-size: 10pt">Net income attributable to Consolidated
    Water Co. Ltd. stockholders</FONT></TD>
    <TD STYLE="padding-bottom: 3.3pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3.3pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3.3pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3.3pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3.3pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3.3pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3.3pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3.3pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3.3pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3.3pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">6,292,025</FONT></TD>
    <TD STYLE="padding-bottom: 3.3pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">As of December 31, 2010:</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">Property, plant and equipment, net</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">26,426,273</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">28,350,519</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">1,146,939</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">55,923,731</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">Construction in progress</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">249,300</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">249,300</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">Goodwill</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">1,170,511</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">2,328,526</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">88,717</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">3,587,754</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">Total assets</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">77,481,333</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">69,343,561</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">5,376,672</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">152,201,566</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 76; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">As
    of and for the&nbsp;year ended December 31, 2009</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Retail</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Bulk</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Services</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="width: 44%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;Revenues</FONT></TD>
    <TD STYLE="width: 2%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">23,239,756</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">25,905,077</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">8,874,684</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">58,019,517</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;Cost
    of revenues</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">9,812,434</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">20,149,969</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">5,058,037</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">35,020,440</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;Gross
    profit</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">13,427,322</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">5,755,108</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">3,816,647</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">22,999,077</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;General
    and administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">8,215,142</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">1,676,327</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">209,788</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">10,101,257</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;Income
    from operations</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">5,212,180</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">4,078,781</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">3,606,859</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">12,897,820</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;Other
    income (expense), net</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">(6,298,138</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;Consolidated
    net income</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">6,599,682</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;Income
    attributable to non-controlling interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">501,111</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;Net
    income attributable to Consolidated Water Co. Ltd. stockholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">6,098,571</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B>As
    of December 31, 2009:</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;Property
    plant and equipment, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">27,549,450</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">31,935,956</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">1,390,870</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">60,876,276</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;Construction
    in progress</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">370,131</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">370,131</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;Goodwill</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">1,170,511</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">2,328,526</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">88,717</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">3,587,754</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;Total
    assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">78,291,323</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">68,832,934</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">7,351,524</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">154,475,781</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues from Cayman Island operations
were $32,223,536 in 2011 (2010: $29,168,425 and 2009: $31,739,512). Revenues from all other country operations were $22,930,956
in 2011 (2010: $21,540,129 and 2009: $26,280,005). Included in the revenues from other countries is $19,825,070 in 2011 (2010:
$16,188,416 and 2009: $15,535,411) from the operations in the Bahamas, $2,065,606 in 2011 (2010: $1,809,504 and 2009: $1,869,912)
from our operations in Belize.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2011, revenues
in the amount of $19,610,650 (2010: $15,941,021 and 2009: $15,285,508:) were earned from the Water and Sewerage Corporation of
The Bahamas (&ldquo;WSC&rdquo;) and revenues in the amount of $8,867,198 (2010: $7,304,173 and 2009: $8,499,755) were earned from
the Water Authority-Cayman.&nbsp;&nbsp;During 2011, revenues from the WSC represented 36% (2010: 31% and 2009: 26%) of total revenues
and revenues from the Water Authority-Cayman represented 16% (2010: 14% and 2009: 15%) of total revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2011, revenues
earned by the Services segment from its management services agreement with OC-BVI amounted to $317,506 (2010: $656,738&nbsp;and
2009: $324,148).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011 and 2010, property,
plant and equipment located in the Cayman Islands were $26,189,796 and $27,325,357, respectively. Property, plant and equipment
in all other country operations were $37,995,314 and $28,598,374 as of December 31, 2011 and 2010, respectively. Included in property,
plant and equipment from other country operations is $36,437,351 in 2011 and $26,789,013 in 2010, from the operations in the Bahamas
and $1,202,017 in 2011 and $1,336,375 in 2010 from our operations in Belize.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>17. Related party transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2005, OC-BVI entered into a twenty-five
year lease agreement with Bar Bay Estate Holdings Limited (&ldquo;Bar Bay Holdings&rdquo;), a private company incorporated in the
Territory of the British Virgin Islands, pursuant to which OC-BVI agreed to lease from Bar Bay Holdings approximately 50,000 square
feet of land on Tortola, British Virgin Islands on which a seawater desalination plant and wells were constructed. Under the terms
of the lease agreement, a lease premium payment of $750,000 was made on June 10, 2005, annual lease and easement payments of $17,662
($15,020 through May 2010) are due annually and royalty payments of 2.87% of annual sales are payable quarterly. A Director of
Sage Water Holdings (BVI) Limited, a company which currently owns 100% of the non-voting stock, 50% of the voting common stock
and 50% of the profit sharing rights of OC-BVI, is also a Director of OC-BVI and holds 50% of the outstanding shares of Bar Bay
Holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>18. Commitments and contingencies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Commitments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has entered into a lease for
its corporate headquarters for approximately 5,451 square feet of office space at the Regatta Office Park, West Bay Road, Grand
Cayman, Cayman Islands. This lease expires April 30, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aquilex has leased approximately 6,500
square feet of office space in Coral Springs, Florida through April 2016, and has leased approximately 4,100 square feet of warehouse
space in Sunrise, Florida through October 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Future minimum lease payments under these
non-cancelable operating leases as of December 31, 2011 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 86%; font-size: 10pt; text-align: left">2012</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">470,765</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">2013</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">482,704</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">2014</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">308,945</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">2015</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">217,336</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">2016</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">47,216</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,526,966</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total rental expense for the years ended
December 31, 2011, 2010 and 2009 was $464,355,&nbsp;$384,860 and $373,099, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is obligated to supply water,
where feasible, to customers in the Cayman Islands within its license area in accordance with the terms of the license. Royalties
are paid to the Government of the Cayman Islands at the rate of 7.5% of gross water sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has seven water supply agreements
under which it is required to provide minimum water quantities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has entered into employment
agreements with certain executives, which expire through December 31, 2013 and provide for, among other things, base annual salaries
in an aggregate amount of $2.6 million, performance bonuses and various employee benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Expiration and Renewal of Retail License</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the Cayman Islands, the Company provides
water to retail customers under a 20-year license issued to Cayman Water in July 1990 by the Cayman Islands&nbsp;government that
grants the Company the exclusive right to provide water to retail customers within our licensed service area. The Company&rsquo;s
service area is comprised of an area on Grand Cayman that includes the Seven Mile Beach and West Bay areas, two of the three most
populated areas in the Cayman Islands. For the year ended December 31, 2011, the Company generated approximately 42% of its consolidated
revenues and 51% of its consolidated gross profits from the retail water operations conducted pursuant to our exclusive license.
If Cayman Water is not in default of any terms of the license, the Company has a right of first refusal to renew the license on
terms that are no less favorable than those that the government offers to any third party.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This license was set to expire on July
10, 2010 however the Company and the Cayman Islands government have agreed in correspondence to extend the license seven times
in order to provide sufficient time to negotiate the terms of a new license agreement.&nbsp; We were advised by letter dated February
16, 2012 from Water Authority-Cayman that the government had approved an extension of the License until June 30, 2012. We are currently
waiting for government to execute such license extension.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 14, 2011, the Water Production
and Supply Law, 2011 (which replaces the Water (Production and Supply) Law (1996 Revision) under which the Company is licensed)
and the Water Authority (Amendment) Law, 2011 (the &ldquo;New Laws&rdquo;) were published on terms that they would come into force
on such date as may be appointed by Order made by the Governor in Cabinet. Such Order was subsequently made by Cabinet and the
New Laws are now in full force and effect. Under the New Laws, the Water Authority-Cayman would issue any new license which could
include a rate of return on invested capital model described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has been informed during its
retail license renewal negotiations conducted with representatives of the Cayman Islands government that the Cayman Islands government
seeks to restructure the terms of its license to employ a &ldquo;rate of return on invested capital model&rdquo; similar to that
governing the sale of water to many U.S. municipalities. The Company has formally objected to the implementation of a &ldquo;rate
of return on invested capital model&rdquo; on the basis that it believes that such a model would not promote the efficient operation
of its water utility and could ultimately increase water rates to its customers. The Company believes such a model, if ultimately
implemented, could significantly reduce the operating income and cash flows the Company has historically generated from its retail
license and require the Company to record an impairment loss to reduce the $1.2 million carrying value of its retail segment&rsquo;s
goodwill. Such impairment loss could be material to the Company&rsquo;s results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a new long-term license agreement is
not entered into with the government, the Company would retain a right of first refusal to renew the license on terms that are
no less favorable than those that the government might offer in the future to a third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company does not enter into a new
license agreement, and no other party is awarded a license, the Company expects to be permitted to continue to supply water to
its service area. However, the terms of such continued supply may not be as favorable to the Company as the terms in the July 11,
1990 license agreement. It is possible that the government could offer a third party a license to service some or all of the Company&rsquo;s
present service area. In such event, the Company may assume the license offered to the third party by exercising its right of first
refusal. The terms of the new license agreement may not be as favorable to the Company as the terms under which the Company is
presently operating and could reduce the operating income and cash flows the Company has historically generated from its retail
license and require the Company to record an impairment loss to reduce the $1.2 million carrying value of its retail segment&rsquo;s
goodwill. Such impairment loss could be material to the Company&rsquo;s results of operations<FONT STYLE="color: #0070C0">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is presently unable to determine
what impact the resolution of this matter will have on its cash flows, financial condition or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Other Contingencies</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As part of the acquisition of the Company&rsquo;s
interests in Ocean Conversion (Cayman) Limited, with the approval of Scotiabank (Cayman Islands) Ltd., the Company has guaranteed
the performance of Ocean Conversion (Cayman) Limited to the Cayman Islands government, pursuant to the water supply contract with
the Water Authority-Cayman dated April 25, 1994, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the Company&rsquo;s acquisition
of interests in CW-Bahamas, it guaranteed the performance of CW-Bahamas to the Water and Sewerage Corporation of the Bahamas (&ldquo;WSC&rdquo;)
in relation to the water supply contract between CW-Bahamas and the WSC. In the event that CW-Bahamas cannot provide the minimum
water quantity per the contract, it must reimburse the WSC for the cost of water it would have to obtain from other sources, at
the per U.S. gallon rate charged by CW-Bahamas to the WSC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By Statutory Instrument No. 81 of 2009,
the Minister of Public Utilities of the government of Belize published an order, the Public Utility Provider Class Declaration
Order, 2009 (the &ldquo;Order&rdquo;), which as of May 1, 2009 designated CW-Belize as public utility provider under the laws of
Belize. With this designation, the Public Utilities Commission of Belize (the &ldquo;PUC&rdquo;) has the authority to set the rates
charged by CW-Belize and to otherwise regulate its activities. On November 1, 2010, CW-Belize received a formal complaint from
the PUC alleging that CW-Belize was operating without a license under the terms of the Water Industry Act. CW-Belize applied for
this license in December 2010. On July 29, 2011, the PUC issued the San Pedro Public Water Supply Quality and Security Complaint
Order (the &ldquo;Second Order&rdquo;) which among other things requires that (i) CW-Belize and its customer jointly make a submission
to the responsible Minister requesting that the area surrounding CW-Belize&rsquo;s seawater abstraction wells be designated a forest
reserve or national park and be designated a Controlled Area under section 58 of the Water Industry Act, (ii) CW-Belize submit
an operations manual for CW-Belize&rsquo;s desalination plant to the PUC for approval, (iii) CW-Belize and its customer modify
the water supply agreement between the parties to (a) include new water quality parameters included in the Order and (b) cap the
current exclusive water supply arrangement in the agreement at maximum of 450,000 gallons per day, (iv) CW-Belize keeps a minimum
number of replacement seawater RO membranes in stock at all times and (v) CW-Belize takes possession of and reimburses the PUC
for certain equipment which the PUC purchased from a third-party in late 2010. CW-Belize has applied for declaratory judgment and
has been granted a temporary injunction to stay the enforcement of the Second Order by the PUC until such time as the matter can
be heard by the Belize courts. The Company is presently unable to determine what impact the Order and the Second Order will have
on its results of operations, financial position or cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>19. Stock-Based Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has the following stock compensation
plans that form part of its employees&rsquo; remuneration:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Employee Share Incentive Plan (Preferred
Shares)<BR>
<BR>
</B>The Company awards preferred shares for $nil consideration under the Employee Share Incentive Plan as part of compensation
for certain eligible employees, excluding Directors and certain Officers, that require future services as a condition to the delivery
of common shares. In addition, options are granted to purchase preferred shares at a fixed price, determined annually, which will
typically represent a discount to the market value of the common stock. In consideration for preferred shares, the Company issues
shares of common stock on a share for share basis. Under the plan, the conversion is conditional on the grantee&rsquo;s satisfying
requirements outlined in the award agreements. Preferred shares are only redeemable with the Company&rsquo;s approval. Each employee&rsquo;s
option to purchase preferred shares must be exercised within 30 days of the grant date, which is the 90th day after the date of
the auditor&rsquo;s opinion on the financial statements for the relevant year. Options granted during the years ended December
31, 2011 and 2010 totaled 7,455 options and 5,379 options, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Employee Share Option Plan (Common Stock Options)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has an employee stock option
plan for certain long-serving employees of the Company. Under the plan, these employees are granted in each calendar year, as long
as the employee is a participant in the Employee Share Incentive Plan, options to purchase common shares. The price at which the
option may be exercised will be the closing market price on the grant date, which is the 40th day after the date of the Company&rsquo;s
Annual Shareholder Meeting. The number of options each employee is granted is equal to five times the sum of (i) the number of
preferred shares which that employee receives for $nil consideration and (ii) the number of preferred share options which that
employee exercises in that given year. Options may be exercised during the period commencing on the fourth anniversary of the grant
date and ending on the thirtieth day after the fourth anniversary of the grant date.&nbsp;&nbsp;Options granted during the years
ended December 31, 2011 and 2010 totaled 5,440 and 3,165, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Non-Executive Directors&rsquo; Share
Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This stock grant plan provides part of
Directors&rsquo; remuneration. Under this plan, Directors receive a combination of cash and common stock for their participation
in Board meetings. All Directors are eligible except Executive Officers, who are covered by individual employment contracts, and
the board member designated by Cayman Island government. The number of common stock granted is calculated based upon the market
price of the Company&rsquo;s common stock on October 1 of the year preceding the grant. Stock granted during the years ended December
31, 2011 and 2010 totaled 7,614 shares and 3,471 shares, respectively. The Company recognized stock-based compensation of $71,945
and $47,203 for the years ended December 31, 2011 and 2010, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2008 Equity Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 14, 2008, the Company&rsquo;s stockholders
approved the 2008 Equity Incentive Plan (the &ldquo;2008 Plan&rdquo;) and reserved 1,500,000 shares of the Company&rsquo;s Class
A common shares for issuance under this plan. All Directors, executives and key employees of the Company or its affiliates are
eligible for participation in the 2008 Plan which provides for the issuance of options, restricted stock and stock equivalents
at the discretion of the Board. In 2009, 101,697 options were granted under the 2008 Plan at an exercise price of $7.90. No options
were granted in 2010. In February 2011, a total of 143,612 options were granted under the 2008 Plan at an exercise price of $10.68.
In July 2011, a total of 18,000 options to purchase shares of common stock were granted to a new member of management under the
2008 Equity Incentive Plan at an exercise price of $9.11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company measures and recognizes compensation
expense at fair value for all share-based payments, including stock options. Stock-based compensation totaled $494,648 and $257,799
for the years ended December 31, 2011 and 2010, respectively and is included in general and administrative expenses in the consolidated
statements of income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of each option award is
estimated on the date of grant using a Black-Scholes option-pricing model that uses the assumptions noted in the table below. Expected
volatilities are based on historical volatilities of the Company&rsquo;s common stock. The Company uses historical data to estimate
option exercise and post-vesting termination behavior. The expected term of options granted is based on historical data and represents
the period of time that options granted are expected to be outstanding. The Company uses historical data to estimate stock option
exercises and forfeitures within its valuation model. The risk-free interest rate for the expected term of the option is based
on the U.S. Treasury yield curve in effect at the time of the grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The significant weighted average assumptions
for the years ended December 31, 2011, 2010 and 2009 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left; text-indent: -9.9pt; padding-left: 9.9pt">Risk free interest rate</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1.33</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.54</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1.28</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.9pt; padding-left: 9.9pt">Expected option life (years)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3.4</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.6</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3.4</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.9pt; padding-left: 9.9pt">Expected volatility</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">68.18</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">56.97</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">68.62</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.9pt; padding-left: 9.9pt">Expected dividend yield</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.89</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.49</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3.17</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A summary of the Company&rsquo;s stock option activity for the
year ended December 31, 2011 is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Options</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Average<BR> Exercise Price</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Average Remaining Contractual Life (Years)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Aggregate Intrinsic<BR>
    Value <SUP>(1)</SUP></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 44%; font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Outstanding at beginning of period</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">213,067</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">18.49</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Granted</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">174,507</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10.34</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Exercised</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(890</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7.35</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-align: left; padding-left: 0; padding-right: 0">Forfeited</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(8,290</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11.54</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; text-align: left; padding-left: 0; padding-right: 0">Outstanding as of December 31, 2011</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">378,394</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">14.91</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2.75 years</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">69,154</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; text-align: left; padding-left: 0; padding-right: 0">Exercisable as of December 31, 2011</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">169,453</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">20.72</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1.30 years</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">46,103</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">____________</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-autospace: none">(1)</TD>
    <TD STYLE="width: 95%; text-autospace: none; text-align: justify">The intrinsic value of a stock option represents the amount by which the fair value of the underlying stock, measured by reference to the closing price of the common shares of $8.58 on the Nasdaq Global Select Market on December 31, 2011, exceeds the exercise price of the option.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, 208,941 non-vested
options and 169,453 vested options were outstanding, with weighted average exercise prices of $10.19 and $20.72, respectively,
and average remaining contractual lives of 3.93 years and 1.30 years, respectively.&nbsp;&nbsp;The total remaining unrecognized
compensation costs related to unvested stock-based arrangements were $421,080 as of December 31, 2011 and are expected to be recognized
over a weighted average period of 3.93 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, unrecognized compensation
costs relating to redeemable preferred stock outstanding were $101,406, and are expected to be recognized over a weighted average
period of 1.15 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 81; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the
weighted average fair value of options at the date of grant and the intrinsic value of options exercised during the years
ended December 31, 2011, 2010 and 2009:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Options granted with an exercise price below market price on the date of grant:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left">Employees &mdash; preferred stock</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1.47</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.70</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">8.31</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">Overall weighted average</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.47</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.70</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">8.31</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Options granted with an exercise price at market price on the date of grant:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Management employees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4.45</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3.28</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Employees &mdash; common stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4.17</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.40</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">8.05</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Overall weighted average</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4.44</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.40</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">5.66</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Options granted with an exercise price above market price on the date of grant:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Management employees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Employees &mdash; preferred stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">Overall weighted average</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Total intrinsic value of options exercised</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,325</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">365</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">9,313</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>20. Pension benefits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Cayman Islands law, staff pension
plans are offered to all employees in the Cayman Islands. The plans are administered by third party pension plan providers and
are defined contribution plans whereby the Company matches the contribution of the first 5% of each participating employee&rsquo;s
salary up to $72,000. The total amount recognized as an expense for this pension plan during the year ended December 31, 2011 was
$161,853 (2010: $171,949 and 2009: $181,143).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>21. Financial instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Credit risk:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is not exposed to significant
credit risk on its retail customer accounts as its policy is to cease supply of water to customers&rsquo; accounts that are more
than 45 days overdue. The Company&rsquo;s exposure to credit risk is concentrated on receivables from its Bulk water customers.
Management considers these receivables fully collectible and therefore the Company has not recorded an allowance for these receivables.
All other accounts receivable are current or an allowance has been made for collection as of December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Interest rate risk:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Substantially all of the Company&rsquo;s
outstanding debt consists of fixed rate obligations and therefore the Company is not subject to interest-rate risk arising from
fluctuations of LIBOR or prime lending rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Foreign exchange risk:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All relevant foreign currencies other than
the Mexican peso and the Euro have fixed exchange rates to the United States dollar as detailed under the foreign currency accounting
policy note. If any of these fixed exchange rates become floating exchange rates, the Company&rsquo;s consolidated results of operations
could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Fair values:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011 and 2010, the carrying
amounts of cash and cash equivalents, accounts receivable, accounts payable and other liabilities and dividends payable approximate
their fair values due to the short term maturities of these instruments. Management considers that the carrying amounts for loans
receivable and long term debt as of December 31, 2011 approximate their fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair value is defined as the exit price,
or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants as of the measurement date. The guidance also establishes a hierarchy for inputs used in measuring fair value that
maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs
be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed
based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company&rsquo;s
assumptions about the factors market participants would use in valuing the asset or liability. The guidance establishes three levels
of inputs that may be used to measure fair value:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.7pt">Level 1 &mdash; Quoted prices in active markets for
identical assets or liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.7pt; text-align: justify">Level 2 &mdash; Inputs other
than Level&nbsp;1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities;
quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data
for substantially the full term of the assets or liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.7pt">Level 3 &mdash; Unobservable inputs that are supported
by little or no market activity and that are significant to the fair value of the assets or liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assets and liabilities are classified in
their entirety based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair
value hierarchy classification on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification
of levels for certain securities within the fair value hierarchy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table presents the Company&rsquo;s fair value
hierarchy for assets and liabilities measured at fair value as of December&nbsp;31, 2011 and 2010:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 1</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 2</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 3</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">Assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 10pt">Recurring</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 44%; font-size: 10pt; text-align: left; text-indent: 20pt">Cash equivalents</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">16,177,462</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">16,177,462</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 20pt">Restricted cash</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 20pt">Marketable securities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,496,372</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,496,372</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 10pt">Total Recurring</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">32,173,834</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">32,173,834</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 10pt">Nonrecurring</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 20pt">Investment in affiliate</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">6,634,598</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">6,634,598</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: black 1pt solid; padding-right: 14.3pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">December
    31, 2010</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 1.1pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Level
    1</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 1.1pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Level&nbsp;2</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 1.1pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Level
    3</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 1.1pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none; width: 44%"><FONT STYLE="font-size: 10pt">Assets:</FONT></TD>
    <TD STYLE="text-autospace: none; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right; width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right; width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right; width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right; width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Recurring</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">27,413,838</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">27,413,838</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Nonrecurring</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in affiliate</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">7,812,523</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 10pt">7,812,523</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A reconciliation of the beginning and ending balances for Level
3 investments for the year ended December 31, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 86%; font-size: 10pt">Balance as of December 31, 2010</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">7,812,523</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Equity in earnings of OC-BVI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">838,652</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Distribution of earnings from OC-BVI paid and accrued</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(316,256</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Principal and interest payments received on loan receivable from OC-BVI</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,700,321</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">Balance as of December 31, 2011</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">6,634,598</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>22. Supplemental disclosure of cash flow information&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left">Interest paid in cash, net of capitalized interest of $246,851 in 2011</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">962,744</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,381,829</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,127,156</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold">Non-cash transactions:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Note received for plant facility sold</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3,670,963</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">10,996,290</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.9pt; padding-left: 9.9pt">Conversion of accounts receivable to investment in OC-BVI (see Note 8)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">800,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Issuance of 11,158, 8,565 and 6,734, respectively, of common shares <BR>&nbsp;&nbsp;&nbsp;for services rendered</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">104,443</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">119,997</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">95,592</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Issuance of 7,455, 5,379 and 4,533, respectively, of redeemable <BR>&nbsp;&nbsp;&nbsp;preferred shares for services rendered</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">65,902</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">67,130</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">78,703</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Conversion of 2,145, 4,950 and 5,784,&nbsp;&nbsp;respectively, of redeemable <BR>&nbsp;&nbsp;&nbsp;preferred shares to common shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,287</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2,970</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3,470</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Dividends declared but not paid</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,094,334</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,092,913</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,091,879</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>23. Impact of recent accounting standards pronouncements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Adoption of New Accounting Standards:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2009, the FASB issued Accounting
Standards Update (&ldquo;ASU&rdquo;) 2009-13, <I>Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements &ndash;
a consensus of the FASB Emerging Issues Task Force</I>, which amends the criteria for when to evaluate individual delivered items
in a multiple deliverable arrangement and how to allocate consideration received. This ASU is effective for fiscal years beginning
on or after June 15, 2010, which was January 1, 2011 for the Company. The adoption of ASU 2009-13 did not have an impact on the
Company&rsquo;s condensed consolidated results of operations or financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2010, the FASB issued ASU 2010-28,
<I>Intangibles &ndash; Goodwill and Other (Topic 350): When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units
with Zero or Negative Carrying Amounts.</I> The ASU does not prescribe a specific method of calculating the carrying value of a
reporting unit in the performance of step 1 of the goodwill impairment test (i.e. equity-value-based method or enterprise-value-based
method). However, it requires entities with a zero or negative carrying value to assess, considering qualitative factors such as
those used to determine whether a triggering event would require an interim goodwill impairment test (listed in ASC 350-20-35-30,
<I>Intangibles &ndash; Goodwill and Other &ndash; Subsequent Measurement</I>), whether it is more likely than not that a goodwill
impairment exists and perform step 2 of the goodwill impairment test if so concluded. ASU 2010-28 became effective for the Company
beginning January 1, 2011 and its adoption did not have an impact on the Company&rsquo;s condensed consolidated results of operations
or financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Effect of Newly Issued But Not Yet Effective
Accounting Standards:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2011, the FASB issued ASU No.&nbsp;2011-04
which represents the converged guidance of the FASB and the IASB (the &ldquo;Boards&rdquo;) on fair value measurements. The collective
efforts of the Boards and their staffs, reflected in ASU 2011-04, have resulted in common requirements for measuring fair value
and for disclosing information about fair value measurements, including a consistent meaning of the term &ldquo;fair value.&rdquo;
The Boards have concluded the common requirements will result in greater comparability of fair value measurements presented and
disclosed in financial statements prepared in accordance with GAAP and IFRSs. The amendments in this ASU are required to be applied
prospectively, and are effective for interim and annual periods beginning after December&nbsp;15, 2011. The Company does not expect
that the adoption of ASU 2011-04 will have a material impact on our consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2011, the FASB issued ASU 2011-05,
which amends current comprehensive income guidance. This accounting update eliminates the option to present the components of other
comprehensive income as part of the statement of shareholders&rsquo; equity. Instead, we must report comprehensive income in either
a single continuous statement of comprehensive income which contains two sections, net income and other comprehensive income, or
in two separate but consecutive statements. ASU 2011-05 will be effective for public companies during the interim and annual periods
beginning after December 15, 2011 with early adoption permitted. The adoption of ASU 2011-05 will not have an impact on the Company&rsquo;s
consolidated financial statements as it only requires a change in the format of the current presentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In September 2011, the FASB issued ASU
2011-08, which permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting unit&rsquo;s
fair value is less than its carrying value before applying the two-step goodwill impairment model that is currently in place. If
it is determined through the qualitative assessment that a reporting unit&rsquo;s fair value is more likely than not greater than
its carrying value, the remaining impairment steps would be unnecessary. The qualitative assessment is optional, allowing companies
to go directly to the quantitative assessment. This update is effective for annual and interim goodwill impairment tests performed
in fiscal years beginning after December&nbsp;15, 2011, which will require us to adopt these provisions in fiscal 2012; however,
early adoption is permitted. The Company does not expect the adoption of ASU 2011-08 to have a material impact on our consolidated
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>24. Subsequent events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company evaluated subsequent events
through the time of the filing of its Annual Report on Form 10-K. The Company is not aware of any significant events that occurred
subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on its financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ocean Conversion (BVI) Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
balance sheets of Ocean Conversion (BVI) Ltd. and its subsidiary (the &ldquo;Company&rdquo;) as of December 31, 2011 and 2010,
and the related consolidated statements of operations, stockholders&rsquo; equity and cash flows for each of the years in the three-year
period ended December 31, 2011. These consolidated financial statements are the responsibility of the Company&rsquo;s management.
Our responsibility is to express an opinion on these consolidated financial statements based on our audits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with
the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included
consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s internal control over
financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In our opinion, the consolidated financial
statements referred to above present fairly, in all material aspects, the financial position of Ocean Conversion (BVI) Ltd. and
subsidiary as of December 31, 2011 and 2010, and the results of their operations and their cash flows for each of the years in
the three-year period ended December 31, 2011, in conformity with accounting principles generally accepted in the United States
of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>/s/&nbsp;&nbsp;Marcum LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fort Lauderdale, Florida</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 15, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OCEAN CONVERSION (BVI) LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Expressed in United States Dollars)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold">ASSETS</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left; text-indent: 10pt">Cash and cash equivalents</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">340,609</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">452,258</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 10pt">Accounts receivable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,993,239</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,065,521</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-indent: 10pt">Inventory</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">283,637</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">354,853</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 10pt">Prepaid expenses and other assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">108,561</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">69,786</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Total current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,726,046</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,942,418</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Property, plant and equipment, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,802,092</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,566,049</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Inventory non-current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">112,253</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">86,591</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">522,500</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">582,500</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">10,162,891</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">10,177,558</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">LIABILITIES AND EQUITY</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 10pt">Accounts payable and other liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2,109,284</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,928,917</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 10pt">Current portion of long term debt</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,450,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Total current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,109,284</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,378,917</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Profit sharing obligation</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,218,519</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,387,606</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,327,803</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,766,523</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold">Equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 10pt">Class A, voting shares, $1 par value. Authorized 600,000
    shares: issued and outstanding 555,000 shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">555,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">555,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 10pt">Class B, voting shares, $1 par value. Authorized 600,000 shares: issued and outstanding 555,000 shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">555,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">555,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 10pt">Class C, non-voting shares, $1 par value. Authorized 600,000
    shares: issued and outstanding 165,000 shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">165,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">165,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 10pt">Additional paid-in capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">225,659</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">225,659</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 10pt">Retained earnings</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,273,479</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,879,195</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Total OC-BVI stockholders&rsquo; equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,774,138</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,379,854</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Non-controlling interest</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">60,950</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">31,181</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,835,088</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,411,035</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities and equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">10,162,891</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">10,177,558</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OCEAN CONVERSION (BVI) LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Expressed in United States Dollars)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left">Water sales</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">4,925,108</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">7,173,903</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">5,016,033</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Cost of water sales</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,471,230</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,864,192</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6,878,323</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Gross profit (loss)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,453,878</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,309,711</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,862,290</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">General and administrative expenses</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">620,822</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,418,471</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">902,930</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Income (loss) from operations</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,833,056</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,891,240</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,765,220</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Other income (expense)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 10pt">Interest income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">159,097</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">132,238</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">654,976</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 10pt">Interest expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(35,787</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(182,106</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(130,236</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 10pt">Other income</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,579</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">15</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Other income (expense)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">123,310</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(45,289</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">524,755</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Net income (loss)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,956,366</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,845,951</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,240,465</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income (loss) attributable to non-controlling interests</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">29,769</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,151</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">18,704</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net income (loss) attributable to controlling interests</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,926,597</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,848,102</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(2,259,169</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OCEAN CONVERSION (BVI) LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF STOCKHOLDERS&rsquo;
EQUITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>YEARS ENDED DECEMBER 31, 2011, 2010 and
2009</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Expressed in United States Dollars)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;Common
    stock</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;Additional<BR>
paid-in</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;Retained</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;Non-controlling</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;Total
    stockholders'&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">Shares</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">Dollars</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">capital</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">earnings</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">interest</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">equity</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 28%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">Balance as of December 31, 2008</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,275,000</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,275,000</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">225,659</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">4,878,512</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">14,628</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">6,393,799</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Net loss</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,259,169</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">18,704</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,240,465</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">Balance as of December 31, 2009</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,275,000</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,275,000</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">225,659</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">2,619,343</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">33,332</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">4,153,334</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">Net income</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">2,848,102</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,151</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">2,845,951</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Dividends declared</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,588,250</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,588,250</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">Balance as of December 31, 2010</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,275,000</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,275,000</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">225,659</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">2,879,195</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">31,181</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">4,411,035</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">Net income</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">1,926,597</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">29,769</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">1,956,366</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Dividends declared</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(532,313</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">(532,313</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">Balance as of December
    31, 2011</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,275,000</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,275,000</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">225,659</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">4,273,479</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">60,950</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">5,835,088</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OCEAN CONVERSION (BVI) LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Expressed in United States Dollars)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Cash flows from operating activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left">Net income (loss)</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,956,366</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">2,845,951</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(2,240,465</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Add (deduct) items not affecting cash</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 20pt">Depreciation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">787,502</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">774,555</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">820,030</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 20pt">Loss on disposal of fixed assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,121,775</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 20pt">(Increase) decrease in accounts receivable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(927,718</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,023,172</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,092,601</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 20pt">(Increase) decrease in inventory</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">45,554</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">371,406</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(143,263</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 20pt">(Increase) decrease in other assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">21,225</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">65,951</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(39,648</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 20pt">Increase (decrease) in accounts payable and other liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">66,742</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(857,564</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,860,541</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash provided by operating activities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,949,671</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,177,127</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,471,571</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Cash flows from investing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 20pt">Purchases of property, plant and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(23,545</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(257,514</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 20pt">Expenditures for construction in progress</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(677,092</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash (used in) investing activities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(23,545</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(934,606</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Cash flows from financing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 20pt">Profit sharing rights paid</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(138,712</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(822,150</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 20pt">Principal repayments of long term debt to affiliate</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,450,000</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,225,000</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(375,000</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 20pt">Dividends paid</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(449,063</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,588,250</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash (used in) in financing activities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,037,775</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,635,400</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(375,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Net increase (decrease) in cash and cash equivalents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(111,649</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,458,273</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,161,965</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Cash and cash equivalents at the beginning of the year</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">452,258</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,910,531</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">748,566</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents at the end of the year</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">340,609</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">452,258</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,910,531</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Interest paid in cash</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">39,616</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">245,879</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">82,578</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OCEAN CONVERSION (BVI) LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1. Principal activity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ocean Conversion (BVI) Ltd. (&ldquo;OC-BVI&rdquo;)
was incorporated in the British Virgin Islands under the Companies Act, Cap 285, on May 14, 1990 and is engaged in the production
and sale of potable water to the Government of the British Virgin Islands (the &ldquo;BVI government&rdquo;). OC-BVI has an agreement
with the BVI government, its sole customer, to produce and supply a guaranteed quantity and quality of potable water. This agreement
provides for specific penalties should OC-BVI not be able to provide the guaranteed quantity of water.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">JVD Ocean Desalination Ltd. (&ldquo;JVD&rdquo;),
a majority owned subsidiary of OC-BVI, was incorporated on January 2, 2003 and began producing potable water on the island of Jost
Van Dyke for the BVI government on July 10, 2003.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2. Accounting policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Basis of preparation:</B> The consolidated
financial statements presented are prepared in accordance with the accounting principles generally accepted in the United States
of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Basis of consolidation:</B> The consolidated
financial statements include the financial statements of Ocean Conversion (BVI) Ltd. and its majority owned subsidiary, JVD Ocean
Desalination Ltd. (collectively, the &ldquo;Company&rdquo;). All significant intercompany balances and transactions have been eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Use of estimates:</B> The preparation
of the consolidated financial statements in conformity with the accounting principles generally accepted in the United States of
America requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts
of revenues and expenses during the reporting period. Significant items subject to estimates and assumptions include the carrying
value of property, plant and equipment and inventory. Actual results could differ from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cash and cash equivalents:</B> Cash
and cash equivalents are comprised of demand deposits at banks and highly liquid deposits at banks with an original maturity of
three months or less. Cash and cash equivalents are not restricted as to withdrawal or use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Accounts receivable:</B> Accounts receivable
are recorded at the invoiced amounts based on meter readings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Interest income:</B> The Company earns
interest income on accounts receivable based on the overdue invoices from its customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Inventory:</B> Inventory primarily includes
replacement spares and parts that are valued at the lower of cost or net realizable value, with cost determined on the first-in,
first-out basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Impairment of long-lived assets:</B>
Assets such as property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison
of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying
amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying
amount exceeds the fair value of the asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Property, plant and equipment:</B> Property,
plant and equipment is stated at cost less accumulated depreciation. Depreciation is calculated using a straight line method with
an allowance for estimated residual values. Rates are determined based on the estimated useful lives of the assets as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; text-autospace: none; padding-right: 0; padding-left: 0">Plant and equipment</TD>
    <TD STYLE="width: 44%; text-autospace: none; padding-right: 0; padding-left: 0">4 to 40 years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; padding-right: 0; padding-left: 0">Office furniture, fixtures and equipment</TD>
    <TD STYLE="text-autospace: none; padding-right: 0; padding-left: 0">3 to 10 years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; padding-right: 0; padding-left: 0">Vehicles</TD>
    <TD STYLE="text-autospace: none; padding-right: 0; padding-left: 0">3 to 10 years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; padding-right: 0; padding-left: 0">Lab equipment</TD>
    <TD STYLE="text-autospace: none; padding-right: 0; padding-left: 0">3 to 10 years</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additions to property, plant and equipment
consist of the cost of the contracted services, direct labor and materials. Assets under construction are recorded as additions
to property, plant and equipment upon completion of the projects. Depreciation commences in the month of addition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Construction in progress:</B> The cost
of borrowed funds directly attributable to the acquisition and construction of qualifying assets, which are assets that necessarily
take a substantial period of time to be ready for their intended use, are added to the cost of those assets until such time as
the assets are substantially ready for use or sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Revenue from water sales:</B> OC-BVI
recognizes revenues from Bar Bay plant water sales at the time water is supplied to the BVI government&rsquo;s distribution system.
The amount of water supplied is determined based upon water meter readings performed at the end of each month. Under the terms
of its bulk water supply contracts, OC-BVI is entitled to charge its customers the greater of a minimum monthly charge or the price
for water supplied during the month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the dispute relating to the Baughers Bay plant (see Note 3) that resulted in on-going
uncertainty as to the amount and timing of payments by the BVI government for water supplied from this plant, effective January
1, 2008, OC-BVI changed its policy for recognizing revenues for water supplied from the Baughers Bay plant from the accrual to
the equivalent of the cash method. Subsequent to that date, OC-BVI recognized revenues for amounts billed to the BVI government
for water supplied from the Baughers Bay plant only when such amounts were paid by the BVI government. Revenues recognized in the
consolidated statements of operations relating to the Baughers Bay plant amounted to $1.0
million, $3.0 million and $1.6 million, for the years ended December 31, 2011, 2010 and 2009, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">&nbsp;</P>

<P STYLE="margin: 0; font-weight: bold">3. <B>Dispute with the BVI government</B>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2006, the Ministry of Communications
and Works of the Government of the British Virgin Islands (the &ldquo;Ministry&rdquo;) notified OC-BVI that it was asserting a
purported right of ownership of the Baughers Bay plant pursuant to the terms of the Water Supply Agreement between the parties
dated May 1990 (the &ldquo;1990 Agreement&rdquo;) and was inviting OC-BVI to submit a proposal for its continued involvement in
the production of water at the Baughers Bay plant in light of the Ministry&rsquo;s planned assumption of ownership. The Ministry
is OC-BVI&rsquo;s sole customer and substantially all of its revenues are generated from the Baughers Bay plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of the 1990
Agreement, upon the expiration of the initial seven year term in May 1999, the agreement would automatically be extended for
another seven year term unless the Ministry provided notice, at least eight months prior to such expiration, of its decision
to purchase the plant from OC-BVI for approximately $1.42 million. In correspondence between the parties from late 1998
through early 2000, the Ministry indicated that the BVI government was prepared to exercise the option to purchase the plant
but would be amenable to negotiating a new water supply agreement, and that it considered the 1990 Agreement to be in force
on a monthly basis until negotiations between the BVI government and OC-BVI were concluded. Occasional discussions were held
between the parties since 2000 without resolution of the matter. OC-BVI has continued to supply water to the Ministry and has
expended approximately $4.7 million to significantly expand the production capacity of the plant beyond that contemplated in
the 1990 Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Early in 2007 the Ministry unilaterally
took the position that until such time as a new agreement was reached on the ownership of the plant and the price for the water
produced by the plant, the Ministry would only pay that amount of OC-BVI&rsquo;s billings that the Ministry purported constituted
OC-BVI&rsquo;s costs of producing the water. OC-BVI responded to the Ministry that the amount the Ministry proposed to pay was
significantly less than OC-BVI&rsquo;s production costs. Payments made by the Ministry to OC-BVI since the Ministry&rsquo;s assumption
of this reduced price were sporadic. On November 15, 2007, OC-BVI issued a demand letter to the BVI government for approximately
$6.2 million representing amounts that OC-BVI claimed were due by the BVI government for water sold and delivered plus interest
and legal fees. In response to OC-BVI&rsquo;s demand for payment, the BVI government issued a letter dated November 19, 2007 that
reasserted its claim that ownership of the Baughers Bay plant has passed to the BVI government and rejected OC-BVI&rsquo;s claim
for payment. On November 22, 2007, OC-BVI&rsquo;s management was informed that the BVI government had filed a lawsuit with the
Eastern Caribbean Supreme Court (the &ldquo;Court&rdquo;) seeking ownership of the Baughers Bay plant. OC-BVI counterclaimed that
it was entitled to continued possession and operation of the Baughers Bay plant until the BVI government paid OC-BVI approximately
$4.7 million, which it believed represented the value of the Baughers Bay plant at its present expanded production capacity. OC-BVI
took the legal position that since the BVI government never paid the $1.42 million to purchase the Baughers Bay plant, the 1990
agreement terminated on May 31, 1999, which was eight months after the date that the Ministry provided written notice of its intention
to purchase the plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 4, 2008, OC-BVI filed a claim with
the Court, and on April 22, 2009 amended and increased this claim, seeking payment for water sold and delivered to the BVI government
through May 31, 2009 at the contract prices in effect before the BVI government asserted its purported right of ownership of the
plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Court held a three-day trial in July
2009 to address both the Baughers Bay ownership issue and OC-BVI&rsquo;s claim for payment of amounts owed for water sold and delivered
to the BVI government and on September 17, 2009, the Court issued a preliminary ruling with respect to this litigation.&nbsp;&nbsp;The
Court determined that the BVI government was entitled to immediate possession of the Baughers Bay plant and dismissed OC-BVI&rsquo;s
claim for compensation of approximately $4.7 million for of expenditures made to expand the production capacity of the plant.&nbsp;&nbsp;As
a result of this determination by the Court, OC-BVI recorded an impairment loss of approximately $2.1 million during the three
months ended September 30, 2009 for fixed assets associated with the Baughers Bay plant.&nbsp;&nbsp;However, the Court determined
that OC-BVI was entitled to full payment of water invoices issued up to December 20, 2007, which had been calculated under the
terms of the original 1990 Agreement, and ordered the BVI government to make an immediate interim payment of $5.0 million to OC-BVI
for amounts owed to OC-BVI.&nbsp;&nbsp;The Court deferred deciding the entire dispute between the parties until it could conduct
a hearing to determine the reasonable rate for water produced by OC-BVI for the period subsequent to December 20, 2007.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 28, 2009, the Court ordered
the BVI government to pay OC-BVI at the rate of $13.91 per thousand imperial gallons for water produced by OC-BVI subsequent to
December 20, 2007, which amounted to a total recovery for OC-BVI of $10.4 million.&nbsp;The BVI government made a payment of $2
million to OC-BVI under the Court order during the fourth quarter of 2009, a second payment of $2 million under the Court order
during July 2010 and a third payment under the Court order of $1 million in February 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 28, 2009, OC-BVI filed an appeal
with the Eastern Caribbean Court of Appeals (the &ldquo;Appellate Court&rdquo;) asking the Appellate Court to review the September
17, 2009 ruling by the Eastern Caribbean Supreme Court as it relates to OC-BVI&rsquo;s claim for compensation for expenditures
made to expand the production capacity of the Baughers Bay plant. On October 29, 2009, the BVI government filed an appeal with
the Appellate Court seeking the Appellate Court&rsquo;s review of the September 17, 2009 ruling of the Court that the BVI government
pay OC-BVI the reasonable rate for water produced by OC-BVI for the period subsequent to December 20, 2007.&nbsp;&nbsp;The BVI
government is requesting a ruling from the Appellate Court that the BVI government should only pay OC-BVI the actual cost of water
produced at the plant. In March 2011, the BVI government filed an application with the Appellate Court for a stay of execution
of the judgments of the Court in order to defer any further payments of amounts under the Court order until such time as the Appellate
Court rules on the appeal. On September 30, 2011, the Appellate Court conducted its hearing of the arguments of both parties under
their respective appeals.&nbsp; While the Company anticipated that the Appellate Court would issue its ruling on these appeals
by the end of 2011, no ruling has been issued to date. The Company has not been informed as to when to expect the Appellate Court
to issue its ruling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Appellate Court could ultimately overturn
the ruling of the Court requiring the BVI government to pay OC-BVI at the rate of $13.91 per thousand imperial gallons for water
previously supplied or reduce the amount payable to OC-BVI awarded by the Court.&nbsp;&nbsp;If either of these events occurs, OC-BVI
could be required to repay some or all of the funds paid by the BVI government pursuant to the award by the Court, and OC-BVI would
be required to record an expense for the amounts to be repaid. Such expense could have a material adverse impact on OC-BVI&rsquo;s&nbsp;results
of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>4. Inventory</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventory consists of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left">Consumables stock</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">18,331</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">27,044</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Spare parts stock</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">377,559</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">414,400</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Total inventory</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">395,890</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">441,444</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less current portion</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">283,637</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">354,853</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">Inventory (non-current)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">112,253</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">86,591</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>5. Property, plant and equipment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property, plant and equipment consists
of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font-size: 10pt">Buildings</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">3,587,639</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">3,587,639</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Plant and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,712,027</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,712,027</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Office furniture, fixtures and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">61,879</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">70,232</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Vehicles</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">71,328</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">48,700</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Tools &amp; test equipment</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">21,259</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">21,259</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,454,132</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,439,857</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Accumulated depreciation</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,652,040</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,873,808</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Property, plant and equipment, net</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">6,802,092</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">7,566,049</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the September 2009 determination
by the Eastern Caribbean Supreme Court that the BVI government was entitled to ownership and immediate possession of the Baughers
Bay plant (see Note 3). OC-BVI recorded an impairment loss in its cost of water sales of approximately $2.1 million during the
year ended December 31, 2009 for fixed assets associated with the Baughers Bay plant. Depreciation expense was $787,502, $774,555
and $820,030 for the years ended December 31, 2011, 2010 and 2009, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During 2007, OC-BVI completed, for a
total cost of approximately $8 million, the construction of a desalination plant with a capacity of 720,000 gallons per day
located at Bar Bay, Tortola (the &ldquo;Bar Bay plant&rdquo;). OC-BVI began selling water to the Ministry from this plant in
January 2009 and on March 4, 2010, OC-BVI and the BVI government executed a definitive seven-year contract for the Bar Bay
plant (the &ldquo;Bar Bay Agreement&rdquo;). Under the terms of the Bar Bay Agreement, OC-BVI delivers up to 600,000 U.S.
gallons of water per day to the BVI government from the Bar Bay plant and the BVI government is obligated to pay for this
water at a specified price as adjusted by a monthly energy factor. The Bar Bay Agreement includes a seven-year extension
option exercisable by the BVI government and required OC-BVI to complete a storage reservoir on the BVI government site by no
later than March 4, 2011. OC-BVI has not commenced construction of this storage reservoir due to the BVI government&rsquo;s
failure to pay (i) the invoices for the water provided by the Bar Bay plant on a timely basis; and (ii) the full amount
ordered pursuant to a court ruling relating to the Baughers Bay dispute (see discussion that follows).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>6. Long term debt</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-right: 0; padding-left: 0">Loan payable to Consolidated Water Co. Ltd., bearing interest at three month LIBOR plus 7.5% (7.80% as of December 31, 2010) per annum, with interest calculated daily and payable quarterly. The loan is payable in two principal payments of $550,000 on February 28, and May 31, 2011 and a payment of $350,000 on August 31, 2011, plus quarterly payments of accrued interest. <BR></TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,450,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-left: 0">Total long term debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,450,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-right: 0; padding-left: 0">Less current portion</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,450,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; padding-right: 0; padding-left: 0">Long term debt, excluding current portion</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consolidated Water Co. Ltd. (&ldquo;CWCO&rdquo;),
a Cayman Islands company that owns 50% of the OC-BVI&rsquo;s voting shares, provided OC-BVI with a $3 million loan to fund part
of the construction costs for the Bar Bay plant. Principal on this loan was payable in quarterly installments of $125,000 with
a final balloon payment due on August 31, 2009 and interest on the loan was due quarterly at the rate of LIBOR plus 3.5%. In August
2009, CWCO amended the terms of this loan with OC-BVI, increasing its balance to $2.8 million by converting $800,000 in trade receivables
due to the CWCO from OC-BVI. Under the terms of this amendment, the interest rate on the loan was increased to LIBOR plus 5.5%
and the maturity date for the amended final balloon payment of $1,550,000 was extended to August 31, 2011. CWCO and OC-BVI further
amended this loan in January 2010 to increase the interest rate to LIBOR plus 7.5%. This loan was fully repaid in August 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>7. Commitments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, in 2005 OC-BVI entered into
a twenty-five year lease agreement with Bar Bay Estate Holdings Limited (&ldquo;Bar Bay Holdings&rdquo;), a private company incorporated
in the Territory of the British Virgin Islands, pursuant to which OC-BVI agreed to lease from Bar Bay Holdings approximately 50,000
square feet of land on Tortola, British Virgin Islands on which a seawater desalination plant and wells was constructed. Under
the terms of the lease agreement, a lease premium payment of $750,000 was made on June 10, 2005, annual lease and easement payments
of $17,662 ($15,020 through May 2010)&nbsp;are due annually and royalty payments of 2.87% of annual sales, as defined in the lease
agreement, are payable quarterly. Sage Water Holdings (BVI) Limited currently owns 100% of the non-voting stock, 50% of the voting
common stock and 50% of the profit sharing rights of OC-BVI. A Director of Sage Water Holdings is also a Director of OC-BVI and
holds 50% of the outstanding shares of Bar Bay Holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Future minimum lease payments under non-cancelable
operating leases as of December 31, 2011 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 86%; font-size: 10pt; text-align: left">2012</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">17,662</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">2013</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17,662</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">2014</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17,662</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">2015</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17,662</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">2016</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17,662</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Thereafter</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">247,268</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 2.5pt double">335,578</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total rental expense amounted to $54,627
for the year ended December 31, 2011, and $63,655 for each of the years ended December 31, 2010 and 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>8. Expenses</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">Cost of water sales consist of the following:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left">Fuel oil</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">79,089</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">51,240</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">104,031</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">Electricity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">982,025</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">773,097</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,126,281</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Maintenance</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">66,279</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">372,180</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">358,516</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">Depreciation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">787,334</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">774,387</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">819,352</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Employee&nbsp; costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">206,306</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">433,419</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">609,364</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">Insurance</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">66,268</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">86,784</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">136,025</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Impairment loss on fixed assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,121,775</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Other</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">283,929</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">373,085</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">602,979</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,471,230</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,864,192</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">6,878,323</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;General and administrative expenses consist of the following:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;Management fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">367,593</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">887,523</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">389,978</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;Directors fees and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">48,750</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">165,216</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">27,472</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;Professional fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,900</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">47,969</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">219,103</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;Employee costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">59,253</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">61,483</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">45,976</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;Maintenance costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">778</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,598</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;Depreciation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">168</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">168</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">678</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;Other</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">126,158</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">255,334</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">217,125</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">620,822</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,418,471</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">902,930</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>9. Related party transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to an amended and restated Management
Services Agreement dated December 1, 2003 between DesalCo Limited. (a wholly-owned subsidiary of CWCO) and the Company, DesalCo
Limited provides the Company with management, administration, finance, operations, maintenance, engineering and purchasing services,
and is entitled to be reimbursed for all reasonable expenses incurred on behalf of the Company. The Company incurred fees of $317,506,
$656,738, and $324,148 related to this management services agreement for the years ended December 31, 2011, 2010 and 2009, respectively,
and as of December 31, 2011 had accounts payable of $140,864 (2010: $124,507) due to DesalCo Limited for fees and expenses paid
by DesalCo Limited on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to a Management Services Memorandum
effected January 1, 2004 between the Class B Directors who at any point in time represent Sage Water Holdings (BVI) Limited, and
the Company, the Class B directors provide the Company with delegated operational matters, general management of local business
matters, donation, sponsorship and public relations activities, and are entitled to an annual fixed fee of $60,000 and a profit
sharing bonus equal to 2% of the Company&rsquo;s income before depreciation, interest (income and expense), and other expenses
not directly related to the operation of the Company. The Company incurred fees of $50,087, $230,785, and $65,830 related to this
management services memorandum for the years ended December 31, 2011, 2010 and 2009, respectively and as of December 31, 2011 had
accounts payable of $4,234 (2010: $10,489) due to Sage Water Holdings (BVI) Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, the Company had
accounts payable of $3,526 (2010: $23,809) related to the reimbursement of expenses paid by CWCO, Aquilex, Inc. and DesalCo Limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10. Profit sharing obligation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left">&nbsp;Opening balance</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">2,387,606</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">3,209,756</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;Distributions paid and accrued</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(169,087</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(822,150</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;Ending balance</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,218,519</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,387,606</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 1993, the Company and its existing shareholders
at that time, entered into two Share Repurchase and Profit Sharing Agreements (the &ldquo;Agreements&rdquo;) to repurchase 225,000
shares each from those shareholders (the &ldquo;Parties&rdquo;), whose shares were issued in exchange for guarantees of the Company&rsquo;s
long term debt. The Agreements were subsequently approved by special resolution at an Extraordinary Meeting of all the Company&rsquo;s
shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of the Agreements, the
Company, in exchange for the above-mentioned shares, granted the Parties, profit sharing rights in the Company&rsquo;s profits
for as long as the Company remains in business as a going concern. The Agreement states that where the Company has profits available
for the payment of dividends and pays a dividend from there, a distribution shall be made to each of the Parties equal to 202,500
(2010: 202,500) times the dividend per share received by the remaining shareholders and paid concurrently with such dividend. The
factor of 202,500 (2010: 202,500) shall be subject to amendment by the same proportion and at the same time as changes take place
or adjustments are made in respect of the remaining shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The current shareholders and an affiliate
of a current shareholder have acquired these profit sharing rights. The Company has recorded an obligation as of December 31, 2011
for the maximum profit shares payable to the Parties if all retained earnings were to be distributed as dividends and profit shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>11. Taxation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of the water sale agreements
with the Government, the Company is exempt from all non-employee taxation in the British Virgin Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12. Pension plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective December 1, 2003, the Company
established the MWM Global Retirement Plan (the &ldquo;Plan&rdquo;). The Plan is a defined contribution plan whereby the Company
contributes 5% of each participating employee&rsquo;s salary to the Plan. The total amount recognized as an expense under the plan
during the year ended December 31, 2011 was $12,895 (2010: $11,142 and 2009: $16,171).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>13. Financial instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Credit risk:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets that potentially subject
the Company to concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable and intercompany
loans receivable. The Company&rsquo;s cash is placed with high credit quality financial institutions. The accounts receivable are
due from the Company&rsquo;s sole customer, the BVI government. As a result, the Company is subject to credit risk to the extent
of any non-performance by the BVI government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Interest rate risk:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The interest rates and terms of the Company&rsquo;s
loan is presented in Note 6 of these consolidated financial statements. The Company is subject to interest rate risk to the extent
that the LIBOR rate may fluctuate. The loan was repaid as of December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Fair values:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011 and 2010, the carrying
amounts of cash and cash equivalents, accounts receivable, prepaid expenses and other assets, accounts payable and accrued liabilities
approximate fair values due to the short term maturities of these assets and liabilities. Management considers that the carrying
amount for long term debt approximates fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>14. Subsequent events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has evaluated subsequent events
for potential recording or disclosure in these consolidated financial statements through the date the financial statements were
issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 9. CHANGES IN AND DISAGREEMENTS
WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 9A. CONTROLS AND PROCEDURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Disclosure Controls and Procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Disclosure controls and procedures are
the Company&rsquo;s controls and other procedures that are designed to ensure that information required to be disclosed by us in
the reports that we file or submit under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) is recorded,
processed, summarized and reported within the time periods specified in the SEC&rsquo;s rules and forms. Disclosure controls and
procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by
us in the reports that we file under the Exchange Act is accumulated and communicated to our management, including our principal
executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. Our
management recognizes that any controls and procedures, no matter how well designed and operated, can only provide reasonable assurance
of achieving their objectives and management necessarily applies its judgment in evaluating the possible controls and procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management has evaluated, with the
participation of our principal executive officer and principal financial officer, the effectiveness of our disclosure controls
and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered
by this report. Based upon that evaluation, our management, including our principal executive officer and principal financial officer,
has concluded that, as of the end of the period covered by this report, the company&rsquo;s disclosure controls and procedures
were effective at the reasonable assurance level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Internal Control Over Financial Reporting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-autospace: none">(a)</TD>
    <TD STYLE="width: 95%; text-autospace: none; text-align: justify">Management&rsquo;s Annual Report on Internal Control Over Financial Reporting</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MANAGEMENT&rsquo;S REPORT ON INTERNAL
CONTROL OVER FINANCIAL REPORTING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Company management is responsible for establishing
and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed
by, or under the supervision of, our principal executive and principal financial officers and effected by the company&rsquo;s Board
of Directors, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes
those policies and procedures that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="width: 91%; text-autospace: none; text-align: justify">pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&bull;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company&rsquo;s assets that could have a material effect on the financial statements.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future
periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management assessed the effectiveness of
the Company&rsquo;s internal control over financial reporting as of December 31, 2011. In making this assessment, management used
the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in<I> Internal Control-Integrated
Framework</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on our assessment, management has
concluded that, as of December 31, 2011, the Company&rsquo;s internal control over financial reporting was effective at the reasonable
assurance level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s independent registered
public accounting firm, Marcum LLP, has issued a report on the effectiveness of the Company&rsquo;s internal control over financial
reporting. Their report appears in Item 8. Financial Statements and Supplementary Data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Attestation Report of the Independent
Registered Public Accounting Firm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See Item 8. Financial Statements and Supplementary
Data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) Changes in Internal Control Over Financial
Reporting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were no changes in the Company&rsquo;s
internal control over financial reporting identified in connection with the evaluation of such internal control that occurred during
the Company&rsquo;s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company&rsquo;s
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART III</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 10.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DIRECTORS,
EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our Directors and Executive Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table lists information concerning
our executive officers and directors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 41%; border-bottom: windowtext 1pt solid; padding-right: 0; padding-left: 0; text-autospace: none; font-weight: bold">Name</TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: windowtext 1pt solid; padding-right: 0; padding-left: 0; text-autospace: none; font-weight: bold; text-align: center">Age</TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 48%; border-bottom: windowtext 1pt solid; padding-right: 0; padding-left: 0; text-autospace: none; font-weight: bold; text-align: center">Position</TD></TR>
<TR STYLE="background-color: #C0FFC0">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Wilmer&nbsp;F.&nbsp;Pergande&nbsp;*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: center">72</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Director,&nbsp;Chairman&nbsp;of&nbsp;the&nbsp;Board&nbsp;of&nbsp;Directors</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Frederick&nbsp;W.&nbsp;McTaggart</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: center">49</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Director,&nbsp;President,&nbsp;Chief&nbsp;Executive&nbsp;Officer</TD></TR>
<TR STYLE="background-color: #C0FFC0">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">David&nbsp;W.&nbsp;Sasnett</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: center">55</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Director,&nbsp;Executive&nbsp;Vice&nbsp;President&nbsp;&amp;&nbsp;Chief&nbsp;Financial&nbsp;Officer</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">John Tonner</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: center">50</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Vice President and Chief Operating Officer</TD></TR>
<TR STYLE="background-color: #C0FFC0">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Ramjeet&nbsp;Jerrybandan</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: center">44</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Vice&nbsp;President&nbsp;of&nbsp;Overseas&nbsp;Operations</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Gregory&nbsp;S.&nbsp;McTaggart</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: center">48</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Vice&nbsp;President&nbsp;of&nbsp;Cayman&nbsp;Operations</TD></TR>
<TR STYLE="background-color: #C0FFC0">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Gerard&nbsp;J.&nbsp;Pereira</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: center">41</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Vice&nbsp;President&nbsp;of&nbsp;Product Technology&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Brent Brodie</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: center">49</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Vice&nbsp;President&nbsp;of&nbsp;Sales and Marketing</TD></TR>
<TR STYLE="background-color: #C0FFC0">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Douglas R. Vizzini</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: center">44</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Vice&nbsp;President&nbsp;of&nbsp;Finance</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Robert&nbsp;B.&nbsp;Morrison</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: center">58</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Vice&nbsp;President&nbsp;of&nbsp;Procurement and Logistics&nbsp;</TD></TR>
<TR STYLE="background-color: #C0FFC0">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Brian&nbsp;E.&nbsp;Butler&nbsp;*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: center">62</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Director</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Carson&nbsp;K.&nbsp;Ebanks&nbsp;*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: center">56</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Director</TD></TR>
<TR STYLE="background-color: #C0FFC0">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Richard&nbsp;L.&nbsp;Finlay&nbsp;*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: center">53</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Director</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Clarence&nbsp;B.&nbsp;Flowers,&nbsp;Jr.&nbsp;*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: center">56</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Director</TD></TR>
<TR STYLE="background-color: #C0FFC0">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Leonard&nbsp;J.&nbsp;Sokolow *</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: center">55</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Director</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Raymond&nbsp;Whittaker&nbsp;*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: center">58</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">___________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-autospace: none; text-align: justify">*</TD>
    <TD STYLE="width: 94%; text-autospace: none; text-align: justify">The Board of Directors has determined that each of such persons is an &ldquo;independent director&rdquo; under the corporate governance rules of The NASDAQ Stock Market LLC (&ldquo;NASDAQ&rdquo;).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Wilmer F. Pergande</B> has been a director
of our Company since 1978 and Chairman since November 2009. He has more than 45 years of management and engineering experience
in the desalinization industry.&nbsp;&nbsp;Mr. Pergande is the principal of WF Pergande Consulting LLC currently providing consulting
engineering services in the areas of chemical separations, desalination and fluid dynamics technologies. He retired in 2006 as
the Global Leader for Desalination and Process Equipment for GE Infrastructure, Water and Process Technologies, a water desalination
and treatment division of GE, which position he held since 2002. From 1995 to 2001, Mr. Pergande held the position of Vice-President
of Business Development &amp; Special Projects, and CEO of their desalinization business subsidiary, of Osmonics, Inc., a publicly-traded
water treatment and purification company, until its acquisition by General Electric Co. Before joining Osmonics, Mr. Pergande was
the Chief Executive Officer of Licon International, Inc., a publicly traded manufacturer of chemical separation and processing
equipment from 1992 to 1995. Previously, Mr. Pergande was the President of Mechanical Equipment Company, Inc. from 1978 to 1992,
and held managerial, executive and engineering positions from 1964 to 1977 with AquaChem Inc., both companies being manufacturers
of seawater desalination equipment. He has been a Director of the International Desalination Association for three terms and also
served as its Treasurer and Secretary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Pergande was selected to serve as a
member of our Board of Directors because of his management and engineering experience in the desalinization industry, and for his
organizational, sales and marketing skills.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Frederick W. McTaggart</B> has been
a director of our Company since 1998, President since October 2000 and Chief Executive Officer since January 1, 2004. Mr. McTaggart
served as Chief Financial Officer of the Company from February 2001 to January 1, 2004.&nbsp;&nbsp;From April 1994 to October 2000,
Mr. McTaggart was the Managing Director of the Water Authority-Cayman, the government-owned water utility serving certain areas
of the Cayman Islands. From March 1987 to April 1994 he held the positions of Deputy Director and Operations Engineer with the
Water Authority-Cayman. He received his B.S. degree in Building Construction from the Georgia Institute of Technology in 1985.
Mr. McTaggart is the brother of Mr. Gregory S. McTaggart, the Vice President of Cayman Operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. McTaggart was selected to serve as
a member of our Board of Directors because of his technical and managerial experience in the water industry, and his experience
as the principal executive officer of the Water Authority-Cayman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David W. Sasnett</B> has served as a
director of our Company since December 2004 and in June 2006 became our Executive Vice President and Chief Financial Officer. In
2005 and 2006 Mr. Sasnett was the Chief Financial Officer of VoIP, Inc., a publicly-traded provider of communication services utilizing
voice over internet protocol technology. During 2004, he was the Vice President of Finance and Controller for MasTec, Inc., a specialty
contractor and infrastructure provider traded on the New York Stock Exchange. Mr. Sasnett was the Chief Financial Officer of Catalina
Lighting, Inc., a publicly-traded manufacturer and distributor of residential lighting and other consumer products from 1996 to
2002. Mr. Sasnett&rsquo;s experience also encompasses more than 12 years with the auditing and consulting firm of Deloitte &amp;
Touch&eacute;, LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Sasnett was selected to serve as a
member of our Board of Directors because of his accounting, auditing and consulting background and his experience as principal
financial officer of several publicly-traded entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>John Tonner</B> became our Chief Operating
Officer in September 2011 and was appointed a Vice President of the Company on February 21, 2012. He is the former President and
a partner in Water Consultants International, a leading desalination consulting firm. Mr. Tonner began working in the desalination
and water treatment industry in 1985, and worked for Cayman Water from 1986 until 1990 where he was responsible for our Company's
first seawater reverse osmosis plant. He has broad practical and engineering experience involving all commercially viable desalination
processes. Mr. Tonner has published approximately 20 technical papers and lectured extensively on all aspects of desalination technology.
He has more than 20 years of experience with reverse osmosis and membrane technology, including reverse osmosis energy recovery
techniques. Mr. Tonner has provided due diligence oversight services for the largest desalination projects in Asia, Australia and
the Middle East. Mr. Tonner holds an honors degree in Mechanical Engineering from the University of Paisley in Scotland<FONT STYLE="color: #666666">.
</FONT>He has been a member of the International Desalination Association since the late 1980s, serving on the Board of Directors
from 1999 until 2004. He was a member of the World Health Organization (WHO) Desalination Technical Committee and served on the
U.S. National Academy of Science's Research Committee for Advancing Desalination Technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Ramjeet Jerrybandan</B> joined our Company
in 1998 as the Operations Engineer in Grand Cayman. He was promoted to Operations Manager (Cayman) in 2005 and became our Vice
President of Overseas Operations in May 2006. He obtained his Bachelor of Science degree in Industrial Engineering and his Master
of Science degree in Engineering Management at the University of the West Indies. Mr. Jerrybandan holds an Advanced Diploma in
Business Administration from the Association of Business Executives of London. He also has extensive training in the Information
Technology field including industrial automation systems.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Gregory S. McTaggart</B> is our Vice
President of Cayman Operations. Mr. McTaggart joined our Company in January 1991 as our resident engineer and has served in his
current capacity since 1994. For three years before joining us, Mr. McTaggart worked for the Caribbean Utilities Company, the electrical
utility on Grand Cayman, as a mechanical engineer. Mr. McTaggart obtained his Bachelor of Mechanical Engineering from the Georgia
Institute of Technology in 1986. Mr. McTaggart is the brother of Frederick W. McTaggart, who is the President, Chief Executive
Officer and a director of our Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Gerard J. Pereira</B> was appointed
Vice President of Product Technology in September 2010. Mr. Pereira obtained his Bachelor of Science and Master of Science in Chemical
Engineering from the University of Waterloo, Ontario, Canada and joined Ocean Conversion (Cayman) Limited as Operations Engineer
in 1995. He was promoted to Operations Manager of Ocean Conversion (Cayman) Limited in 1998, which post he held until our acquisition
of that company. In March 2003, Mr. Pereira was promoted to Vice President of Engineering, retaining this post until his acceptance
in 2008 of the Vice President of Sales &amp; Marketing position and subsequently his current position of Vice President of Product
Technology in 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brent Brodie</B> was appointed Director
of Sales and Marketing in September 2010 and was promoted to Vice President of Sales and Marketing in 2012. Mr. Brodie's experience
includes twelve years serving in a variety of positions with GE Water and Process Technologies, most recently as Capital Equipment
Sales Manager for the Caribbean region. Mr. Brodie was responsible for the management of multiple market channels, including Direct
Sales, Indirect Distribution, Sales Representatives, Joint Ventures and OEMs. Mr. Brodie received his Bachelor of Science in Chemical
Engineering from the University of Minnesota and his Master of Business Administration (Marketing Emphasis) from the University
of Michigan, Ann Arbor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Douglas R. Vizzini</B> joined our company
in 2007 as the Corporate Controller and was promoted to Vice President of Finance in 2012. Mr. Vizzini has over 20 years of experience
including more than 8 years with the accounting firm of Deloitte &amp; Touch&eacute;, LLP and 12 years as the Corporate Controller
for various public companies. Mr. Vizzini obtained a Bachelor of Accounting and Master of Science in Taxation from Florida International
University and is a Florida CPA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Robert B. Morrison</B> was appointed
Vice President of Procurement and Logistics in November 2010. Mr. Morrison holds the designation &quot;Certified Supply Chain Management
Professional&quot;&nbsp;and has more than twenty-five years of experience in the purchasing and logistics field. He joined DesalCo
Limited as Purchasing Manager in June of 1996 and held this post until our acquisition of that company in 2003. In March 2003,
Mr. Morrison was promoted to Vice President of Purchasing and Information Technology, retaining this post until his acceptance
of his current position in 2010. Prior to joining DesalCo Ltd., Mr. Morrison was principal Purchasing Officer for the Ministry
of Works &amp; Engineering of the Bermuda government and Purchasing Manager for American-Standard in Toronto, Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian E. Butler</B> has been a director
of our Company since 1983. Mr. Butler, a full time resident of the Cayman Islands, has been the president since 1977 of a consortium
of property development companies presented under the Butler name specializing in luxury resort projects in the Cayman Islands,
Turks and Caicos Islands and British Columbia, Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Butler was selected to serve as a member
of our Board of Directors because of his over 40 years experience as a property developer, 34 of those in the Caribbean and his
knowledge of and business connections on the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Carson K. Ebanks</B> became the Cayman
Islands government nominated director of our Company in May of 2001. Mr. Ebanks was the Director of Planning for the Cayman Islands
from 1991 - 1997. Since 1997, he served the Cayman Islands Government as a Chief Officer and, when he retired in November 2011,
he was Chief Officer for the Ministry of Finance, Tourism and Development. Mr. Ebanks is a Justice of the Peace, a Fellow of the
Royal Geographic Society and a member of the American Planning Association and a member of the Most Excellent Order of the British
Empire. He holds a Bachelor of Environmental Studies (Hons. Urban and Regional Planning - Peace and Conflict Studies Minor) from
the University of Waterloo and a Master of Arts - Planning in Community and Regional Planning from the University of British Columbia.
He is a trustee of the National Gallery of the Cayman Islands and is the Secretary General of the Cayman Islands Olympic Committee.
Mr. Ebanks has served on the Boards of the Trustees for the Cayman Islands Museum, the Cayman Islands Civil Service Co-operative
Credit Union, the Housing Development Corporation, the Water Authority-Cayman and the National Roads Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Ebanks, who was nominated to serve
on our Board of Directors by the Cayman Islands government, was selected to serve as a member of our Board of Directors because
of his knowledge of government affairs, connections within the Cayman Islands government and his experience in the water industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Richard L. Finlay</B> has served as
a director of our Company since 1995. Mr. Finlay is an attorney and notary public and has practiced law in the Cayman Islands since
1992. Prior to that, Mr. Finlay served as Director of Legal Studies of the Cayman Islands Government from 1989 to 1992.&nbsp;&nbsp;From
1983 to 1989, Mr. Finlay was a partner with a Canadian law firm located in Regina, Canada. Mr. Finlay has served as the Cayman
Islands&rsquo; representative to the International Company and Commercial Law Review and is a former editor of the Cayman Islands
Law Bulletin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Finlay was selected to serve as a member
of our Board of Directors because of his knowledge of our Company and experience as a corporate lawyer, practicing in the Cayman
Islands and abroad.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clarence B. Flowers, Jr.</B> has been
a director of our Company since 1991. Mr. Flowers is, and has been since 1985, the principal of Orchid Development Company, a real
estate developer in the Cayman Islands. Mr. Flowers also serves as a director of C.L. Flowers &amp; Sons, which is the largest manufacturer
of wall systems in the Cayman Islands, and Cayman National Bank, a retail bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Flowers was selected to serve as a
member of our Board of Directors because of his over 40 years of experience in the construction industry as a real estate developer
in the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Leonard J. Sokolow</B> became a director
of our Company on June 1, 2006. From November 1999 until January 2007, Mr. Sokolow was CEO and President, and a member of the Board
of Directors of vFinance, Inc., a publicly-traded financial services company, which he co-founded. From January 2007 until July
2008, Mr. Sokolow was the Chairman of the Board of Directors and CEO of vFinance, Inc. until it merged into National Holdings Corporation,
a publicly traded financial services company. Since July 2008, Mr. Sokolow has been Vice-Chairman of the Board of Directors and
President of National Holdings Corporation. Mr. Sokolow was Founder, Chairman and Chief Executive Officer of the Americas Growth
Fund, Inc., a closed-end 1940 Act management investment company, from 1994 to 1998. From 1988 until 1993, Mr. Sokolow was EVP and
General Counsel of Applica, Inc., a publicly-traded appliance marketing and distribution company. From 1982 until 1988, Mr. Sokolow
practiced corporate, securities and tax law and was one of the founding attorneys and a partner of an international boutique law
firm. From 1980 until 1982, he worked as a CPA for Ernst &amp; Young and KPMG Peat Marwick. <FONT STYLE="color: black">Chairman
of the audit committee of National Holdings Corporation since July 2008, Director of Alberta Oilsands Inc. (TSX-V: AOS) and Chairman
of its audit committee, since April 2010.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Sokolow was selected to serve as a
member of our Board of Directors because of his experience as a director, principal executive officer, his legal, accounting, auditing
and consulting background and his qualification as our &ldquo;audit committee financial expert.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Raymond Whittaker</B> has served as
a director of our Company since 1988. Mr. Whittaker was the Managing Director of TransOcean Bank &amp; Trust, Ltd., a bank and
trust company located in the Cayman Islands and a subsidiary of Johnson International, Inc., a bank holding company located in
Racine, Wisconsin from 1984 to December 2000. He is now the principal of his own company and management firm, FCM Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Whittaker was selected to serve as
a member of our Board of Directors because of his management, financial and banking experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Composition of the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors is organized into
three groups. Each group holds office for a three-year period and re-election of the Board members is staggered so that all of
the Board members are not subject to re-election in any given year. The groups are currently organized alphabetically as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 32%; vertical-align: bottom; border-bottom: black 1.5pt solid; text-autospace: none; font-weight: bold; text-align: center">Group 1</TD>
    <TD STYLE="width: 2%; vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 32%; vertical-align: bottom; border-bottom: black 1.5pt solid; text-autospace: none; font-weight: bold; text-align: center">Group 2</TD>
    <TD STYLE="width: 2%; vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 32%; vertical-align: bottom; border-bottom: black 1.5pt solid; text-autospace: none; font-weight: bold; text-align: center">Group 3</TD></TR>
<TR STYLE="vertical-align: top; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Brian&nbsp;E.&nbsp;Butler&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Carson&nbsp;K.&nbsp;Ebanks&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Wilmer&nbsp;F.&nbsp;Pergande</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Richard&nbsp;L.&nbsp;Finlay&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Raymond&nbsp;Whittaker</TD></TR>
<TR STYLE="vertical-align: top; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Clarence&nbsp;B.&nbsp;Flowers,&nbsp;Jr.&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">David&nbsp;W.&nbsp;Sasnett</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Frederick&nbsp;W.&nbsp;McTaggart&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Leonard&nbsp;J.&nbsp;Sokolow</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The directors of Group 2 were re-elected
at our annual shareholders&rsquo; meeting in 2011. The directors in Group 3 will be eligible for re-election in 2012, Group 1 in
2013 and then Group 2 again in 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under our exclusive retail license in the
Cayman Islands, which was transferred to our wholly-owned subsidiary, Cayman Water Company Limited in July 2003, the Cayman Islands
government may nominate three persons to serve on the Board of Directors of the license holder. We must cause one of the persons
nominated by the government to be elected as a director. In May 2001, when the license was held by our parent company, Carson K.
Ebanks was elected as the government&rsquo;s nominee and was elected to our Board. The Government has not yet nominated their director
for Cayman Water Company Limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Board Leadership Structure and Risk
Oversight</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. McTaggart currently serves as our principal
executive officer and Mr. Pergande, an independent director, currently serves as the Chairman of the Board of Directors. The Board
of Directors has determined that having an independent director serve as Chairman of the Board of Directors is consistent with
corporate governance best practices and is in the best interest of shareholders at this time.&nbsp;&nbsp;The structure ensures
a greater role for the independent directors in the oversight of the Company and active participation of the independent directors
in setting agendas and establishing priorities and procedures for the work of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors is engaged in the
oversight of risk through regular updates from Mr. McTaggart, in his role as our Chief Executive Officer, and other members of
our management team, regarding those risks confronting us, the actions and strategies necessary to mitigate those risks and the
status and effectiveness of those actions and strategies. The updates are provided at regularly scheduled Board of Directors and
Committee meetings as well as through more frequent informal meetings that include the Chairman of the Board of Directors, our
Board of Directors, our Chief Executive Officer, our Chief Financial Officer and other members of our management team. The Board
of Directors provides insight into the issues, based on the experience of its members, and provides constructive challenges to
management&rsquo;s assumptions and assertions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Governance of the Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Company&rsquo;s Memorandum
of Association, Articles of Association and Cayman Islands law, the Company&rsquo;s business, property and affairs are managed
under the direction of the Board of Directors. Members of the Board of Directors are kept informed of the Company&rsquo;s business
through discussions with the Chief Executive Officer and other senior officers, by reviewing materials provided to them and by
participating in meetings of the Board of Directors and its committees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company schedules meetings of the Board
of Directors quarterly, in conjunction with its Annual General Meeting, and as necessary throughout the year. The Company expects
that all Directors will attend each meeting, absent a valid reason, such as a scheduled conflict. The Board of Directors held 6
meetings during 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each director&nbsp;attended at least 75%
of the aggregate of: (i) the total number of meetings of the Board of Directors held during 2011, and (ii) the total number of
meetings held by all committees of the Board of Directors on which he served during 2011.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If, in the future, the Board of Directors
amends the Code of Business Conduct and Ethics or grants a waiver to our principal executive officer, principal financial officer
or principal accounting officer with respect to the Code of Business Conduct and Ethics, the Company will post the amendment or
a description of the waiver on the &ldquo;Investors - Governance&rdquo; section of the Company&rsquo;s website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Committees of the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors has the following
four committees: (1) Executive, (2) Compensation, (3) Audit and (4) Nominations and Corporate Governance. Except for the Executive
Committee, the Board of Directors has adopted a written charter for each of the other committees. Such charters are posted on the
&ldquo;Investors - Governance&rdquo; section of the Company&rsquo;s website: <U>http://www.cwco.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Executive Committee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Executive Committee is comprised of
Messrs. Frederick McTaggart, Finlay, Flowers, Pergande and Whittaker. The Executive Committee did not meet during 2011. The functions
of the Executive Committee include meeting to ensure that any matters which must be dealt with before the next Board of Directors
meeting are addressed in a timely matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Compensation Committee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee during 2011
was comprised of Messrs. Finlay, Flowers, and Whittaker. Mr. Ebanks joined the Compensation Committee in 2012. The Compensation
Committee met four<B> </B>times during 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee is responsible
for reviewing and approving the executive compensation program for the Company and its subsidiaries, assessing executive performance,
making grants of salary and annual incentive compensation, approving certain employment agreements and reviewing and consulting
with the Company&rsquo;s management regarding the Compensation Discussion and Analysis that is included in the Company&rsquo;s
Annual Report on Form 10-K and the Company&rsquo;s proxy statement for each annual meeting. The Board of Directors has adopted
a written charter for the Compensation Committee. The Board of Directors has determined that all members of the Compensation Committee
are &ldquo;independent directors,&rdquo; as such term is defined under the applicable rules of NASDAQ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Audit Committee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors has an Audit Committee
which is comprised of Messrs. Sokolow, Pergande and Whittaker.&nbsp;The Audit Committee met six times during 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Audit Committee assists the Board of
Directors in monitoring the financial reporting process, the internal control structure and the independence and performance of
the internal audit controls and functions and the independent public accountants. Its primary duties are to serve as an independent
and objective party to monitor the Company&rsquo;s financial process and internal control system, to review and appraise the audit
effort of the Company&rsquo;s independent accountants and to provide an open avenue of communications among the independent accountants,
financial consultants, financial and senior management and the Board of Directors. The Board of Directors has adopted a written
charter for the Audit Committee and the Audit Committee reviews and reassesses the adequacy of its charter on an annual basis.
During the year, the Board of Directors examined the composition of the Audit Committee in light of NASDAQ&rsquo;s corporate governance
rules and the regulations promulgated by the Securities and Exchange Commission (&ldquo;SEC&rdquo;) applicable to audit committees.
Based upon this examination, the Board of Directors has determined that all members of the Audit Committee are &ldquo;independent
directors&rdquo; within the meaning of applicable rules and regulations of NASDAQ and the SEC. The Board of Directors has also
determined that Mr. Sokolow qualifies as an &ldquo;audit committee financial expert&rdquo; as defined under applicable rules and
regulations of NASDAQ and the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Nominations and Corporate Governance
Committee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors has a Nominations
and Corporate Governance Committee, which is comprised of Messrs. Sokolow, Butler and Pergande.&nbsp;The Nominations and Corporate
Governance Committee met four times during 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Nominations and Corporate Governance
Committee in 2011 finalized revisions to its existing charter to be now named &ldquo;Nominations and Corporate Governance Committee
Charter&rdquo; and the Board of Directors approved such on August 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Nominations and Corporate Governance
Committee in early 2011 finalized the &ldquo;Consolidated Water Co. Ltd. Corporate Governance Guidelines&rdquo; to assist the Board
in the proper exercise of its responsibilities. The Board of Directors approved such on August 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Nominations and Corporate Governance
Committee makes recommendations to the Board of Directors regarding the size and composition of the Board of Directors, establishes
procedures for the nomination process, recommends candidates for election to the Board of Directors and nominates officers for
election by the Board of Directors. The Board of Directors has determined that all members of the Nominations and Corporate Governance
Committee are &ldquo;independent directors,&rdquo; as such term is defined under the applicable rules of NASDAQ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The criteria for the Nominations and Corporate
Governance Committee recommending nominees for membership on the Board is contained in the newly adopted &ldquo;Consolidated Water
Co. Ltd. Corporate Governance Guidelines&rdquo; whereby candidates should possess certain minimum qualifications, skills, business
experience, personal values, high ethical standards, a commitment to full participation on the Board and its committees among others
and that diversity shall be a commitment in any such recommendations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To recommend a prospective nominee for
the Nominations and Corporate Governance Committee&rsquo;s consideration, a shareholder may submit the candidate's name and qualifications
in writing to the Secretary of the Company, Consolidated Water Co. Ltd., Regatta Office Park, Windward Three, 4th Floor, West Bay
Road, P.O. Box 1114, Grand Cayman, KY1-1102, Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Section&nbsp;16(a) Beneficial Ownership
Reporting Compliance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a foreign private issuer, we are not
subject to the requirements of Section 16(a) of the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 11.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>EXECUTIVE
COMPENSATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COMPENSATION DISCUSSION &amp; ANALYSIS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this section, we provide an overview
and analysis of our compensation program and policies, the material compensation decisions we have made under those programs and
policies, and the material factors that we considered in making compensation decisions for our Named Executive Officers, as defined
under the heading &ldquo;Additional Information Regarding Executive Compensation.&rdquo; Specific information regarding the compensation
earned by or paid to our Named Executive Officers in 2011 is set forth in a series of tables under the heading &ldquo;Additional
Information Regarding Executive Compensation.&rdquo; The discussion below is intended to help you understand the detailed information
provided in those tables and put that information into context within our overall compensation program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Overview of Compensation Program</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee (the &ldquo;Committee&rdquo;)
of our Board of Directors has responsibility for establishing, implementing and continually monitoring adherence with our compensation
philosophy, maintaining competitive compensation and structuring compensation to achieve our compensation objectives. Generally,
the types of compensation and benefits we provide to our Named Executive Officers are similar to those provided to our other executive
officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compensation Philosophy and Objectives</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Committee believes that compensation
paid to our Named Executive Officers should be directly aligned with our performance, and that compensation should be structured
to ensure that a significant portion of our named executives officers&rsquo; compensation opportunities are directly related to
achievement of our financial and operational goals, such as meeting profitability targets, operating within the capital expenditures
budget, securing new projects, obtaining contract extensions with current customers and keeping current on the industry&rsquo;s
engineering advances in seawater conversion technology, all of which impact shareholder value. The Committee evaluates both performance
and compensation to ensure that we maintain our ability to attract and retain highly skilled and motivated employees in key positions
and that compensation provided to key employees remains competitive relative to the compensation paid to similarly situated executives
at comparable&nbsp;companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Committee believes executives at comparable
companies typically receive base salary, an annual bonus, and equity-based compensation, with top executives (i.e., Chief Executive
Officers and Chief Financial Officers) also receiving severance payments and, at times, payments upon a change of control. Accordingly,
the Committee has determined that the compensation packages that we provide to our executives, including our Named Executive Officers,
should include a mix of base salary and equity-based and incentive-based compensation, with our Chief Executive Officer and Chief
Financial Officer also receiving severance payments, and our Chief Financial Officer also receiving severance payments upon a change
of control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Committee seeks to set base salary
and total cash compensation (i.e., base salary plus cash bonus) 20-25% above the average base salary and average total cash compensation
of executives at comparable companies to account for the cost of living in the Cayman Islands as compared to that of the United
States. Actual payments fall within these parameters. The Committee did not target a certain percentage for equity-based compensation.
The severance payments to be made to our Chief Executive Officer and Chief Financial Officer and the change of control payments
to be made to our Chief Financial Officer were terms requested by such officers. The Committee agreed to the terms of the severance
packages and the change of control arrangement as it believes such terms are similar to the severance packages and change of control
arrangements of Chief Executive Officers and Chief Financial Officers of comparable companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Setting Executive Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the foregoing philosophy and objectives,
the Committee has structured our Named Executive Officers&rsquo; base salary and equity-based and incentive-based compensation
to motivate executives to achieve our business goals and reward the executives for achieving such goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In determining the compensation of our
Named Executive Officers as set forth in their most recent employment agreements, the Committee reviewed executive compensation
data as published in a survey by the National Association of Corporate Directors and the compensation paid to executive officers
at Caribbean Utilities Company, a publicly owned electrical utility in Grand Cayman, Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We compete with many companies for top
executive-level management and technical talent and have been unsuccessful in the past when we attempted to recruit executives
to relocate to the Cayman Islands. As such, the Committee generally sets total compensation targets for our Named Executive Officers
who live in the Cayman Islands at 20-25% above the compensation paid to similarly situated U.S. executives of comparable companies
in order to attract and to retain our Cayman Islands based Named Executive Officers. However, the Committee may set compensation
for our Named Executive Officers above or below this standard as dictated by the experience level of the individual and market
factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In setting the base salaries in the employment
agreements of our Chief Executive Office and Chief Financial Officer, the Committee determined the approximate total average annual
cash compensation paid to executives performing similar functions at comparable companies. Such amount was then divided by the
respective companies&rsquo; annual revenue and income and expressed as a percentage. At the time such salaries were initially established,
the chief executive officer&rsquo;s total annual cash compensation at comparable companies was approximately 1% of the comparable
companies' average annual revenue and 5% of the comparable companies' average annual income and the chief financial officer&rsquo;s
total average annual cash compensation at comparable companies was approximately 0.5% of the comparable companies' average annual
revenue and 2.5% of the comparable companies' average annual&nbsp;income. The Committee applied these percentages to our annual
revenue and income and then increased the resulting amounts by between 20-25%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In setting the base salaries in the employment
agreements of our Vice Presidents, our Chief Executive Officer estimated the average annual salaries paid to executives with similar
levels of responsibility in the Cayman Islands, taking into account the very limited availability of persons possessing the requisite
skills and experience in the local labor market, and gave his recommendation to the Committee. The Committee compared the suggested
annual base salary for each of our Vice Presidents to the annual base salaries paid to executives performing similar functions
at Caribbean Utilities Company, a publicly owned electrical utility in Grand Cayman, Cayman Islands. Because the suggested annual
base salary for our Vice Presidents was similar to that paid to executives performing similar functions at Caribbean Utilities
Company, the Committee approved the salaries recommended by our Chief Executive Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A significant amount of the total compensation
paid to our Named Executive Officers is allocated to incentive-based compensation, as a result of the philosophy and objectives
mentioned above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In furtherance of our compensation philosophy
and objectives, the Committee recently engaged Cipher Systems LLC (&ldquo;Cipher&rdquo;), an outside financial consulting firm,
to conduct a review of our total compensation program for our most highly compensated executive officers. The assessment provided
by Cipher included comparative compensation information for executive officers at the following companies (our &ldquo;Peer Companies&rdquo;),
which are located in the U.S. and the Caribbean and have market capitalizations between $150 million and $250 million in 2010:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 63%; border-bottom: windowtext 1pt solid; padding-right: 0; padding-left: 0; text-autospace: none; font-weight: bold">Company</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: windowtext 1pt solid; padding-right: 0; padding-left: 0; text-autospace: none; font-weight: bold">Location</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Antigua Barbuda Airport Authority</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Antigua and Barbuda</TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Artesian Resources Management</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">U.S.</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Caribbean Utilities Company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Cayman Islands</TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Casella Waste Systems</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">U.S.</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Doral Financial Corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Puerto Rico</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Echelon Corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">U.S.</TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Flow International Corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">U.S.</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">FuelCell Energy, Inc.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">U.S.</TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Primus Guaranty, Ltd.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Bermuda</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">WCA Waste Corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">U.S.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following are the key findings of Cipher&rsquo;s
review and analysis:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">Our executive compensation package is below average when benchmarked against publicly traded U.S.
companies in our Peer Group; however, the package is consistent or slightly higher than what is provided by Caribbean-based companies
in our Peer Group.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">Our total compensation as a percentage of annual revenue is higher than most companies in the Peer
Group, but remains reasonable at less than 2.5%. This is significantly less than the total compensation of 6.5% of annual revenue
for the company with the largest compensation package as a percentage of revenue in the Peer Group.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">Overall, U.S. companies in the Peer Group have higher compensation packages than their similarly-sized
Caribbean counterparts, with Doral Financial Corporation, a Puerto Rico-based bank, being the notable exception.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">The distribution of compensation among our executive officers is consistent with that of other
companies surveyed, with the Chief Executive Officer and Chief Financial Officer receiving considerable shares of the total.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the analysis provided by Cipher,
the Committee determined that compensation paid to our Named Executive Officers in 2011 was generally comparable with compensation
paid to executive officers at companies in our Peer Group, while within the overall framework of the Committee's philosophy and
objectives. The Committee intends to consider the information provided by Cipher when making compensation decisions regarding our
Named Executive Officers on a going-forward basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Role of Chief Executive Officer in Compensation
Decisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Chief Executive Officer recommends
to the Compensation Committee a base salary within a designated range for each of our Vice-Presidents, our Chief Operating Officer
and our Chief Financial Officer. The Compensation Committee makes the final decision regarding base salary, based upon the range
suggested by our Chief Executive Officer, and sets their other compensation components. Our Chief Executive Officer is not involved
with the setting of compensation for himself.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Advisory Vote on Executive Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our first advisory vote on
executive compensation, commonly known as a &ldquo;say-on-pay&rdquo; vote, last year at our 2011 Annual General Meeting of Shareholders.
Although the Company was not required under the SEC&rsquo;s rules to conduct such a vote because we are classified as a foreign
private issuer, the Board of Directors has determined that it is important to solicit shareholder opinion on executive compensation
matters. While this vote was not binding on the Company, our Board of Directors or the Committee, we believe that it is important
for our shareholders to have an opportunity to vote on executive compensation as a means to express their views regarding our executive
compensation philosophy, our compensation policies and programs, and our decisions regarding executive compensation. Our Board
of Directors and the Committee value the opinions of our shareholders and, to the extent there is any significant vote against
the compensation of our Named Executive Officers, we will consider our shareholders&rsquo; concerns and the Committee will evaluate
whether any actions are necessary to address those concerns. In addition to the advisory vote on executive compensation, we are
committed to ongoing engagement with our shareholders on executive compensation and corporate governance issues. These engagement
efforts take place throughout the year through meetings, telephone calls and correspondence involving our senior management, directors
and representatives of our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the 2011 Annual General Meeting of Shareholders,
approximately 92% of the votes cast on the advisory vote on executive compensation proposal were cast in favor of our Named Executive
Officer compensation as disclosed in the proxy statement, and as a result our Named Executive Officer compensation was approved.
Our Board of Directors and the Committee reviewed these final vote results and determined that, given the significant level of
support, no changes to our executive compensation philosophy, our compensation policies and programs, or our decisions were necessary
at this time based on the vote results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have determined that our shareholders
should vote on a say-on-pay proposal each year, consistent with the preference expressed by our shareholders at the 2011 Annual
General Meeting of Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2011 Executive Compensation Components</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal year ended December 31,
2009, 2010 and 2011, the principal components of compensation for our Named Executive Officers were:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-autospace: none; font-family: Symbol; text-align: center">&middot;</TD>
    <TD STYLE="text-autospace: none">base salary;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-autospace: none; font-family: Symbol; text-align: center">&middot;</TD>
    <TD STYLE="text-autospace: none">incentive-based compensation;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-autospace: none; font-family: Symbol; text-align: center">&middot;</TD>
    <TD STYLE="text-autospace: none">retirement and other benefits; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-autospace: none; font-family: Symbol; text-align: center">&middot;</TD>
    <TD STYLE="text-autospace: none">perquisites and other personal benefits.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Base Salary</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Base salaries for our executives are established
based on the scope of their responsibilities and their prior relevant background, training, and experience, taking into account
competitive market compensation paid by the companies represented in the compensation data the Committee reviewed for similar positions
and the overall market demand for such executives at the time of hire or entry into employment agreements. As with total compensation,
we believe that executive base salaries should be competitive with the salaries paid to executives at comparable companies. An
executive&rsquo;s base salary is also evaluated together with other components of the executive&rsquo;s other compensation to ensure
that the executive&rsquo;s total compensation is in line with our overall compensation philosophy and objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Base salaries are reviewed annually and
increased based upon (i) a need to realign base salaries with market levels for the same positions at comparable companies; (ii)
an internal review of the executive&rsquo;s compensation, both individually and relative to other executive officers; (iii) the
individual performance of the executive and (iv) an assessment of whether significant corporate goals were achieved. Additionally,
we may adjust base salaries as warranted throughout the year for promotions or other changes in the scope or breadth of an executive&rsquo;s
role or responsibilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Incentive-Based Compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Annual Bonus</I>. A significant amount
of total compensation for which our Named Executive Officers are entitled is comprised of an annual bonus.&nbsp;&nbsp;The current
employment agreements with our Named Executive Officers, other than our Chief Executive Officer, do not provide quantitative limits
on the annual bonus amounts payable.&nbsp;&nbsp;The current employment agreement with our Chief Executive Officer provides that
the annual bonus amount paid cannot exceed 100% of the base salary payable under such employment agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As the employment agreements of our Named
Executive Officers come up for renewal, the Committee plans to review the information to be provided by Cipher to determine if
our Named Executive Officers&rsquo; compensation levels are competitive and have the right mix of incentive-based compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Frederick W. McTaggart, Chief Executive
Officer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Chief Executive Officer&rsquo;s bonus
for 2009, 2010 and 2011 was determined at the sole discretion of the Company&rsquo;s Board of Directors. The amount of the 2009,
2010 and 2011 annual bonus was calculated by the Board of Directors based upon their assessment of the performance of Mr. McTaggart
in the following areas, with the correlating value assigned to each factor for each year noted:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Mr. McTaggart&rsquo;s 2009 Goals</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40px; padding-right: 3pt; text-autospace: none; text-align: justify">1.</TD>
    <TD STYLE="text-autospace: none; text-align: justify">The Company completing capital projects under budget and on schedule for the applicable year, as approved and/or adjusted by the Board from time to time. The amount budgeted and time schedule were considered to be the minimum thresholds, but there was no maximum thresholds established for this target. The Company achieved this goal.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40px; text-autospace: none; text-align: justify">2.</TD>
    <TD STYLE="text-autospace: none; text-align: justify">The Company exceeding &ldquo;Adjusted Revenue&rdquo; defined as budgeted Income for the applicable year adjusted to exclude Energy Pass Through Costs and Additions for the applicable year. The amount budgeted was considered to be the minimum threshold, but there was no maximum threshold established for this target. The Board of Directors determined that if the &ldquo;Adjusted Revenue&rdquo; target was achieved, Mr. McTaggart would be entitled to a bonus in an amount equal to 25% of his base salary. The Company did not achieve this goal.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40px; text-autospace: none; text-align: justify">3.</TD>
    <TD STYLE="text-autospace: none; text-align: justify">The Company improving &ldquo;Income from Operations Margin&rdquo; for the applicable year defined as Income from Operations for the applicable year divided by budgeted Income for the applicable year. &ldquo;Income from Operations&rdquo; is defined as budgeted Gross Profit less budgeted General and Administrative Expenses. The amount budgeted was considered to be the minimum threshold, but there was no maximum threshold established for this target. The Board of Directors determined that if the Income from Operations Margin target was achieved, Mr. McTaggart would be entitled to a bonus in an amount equal to 25% of his base salary. The Company achieved this goal.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40px; text-autospace: none; text-align: justify">4.</TD>
    <TD STYLE="text-autospace: none; text-align: justify">The Company completing capital projects under budget and on schedule for the applicable year, as approved and/or adjusted by the Board from time to time. The amount budgeted and time schedule were considered to be the minimum thresholds, but there was no maximum thresholds established for this target. The Company achieved this goal.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Mr. McTaggart&rsquo;s 2010 Goals</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD COLSPAN="2" STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40px; text-autospace: none; text-align: justify">1.</TD>
    <TD STYLE="text-autospace: none; text-align: justify">The Company exceeding budgeted Net Income for 2010, excluding the earnings (loss) from OC-BVI.&nbsp;&nbsp;The amount budgeted was considered to be the minimum threshold, but there was no maximum threshold established for this target. The Board of Directors determined that if the net income and earnings per share targets were achieved, Mr. McTaggart would be entitled to a bonus in an amount equal to 15% of his base salary. The Company did not achieve this goal.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40px; text-autospace: none; text-align: justify">2.</TD>
    <TD STYLE="text-autospace: none; text-align: justify">The Company exceeding &ldquo;Adjusted Revenue&rdquo; defined as budgeted Revenues for 2010 adjusted to exclude Energy Pass Through Costs and Additions for 2010. The amount budgeted was considered to be the minimum threshold, but there was no maximum threshold established for this target. The Board of Directors determined that if the &ldquo;Adjusted Revenue&rdquo; target was achieved, Mr. McTaggart would be entitled to a bonus in an amount equal to 15% of his base salary.&nbsp;&nbsp;The Company achieved this goal.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40px; text-autospace: none; text-align: justify">3.</TD>
    <TD STYLE="text-autospace: none; text-align: justify">The Company achieving a &ldquo;Net Income Margin&rdquo; in 2010 that exceeded the Net Income Margin for 2009. Net Income Margin is defined as Net Income divided by Revenues. The Net Income Margin for 2009 was considered to be the minimum threshold, but there was no maximum threshold established for this target. The Board of Directors determined that if the Net Income Margin was achieved, Mr. McTaggart would be entitled to a bonus in an amount equal to 25% of his base salary. The Company achieved this goal.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40px; text-autospace: none; text-align: justify">4.</TD>
    <TD STYLE="text-autospace: none; text-align: justify">The Company completing capital projects under budget and on schedule for 2010, as approved and/or adjusted by the Board of Directors from time to time.&nbsp;&nbsp;The amount budgeted and time schedule were considered to be the minimum thresholds, but there was no maximum thresholds established for this target. The Company did not achieve this goal.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40px; text-autospace: none; text-align: justify">5.</TD>
    <TD STYLE="text-autospace: none; text-align: justify">The Company completing negotiations and renewing its retail water license on terms approved by the Board of Directors before the license&rsquo;s July 2010 expiration date. The Board of Directors determined that if the retail license was renewed Mr. McTaggart would be entitled to a bonus in an amount equal to 20% of his base salary.&nbsp;&nbsp;The Company did not achieve this goal.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40px; text-autospace: none; text-align: justify">6.</TD>
    <TD STYLE="text-autospace: none; text-align: justify">The Company obtaining at least one new capital project in 2010 on terms approved by the Board of Directors.&nbsp;&nbsp;&nbsp;The Board of Directors determined that if a capital project was obtained Mr. McTaggart would be entitled to a bonus in an amount equal to 20% of his base salary. The Company did not achieve this goal.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Mr. McTaggart&rsquo;s 2011 Goals</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40px; text-autospace: none; text-align: justify">1.</TD>
    <TD STYLE="text-autospace: none; text-align: justify">The Company exceeding budgeted Net Income for 2011, excluding the earnings (loss) from OC-BVI.&nbsp;&nbsp;The amount budgeted was considered to be the minimum threshold, but there was no maximum threshold established for this target.&nbsp;&nbsp;The Board of Directors determined that if the net income and earnings per share targets were achieved, Mr. McTaggart would be entitled to a bonus in an amount equal to 20% of his base salary.&nbsp;&nbsp;The Company achieved this goal.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40px; text-autospace: none; text-align: justify">2.</TD>
    <TD STYLE="text-autospace: none; text-align: justify">The Company exceeding &ldquo;Adjusted Revenue&rdquo; defined as budgeted Revenues for 2011 adjusted to exclude Energy Pass Through Charges for 2011. The amount budgeted was considered to be the minimum threshold, but there was no maximum threshold established for this target. The Board of Directors determined that if the &ldquo;Adjusted Revenue&rdquo; target was achieved, Mr. McTaggart would be entitled to a bonus in an amount equal to 20% of his base salary. The Company achieved this goal.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40px; text-autospace: none; text-align: justify">3.</TD>
    <TD STYLE="text-autospace: none; text-align: justify">The Company achieving a &ldquo;Net Income Margin&rdquo; in 2011 that exceeded the Net Income Margin for 2010. Net Income Margin is defined as Net Income divided by Revenues. The Net Income Margin for 2010 was considered to be the minimum threshold, but there was no maximum threshold established for this target. The Board of Directors determined that if the Net Income Margin was achieved, Mr. McTaggart would be entitled to a bonus in an amount equal to 20% of his base salary. The Company did not achieve this goal. However, the Board awarded Mr. McTaggart a bonus of 5% of his base salary for this goal due to the narrow margin by which the Company missed this target.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40px; text-autospace: none; text-align: justify">4.</TD>
    <TD STYLE="text-autospace: none; text-align: justify">The Company completing capital projects under budget and on schedule for 2011, as approved and/or adjusted by the Board of Directors from time to time. The amount budgeted and time schedule were considered to be the minimum thresholds, but there was no maximum thresholds established for this target. The Board of Directors determined that if the Company completed capital projects under budget and on schedule for 2011, Mr. McTaggart would be entitled to a bonus in an amount equal to 20% of his base salary. The Company did not achieve this goal; however, the project expenses were significantly under budget which resulted in immediate savings to the Company as well as long term savings through water revenues generated by the plant. As a result, the Board awarded Mr. McTaggart a bonus of 15% of his base salary for his achievements relating to this goal.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40px; text-autospace: none; text-align: justify">5.</TD>
    <TD STYLE="text-autospace: none; text-align: justify">The Company obtaining at least one new capital project in 2011 on terms approved by the Board of Directors.&nbsp;&nbsp;&nbsp;The Board of Directors determined that if a capital project was obtained, Mr. McTaggart would be entitled to a bonus in an amount equal to 20% of his base salary. The Company achieved this goal.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board also elected to give Mr. McTaggart
a discretionary bonus of 10% of his base salary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>David W. Sasnett, Executive Vice
President and Chief Financial Officer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Chief Financial Officer was entitled
to an annual bonus for 2009, 2010 and 2011 in an amount not less than 25% of his then current base salary based on meeting certain
performance goals agreed to with our Chief Executive Officer. The bonus paid to our Chief Financial Officer is paid in cash. In
2009, 2010 and 2011, our Chief Executive Officer set the performance goals listed below for the Chief Financial Officer. These
performance goals are considered in their entirety and we do not place values or weights on any specific goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Mr. Sasnett&rsquo;s 2009 Goals</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-autospace: none; text-align: justify">1.&nbsp;&nbsp;</TD>
    <TD STYLE="width: 94%; text-autospace: none; text-align: justify">Successfully complete the Cayman Cost of Service Study within the agreed time frame. Mr. Sasnett achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">2.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Provide Monthly Management Accounts to the CEO and other members of executive management within 30 days of the end of each month, except for the months of January and February in which case by April 15. Mr. Sasnett achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">3.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Ensure that all statutory financial reporting filings are made accurately and within the required deadlines.&nbsp;&nbsp;Mr. Sasnett achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">4.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Ensure that the Company&rsquo;s consolidated accounting, auditing, administrative and finance costs do not exceed the aggregate amount budgeted for such costs. The budgeted consolidated accounting and auditing costs used in determining Mr. Sasnett&rsquo;s 2009 incentive-based compensation were based upon the 2009 budget approved by the Board of Directors. The amount budgeted was considered to be the minimum threshold, but there was no maximum threshold established for this target.&nbsp;&nbsp;Mr. Sasnett did not achieve this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">5.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Examine and make recommendations to the CEO to restructure the financing structure of the Bahamas subsidiary in order to reduce financing costs and risk to the parent company. Mr. Sasnett achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">6.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Assist the CEO in maintain excellent investor relations and represent the Company at no less than two investor conferences during the year. Mr. Sasnett achieved this goal.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Mr. Sasnett&rsquo;s 2010 Goals</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-autospace: none; text-align: justify">1.&nbsp;&nbsp;</TD>
    <TD STYLE="width: 94%; text-autospace: none; text-align: justify">Revise and submit proposal to Turks &amp; Caicos government for franchise license. Mr. Sasnett achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">2.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Select and retain local law firm to assist in negotiations with Turk &amp; Caicos government for proposed franchise license. Mr. Sasnett achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">3.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Complete an evaluation of Company-wide purchasing practices and implement comprehensive purchasing strategy. Mr. Sasnett achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">4.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Prepare a valuation model and proposed organizational and financial structure for a possible acquisition. Mr. Sasnett did not achieve this goal.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Mr. Sasnett&rsquo;s 2011 Goals</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Sasnett&rsquo;s 2011 performance goals
were not directly tied to the financial performance of the Company. They included such matters as developing a business plan for
a business opportunity in a new market, identifying and partnering with local partners in this new market, evaluating funding sources
for a potential strategic acquisition and developing financial models for each of these opportunities. During the year, the Company
changed its business objectives which caused some of Mr. Sasnett&rsquo;s goals to no longer be applicable. The CEO determined that
Mr. Sasnett had achieved 85% of the remaining objectives associated with his 2011 performance goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For 2009, 2010 and 2011, our VP Overseas
Operations and VP Cayman Operations were entitled to an annual bonus in an amount not less than 25% of their then current base
salary based on meeting the performance goals set forth below that were agreed to with our Chief Executive Officer. For 2009, 2010
and 2011, our VP of&nbsp;Product Technology&nbsp; was entitled to an annual bonus in an amount not less than 20% of his then current
base salary based on meeting the performance goals set forth below that were agreed to with our Chief Executive Officer.&nbsp;&nbsp;These
performance goals are considered in their entirety and we do not place values or weights on any specific goals.&nbsp;&nbsp;Their
annual bonuses, if any, are paid to our Vice-Presidents in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Ramjeet Jerrybandan, Vice
President of Overseas Operations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to maximize profitability, our
reverse osmosis desalination systems are designed to operate at high equipment utilization factors and at relatively constant energy
and chemical consumption rates. We believe that careful monitoring of these systems, a strong preventative maintenance plan, and
the ability to rapidly and effectively respond to unforeseen conditions will ensure maximum profitability of these systems. In
setting Mr. Jerrybandan&rsquo;s financial targets the Board of Directors considered the environmental and logistical difficulties
associated with operating and maintaining seawater reverse osmosis desalination plants in remote tropical island locations. They
also considered the optimum design parameters and the expected profitability targets for each plant. The Board of Directors consequently
set what it believed to be moderate to difficult financial targets for Mr. Jerrybandan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Mr. Jerrybandan&rsquo;s 2009 Goals</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-autospace: none; text-align: justify">1.&nbsp;&nbsp;</TD>
    <TD STYLE="width: 94%; text-autospace: none; text-align: justify">Contain costs (of supervised businesses) within approved budgeted amounts, subject to any adjustments for electricity and fuel cost changes.&nbsp;&nbsp;The budgeted costs used in determining Mr. Jerrybandan&rsquo;s 2009 incentive-based compensation were based upon the 2009 budget approved by the Board of Directors.&nbsp;&nbsp;The amounts budgeted were considered to be the maximum threshold, but there were no minimum thresholds established for this target.&nbsp;&nbsp;Mr. Jerrybandan achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">2.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Meet or exceed budgeted gross margin targets of all supervised businesses.&nbsp;&nbsp;These amounts were considered to be the minimum thresholds, but there were no maximum thresholds established.&nbsp;&nbsp;OC-BVI was excluded from this goal because of the uncertainty related to this business.&nbsp;&nbsp;Mr. Jerrybandan achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">3.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Successfully implement an effective and cost-saving preventative maintenance plan for Consolidated Water (Bahamas) including utilization of the CMMS software package; this goal was measured by a reduction in the number of breakdowns and repair costs for the Windsor and Blue Hills desalination plants.&nbsp;&nbsp;These amounts were considered to be the minimum thresholds, but there were no maximum thresholds established.&nbsp;&nbsp;Mr. Jerrybandan did not achieve this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">4.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Meet or better specific energy efficiencies in the 2009 budget of each desalination plant under supervision.&nbsp;&nbsp;Plants in the BVI operation were excluded from this goal because of OC-BVI&rsquo;s ongoing dispute with the BVI government and the resulting interference with maintenance of the BVI plants.&nbsp;&nbsp;These amounts were considered to be the minimum thresholds, but there were no maximum thresholds established.&nbsp;&nbsp;Mr. Jerrybandan achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">5.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Fully implement the Computerized Maintenance Management System (CMMS) and use the implemented Operations Data Portal; provide concise weekly reports to the Chief Executive Officer from Operations Data Portal in a format to be agreed. Mr. Jerrybandan partially achieved this goal but was unable to fully achieve it due to staffing limitations.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">6.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Implement monthly performance evaluation tests at each supervised plant by July 31, 2009.&nbsp;&nbsp;Ensure that the results of these tests are taken into consideration when evaluating plant staff performance.&nbsp;&nbsp;Mr. Jerrybandan achieved this goal.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Mr. Jerrybandan&rsquo;s 2010 Goals</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-autospace: none; text-align: justify">1.&nbsp;&nbsp;</TD>
    <TD STYLE="width: 94%; text-autospace: none; text-align: justify">Activate and utilize the &ldquo;maintenance costs per asset&rdquo; feature/capability of the Company&rsquo;s computerized fixed asset maintenance and inventory management system for all operating locations to enable tracking of maintenance costs for each operating asset.&nbsp;&nbsp;Mr. Jerrybandan partially achieved this goal.&nbsp;&nbsp;His inability to fully complete this goal was due to factors beyond his control.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">2.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Implement a predictive and preventive maintenance program for all plants under supervision. Mr. Jerrybandan achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">3.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Implement a plant optimization program for all major plants under supervision. Mr. Jerrybandan achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">4.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Meet or better the specific energy efficiencies contemplated in the 2010 budget for each desalination plant under supervision. Mr. Jerrybandan achieved this goal.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Mr. Jerrybandan&rsquo;s 2011 Goals</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Jerrybandan&rsquo;s 2011 performance
goals were not directly tied to the financial performance of the Company. They included such matters as undertaking a strategic
initiative with respect to one of the Company&rsquo;s operating businesses and preparing a strategy to secure the extension of
an operating agreement in another one of the Company&rsquo;s businesses. The CEO determined that Mr. Jerrybandan had achieved all
of the objectives associated with his 2011 performance goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Gregory S. McTaggart, Vice President
of Cayman Operations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to maximize profitability, our
reverse osmosis desalination systems are designed to operate at high equipment utilization factors and at relatively constant energy
and chemical consumption rates. We believe that careful monitoring of these systems, a strong preventative maintenance plan, and
the ability to rapidly and effectively respond to unforeseen conditions will ensure maximum profitability of these systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also believe that minimizing non-revenue
water (caused by leakage, theft and under-metering) within our retail water distribution system is essential to the profitable
operation of our retail water utility on Grand Cayman. In setting Mr. Gregory McTaggart&rsquo;s financial targets, the Board of
Directors considered the environmental and logistical difficulties associated with operating and maintaining seawater reverse osmosis
desalination plants and water distribution systems in a remote tropical island location.&nbsp;&nbsp;They also considered the optimum
design parameters and the expected profitability targets for each plant and historical non-revenue water data for the Company over
the past ten years. The Board of Directors consequently set what it believed to be moderate to difficult financial targets for
Mr. Gregory McTaggart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Mr. Gregory McTaggart&rsquo;s 2009 Goals</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-autospace: none; text-align: justify">1.&nbsp;&nbsp;</TD>
    <TD STYLE="width: 94%; text-autospace: none; text-align: justify">Meet Cayman Water and Ocean Conversion gross profit to sales ratio targets.&nbsp;&nbsp;The gross profit to sales ratio targets used in determining Mr. Gregory McTaggart&rsquo;s 2009 incentive-based compensation were based upon the 2009 budget approved by the Board of Directors.&nbsp;&nbsp;The amounts budgeted were considered to be the minimum threshold, but there were no maximum thresholds established for this target. Mr. McTaggart achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">2.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Lower overall water loss percentage for Cayman Water to less than 2008 loss and implement real time detective water loss systems using pressure and flow monitoring equipment. The 2008 overall water loss percentage for Cayman Water Company Limited retail was 6.04%. This percentage was considered to be the maximum threshold, but there was no minimum threshold established. The 2009 overall water loss percentage for Cayman Water Company Limited retail was 5.72%%.&nbsp;&nbsp;Mr. McTaggart achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">3.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Contain costs (for supervised businesses) within budgeted amounts, subject to any adjustments for electricity and fuel cost changes. The budgeted costs used in determining Mr. Gregory McTaggart&rsquo;s 2009 incentive-based compensation were based upon the 2009 budget approved by the Board of Directors. The amounts budgeted were considered to be the maximum threshold, but there were no minimum thresholds established for this target. Mr. McTaggart achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">4.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Maintain or improve specific energy efficiencies of each Cayman Water desalination plant relative to 2008 specific energy levels.&nbsp;&nbsp;Improve the North Sound plant to be at or better than contractual efficiency.&nbsp;&nbsp;These amounts were considered to be the minimum thresholds, but there were no maximum thresholds established. Mr. McTaggart partially achieved this goal.&nbsp;&nbsp;The specific energy usage of the North Sound plant was not at or better than contractual efficiency in 2009.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">5.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Fully implement the Operations Data Portal and Computerized Maintenance Management System (CMMS); provide concise weekly reports to the CEO from the operations Data Portal in a format to be agreed.&nbsp;&nbsp;Mr. McTaggart did not achieve this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">6.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Provide all operational information to the cost of service study consultants in an accurate and timely manner.&nbsp;&nbsp;Mr. McTaggart achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">7.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Work with the information technology department to implement all necessary meter reading and maintenance reports in the Company&rsquo;s retail billing system by June 1, 2009.&nbsp;&nbsp;Re-establish the meter change-out and maintenance program. Install industry standard screens in front of all turbine type meters in the CW system.&nbsp;&nbsp;Mr. McTaggart partially achieved this goal but was unable to complete goals relating to meter maintenance and maintenance reporting due to conditions beyond his control.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Mr. Gregory McTaggart&rsquo;s 2010 Goals</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-autospace: none; text-align: justify">1.&nbsp;&nbsp;</TD>
    <TD STYLE="width: 94%; text-autospace: none; text-align: justify">Meet Cayman Water and Ocean Conversion gross profit to sales ratio targets.&nbsp;&nbsp;The gross profit to sales ratio targets used in determining Mr. Gregory McTaggart&rsquo;s 2010 incentive-based compensation were based upon the 2010 budget approved by the Board of Directors.&nbsp;&nbsp;The amounts budgeted were considered to be the minimum threshold, but there were no maximum thresholds established for this target.&nbsp;&nbsp;&nbsp;Mr. McTaggart achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">2.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Lower overall water loss percentage for Cayman Water to no more than 5.75%.&nbsp;&nbsp;Mr. McTaggart did not achieve this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">3.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Contain costs (for supervised businesses) within budgeted amounts, subject to any adjustments for electricity and fuel cost changes.&nbsp;&nbsp;The budgeted costs used in determining Mr. Gregory McTaggart&rsquo;s 2010 incentive-based compensation were based upon the 2009 budget approved by the Board of Directors.&nbsp;&nbsp;The amounts budgeted were considered to be the maximum threshold, but there were no minimum thresholds established for this target.&nbsp;&nbsp;Mr. McTaggart achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">4.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Maintain or improve specific energy efficiencies of each Cayman Water desalination plant relative to 2009 specific energy levels.&nbsp;&nbsp; These amounts were considered to be the minimum thresholds, but there were no maximum thresholds established.&nbsp;&nbsp;Mr. McTaggart achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">5.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Participate in the negotiations with the Cayman Island government for the renewal of the Company&rsquo;s retail water license.&nbsp;&nbsp;Mr. McTaggart achieved this goal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">6.&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Prepare the Company&rsquo;s plants and operations for inspection by other water industry members during the Caribbean Desalination Association conference held in Grand Cayman. Mr. McTaggart achieved this goal.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Mr. Gregory McTaggart&rsquo;s <FONT STYLE="color: black">2011
Goals</FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. McTaggart&rsquo;s 2011 performance
goals were not directly tied to the financial performance of the Company. They included such matters as preparing a business plan
for a retail water project opportunity in a new market, preparing a strategy to obtain an extension to an existing bulk water sale
agreement and updating and improving the Company&rsquo;s non-revenue water loss mitigation program. During the year, the Company
changed its business objectives which caused some of Mr. McTaggart&rsquo;s goals to no longer be applicable. The CEO determined
that Mr. McTaggart had achieved 50% of the remaining objectives associated with his 2011 performance goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Gerard J. Pereira, Vice
President of&nbsp;Product Technology</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Mr. Pereira&rsquo;s 2009 Goals</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Pereira&rsquo;s 2009 performance goals
were not directly tied to the financial performance of the Company. They included such matters as successfully preparing bids for
new projects, establishing new partnerships in new markets, updating and executing the Company&rsquo;s sales and marketing plan,
evaluating certain specific long-term project opportunities, and expanding the Company&rsquo;s presence within regional and international
water organizations. The Board of Directors determined that Mr. Pereira had achieved 67% of the objectives associated with his
2009 performance goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Mr. Pereira&rsquo;s 2010 Goals</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Pereira&rsquo;s 2010 performance goals
were not directly tied to the financial performance of the Company. They included such matters as successfully preparing bids for
new projects, establishing new partnerships in new markets, updating and executing the Company&rsquo;s sales and marketing plan,
evaluating certain specific long-term project opportunities, and expanding the Company&rsquo;s presence within regional and international
water organizations. The Board of Directors determined that Mr. Pereira had achieved 67% of the objectives associated with his
2010 performance goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Mr. Pereira&rsquo;s <FONT STYLE="color: black">2011 Goals</FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Pereira&rsquo;s 2011 performance goals
were not directly tied to the financial performance of the Company. They included such matters as obtaining partnership agreements
with other entities that specialize in complementary technologies, pursuing research and development opportunities with strategic
partners and developing testing programs for new technology which could enhance the Company&rsquo;s product offerings and performance.
The CEO determined that Mr. Pereira had achieved 85% of the objectives associated with his 2011 performance goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unlike the targets established for Frederick
McTaggart, the performance goals for David Sasnett, Ramjeet Jerrybandan, Gregory McTaggart and Gerard Pereira are considered in
their entirety and we do not place values or weights on any specific goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In its discretion, the Committee may award
bonus payments to our Vice-Presidents or our Chief Financial Officer above or below the amounts specified in their respective employment
agreements. These bonus provisions are intended, in accord with our compensation philosophies and objectives, to align executive
interests with shareholder interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless the provisions in our employment
agreements relating to incentive compensation are amended, our Named Executive Officers will continue to receive incentive-based
compensation as set forth above. As the employment agreements of our other Named Executive Officers come up for renewal, the Committee
plans to review compensation paid to our Named Executive Officers to ensure that their compensation levels are competitive and
have the right mix of incentive-based compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Equity Incentives</I>. We believe that
equity ownership is one of the more effective means of aligning the interests of our Named Executive Officers with those of our
shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under employment agreements with our Chief
Financial Officer and Vice-Presidents that became effective January 1, 2008, these individuals receive options to purchase common
shares under the 2008 Equity Incentive Plan, which was approved by our shareholders in May 2008. Under the 2008 Equity Incentive
Plan, we may grant directors, executives and key employees, including our Chief Financial Officer and Vice-Presidents, stock options,
restricted stock, restricted stock units, stock equivalents and awards of common shares. The Compensation Committee selects participants
to receive awards and determines the terms and conditions of each award, including the number of common shares subject to awards,
the price, if any, a participant pays to receive or exercise an award, the time or times when awards vest or may be exercised,
settled or forfeited, any performance goals, restrictions or other conditions to vest in, exercise, or settle awards, and the effect
on awards of the disability, death, or termination of service of participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In determining the number of options to
be granted to our Vice Presidents in 2009 and 2011 we took into account the individual&rsquo;s ability to affect profits and shareholder
value, the individual&rsquo;s historic and recent performance and the value of stock options in relation to other elements of total
compensation. We apportioned the greatest weight to an executive&rsquo;s ability to affect profits and shareholder value and the
executive&rsquo;s recent performance, and less weight to the executive&rsquo;s historic performance. As our Vice Presidents of
Operations have the greatest ability to affect profits and shareholder value, we set their equity incentive compensation at approximately
20% of their respective base salary. As our Vice President of&nbsp;Product Technology has less of an ability to affect profits,
we set his equity incentive compensation at approximately 15% of his base salary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All stock options granted to our Named
Executive Officers in 2009 and 2011 incorporate the following features:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-autospace: none; font-family: Symbol; text-align: justify">&middot; &nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">the options vest one-third per year over three years beginning on the first anniversary of the date of grant;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-autospace: none; font-family: Symbol; text-align: justify">&middot; &nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">the options expire with regard to vested shares three years from the applicable vesting date; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We decided to use stock options as a long-term
incentive vehicle for our Chief Executive Officer, Chief Financial Officer and our Vice Presidents because:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-autospace: none; font-family: Symbol; text-align: justify">&middot; &nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">stock options align the interests of executives with those of our shareholders, support a pay-for-performance culture, foster employee stock ownership, and focus our management team on increasing value for our shareholders;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-autospace: none; font-family: Symbol; text-align: justify">&middot; &nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">stock options are performance based (i.e., all of the value received by the recipient from a stock option is based on the growth of the stock price above the option price); and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-autospace: none; font-family: Symbol; text-align: justify">&middot; &nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">the vesting terms for stock options create incentive for increases in shareholder value over a longer term and encourages executive retention.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Pension Plan</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As with every employer in the Cayman Islands,
we are required by the National Pension Law to provide a pension plan for our employees in the Cayman Islands. We belong to the
Cayman Islands Chamber Pension Plan, the Ocean Conversion Staff Pension Plan and the Fidelity Pension Plan in the Cayman Islands.
The Chamber Pension Plan is a non-profit entity, which is administered by the Bank of Butterfield, the Ocean Conversion Staff Pension
Plan has as its trustee Colonial Private Trustee Limited and is administered by the British Caymanian Insurance Company Ltd, and
the Fidelity Pension Plan is administered by Fidelity Pension Services (Cayman) Limited who are also the trustees of the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Cayman Islands National Pensions
Law, all employees between the ages of 18 and 60 must contribute a specified minimum percentage of their earnings to a pension
plan. Until recently, the exact percentage of contributions varied according to the age of each employee. Since June 1, 2002, however,
all employees must contribute 5% of their earnings to a pension plan. An employee also has the option of contributing more than
the prescribed minimum. We are required to match the contribution of the first 5% of each participating employee&rsquo;s salary
to a maximum of $72,000. Employees earning more than $72,000 are not required to make contributions on amounts over $72,000. All
contributions by our employees are collected by us and paid into the various pension plans on a monthly basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All three plans are defined contribution
plans, and as such the amount that an employee receives upon retirement is directly related to the amount contributed to the plan
by the employee while working. Once an employee retires (employees become eligible for retirement at age 60 in the Cayman Islands),
an employee has the following options for receiving benefits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; font-family: Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="width: 93%; text-autospace: none; text-align: justify">Receive a cash payout if the employee&rsquo;s retirement savings is less than $6,000;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-family: Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Transfer the retirement savings to a life annuity for investment by a life insurance company and payment of a regular income stream to the employee for the remainder of the employee&rsquo;s life (and the employee&rsquo;s spouse&rsquo;s life if the employee is married at the time of retirement); or</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-family: Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Transfer the retirement savings to a Retirement Savings Arrangement account with an approved provider or bank and receive regular income payments until the account is depleted.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Perquisites and Other Personal Benefits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to our Chief Executive Officer&rsquo;s
employment agreement, we provided him with a suitable vehicle, the monthly expense of which was $563 in 2009.&nbsp;&nbsp;We provided
him with an automobile expense allowance of $950 per month in 2010 and $1,000 per month in 2011.&nbsp;&nbsp;Pursuant to our Chief
Financial Officer&rsquo;s current and former employment agreements, we provided him with an automobile expense allowance which
amounted to $900 per month in 2009, $950 per month in 2010 and $1,000 in 2011. Pursuant to the employment agreement with our Vice
President of Overseas Operations and Vice&nbsp;President&nbsp;of&nbsp;Product Technology, we provided each of them with an automobile
expense allowance of $900 per month in 2009, $950 per month in 2010 and $1,000 per month in 2011.&nbsp;&nbsp;Pursuant to the employment
agreement with our Vice President of Cayman Operations, we provided him with a suitable vehicle, the monthly expense of which was
approximately $429 in 2009, $563 in 2010 and $700 in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Termination-Based Compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Termination</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Named Executive Officers&rsquo; employment
agreements may be terminated upon the occurrence of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 6%; text-autospace: none; text-align: justify">i.</TD>
    <TD STYLE="width: 93%; text-autospace: none; text-align: justify">the death of the Named Executive Officer;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">ii.</TD>
    <TD STYLE="text-autospace: none; text-align: justify">the Named Executive Officer being adjudicated bankrupt;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">iii.</TD>
    <TD STYLE="text-autospace: none; text-align: justify">the Named Executive Officer giving six months notice of termination; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">iv.</TD>
    <TD STYLE="text-autospace: none; text-align: justify">the Named Executive Officer being unable to discharge his duties due to physical or mental illness for a period of more than 60 days.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, our Chief Financial Officer&rsquo;s
employment agreement may be terminated due to his conviction of a felony or his commission of an act or omission that could result
in material harm to us or conduct justifying dismissal under Cayman Island law. Our other Named Executive Officers&rsquo; employment
agreements may be terminated due to conduct by such Named Executive Officer justifying dismissal under Cayman Island law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon termination due to the Named Executive
Officer&rsquo;s inability to discharge his duties due to physical or mental illness for a period of more than 60 days, the Named
Executive Officer will be relieved of his duties. In the case of all Named Executive Officers other than our Chief Financial Officer,
we will pay such Named Executive Officer $1,000 per year, provide medical insurance for him and his family, and contribute to a
pension fund for the Named Executive Officer for a period of two years. In the case of our Chief Financial Officer, we will pay
him $1,000 per year and provide medical insurance for him and his family for a period of one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If our Chief Financial Officer&rsquo;s
employment agreement is terminated by our Chief Financial Officer upon six months notice or due to his commission of an act or
omission that could result in material harm to us, he will forfeit all unvested shares issued pursuant to his employment agreement.
If his employment agreement is otherwise terminated or upon a &ldquo;Change in Control,&rdquo; as defined below, all unvested shares
issued pursuant to his employment agreement will vest immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Severance</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon termination of employment, our Chief
Executive Officer and Chief Financial Officer are entitled to receive severance payments under their employment agreements. In
determining whether to approve and setting the terms of such severance arrangements, the Committee recognizes that executives,
especially highly ranked executives, often face challenges securing new employment following termination. Our Chief Executive Officer&rsquo;s
employment agreement provides for a lump sum severance payment equal to 24 months and our Chief Financial Officer&rsquo;s employment
agreement provides for a lump sum severance payment of 12 months, of their then current respective base salary if their employment
is terminated without cause or if their employment agreements are not renewed. The Committee negotiated our Chief Executive Officer&rsquo;s
severance package to provide him an amount equal to his base salary for the length of his non-competition arrangement with us.
Based upon the data reviewed by the Committee, we believe that our Chief Executive Officer&rsquo;s and Chief Financial Officer&rsquo;s
severance packages are generally in line with severance packages offered to executive chief executive officers and chief financial
officers of comparable companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Change in Control</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon a &ldquo;Change in Control,&rdquo;
as defined below, our Chief Financial Officer may elect to terminate his employment and receive a lump sum payment equal to three
times his then current base salary. In determining whether to approve and setting the terms of such Change in Control arrangement,
the Committee recognizes the importance to the Company and our shareholders of avoiding the distraction and loss of key management
personnel that may occur in connection with rumored or actual fundamental corporate changes. A properly arranged Change in Control
provision protects shareholder interests by enhancing employee focus during rumored or actual Change in Control activity through:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: -6.05pt; text-autospace: none; text-align: justify">&nbsp;&nbsp; &bull;</TD>
    <TD STYLE="width: 96%; text-autospace: none; text-align: justify">Incentives to remain with us despite uncertainties while a transaction is under consideration or pending; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;&nbsp; &bull;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Assurance of compensation for terminated employees after a Change in Control.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Chief Financial Officer&rsquo;s employment
agreement provides that, at his election, he may terminate his employment upon a Change in Control and receive a payment of 36
months of his then current base salary. After reviewing the practices of companies represented in the compensation data we obtained,
the Committee negotiated our Chief Financial Officer&rsquo;s Change in Control arrangement to provide him an amount equal to three
times his base salary. We believe that our Chief Financial Officer&rsquo;s Change in Control arrangement is generally in line with
such arrangements offered to chief financial officers of&nbsp;comparable companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of this discussion, a
&ldquo;Change of Control&rdquo; means where: (i) any person, including a &ldquo;group&rdquo; as defined in Section 13(d)(3) of
the Securities Exchange Act of 1934, as amended, publicly announces that such person or group has become the beneficial owner of
more than 30% of the combined voting power (&ldquo;Controlling Voting Power&rdquo;) of our then outstanding securities that may
be cast for the election of directors and (ii) the persons who were our directors before such event shall cease to constitute a
majority of our Board of Directors, or any successor, as the direct or indirect result of any person or group acquiring Controlling
Voting Power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compensation Committee Report</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Committee, comprised of independent
directors, reviewed and discussed the above Compensation Discussion &amp; Analysis (&ldquo;CD&amp;A&rdquo;) with the Company&rsquo;s
management. Based on the review and discussions, the Committee recommended to the Company&rsquo;s Board of Directors that the CD&amp;A
be included in this Annual Report on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Compensation Committee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Richard L. Finlay</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clarence B. Flowers, Jr.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Raymond Whittaker</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADDITIONAL INFORMATION REGARDING EXECUTIVE
COMPENSATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Summary Compensation Table</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the compensation
of our (1)&nbsp;Chief Executive Officer, (2)&nbsp;Chief Financial Officer and (3)&nbsp;our three other most highly compensated
executive officers based upon total compensation (collectively, our &ldquo;Named Executive Officers&rdquo;) for the fiscal years
ended December&nbsp;31, 2011, 2010 and 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Name&nbsp;and&nbsp;Principal</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Position</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Year</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Salary</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">($)</FONT></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Bonus&nbsp;</B>($)
                                                             <SUP>(1)</SUP></FONT></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Stock</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Awards</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">($)&nbsp;<B><SUP>(2)</SUP></B></FONT></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Option</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Awards</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">($)&nbsp;<B><SUP>(3)</SUP></B></FONT></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Non-Equity</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Incentive&nbsp;Plan</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Compensation</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">($)&nbsp;<B><SUP>(4)</SUP></B></FONT></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>All&nbsp;Other</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Compensation</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">($)&nbsp;<B><SUP>(5)</SUP></B></FONT></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-autospace: none; text-align: center"><FONT STYLE="font-size: 7pt"><B>Total&nbsp;</B>($)</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #C0FFC0">
    <TD STYLE="width: 20%; vertical-align: bottom; text-autospace: none"><FONT STYLE="font-size: 7pt">Frederick W. McTaggart</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; vertical-align: top; text-autospace: none; text-align: center"><FONT STYLE="font-size: 7pt">2011</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">411,841</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">277,993</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">92,664</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">159,948</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;
    </FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">15,600</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">958,047</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #C0FFC0">
    <TD STYLE="vertical-align: bottom; text-autospace: none; font-style: italic"><FONT STYLE="font-size: 7pt">Chief Executive
    Officer</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center"><FONT STYLE="font-size: 7pt">2010</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">399,845</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">97,502</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">32,498</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">12,293</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">542,138</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: center"><FONT STYLE="font-size: 7pt">2009</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">388,200</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">218,357</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">72,793</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">10,360</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">689,710</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #C0FFC0">
    <TD STYLE="vertical-align: bottom; text-autospace: none"><FONT STYLE="font-size: 7pt">David W. Sasnett</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center"><FONT STYLE="font-size: 7pt">2011</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">265,225</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">66,310</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">129,444</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;<B> </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">12,000</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">472,979</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none; font-style: italic"><FONT STYLE="font-size: 7pt">Executive VP &amp; Chief</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: center"><FONT STYLE="font-size: 7pt">2010</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">257,500</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">64,375</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">11,400</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">333,275</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none; font-style: italic"><FONT STYLE="font-size: 7pt">Financial Officer</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: center"><FONT STYLE="font-size: 7pt">2009</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">240,000</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">87,500</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">10,000</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">75,562</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">10,800</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">423,862</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #C0FFC0">
    <TD STYLE="vertical-align: bottom; text-autospace: none"><FONT STYLE="font-size: 7pt">Ramjeet Jerrybandan</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center"><FONT STYLE="font-size: 7pt">2011</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">145,873</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">47,500</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">80,902</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">15,600</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">289,875</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none; font-style: italic"><FONT STYLE="font-size: 7pt">VP Overseas Operations</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: center"><FONT STYLE="font-size: 7pt">2010</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">141,625</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">40,000</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">15,000</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">196,625</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: center"><FONT STYLE="font-size: 7pt">2009</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">137,500</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">40,000</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">65,378</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">14,400</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">257,278</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #C0FFC0">
    <TD STYLE="vertical-align: bottom; text-autospace: none"><FONT STYLE="font-size: 7pt">Gregory S. McTaggart</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center"><FONT STYLE="font-size: 7pt">2011</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">145,873</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">36,500</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">64,724</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">12,000</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">259,097</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none; font-style: italic"><FONT STYLE="font-size: 7pt">VP Cayman Operations</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: center"><FONT STYLE="font-size: 7pt">2010</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">141,625</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">34,375</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">10,360</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">186,360</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: center"><FONT STYLE="font-size: 7pt">2009</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">137,500</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">34,375</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">43,588</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">8,750</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">224,213</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #C0FFC0">
    <TD STYLE="vertical-align: bottom; text-autospace: none"><FONT STYLE="font-size: 7pt">Gerard J. Pereira</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center"><FONT STYLE="font-size: 7pt">2011</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">145,873</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">35,000</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">64,724</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">15,600</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">261,197</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none; font-style: italic"><FONT STYLE="font-size: 7pt">VP Product Technology</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: center"><FONT STYLE="font-size: 7pt">2010</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">141,625</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">27,500</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">15,000</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">184,125</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: center"><FONT STYLE="font-size: 7pt">2009</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">137,500</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">27,500</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">38,576</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">14,400</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">217,976</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">___________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-autospace: none; text-align: justify">(1)</TD>
    <TD STYLE="width: 96%; text-autospace: none; text-align: justify">Bonus amounts have been determined pursuant to the bonus terms outlined in our Named Executive Officers&rsquo; respective employment agreements.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">(2)</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Under the terms of Mr. McTaggart&rsquo;s employment agreement, his bonus was to be paid 75% in cash and 25% in common shares, valued at the market price at the close of trading on December 31, of the relevant fiscal year. As a result, Mr. McTaggart received the following number of ordinary shares in the years noted:&nbsp;2011 &ndash; 10,800 shares, 2010 &ndash; 3,544 shares and 2009 &ndash; 5,094 shares. Under the terms of Mr. Sasnett&rsquo;s employment agreement effective for 2007, he was entitled to receive the equivalent in value of $40,000 of our common shares annually.&nbsp;&nbsp;Such shares vested quarterly in increments of 12.5% over a two-year period beginning on the date of grant. Under his current employment agreement, Mr. Sasnett no longer receives these shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">(3)</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Options awards for 2011 and 2009 have been determined pursuant to the option terms outlined in our Named Executive Officers' respective employment agreements. The value of these awards has been determined using the Black-Sholes option pricing model. Stock options expense recognized for financial reporting purposes for options granted to these executives was $287,173, $118,249 and $200,181 for the years ended December 31, 2011, 2010, and 2009, respectively.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">(4)</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Our Named Executive Officers did not receive non-equity incentive plan
    compensation in 2009, 2010 or 2011.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">(5)</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Represents (i) pension plan contributions of $3,600 for each of Frederick W. McTaggart, Gregory S. McTaggart, Ramjeet Jerrybandan and Gerard Pereira, (ii) car allowance of $12,000, $11,400 and $10,800 for Mr. Sasnett, Mr. Jerrybandan and Mr. Pereira for 2011, 2010 and 2009, respectively; (iii) the cost to us in the amount of $8,400, $6,760 and $5,150 for the automobile used by Gregory S. McTaggart for 2011, 2010 and 2009, respectively; (iv) car allowance of $12,000 for Frederick W. McTaggart for 2011. <FONT STYLE="color: black">During 2010, we began providing him with a car allowance of $950 per month and the total car related expense was $8,700 for 2010; </FONT>the cost to us in the amount of $6,760 for 2009 for the automobile used by Frederick W. McTaggart.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Employment Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Frederick W. McTaggart-President and
Chief Executive Officer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 1, 2004, we entered into a three-year
employment agreement with Frederick W. McTaggart, our President and Chief Executive Officer, pursuant to which he was paid $200,000
per annum through December 31, 2007. This agreement is subject to extension each year upon mutual agreement such that the term
will be for three years from January 1st of the next following year which is currently through December 31, 2014. If we terminate
Mr. Frederick McTaggart without cause, he is entitled to twice the annual remuneration set out in this agreement, adjusted for
any annual increases received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 14, 2007, we amended the employment
agreement with Mr. McTaggart. Commencing January 1, 2008, Mr. McTaggart&rsquo;s annual base salary increased to $375,000. On September
9, 2009, we amended the employment agreement with Mr. McTaggart. Under the terms of the amended agreement, Mr. McTaggart&rsquo;s
bonus, in an amount not to exceed 100% of his then-current annual compensation, will be calculated as follows: (a) 25% of base
salary if we achieve our budgeted net income, excluding operations in the British Virgin Islands for 2009; (b) 25% of base salary
if we exceed our budgeted &ldquo;Adjusted Revenues,&rdquo; calculated as our budgeted revenue minus budgeted &ldquo;Energy Pass
Through Charges;&rdquo; (c) 25% of base salary if we improve our &ldquo;Income from Operations Margin,&rdquo; calculated as our
budgeted income from operations divided by our budgeted revenue; and (d) 25% of base salary if we complete projects under our capital
budget and on schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The annual bonus, if any, will be paid
75% in cash and 25% in our common shares valued at the market price at the close of trading on December 31, of the relevant fiscal
year (or if such day is not a trading day, at the close of trading on the preceding trading day). Finally, Mr. McTaggart will be
entitled to a discretionary bonus in an amount and form as determined at the sole discretion of the Board of Directors. Pursuant
to NASDAQ rules, the payment of a bonus in stock must be approved by the shareholders of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2011, we granted Mr. McTaggart options
to purchase 35,000 common shares at an exercise price of $10.68 per share. These options vest in tranches of 11,666 shares each
on February 22, 2012, 2013 and 2014 and expire three years from the applicable vesting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>David W. Sasnett-Executive Vice President
&amp; Chief Financial Officer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective January 1, 2008, we entered into
a two-year employment agreement with Mr. Sasnett, our Executive Vice President and Chief Financial Officer, which employment agreement
has been extended through December 31, 2013. Under the terms the employment agreement, Mr. Sasnett is entitled to an annual base
salary and a performance bonus equal to 25% of Mr. Sasnett&rsquo;s then current base salary if performance goals to be agreed upon
by the Company&rsquo;s Chief Executive Officer and Mr. Sasnett are met. The Board of Directors of the Company, may in its sole
discretion, after taking into consideration the recommendations of the Company&rsquo;s Chief Executive Officer, pay Mr. Sasnett
a bonus in excess of 25% of Mr. Sasnett&rsquo;s base salary. Mr. Sasnett is also entitled to a monthly automobile expense allowance
that increases by $50 per month on the first of each new fiscal year. If the Chief Executive Officer of the Company or the Company
decide not to extend the term of the employment agreement, the term of the employment agreement will expire on December 31 of the
year in which such decision is made and the Company will be obligated to pay Mr. Sasnett, in cash, a severance payment equal to
his base salary on the expiration date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2008, we granted Mr. Sasnett options
to purchase 22,200 common shares at an exercise price of $30.40 per share. These options vested in tranches of 7,400 shares each
on January 1, 2009, 2010 and 2011 and expire three years from the applicable vesting date. We granted Mr. Sasnett additional options
in March 2009 to purchase 22,149 ordinary shares at an exercise price of $7.90. These options vested or will vest in tranches of
7,383 each on March 19, 2010, 2011 and 2012 and expire three years from the applicable vesting date. In 2011, we granted Mr. Sasnett
options to purchase 28,325 common shares at an exercise price of $10.68 per share. These options vest in tranches of 9,441 shares
each on February 22, 2012, 2013 and 2014 and expire three years from the applicable vesting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Gregory S. McTaggart-Vice President
of Cayman Operations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective January 1, 2008, we entered into
an employment agreement with Mr. McTaggart. Under the terms this employment agreement, Mr. McTaggart is entitled to an annual base
salary and a performance bonus of not less than 25% of Mr. McTaggart&rsquo;s base salary for the year pursuant to the completion
of Performance Goals agreed between Mr. McTaggart and the Chief Executive Officer of the Company. The Board of Directors of the
Company, may in its sole discretion, after taking into consideration the recommendations of the Company&rsquo;s Chief Executive
Officer, pay Mr. McTaggart a bonus in excess of 25% of Mr. McTaggart&rsquo;s base salary. The performance bonus must be paid entirely
in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2008, we granted Mr. McTaggart options
to purchase 17,700 common shares at an exercise price of $30.40 per share. These options vested in tranches of 5,900 shares each
on January 1, 2009, 2010 and 2011 and expire three years from the applicable vesting date. We granted Mr. McTaggart additional
options in March&nbsp;2009 to purchase 13,305 ordinary shares at an exercise price of $7.90.&nbsp;&nbsp;These options vested or
will vest in tranches of 4,435 each on March 19, 2010, 2011 and 2012 and expire three years from the applicable vesting date. In
2011 we granted Mr. McTaggart options to purchase 14,163 common shares at an exercise price of $10.68 per share. These options
vested or will vest in tranches of 4,721 shares each on February 22, 2012, 2013 and 2014 and expire three years from the applicable
vesting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Ramjeet Jerrybandan-Vice President of
Overseas Operations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective January 1, 2008, we entered into
an employment agreement with Mr. Jerrybandan. Under the terms this employment agreement, Mr. Jerrybandan is entitled to an annual
base salary and a performance bonus of not less than 25% of his base salary for the year pursuant to the completion of performance
goals agreed to between Mr. Jerrybandan and the Chief Executive Officer of the Company. The Board of Directors of the Company,
may in its sole discretion, after taking into consideration the recommendations of the Company&rsquo;s Chief Executive Officer,
pay Mr. Jerrybandan a bonus in excess of 25% of Mr. Jerrybandan&rsquo;s base salary. The performance bonus must be paid entirely
in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2008, we granted Mr. Jerrybandan options
to purchase 17,700 common shares at an exercise price of $30.40 per share. These options vested in tranches of 5,900 shares each
on January 1, 2009, 2010 and 2011and expire three years from the applicable vesting date. We granted Mr. Jerrybandan additional
options in March&nbsp;2009 to purchase 19,956 ordinary shares at an exercise price of $7.90. These options vested or will vest
in tranches of 4,435 each on March 19, 2010, 2011 and 2012 and expire three years from the applicable vesting date. In 2011 we
granted Mr. Jerrybandan options to purchase 17,703 common shares at an exercise price of $10.68 per share. These options vested
or will vest in tranches of 5,901 shares each on February 22, 2012, 2013 and 2014 and expire three years from the applicable vesting
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms of the employment
agreement, we provide Mr. Jerrybandan with a monthly automobile expense allowance, which amounted to $1,000 in 2011. This allowance
increases on January 1 of each year by $50 per month during the term of this agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Gerard J. Pereira-Vice President of
Product Technology</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective January 1, 2008, we entered into
an employment agreement with Mr. Pereira. Under the terms this employment agreement, Mr. Pereira is entitled to an annual base
salary and a performance bonus of not less than 20% of Mr. Pereira&rsquo;s base salary for the year pursuant to the completion
of performance goals agreed between Mr. Pereira and the Chief Executive Officer of the Company. The Board of Directors of the Company,
may in its sole discretion, after taking into consideration the recommendations of the Company&rsquo;s Chief Executive Officer,
pay Mr. Pereira a bonus in excess of 20% of Mr. Pereira&rsquo;s base salary. The performance bonus must be paid entirely in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2008, we granted Mr. Pereira options
to purchase 13,275 common shares at an exercise price of $30.40 per share. These options vested in tranches of 4,425 shares each
on January 1, 2009, 2010 and 2011 and expire three years from the applicable vesting date. The Company granted Mr. Pereira additional
options in March 2009 to purchase 19,956 ordinary shares at an exercise price of $7.90. These options vested or will vest in tranches
of 4,435 each on March 19, 2010, 2011 and 2012 and expire three years from the applicable vesting date. In 2011 we granted Mr.
Pereira options to purchase 14,163 common shares at an exercise price of $10.68 per share. These options vested or will vest in
tranches of 4,721 shares each on February 22, 2012, 2013 and 2014 and expire three years from the applicable vesting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;Pursuant to the terms of the employment
agreement, we provide Mr. Pereira with a monthly automobile expense allowance, which amounted to $1,000 in 2011. This allowance
increases on January 1 of each year by $50 per month during the term of this agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Grants of Plan-Based Awards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tables present information
with respect to the stock options granted in the fiscal year ended December 31, 2011 to the Named Executive Officers. There can
be no assurance that the Grant Date Fair Value of Option Award will ever be realized by the individual. The amount of these awards
that were expensed is shown in the Summary Compensation Table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 22%; vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Number&nbsp;of</FONT></TD>
    <TD ROWSPAN="5" STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 2%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 21%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Securities</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Grant&nbsp;Date</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Underlying</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Fair&nbsp;Value</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;<B>Expiration</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Options</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Exercise</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">of&nbsp;Option</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 0; padding-left: 0; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Name</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Grant&nbsp;Date</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Date<SUP>
    (2)</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Granted</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Price</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Award&nbsp;($)
    <SUP>(1)</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Exercisable</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Unexercisable</FONT></TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: left"><FONT STYLE="font-size: 7pt">Frederick
    W. McTaggart</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">2/22/2011</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">2/22/2017</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">35,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">$&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">10.68</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">159,948</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">35,000</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: left"><FONT STYLE="font-size: 7pt">David W.
    Sasnett</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">2/22/2011</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">2/22/2017</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">28,325</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">10.68</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">129,444</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">28,325</FONT></TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: left"><FONT STYLE="font-size: 7pt">Ramjeet
    Jerrybandan</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">2/22/2011</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">2/22/2017</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">17,703</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">10.68</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">80,902</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">17,703</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: left"><FONT STYLE="font-size: 7pt">Gregory
    S. McTaggart</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">2/22/2011</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">2/22/2017</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">14,163</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">10.68</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">64,724</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">14,163</FONT></TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: left"><FONT STYLE="font-size: 7pt">Gerard
    J. Pereira</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">2/22/2011</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">2/22/2017</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">14,163</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">10.68</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">64,724</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right"><FONT STYLE="font-size: 7pt">14,163</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; text-autospace: none; text-align: justify">(1)</TD>
    <TD STYLE="width: 93%; padding-right: 0.8pt; text-autospace: none; text-align: justify">Represents Black-Scholes option pricing model value on the date of grant.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; text-autospace: none">(2)</TD>
    <TD STYLE="width: 93%; padding-right: 0.8pt; text-autospace: none; text-align: justify">These options vest in equal tranches on each of February 22, 2012, 2013 and 2014 and expire three years from the applicable vesting date.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Outstanding Equity Awards at Fiscal
Year-End</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the outstanding
option awards as of&nbsp;December 31, 2011 for each Named Executive Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Number of Securities</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Underlying Unexercised</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Option</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Option</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Option</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Options at Fiscal Year End</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">Exercise</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">Grant</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">Expiration</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0">Name</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercisable</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unexercisable</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Price <SUP>(1)</SUP></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Date</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Date <SUP>(2)</SUP></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 30%; font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Frederick W. McTaggart</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">35,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">10.68</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">02/22/11</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">02/22/17</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">David W. Sasnett</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22,200</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30.48</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">05/14/08</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">01/01/14</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-right: 0">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,766</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,383</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7.90</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">03/19/09</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">03/19/15</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-right: 0">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">28,325</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10.68</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">02/22/11</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">02/22/17</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Ramjeet Jerrybandan</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17,700</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30.48</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">05/14/08</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">01/01/14</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-right: 0">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,304</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,652</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7.90</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">03/19/09</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">03/19/15</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-right: 0">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17,703</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10.68</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">02/22/11</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">02/22/17</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Gregory S. McTaggart</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17,700</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30.48</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">05/14/08</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">01/01/14</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-right: 0">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,870</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,435</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7.90</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">03/19/09</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">03/19/15</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-right: 0">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,163</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10.68</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">02/22/11</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">02/22/17</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0">Gerard J. Pereira</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,275</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30.48</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">05/14/08</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">01/01/14</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-right: 0">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,850</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,925</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7.90</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">03/19/09</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">03/19/15</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-right: 0">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,163</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10.68</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">02/22/11</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">02/22/17</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-autospace: none">(1)</TD>
    <TD STYLE="width: 94%; text-autospace: none">These options vest annual in equal tranches beginning on the first anniversary of the date of grant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">(2)</TD>
    <TD STYLE="text-autospace: none">These options expire three years from the applicable vesting date.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Option Exercises and Stock Vested</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No stock options were exercised by the
Named Executive Officers and no shares vested to the Named Executive Officers during the year ended December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Pension Benefits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not have any defined benefit plans
and only offer defined contribution plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Non-Qualified Deferred Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not have any non-qualified deferred
contribution plans or other deferred compensation plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Potential Payments Upon Termination
or Change of Control</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The section below describes the payments
that may be made to Named Executive Officers upon termination or Change in Control, as defined below, pursuant to individual agreements.
For payments made to a participant upon a retirement other than in connection with termination or a Change in Control, see Pension
Benefits above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Termination</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Named Executive Officers&rsquo; employment
agreements may be terminated upon the occurrence of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-autospace: none; font-family: Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">the death of the Named Executive Officer;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-autospace: none; font-family: Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">the Named Executive Officer being adjudicated bankrupt;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-autospace: none; font-family: Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">the Named Executive Officer giving six months notice of termination; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-autospace: none; font-family: Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">the Named Executive Officer being unable to discharge his duties due to physical or mental illness for a period of more than 60 days.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, our Chief Financial Officer&rsquo;s
employment agreement may be terminated due to his conviction of a felony or his commission of an act or omission that could result
in material harm to us or conduct justifying dismissal under Cayman Island law. Our other Named Executive Officers&rsquo; employment
agreements may be terminated due to conduct by such Named Executive Officer justifying dismissal under Cayman Island law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon termination due to the Named Executive
Officer&rsquo;s inability to discharge his duties due to physical or mental illness for a period of more than 60 days, the Named
Executive Officer will be terminated. In the case of all Named Executive Officers other than our Chief Financial Officer, we will
pay such Named Executive Officer $1,000 per year, provide medical insurance for him and his family, and contribute to a pension
fund for the Named Executive Officer for a period of two years. In the case of our Chief Financial Officer, we will pay him $1,000
per year and provide medical insurance for him and his family for a period of one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assuming our Named Executive Officers&rsquo;
employment were terminated on December 31, 2011 due to the Named Executive Officer&rsquo;s inability to discharge his duties due
to physical or mental illness for a period of more than 60 days, the compensation due to our Named Executive Officers would be
as set forth in the following table.&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; text-autospace: none">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 10%; text-autospace: none">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 11%; text-autospace: none; font-weight: bold; text-align: center">Medical</TD>
    <TD ROWSPAN="2" STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 14%; text-autospace: none; font-weight: bold; text-align: center">Pension Fund</TD>
    <TD ROWSPAN="2" STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 14%; text-autospace: none; font-weight: bold; text-align: center">Total</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: center">Salary</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: center">Insurance</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: center">Contribution</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: center">Compensation</TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom; text-autospace: none; font-weight: bold">Name</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center">($)</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: top; text-autospace: none; font-weight: bold; text-align: center">($)</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: top; text-autospace: none; font-weight: bold; text-align: center">($)</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: top; text-autospace: none; font-weight: bold; text-align: center">($)</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom; text-autospace: none">Frederick W. McTaggart</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">2,000</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">39,603</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">7,200</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">48,803</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-autospace: none">David W. Sasnett</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">1,000</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">20,119</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">&mdash;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">21,119</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom; text-autospace: none">Ramjeet Jerrybandan</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">2,000</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">18,019</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">7,200</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">27,219</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-autospace: none">Gregory S. McTaggart</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">2,000</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">13,328</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">7,200</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">22,528</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom; text-autospace: none">Gerard J. Pereira</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">2,000</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">21,889</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">7,200</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">31,089</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If our Chief Financial Officer terminates
his employment agreement with six months prior notice or if we terminate his employment agreement due to his commission of an act
or omission that could result in material harm to us or conduct justifying dismissal under Cayman Island law, he will forfeit all
unvested shares issued pursuant to his employment agreement. If his employment agreement is otherwise terminated or upon a &ldquo;Change
in Control,&rdquo; as defined below, all unvested shares issued pursuant to his employment agreement will vest immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Severance</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon termination of employment, our Chief
Executive Officer and Chief Financial Officer are entitled to receive severance payments under their employment agreements. Our
Chief Executive Officer&rsquo;s and Chief Financial Officer&rsquo;s employment agreements provide for a lump sum severance payment
equal to 24 months and 12 months, respectively, of their then current respective base salary if their employment is terminated
without cause or if their employment agreements are not renewed. The Committee negotiated our Chief Executive Officer&rsquo;s severance
packages to provide him an amount equal to their base salary for the length of his non-competition arrangement with us.&nbsp;&nbsp;The
following table sets forth the total amount of severance payments that would be made to Messrs. McTaggart and Sasnett if their
employment agreements were terminated without cause as of December 31, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none; font-weight: bold; text-align: center">Severance</TD>
    <TD NOWRAP STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; text-autospace: none; font-weight: bold">Name</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-autospace: none; font-weight: bold; text-align: center">($)</TD>
    <TD NOWRAP STYLE="padding-bottom: 1.5pt; text-autospace: none; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="width: 88%; text-autospace: none">Frederick W. McTaggart</TD>
    <TD STYLE="width: 1%; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 9%; text-autospace: none; text-align: right">823,683</TD>
    <TD NOWRAP STYLE="width: 1%; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">David W. Sasnett</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">265,225</TD>
    <TD NOWRAP STYLE="text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Change in Control</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon a &ldquo;Change in Control,&rdquo;
as defined below, our Chief Financial Officer may elect to terminate his employment and receive a lump sum payment equal to three
times his then current base salary. In determining whether to approve and setting the terms of such Change in Control arrangement,
the Committee recognizes the importance to us and our shareholders of avoiding the distraction and loss of key management personnel
that may occur in connection with rumored or actual fundamental corporate changes. A properly arranged Change in Control provision
protects shareholder interests by enhancing employee focus during rumored or actual Change in Control activity through:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-autospace: none; font-family: Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Incentives to remain with us despite uncertainties while a transaction is under consideration or pending; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-autospace: none; font-family: Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Assurance of compensation for terminated employees after a Change in Control.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Chief Financial Officer&rsquo;s employment
agreement provides that, at his election, he may terminate his employment upon a Change in Control and receive a payment of 36
months of his then current base salary. After reviewing the practices of companies represented in the compensation data we obtained,
the Committee negotiated our Chief Financial Officer&rsquo;s Change in Control arrangement to provide him an amount equal to three
times his base salary. We believe that our Chief Financial Officer&rsquo;s Change in Control arrangement is generally in line with
such arrangements offered to chief financial officers of comparable companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of this discussion, a
&ldquo;Change of Control&rdquo; means where: (i) any person, including a &ldquo;group&rdquo; as defined in Section 13(d)(3) of
the Securities Exchange Act of 1934, as amended, publicly announces that such person or group has become the beneficial owner of
more than 50% of the combined voting power (&ldquo;Controlling Voting Power&rdquo;) of our then outstanding securities that may
be cast for the election of directors and (ii) the persons who were our directors before such event shall cease to constitute a
majority of our Board of Directors, or any successor, as the direct or indirect result of any person or group acquiring Controlling
Voting Power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the total
amount of change in control payments that would be made to Mr. Sasnett if his employment agreement was terminated upon a &ldquo;Change
in Control&rdquo; as of December 31, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Change In Control</B></FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">($)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 86%; font-size: 10pt; text-align: left">David W. Sasnett</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">795,675</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Director Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth a summary
of the compensation earned by our non-employee directors and/or paid to certain of our non-employee directors in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Fees</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Earned or</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Stock</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Paid in Cash</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Awards</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">($)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">($)<SUP>(1)</SUP></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">($)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Frederick W. McTaggart</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">David W. Sasnett</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left">Brian E. Butler *</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">28,600</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">13,400</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">42,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Carson K. Ebanks *</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Richard L. Finlay *</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">28,600</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,200</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">40,800</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Clarence B. Flowers, Jr. *</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">26,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,600</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">40,600</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Wilmer F. Pergande *</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">71,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,400</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">87,400</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Leonard J. Sokolow *</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">35,500</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,400</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">51,900</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Raymond Whittaker *</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">31,400</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,200</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">49,600</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-autospace: none; text-align: justify">*</TD>
    <TD STYLE="width: 94%; text-autospace: none; text-align: justify">The Board of Directors has determined that each of such persons is an &ldquo;independent director&rdquo; under the corporate governance rules of NASDAQ.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: justify">(1)</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Represents&nbsp;fair value on the date of grant.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Director Compensation Policy</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Chairman receives an annual retainer
of $48,000 in addition to the meeting and attendance fees paid to each non-executive director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each director who is not an executive officer
is entitled to an annual retainer of $8,000 and an attendance fee of $3,000 for each quarterly Board of Directors&rsquo; meeting
attended, and $1,000 for any additional Board of Directors&rsquo; meetings attended. Mr. Ebanks received an annual retainer of
$8,000 and an attendance fee of $5,000 for each quarterly Board of Directors&rsquo; meeting attended, and $1,000 for any additional
Board of Directors&rsquo; meetings attended. Mr. Ebanks was not entitled to common shares under the non-executive directors share
grant plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each director who is a member of the Audit
Committee is entitled to an attendance fee of $900 for each Audit Committee meeting attended, except for the chairman of the Audit
Committee who is entitled to $1,650 for each Audit Committee meeting attended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each director who is a member of the Compensation
Committee is entitled to an attendance fee of $900 for each Compensation Committee meeting attended, except for the chairman of
the Compensation Committee who is entitled to $1,650 for each Compensation Committee meeting attended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each director who is a member of the Executive
Committee is entitled to an attendance fee of $400 for each Executive Committee meeting attended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each director who is a member of the Nominations
and Corporate Governance Committee is entitled to an attendance fee of $900 for each Nominations Committee meeting attended, except
for the chairman of the Nominations and Corporate Governance Committee who is entitled to $1,650 for each Nominations and Corporate
Governance Committee meeting attended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, under the non-executive directors
share grant plan, other than Mr. Ebanks, each director receives common shares worth the share equivalent of $2,000 for each quarterly
Board of Directors meeting and $600 for each Committee meeting attended. The common shares are calculated by dividing the accumulated
share attendance fees by the prevailing market price on October 1st of the preceding year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Directors who are executive officers on
our Board of Directors are not entitled to an annual retainer or any attendance fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compensation Committee Interlocks and
Insider Participation in Compensation Decisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee of the Board
of Directors consists of Messrs. Finlay, Whittaker and Flowers. No member of the Compensation Committee is, or at any time in the
past has been, an officer or employee of the Company or any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="width: 10%; text-autospace: none; font-weight: bold">ITEM 12.</TD>
    <TD STYLE="width: 90%; text-autospace: none; font-weight: bold">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDERS MATTERS</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below sets forth the beneficial
ownership of our common stock, par value $0.60 per share, of which 14,568,696 are outstanding as of March 9, 2012 and our redeemable
preferred stock, par value $0.60 per share, of which&nbsp;22,427 are outstanding as of March 9, 2012 by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-autospace: none; font-family: Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="width: 88%; text-autospace: none; text-align: justify">each person or entity that we know beneficially owns more than 5% of our ordinary shares or redeemable preference shares;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-autospace: none; font-family: Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="width: 88%; text-autospace: none; text-align: justify">each of our directors;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-autospace: none; font-family: Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="width: 88%; text-autospace: none; text-align: justify">our Chief Executive Officer and our Chief Financial Officer during the year ended December 31, 2011, and the three other most highly compensated executive officers who were serving as executive officers on December 31, 2011; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-autospace: none; font-family: Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="width: 88%; text-autospace: none; text-align: justify">all of our executive officers and directors as a group.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; text-autospace: none; font-weight: bold">Title&nbsp;of&nbsp;Class</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Identity&nbsp;of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Person&nbsp;or&nbsp;Group</B></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Owned</B></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Percentage</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of&nbsp;Class</B></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="width: 33%; text-autospace: none">Ordinary Shares</TD>
    <TD STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 38%; text-autospace: none">Invesco Ltd. (1)</TD>
    <TD STYLE="width: 2%; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 12%; text-autospace: none; text-align: right">1,328,983</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 8%; text-autospace: none; text-align: right">9.12</TD>
    <TD STYLE="width: 1%; text-autospace: none">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Ordinary Shares</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Commonwealth Bank of Australia (2)</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">1,251,562</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">8.59</TD>
    <TD STYLE="text-autospace: none">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Ordinary Shares</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Wilmer F. Pergande,</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">17,048</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Director, Chairman of the</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Board of Directors (3)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Ordinary Shares</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Frederick W. McTaggart,</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">135,362</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Director, President and</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Chief Executive Officer (4)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Ordinary Shares</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">David W. Sasnett,</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">51,113</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Director, Executive Vice President and</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Chief Financial Officer (5)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Ordinary Shares</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Ramjeet Jerrybandan,</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">40,968</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Vice President of Overseas Operations (6)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Ordinary Shares</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Gregory S. McTaggart,</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">132,898</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Vice President of Cayman Operations (7)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Ordinary Shares</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Gerard J. Pereira</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">35,230</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Vice President&nbsp;of Product Technology (8)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Ordinary Shares</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Brian E. Butler,</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">11,699</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Director</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; text-autospace: none; font-weight: bold">Title&nbsp;of&nbsp;Class</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Identity&nbsp;of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Person&nbsp;or&nbsp;Group</B></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Owned</B></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Percentage</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of&nbsp;Class</B></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="width: 33%; text-autospace: none">Ordinary Shares</TD>
    <TD STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 37%; text-autospace: none">Carson K. Ebanks,</TD>
    <TD STYLE="width: 2%; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 12%; text-autospace: none; text-align: right">1,066</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 9%; text-autospace: none; text-align: right">*</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Director</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Ordinary Shares</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Richard L. Finlay,</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">14,202</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Director</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Ordinary Shares</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Clarence B. Flowers, Jr.,</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">16,527</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Director</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Ordinary Shares</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Leonard J. Sokolow,</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">4,387</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Director (9)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Ordinary Shares</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Raymond Whittaker,</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">15,159</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Director</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Ordinary Shares</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Directors and Executive</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">524,951</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">3.60</TD>
    <TD STYLE="text-autospace: none">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Officers as a Group (10)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Redeemable Preference Shares</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Kenneth Crowley</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">1,329</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">5.93</TD>
    <TD STYLE="text-autospace: none">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Special Projects Engineer</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Redeemable Preference Shares</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Marinus Barendsen,</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">1,300</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">5.80</TD>
    <TD STYLE="text-autospace: none">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">Redeemable Preference Shares</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Ramjeet Jerrybandan,</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">81</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">*</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Vice President&nbsp;of Overseas Operations</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="width: 33%; text-autospace: none">Redeemable Preference Shares</TD>
    <TD STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 37%; text-autospace: none">Gregory S. McTaggart,</TD>
    <TD STYLE="width: 2%; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 12%; text-autospace: none; text-align: right">85</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 9%; text-autospace: none; text-align: right">*</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Vice President of Cayman Operations</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: #C0FFC0">
    <TD STYLE="vertical-align: bottom; text-autospace: none">Redeemable Preference Shares</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">Gerard J. Pereira</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">81</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C0FFC0">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Vice President&nbsp;of Product Technology</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">*</TD>
    <TD COLSPAN="7" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">Indicates less than 1%</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 37px; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 183px; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 269px; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 16px; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 111px; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 19px; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 80px; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 0px">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">**</TD>
    <TD COLSPAN="7" ROWSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: justify">Unless otherwise indicated, to our knowledge, the persons named in the table above have sole voting and investment power with respect to the shares listed. In computing the number of shares beneficially owned by a person and the percentage ownership of that person, shares issuable under stock options exercisable within 60 days after March 9, 2012 are deemed outstanding for that person but are not deemed outstanding for computing the percentage of ownership of any other person.</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"> </TD>
    <TD COLSPAN="7" ROWSPAN="7" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 9, 2012, Invesco Ltd., on its
        own behalf and on behalf of its subsidiaries, Invesco PowerShares Capital Management LLC and Invesco Advisers, Inc., filed an amended
        Schedule 13G (&ldquo;Schedule 13G&rdquo;) with the Securities and Exchange Commission. The Schedule 13G states that on its own
        behalf and on behalf of its subsidiaries, Invesco Ltd. has sole voting and dispositive power over 1,328,983 common shares held
        by funds to which Invesco PowerShares Capital Management LLC and Invesco Advisers, Inc. act as investment advisers. The address
        of Invesco Ltd. is 1555 Peachtree Street NE; Atlanta, GA 30309; the address of Invesco PowerShares Capital Management LLC is 301
        West Roosevelt Road, Wheaton, IL 60187; and the address of Invesco Advisers, Inc. is Two Peachtree Pointe, 1555 Peachtree Street,
        N.E., Suite 1800, Atlanta, GA 30309.</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(1)</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; width: 37px">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; width: 183px">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; width: 269px">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; width: 16px">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; width: 111px">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; width: 19px">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; width: 80px">&nbsp;</TD>
    <TD STYLE="width: 0px">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"> (2)</TD>
    <TD COLSPAN="7" ROWSPAN="10" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 13, 2012, Commonwealth
Bank of Australia, on its own behalf and on behalf of Colonial Holding Company Limited, Commonwealth Insurance Holdings Limited,
Colonial First State Group Limited and First State Investment Management (UK) Limited, filed a Schedule 13G (&ldquo;Schedule 13G&rdquo;)
with the Securities and Exchange Commission. The Schedule 13G states that Commonwealth Bank of Australia, Colonial Holding Company
Limited, Commonwealth Insurance Holdings Limited, Colonial First State Group Limited and First State Investment Management (UK)
Limited share investment and dispositive power of 1,251,562 common shares held by First State Investments International Ltd. and
First State Investment Management (UK) Limited.&nbsp;&nbsp;The address of Commonwealth Bank of Australia, Colonial Holding Company
Limited, Commonwealth Insurance Holdings Limited, and Colonial First State Group Limited is Ground Floor, Tower 1, 201 Sussex
Street, Sydney, New South Wales, 2000, Commonwealth of Australia. The address of First State Investment Management (UK) Limited
is 23 Street Andrew Square, Edinburgh, EH2 1BB, Scotland.</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 124; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">(3)</TD>
    <TD STYLE="width: 94%; padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">Of the 17,048 common shares beneficially owned by Mr. Pergande, all have shared investment power.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">(4)</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">Of the 135,362 common shares beneficially owned by Mr. Frederick W. McTaggart, 11,667 are issuable upon exercise of stock options within 60 days of March 9, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">(5)</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">Of the 51,113 common shares beneficially owned by Mr. Sasnett, 46,391 are issuable upon exercise of stock options within 60 days of March 9, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">(6)</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">Of the 40,968 common shares beneficially owned by Mr. Jerrybandan, 37,657 are issuable upon exercise of stock options within 60 days of March 9, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">(7)</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">Of the 132,898 common shares beneficially owned by Mr. Gregory S. McTaggart, 29,826 are issuable upon exercise of stock options within 60 days of March 9, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">(8)</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">Of the 35,230 common shares beneficially owned by Mr. Pereira, 6,778 have shared investment power and 25,346 are issuable upon exercise of stock options within 60 days of March 9, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">(9)</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">Of the 4,387 common shares beneficially owned by Mr. Sokolow, all have shared investment power.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">(10)</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; text-align: justify">Of the 524,951 common shares owned by the Directors and executive officers as a group, 28,213 have shared investment power, and 193,300 are issuable upon exercise of stock options within 60 days of March 9, 2012.</TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><B>Equity Compensation Plan Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth certain
information as of December&nbsp;31, 2011, with respect to compensation plans (including individual compensation arrangements) under
which our equity securities are authorized for issuance under:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all compensation plans previously approved by our security holders; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all compensation plans not previously approved by our security holders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Number of securities     to     be     issued
    upon<BR>
exercise of outstanding&nbsp;options,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Weighted-average     exercise     price     of
    outstanding&nbsp;options,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Number of     securities remaining available
    for future issuance under equity compensation plans (excluding securities&nbsp;reflected&nbsp;in</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">warrants&nbsp;and&nbsp;rights</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">warrants&nbsp;and&nbsp;rights</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">column&nbsp;(a))</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Plan&nbsp;category</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(a)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(b)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(c)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left">Equity compensation plans&nbsp;approved by security holders</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">378,394</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">14.91</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,121,606</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Equity compensation plans not approved by security holders</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">*</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">378,394</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">14.91</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-autospace: none">*</TD>
    <TD STYLE="width: 94%; text-autospace: none">This equity compensation plan does not have any limits on the amount of shares reserved for issuance under the plans.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 13. CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS, AND DIRECTOR INDEPENDENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Transactions With Related Persons</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has a written policy regarding
the review, approval or ratification of related person transactions. A related person transaction for the purposes of the policy
is a transaction between the company and one of the Company&rsquo;s directors or nominees for director, executive officers or 5%
shareholders, or a member of one of these person&rsquo;s immediate family, in which such person has a direct or indirect material
interest and involves more than $120,000. Under this policy, related person transactions are prohibited unless the Audit Committee
has determined in advance that the transaction is in the best interests of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors has determined that
all of the current Directors, other than Messrs. McTaggart and Sasnett are &ldquo;independent&rdquo; as such term is defined by
the applicable listing standards of NASDAQ. The Board of Directors based this determination primarily on a review of the responses
of the Directors to questions regarding their employment, affiliations and family and other relationships.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 14. PRINCIPAL ACCOUNTING FEES AND
SERVICES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the fees that
the Company and its affiliates paid or accrued for the audit and other services provided by Marcum LLP, for the  years ended
December 31, 2011 and 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font-size: 10pt; padding-right: 0; padding-left: 0">Audit</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">335,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">335,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-right: 0; padding-left: 0">Audit-Related</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-right: 0; padding-left: 0">Tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-right: 0; padding-left: 0">All Other</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-right: 0; padding-left: 0">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">338,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">338,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Audit Fees: This category includes the
fees for the examination of the Company&rsquo;s consolidated financial statements and internal controls, review of the Company&rsquo;s
Annual Report on Form 10-K and the quarterly reviews of the interim financial statements included in the Company&rsquo;s Quarterly
Reports on Form 10-Q.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Audit-Related Fees: This category consists
of services that are closely related to the financial audit process and primarily consists of review of reports filed and to be
filed with the U.S. Securities and Exchange Commission and accounting advice relating thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tax Fees: This category relates to professional
services for tax compliance, tax advice, and tax planning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All audit services performed by Marcum
LLP, were approved by the Audit Committee. The Audit Committee gives due consideration to the potential effect of non-audit services
on maintaining the auditors independence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #0070C0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART IV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 15. EXHIBITS, FINANCIAL STATEMENTS
SCHEDULES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Financial Statements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Consolidated Water Co. Ltd. Financial
statements found in ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA are incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Rule 3-09 of Regulation S-X,
when either the first or third condition set forth in Rule 1-02(w), substituting 20 percent for 10 percent, is met by a 50 percent-or-less-owned
person accounted for by the equity method separate financial statements shall be filed. The Ocean Conversion (BVI) Ltd. Financial
statements found in ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA are incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Financial Statement Schedules</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Exhibits listed in the Exhibit Index
immediately preceding the Signatures are filed as part of this Annual Report on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #0070C0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of Section
13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.1pt; text-autospace: none; font-weight: bold; text-align: justify">CONSOLIDATED WATER CO. LTD.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 7%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 45%; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; text-align: justify">By:&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none; text-align: justify">/s/ Wilmer F. Pergande</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.1pt; text-autospace: none">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmer F. Pergande</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.1pt; text-autospace: none">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman of the Board of Directors</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated: March 15, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Signature</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Title</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Date</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 24%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 52%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 15%; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none">/s/ Wilmer F. Pergande</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Chairman&nbsp;of&nbsp;the&nbsp;Board&nbsp;of&nbsp;Directors</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">March 15, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Wilmer F. Pergande</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-autospace: none">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-autospace: none">/s/ Frederick W. McTaggart</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Director,&nbsp;Chief&nbsp;Executive&nbsp;Officer&nbsp;and&nbsp;President&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center">March 15, 2012</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">Frederick W. McTaggart</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">(Principal&nbsp;Executive&nbsp;Officer)</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-autospace: none">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-autospace: none">/s/ David W. Sasnett</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Director,&nbsp;Executive&nbsp;Vice&nbsp;President&nbsp;&amp;&nbsp;Chief&nbsp;Financial&nbsp;Officer</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center">March 15, 2012</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">David W. Sasnett</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">(Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none">/s/ Brian E. Butler</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Director</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">March 15, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Brian E. Butler</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none">/s/ Carson K. Ebanks</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Director</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">March 15, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Carson K. Ebanks</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none">/s/ Richard L. Finlay</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Director</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">March 15, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Richard L. Finlay</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none">/s/ Clarence B. Flowers, Jr.</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Director</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">March 15, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Clarence B. Flowers, Jr.</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none">/s/ Leonard J. Sokolow</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Director</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">March 15, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Leonard J. Sokolow</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-autospace: none">/s/ Raymond Whittaker</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Director</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">March 15, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Raymond Whittaker</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED WATER CO. LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEX TO EXHIBITS FILED WITH 10-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; border-bottom: Black 1pt solid"><B>Number</B></TD>
    <TD STYLE="text-autospace: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify; border-bottom: Black 1pt solid"><B>Exhibit Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-autospace: none">3.1</TD>
    <TD STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 89%; text-autospace: none; text-align: justify">Amended and Restated Memorandum of Association of Consolidated Water Co. Ltd. dated May 14, 2008 (incorporated by reference to Exhibit 3.1 filed as part of our Form 8-K filed June 6, 2008, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">3.2</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Amended and Restated Articles of Association of Consolidated Water Co. Ltd. dated May 10, 2006 (incorporated by reference to Exhibit 4.2 filed as part of our Form F-3 filed October 12, 2006, Commission File No. 333-137970)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">3.3</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Amendment to Articles of Association of Consolidated Water Co. Ltd. dated May 11, 2007 (incorporated by reference to Exhibit 3.1 filed as part of our Form 8-K filed May 14, 2007, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">3.4</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Amendment to Articles of Association of Consolidated Water Co. Ltd.&nbsp;dated May 26, 2009 (incorporated by reference to Exhibit 3.1 filed as part of our Form 8-K filed May 27, 2009, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">4.1</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Option Deed, dated August 6, 1997, between Cayman Water Company Limited and American Stock Transfer &amp; Trust Company (incorporated herein by reference to the exhibit filed on our Form 6-K, dated August 7, 1997, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">4.2</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Deed of Amendment of Option Deed dated August 8, 2005 (incorporated herein by reference to Exhibit 4.2 filed as a part of our Form 8-K dated August 11, 2005, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">4.3</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Second Deed of Amendment of Option Deed, dated September 27, 2005 (incorporated herein by reference to the exhibit filed as a part of our Form 8-K dated October 3, 2005, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">4.4</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Third Deed of Amendment to Option Deed, dated May 30, 2007 (incorporated herein by reference to Exhibit 4.3 filed as part of our Form 8-K filed June 1, 2007, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.1.1</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">License Agreement dated July 11, 1990 between Cayman Water Company Limited and the Government of the Cayman Islands (incorporated herein by reference to the exhibit filed as a part of our Form 20-F dated December 7, 1994, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.1.2</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">First Amendment to License Agreement dated September 18, 1990 between Cayman Water Company Limited and the Government of the Cayman Islands. (incorporated herein by reference to the exhibit filed as a part of our Form 20-F dated December 7, 1994, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.1.3</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Second Amendment to License Agreement dated February 14, 1991 between Cayman Water Company Limited and the Government of the Cayman Islands. (incorporated herein by reference to the exhibit filed as a part of our Form 20-F dated December 7, 1994, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.1.4</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Third Amendment to a License to Produce Potable Water dated August 15, 2001 between Consolidated Water Co. Ltd. by the Government of the Cayman Islands (incorporated herein by reference to Exhibit 10.4 filed as a part of our Form 10-K for the fiscal year ended December 31, 2001, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.1.5</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Fourth Amendment to a License to Produce Potable Water dated February 1, 2003 between Consolidated Water Co. Ltd. by the Government of the Cayman Islands (incorporated herein by reference to Exhibit 10.5 filed as a part of our Form 10-K for the fiscal year ended December 31, 2002, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.1.6</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Amendment to License Agreement dated July 20, 2010 between the Government of the Cayman Islands and Cayman Water Company Limited (incorporated herein by reference to Exhibit 10 filed as a part of our Form 8-K filed July 23, 2010, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-autospace: none">10.2</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 89%; text-autospace: none; text-align: justify">Water Supply Agreement dated December 18, 2000 between Consolidated Water Co. Ltd. and South Bimini International Ltd. (incorporated herein by reference to Exhibit 10.2 filed as a part of our Form 10-K for the fiscal year ended December 31, 2000, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.3.1*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Employment contract dated December 5, 2003 between Frederick McTaggart and Consolidated Water Co. Ltd. (incorporated herein by reference to Exhibit 10.18 filed as a part of our Form 10-K for the fiscal year ended December 31, 2003, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.3.2*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Amendment of Engagement Agreement dated September 14, 2007 between Frederick W. McTaggart and Consolidated Water Co. Ltd. (incorporated herein by reference to Exhibit 10.2 to our Form 8-K filed September 19, 2007, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.3.3*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Third Amendment of Engagement Agreement dated September 9, 2009 between Frederick W. McTaggart and Consolidated Water Co. Ltd. (incorporated herein by reference to Exhibit 10.1 to our Form 8-K filed September 9, 2009, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.4.1*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Engagement Agreement dated May 22, 2006 between David Sasnett and Consolidated Water Co. Ltd. (incorporated herein by reference to Exhibit 10.1 filed as part of our Form 8-K filed May 26, 2006, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.4.2*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Amended and restated Engagement Agreement dated March 29, 2007 between David Sasnett and Consolidated Water Co. Ltd. (incorporated herein by reference to Exhibit 10.1 filed as part of our Form 8-K filed April 14, 2007, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.4.3*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Engagement Agreement dated January 15, 2008 between David Sasnett and Consolidated Water Co. Ltd. (incorporated herein by reference to Exhibit 10.1 filed as part of our Form 8-K filed January 22, 2008, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.5*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Employment contract dated January 11, 2008 between Gregory McTaggart and Consolidated Water Co. Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.6*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Employment contract dated January 14, 2008 between Ramjeet Jerrybandan and Consolidated Water Co. Ltd. (incorporated herein by reference to Exhibit 10.11 filed as part of our Form 10-K for the fiscal year ended December 31, 2008, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.7*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Employment contract dated January 16, 2008 between Gerard Pereira and Consolidated Water Co. Ltd. (incorporated herein by reference to Exhibit 10.12 filed as a part of our Form 10-K for the fiscal year ended December 31, 2008, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.8*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Engagement Agreement dated July 12, 2011 between John Tonner and Consolidated Water Co. Ltd. (incorporated herein by reference to Exhibit 10.1 filed as a part of our Form 8-K filed August 5, 2011, Commission File No. 0-25248).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.9</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Specimen Service Agreement between Cayman Water Company Limited and consumers (incorporated herein by reference to the exhibit filed as part of our Registration Statement on Form F-1 dated March 26, 1996)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.10*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Summary Share Grant Plan for Directors (incorporated herein by reference to Exhibit 10.24 filed as part of our Registration Statement on Form F-2 dated May 17, 2000, Commission File No. 333-35356)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.11*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Employee Share Option Plan (incorporated herein by reference to Exhibit 10.26 filed as a part of our Form 10-K for the fiscal year ended December 31, 2001, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.12*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">2008 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 filled as part of our Form 10-Q for the fiscal quarter ended September 30, 2008, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.13</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Purchase and Sale Agreement, dated December 10, 2001, among Consolidated Water Co. Ltd., Cayman Hotel and Golf Inc., Ellesmere Britannia Limited and Hyatt Britannia Corporation Ltd. (incorporated herein by reference to Exhibit 10.30 filed as part of our Form 10-K for the fiscal year ended December 31, 2001, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.14</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Agreement dated February 1, 2002 between Consolidated Water Co. Ltd. and Cayman Hotel and Golf Inc. (incorporated herein by reference to Exhibit 10.52 filed as a part of our Form 10-K for the fiscal year ended December 31, 2001, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-autospace: none">10.15</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 89%; text-autospace: none; text-align: justify">Lease dated December 10, 2001 between Cayman Hotel and Golf Inc. and Consolidated Water Co. Ltd. (incorporated herein by reference to Exhibit 10.52 filed as a part of our Form 10-K for the fiscal year ended December 31, 2001, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.16.1</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Lease dated April 27, 1993 signed July 18, 2001 between Government of Belize and Belize Water Limited (incorporated herein by reference to Exhibit 10.53 filed as a part of our Form 10-K for the fiscal year ended December 31, 2001, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.16.2</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Amended lease dated April 27, 1993 signed January 2, 2004 between Government of Belize and Belize Water Limited (incorporated herein by reference to Exhibit 10.36 filed as a part of our Form 10-K for the fiscal year ended December 31, 2003, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.17</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Loan Agreement dated February 7, 2003 between Consolidated Water Co. Ltd. and Scotiabank (Cayman Islands) Ltd. (incorporated herein by reference to Exhibit 10.1 filed as a part of our Form 8-K dated February 13, 2003, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;10.18.1</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Loan Agreement dated May 25, 2005 between Ocean Conversion (BVI), Ltd. and Consolidated Water Co. Ltd. (incorporated herein by reference to Exhibit 99.1 filed as a part of our Form 8-K dated June 1, 2005, Commission File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.18.2</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Debenture Agreement dated August 24, 2007 between Ocean Conversion (BVI), Ltd. and Consolidated Water Co. Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.18.3</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Amending Debenture Agreement dated March 14, 2008 between Ocean Conversion (BVI), Ltd. and Consolidated Water Co. Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.18.4</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Second Amending Debenture Agreement dated February 18, 2009 between Ocean Conversion (BVI), Ltd. and Consolidated Water Co. Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.18.5</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Amending Loan Agreement dated August 20, 2009 between Ocean Conversion (BVI), Ltd. and Consolidated Water Co.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.18.6</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Amending Loan Agreement dated February 10, 2010 between Ocean Conversion (BVI), Ltd. and Consolidated Water Co.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;10.19</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Trust Deed dated August 4, 2006 between Consolidated Water Co. Ltd. and Dextra Bank &amp; Trust Co. Ltd. (incorporated herein by reference to Exhibit 10.1 filed as a part of our Form 8-K filed August 9, 2006, File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.20</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Subscription Agreement dated August 4, 2006 between Consolidated Water Co. Ltd. and Scotiatrust and Merchant Bank Trinidad &amp; Tobago Limited (incorporated herein by reference to Exhibit 10.2 filed as a part of our Form 8-K filed August 9, 2006, File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.21</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Deed of Second Debenture dated August 4, 2006 between Consolidated Water Co. Ltd. and Dextra Bank &amp; Trust Co. Ltd. (incorporated herein by reference to Exhibit 10.5 filed as a part of our Form 8-K filed August 9, 2006, File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.22</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Deed of Second Collateral Debenture dated August 4, 2006 between Cayman Water Company Limited and Dextra Bank &amp; Trust Co. Ltd. (incorporated herein by reference to Exhibit 10.6 filed as a part of our Form 8-K filed August 9, 2006, File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.23</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Equitable Charge of Shares dated August 4, 2006 between Consolidated Water Co. Ltd. and Dextra Bank &amp; Trust Co. Ltd. (incorporated herein by reference to Exhibit 10.7 filed as a part of our Form 8-K filed August 9, 2006, File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.24</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Intercreditor Deed dated August 4, 2006 among Scotiabank &amp; Trust (Cayman) Ltd., Dextra Bank &amp; Trust Co. Ltd., Consolidated Water Co. Ltd. and Cayman Water Company Limited (incorporated herein by reference to Exhibit 10.8 filed as a part of our Form 8-K filed August 9, 2006, File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.25</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Cayman Islands Collateral Charge, West Bay Beach South Property, Block 12D, Parcel 79REM1/2 (incorporated herein by reference to Exhibit 10.9 filed as a part of our Form 8-K filed August 9, 2006, File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-autospace: none">10.26</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 89%; text-autospace: none; text-align: justify">Cayman Islands Collateral Charge, West Bay Beach North, Block 11D, Parcel 40 (incorporated herein by reference to Exhibit 10.10 filed as a part of our Form 8-K filed August 9, 2006, File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.27</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Cayman Islands Collateral Charge, West Bay Beach North, Block 11D, Parcel 8 (incorporated herein by reference to Exhibit 10.11 filed as a part of our Form 8-K filed August 9, 2006, File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.28</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Cayman Islands Collateral Charge, West Bay North East, Block 9A, Parcel 8 (incorporated herein by reference to Exhibit 10.12 filed as a part of our Form 8-K filed August 9, 2006, File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.29</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cayman Islands Collateral Charge, West
        Bay North East, Block 9A, Parcel 469 (incorporated herein by reference to Exhibit 10.13 filed as a part of our Form 8-K filed August
        9, 2006, File No. 0-25248)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.30</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Loan Agreement dated as of October 4, 2006, by and between Royal Bank of Canada and Consolidated Water (Bahamas) Ltd. (incorporated herein by reference to Exhibit 10.1 filed as a part of our Form 8-K filed October 6, 2006, File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.31.1&dagger;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Form of Agreement for Desalinated Water Supply dated May 2005 among Water and Sewerage Corporation, Consolidated Water Co. Ltd. and Consolidated Water (Bahamas) Limited (formerly Waterfields Company Limited) (incorporated herein by reference to Exhibit 10.1 filed as a part of our Form 8-K filed February 4, 2011, File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.31.2&dagger;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Letter of Acceptance dated January 25, 2011 (effective January 31, 2011) between Water and Sewerage Corporation and Consolidated Water Co. Ltd. (incorporated herein by reference to Exhibit 10.2 filed as a part of our Form 8-K filed February 4, 2011, File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.31.3&dagger;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Proposal letter dated December 8, 2010 addressed to the Water and Sewerage Corporation&nbsp;(incorporated herein by reference to Exhibit 10.3 filed as a part of our Form 8-K filed February 4, 2011, File No. 0-25248)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">21.1</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Subsidiaries of the Registrant</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">23.1</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Consent of Marcum LLP &mdash; Consolidated Water Co. Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">23.2</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Consent of Marcum LLP &mdash; Ocean Conversion (BVI) Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">31.1</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">31.2</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">32.1</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Certification by the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, Section 906 of the Sarbanes-Oxley Act of 2002</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">32.2</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: justify">Certification by the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, Section 906 of the Sarbanes-Oxley Act of 2002</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">______________________</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 3%; text-autospace: none">*</TD>
    <TD STYLE="width: 97%; text-autospace: none">Indicates a management contract or compensatory plan.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&dagger;</TD>
    <TD STYLE="text-autospace: none">Portions of these Exhibits have been omitted pursuant to a request for confidential treatment.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

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<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>v304433_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit 23.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 294.8pt 0pt 0">The Board of Directors Consolidated Water Co. Ltd.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by reference
in the registration statement (No. 333&minus;10206) on Form S&minus;8 of Consolidated Water Co. Ltd. of our report dated March
15, 2012, with respect to the consolidated balance sheets of Consolidated Water Co. Ltd. as of December 31, 2011 and 2010, and
the related consolidated statements of income, stockholders&rsquo; equity, and cash flows for each of the years in the three-year
period ended December 31, 2011, and the effectiveness of internal control over financial reporting as of December 31, 2011, which
report appears in the December 31, 2011 annual report on Form 10&minus;K of Consolidated Water Co. Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>/s/ Marcum LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fort Lauderdale, Florida</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 15, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

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<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>v304433_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit 23.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 298.1pt 0pt 0">The Board of Directors Consolidated Water Co. Ltd.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by reference
in the Registration Statement on Form S&minus;8 (Registration No. 333&minus;10206) of Consolidated Water Co. Ltd. of our report
dated March 15, 2012 relating to the consolidated financial statements of Ocean Conversion (BVI) Ltd. which appear in this Form
10&minus;K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>/s/ Marcum LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fort Lauderdale, Florida</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 15, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;&nbsp;</P>

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<TYPE>EX-31.1
<SEQUENCE>4
<FILENAME>v304433_ex31-1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT 31.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 19.8pt">In connection with
the Form 10-K of Consolidated Water Co. Ltd. for the fiscal year ended December 31, 2011, as filed with the Securities and Exchange
Commission on the date hereof, I, Frederick W. McTaggart, certify, pursuant to Rule 13a-14(a) of the Securities Exchange Act of
1934, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 19.8pt">1. I have reviewed
the Form 10-K of Consolidated Water Co. Ltd. for the fiscal year ended December 31, 2011;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 19.8pt">2. Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 19.8pt">3. Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 19.8pt">4. The registrant&rsquo;s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">(a) Designed such
disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">(b) Designed such
internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">(c) Evaluated the
effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">(d) Disclosed in this
report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s
most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 19.8pt">5. The registrant&rsquo;s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing
the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">(a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">(b) Any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control
over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding-bottom: 1.1pt; text-autospace: none">Date: March 15, 2012</TD>
    <TD STYLE="width: 6%; padding-bottom: 1.1pt; text-autospace: none">By:</TD>
    <TD STYLE="width: 39%; border-bottom: black 1pt solid; text-autospace: none">/s/ Frederick W. McTaggart</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Name:</TD>
    <TD STYLE="text-autospace: none">Frederick W. McTaggart</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Title:</TD>
    <TD STYLE="text-autospace: none">Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">(Principal Executive Officer)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;<BR CLEAR="ALL" STYLE="mso-special-character: line-break; page-break-before: always">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>5
<FILENAME>v304433_ex31-2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT 31.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 19.8pt">In connection with
the Form 10-K of Consolidated Water Co. Ltd. for the fiscal year ended December 31, 2011, as filed with the Securities and Exchange
Commission on the date hereof, I, David W. Sasnett, certify, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934,
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 19.8pt">1. I have reviewed
the Form 10-K of Consolidated Water Co. Ltd. for the fiscal year ended December 31, 2011;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 19.8pt">2. Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 19.8pt">3. Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 19.8pt">4. The registrant&rsquo;s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">(a) Designed such
disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">(b) Designed such
internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">(c) Evaluated the
effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">(d) Disclosed in this
report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s
most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 19.8pt">5. The registrant&rsquo;s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing
the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">(a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">(b) Any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control
over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding-bottom: 1.1pt; text-autospace: none">Date: March 15, 2012</TD>
    <TD STYLE="width: 6%; padding-bottom: 1.1pt; text-autospace: none">By:</TD>
    <TD STYLE="width: 39%; border-bottom: black 1pt solid; text-autospace: none">/s/ David W. Sasnett</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Name:</TD>
    <TD STYLE="text-autospace: none">David W. Sasnett</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Title:</TD>
    <TD STYLE="text-autospace: none">Executive Vice President &amp; Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">(Principal Financial and Accounting Officer)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>6
<FILENAME>v304433_ex32-1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT 32.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>18 U.S.C. SECTION 1350,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AS ADOPTED PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Form 10-K of Consolidated
Water Co. Ltd. for the year ended December 31, 2011 as filed with the Securities and Exchange Commission on the date hereof (the
&ldquo;Report&rdquo;), I, Frederick W. McTaggart, certify, pursuant to 18 U.S.C. Sec.1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 19.8pt">(1) The Report fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 19.8pt">(2) The information
contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; padding-bottom: 1.1pt; text-autospace: none">Date: March 15, 2012</TD>
    <TD STYLE="width: 8%; padding-bottom: 1.1pt; text-autospace: none">By:</TD>
    <TD STYLE="width: 38%; border-bottom: black 1pt solid; text-autospace: none">/s/ Frederick W. McTaggart</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Name:</TD>
    <TD STYLE="text-autospace: none">Frederick W. McTaggart</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Title:</TD>
    <TD STYLE="text-autospace: none">Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">(Principal Executive Officer)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>7
<FILENAME>v304433_ex32-2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT 32.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>18 U.S.C. SECTION 1350,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AS ADOPTED PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Form 10-K of Consolidated
Water Co. Ltd. for the year ended December 31, 2011 as filed with the Securities and Exchange Commission on the date hereof (the
&ldquo;Report&rdquo;), I, David W. Sasnett, certify, pursuant to 18 U.S.C. Sec.1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 19.8pt">(1) The Report fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 19.8pt">(2) The information
contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding-bottom: 1.1pt; text-autospace: none">Date: March 15, 2012</TD>
    <TD STYLE="width: 6%; padding-bottom: 1.1pt; text-autospace: none">By:</TD>
    <TD STYLE="width: 39%; border-bottom: black 1pt solid; text-autospace: none">/s/ David W. Sasnett</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Name:</TD>
    <TD STYLE="text-autospace: none">David W. Sasnett</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Title:</TD>
    <TD STYLE="text-autospace: none">Executive Vice President &amp; Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">(Principal Financial and Accounting Officer)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>9
<FILENAME>cwco-20111231.xml
<DESCRIPTION>XBRL INSTANCE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- EDGAR Online I-Metrix Xcelerate Instance Document, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Version:  6.13.8 -->
<!-- Round: a9214234-14d3-44fb-9e3a-6251c97ef73f -->
<!-- Creation date: 2012-03-14T22:24:48Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;b&gt;13. Share capital and additional paid-in capital&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
Redeemable preferred stock (&amp;#x201C;preferred shares&amp;#x201D;) is
issued under the Company&amp;#x2019;s Employee Share Incentive Plan as
discussed in Note 19 and carries the same voting and dividend
rights as shares of common stock (&amp;#x201C;common share&amp;#x201D;).
Preferred shares vest over four years and convert to common stock
on a share for share basis on the fourth anniversary of each grant
date. Preferred shares are only redeemable with the Company&amp;#x2019;s
agreement. Upon liquidation, preferred shares rank in preference to
the common shares to the extent of the par value of the preferred
shares and any related additional paid in capital.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
The Company has an Option Deed in place designed to deter coercive
takeover tactics. Pursuant to this plan, holders of common shares
and preferred shares are granted options which entitle them to
purchase 1/100 of a share of Class &amp;#x2018;B&amp;#x2019; stock at an
exercise price of $50.00 if a person or group acquires or commences
a tender offer for 20% or more of the Company&amp;#x2019;s common
shares. Option holders (other than the acquiring person or group)
will also be entitled to buy, for the $37.50 exercise price, common
shares with a then market value of $100.00 in the event a person or
group actually acquires 20% or more of the Company&amp;#x2019;s common
shares. Options may be redeemed at $0.01 under certain
circumstances. A total of 145,000 of the Company&amp;#x2019;s authorized
but unissued common shares have been reserved for issuance as Class
&amp;#x2018;B&amp;#x2019; stock. The Class &amp;#x2018;B&amp;#x2019; stock has priority
over common shares with respect to dividend and voting rights. No
Class &amp;#x2018;B&amp;#x2019; stock options have been exercised or redeemed
up to December 31, 2011. In March 2007, the Board of Directors
extended the expiration date of the Option Deed through July
2017.&lt;/p&gt;
&lt;/div&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;b&gt;9. Other Affiliates&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
CW-Bermuda&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
In June 2006, the Company formed a Bermuda-based affiliate,
Consolidated Water (Bermuda) Limited (&amp;#x201C;CW-Bermuda&amp;#x201D;)
with two other shareholders. The Company owns 40% of the equity
interest and voting rights of CW-Bermuda. In January 2007,
CW-Bermuda entered into a design, build, sale and operating
agreement with the Government of Bermuda for a desalination plant
to be built in two phases at Tynes Bay along the northern coast of
Bermuda. Under the agreement, CW-Bermuda constructed the plant and
managed its operations from the second quarter of 2009 through the
termination of the agreement on June 30, 2011.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
Because (i) the equity investment in CW-Bermuda was not sufficient
to permit it to finance its activities without the loan from the
Company; (ii) the other investors in CW-Bermuda have no obligation
to absorb any significant amount of its losses should losses arise;
and (iii) the Company expected and received economic benefits from
CW-Bermuda that are significantly greater than the Company&amp;#x2019;s
voting rights of 40%, CW-Bermuda constitutes a variable interest
entity (&amp;#x201C;VIE&amp;#x201D;). The Company is the primary financial
beneficiary of CW-Bermuda and accordingly, consolidates the results
of CW-Bermuda in its financial statements. The assets and
liabilities of CW-Bermuda included in the Company&amp;#x2019;s
consolidated balance sheet amounted to approximately $141,000 and
$1,000 respectively, as of December 31, 2011. The Company has not
provided any guarantees related to CW-Bermuda and any creditors of
the VIE do not have recourse to the general credit of the Company
as a result of including CW-Bermuda in the consolidated financial
statements. The results of CW-Bermuda are reflected in the
Company&amp;#x2019;s services segment. The Company generated revenues
and gross profits from its Bermuda affiliate of approximately
$723,000 and $457,000, respectively, for the year ended December
31, 2011 and $1.1 million and $533,000, respectively, for the year
ended December 31, 2010. As a result of the termination of the
agreement with the Bermuda government, the Company does not expect
to receive any future fees or revenues from CW-Bermuda.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
NSC&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
In May 2010, the Company acquired, through its wholly-owned
Netherlands subsidiary, Consolidated Water Cooperatief, U.A., a 50%
interest in N.S.C. Agua, S.A. de C.V., (&amp;#x201C;NSC&amp;#x201D;) a
Mexican company.&amp;#xA0;&amp;#xA0;NSC has been formed to pursue a project
encompassing the construction, ownership and operation of a 100
million gallon per day seawater reverse osmosis desalination plant
to be located in northern Baja California, Mexico and an
accompanying pipeline to deliver water to a Mexican potable water
system and the U.S. border.&amp;#xA0;&amp;#xA0;&amp;#xA0;The Company believes
such a project can&amp;#xA0;&amp;#xA0;be successful due to what we
anticipate will be a growing need for a new potable water supply
for the areas of northern Baja California, Mexico and Southern
California, United States.&amp;#xA0;&amp;#xA0;To complete this project, the
Company has engaged an engineering group with extensive regional
experience and have partnered with Doosan Heavy Industries and
Construction, a global leader in the engineering, procurement and
construction of large seawater desalination plants.&amp;#xA0;&amp;#xA0;Once
completed, a subsidiary of the Company would operate the plant
while retaining a minority position in its
ownership.&amp;#xA0;&amp;#xA0;NSC is in the development stage, and is
presently involved in (i) extending contracts for the purchase of
land on which to build the plant, (ii) seeking contracts for the
electric power and feed water sources for the plant&amp;#x2019;s
proposed operations, and (iii) implementing a water quality
monitoring and equipment testing program at the proposed feed water
source.&amp;#xA0;&amp;#xA0;In addition to completing these activities, NSC
will be required to complete various other steps before it can
commence construction of the plant and pipeline including, but not
limited to, obtaining approvals and permits from various
governmental agencies in Mexico and the United States, securing
contracts with its proposed customers to sell water in sufficient
quantities and at prices that make the project financially viable,
and obtaining equity and debt financing for the project.
NSC&amp;#x2019;s potential customers will also be required to obtain
various governmental permits and approvals in order to purchase
water from NSC.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
For its 50% interest in NSC, the Company agreed to provide initial
funding of up to $4 million in the form of equity for NSC&amp;#x2019;s
development activities. As of June 30, 2011 the Company had met
this initial funding commitment.&amp;#xA0; Because the Company
exercises effective financial control over NSC and its partners in
NSC did not participate in funding the first $4 million in losses
that NSC incurred, the Company consolidates NSC&amp;#x2019;s results of
operations. Included in the consolidated results of operations for
the years ended December 31, 2011 and 2010 are approximately $3.0
and $1.7 million respectively in general and administrative
expenses from NSC, consisting of organizational, legal, accounting,
engineering, consulting and other costs relating to its project
development activities. The assets and liabilities of NSC included
in the consolidated balance sheet amounted to approximately $27,000
and $336,000 respectively, as of December 31, 2011 and
approximately $731,000 and $131,000, respectively, as of December
31, 2010.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
In February 2012, the Company acquired an option, exercisable
through February 7, 2014, to purchase the shares of one of the
other shareholders of NSC along with an immediate power of attorney
to vote those shares. As a result, the Company now has effective
control over NSC and is continuing its project development
activities.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
The Company has determined that completing NSC&amp;#x2019;s development
activities will require significantly more funding than has been
expended to date. The Company may choose to fund these development
activities itself or may seek funding from additional sources. The
Company may incur significant development expenses in the future
for this project without ultimately being able to obtain the
funding necessary for NSC to build the project.&amp;#xA0; The Company
estimates that it will take at least two years for NSC to complete
all of the development activities (which include initiating site
piloting plant activities, extending purchase agreements for the
land for the plant, securing feed water and power supplies,
completing the engineering and feasibility studies, negotiating
customer contracts, obtaining required regulatory permits and
arranging the project financing) necessary to commence construction
of the plant. However NSC may ultimately be unable to complete all
of the activities necessary to begin construction of the
project.&lt;/p&gt;
&lt;/div&gt;</us-gaap:InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock>
  <us-gaap:Revenues contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">55154492</us-gaap:Revenues>
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;b&gt;18. Commitments and contingencies&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;b&gt;Commitments&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
The Company has entered into a lease for its corporate headquarters
for approximately 5,451 square feet of office space at the Regatta
Office Park, West Bay Road, Grand Cayman, Cayman Islands. This
lease expires April 30, 2014.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
Aquilex has leased approximately 6,500 square feet of office space
in Coral Springs, Florida through April 2016, and has leased
approximately 4,100 square feet of warehouse space in Sunrise,
Florida through October 2015.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
Future minimum lease payments under these non-cancelable operating
leases as of December 31, 2011 are as follows:&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 86%; font-size: 10pt; text-align: left"&gt;2012&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
470,765&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;2013&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;482,704&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;2014&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;308,945&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;2015&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;217,336&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"&gt;
2016&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
47,216&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
1,526,966&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;
&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
Total rental expense for the years ended December 31, 2011, 2010
and 2009 was $464,355,&amp;#xA0;$384,860 and $373,099,
respectively.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
The Company is obligated to supply water, where feasible, to
customers in the Cayman Islands within its license area in
accordance with the terms of the license. Royalties are paid to the
Government of the Cayman Islands at the rate of 7.5% of gross water
sales.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
The Company has seven water supply agreements under which it is
required to provide minimum water quantities.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
The Company has entered into employment agreements with certain
executives, which expire through December 31, 2013 and provide for,
among other things, base annual salaries in an aggregate amount of
$2.6 million, performance bonuses and various employee
benefits.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;u&gt;Expiration and Renewal of Retail License&lt;/u&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
In the Cayman Islands, the Company provides water to retail
customers under a 20-year license issued to Cayman Water in July
1990 by the Cayman Islands&amp;#xA0;government that grants the Company
the exclusive right to provide water to retail customers within our
licensed service area. The Company&amp;#x2019;s service area is
comprised of an area on Grand Cayman that includes the Seven Mile
Beach and West Bay areas, two of the three most populated areas in
the Cayman Islands. For the year ended December 31, 2011, the
Company generated approximately 42% of its consolidated revenues
and 51% of its consolidated gross profits from the retail water
operations conducted pursuant to our exclusive license. If Cayman
Water is not in default of any terms of the license, the Company
has a right of first refusal to renew the license on terms that are
no less favorable than those that the government offers to any
third party.&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
This license was set to expire on July 10, 2010 however the Company
and the Cayman Islands government have agreed in correspondence to
extend the license seven times in order to provide sufficient time
to negotiate the terms of a new license agreement.&amp;#xA0; We were
advised by letter dated February 16, 2012 from Water
Authority-Cayman that the government had approved an extension of
the License until June 30, 2012. We are currently waiting for
government to execute such license extension.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
On February 14, 2011, the Water Production and Supply Law, 2011
(which replaces the Water (Production and Supply) Law (1996
Revision) under which the Company is licensed) and the Water
Authority (Amendment) Law, 2011 (the &amp;#x201C;New Laws&amp;#x201D;) were
published on terms that they would come into force on such date as
may be appointed by Order made by the Governor in Cabinet. Such
Order was subsequently made by Cabinet and the New Laws are now in
full force and effect. Under the New Laws, the Water
Authority-Cayman would issue any new license which could include a
rate of return on invested capital model described below.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
The Company has been informed during its retail license renewal
negotiations conducted with representatives of the Cayman Islands
government that the Cayman Islands government seeks to restructure
the terms of its license to employ a &amp;#x201C;rate of return on
invested capital model&amp;#x201D; similar to that governing the sale of
water to many U.S. municipalities. The Company has formally
objected to the implementation of a &amp;#x201C;rate of return on
invested capital model&amp;#x201D; on the basis that it believes that
such a model would not promote the efficient operation of its water
utility and could ultimately increase water rates to its customers.
The Company believes such a model, if ultimately implemented, could
significantly reduce the operating income and cash flows the
Company has historically generated from its retail license and
require the Company to record an impairment loss to reduce the $1.2
million carrying value of its retail segment&amp;#x2019;s goodwill. Such
impairment loss could be material to the Company&amp;#x2019;s results of
operations.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
If a new long-term license agreement is not entered into with the
government, the Company would retain a right of first refusal to
renew the license on terms that are no less favorable than those
that the government might offer in the future to a third party.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
If the Company does not enter into a new license agreement, and no
other party is awarded a license, the Company expects to be
permitted to continue to supply water to its service area. However,
the terms of such continued supply may not be as favorable to the
Company as the terms in the July 11, 1990 license agreement. It is
possible that the government could offer a third party a license to
service some or all of the Company&amp;#x2019;s present service area. In
such event, the Company may assume the license offered to the third
party by exercising its right of first refusal. The terms of the
new license agreement may not be as favorable to the Company as the
terms under which the Company is presently operating and could
reduce the operating income and cash flows the Company has
historically generated from its retail license and require the
Company to record an impairment loss to reduce the $1.2 million
carrying value of its retail segment&amp;#x2019;s goodwill. Such
impairment loss could be material to the Company&amp;#x2019;s results of
operations&lt;font style="color: #0070C0"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
The Company is presently unable to determine what impact the
resolution of this matter will have on its cash flows, financial
condition or results of operations.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;u&gt;Other Contingencies&lt;/u&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
As part of the acquisition of the Company&amp;#x2019;s interests in
Ocean Conversion (Cayman) Limited, with the approval of Scotiabank
(Cayman Islands) Ltd., the Company has guaranteed the performance
of Ocean Conversion (Cayman) Limited to the Cayman Islands
government, pursuant to the water supply contract with the Water
Authority-Cayman dated April 25, 1994, as amended.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
As a result of the Company&amp;#x2019;s acquisition of interests in
CW-Bahamas, it guaranteed the performance of CW-Bahamas to the
Water and Sewerage Corporation of the Bahamas (&amp;#x201C;WSC&amp;#x201D;)
in relation to the water supply contract between CW-Bahamas and the
WSC. In the event that CW-Bahamas cannot provide the minimum water
quantity per the contract, it must reimburse the WSC for the cost
of water it would have to obtain from other sources, at the per
U.S. gallon rate charged by CW-Bahamas to the WSC.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
By Statutory Instrument No. 81 of 2009, the Minister of Public
Utilities of the government of Belize published an order, the
Public Utility Provider Class Declaration Order, 2009 (the
&amp;#x201C;Order&amp;#x201D;), which as of May 1, 2009 designated CW-Belize
as public utility provider under the laws of Belize. With this
designation, the Public Utilities Commission of Belize (the
&amp;#x201C;PUC&amp;#x201D;) has the authority to set the rates charged by
CW-Belize and to otherwise regulate its activities. On November 1,
2010, CW-Belize received a formal complaint from the PUC alleging
that CW-Belize was operating without a license under the terms of
the Water Industry Act. CW-Belize applied for this license in
December 2010. On July 29, 2011, the PUC issued the San Pedro
Public Water Supply Quality and Security Complaint Order (the
&amp;#x201C;Second Order&amp;#x201D;) which among other things requires that
(i) CW-Belize and its customer jointly make a submission to the
responsible Minister requesting that the area surrounding
CW-Belize&amp;#x2019;s seawater abstraction wells be designated a forest
reserve or national park and be designated a Controlled Area under
section 58 of the Water Industry Act, (ii) CW-Belize submit an
operations manual for CW-Belize&amp;#x2019;s desalination plant to the
PUC for approval, (iii) CW-Belize and its customer modify the water
supply agreement between the parties to (a) include new water
quality parameters included in the Order and (b) cap the current
exclusive water supply arrangement in the agreement at maximum of
450,000 gallons per day, (iv) CW-Belize keeps a minimum number of
replacement seawater RO membranes in stock at all times and (v)
CW-Belize takes possession of and reimburses the PUC for certain
equipment which the PUC purchased from a third-party in late 2010.
CW-Belize has applied for declaratory judgment and has been granted
a temporary injunction to stay the enforcement of the Second Order
by the PUC until such time as the matter can be heard by the Belize
courts. The Company is presently unable to determine what impact
the Order and the Second Order will have on its results of
operations, financial position or cash flows.&lt;/p&gt;
&lt;/div&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <us-gaap:SegmentReportingDisclosureTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;b&gt;16. Segment information&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"&gt;
&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
The Company has three reportable segments: retail, bulk and
services. The retail segment operates the water utility for the
Seven Mile Beach and West Bay areas of Grand Cayman Island pursuant
to an exclusive license granted by the Cayman Islands government.
The bulk segment supplies potable water to government utilities in
Grand Cayman, the Bahamas and Belize under long-term contracts. The
services segment designs, constructs and sells desalination plants
and provides desalination plant management and operating services
to third parties.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
The accounting policies of the segments are consistent with those
described in Note 1. The Company evaluates each segment&amp;#x2019;s
performance based upon its income from operations. All intercompany
transactions are eliminated for segment presentation purposes.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
The Company&amp;#x2019;s segments are strategic business units that are
managed separately because, while all segments derive their
revenues from desalination-related activities, each segment sells
different products and/or services, serves customers with
distinctly different needs and generates different gross profit
margins.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"&gt;
&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="14" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
As of and for the year ended December 31, 2011&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt; text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"&gt;
Retail&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"&gt;
Bulk&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"&gt;
Services&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"&gt;
Total&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 44%; font-size: 10pt"&gt;Revenues&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
23,356,338&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
30,757,874&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
1,040,280&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
55,154,492&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;Cost of
revenues&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
11,496,598&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
24,127,488&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
508,339&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
36,132,425&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Gross profit&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;11,859,740&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;6,630,386&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;531,941&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;19,022,067&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"&gt;
General and administrative expenses&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
9,019,127&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
1,368,285&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
3,264,238&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
13,651,650&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"&gt;
Income (loss) from operations&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
2,840,613&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
5,262,101&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
(2,732,297&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
)&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"&gt;
5,370,417&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"&gt;
Other income (expense), net&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
1,181,563&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Consolidated net
income&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;6,551,980&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"&gt;
Income attributable to non-controlling interests&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"&gt;
438,762&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt"&gt;Net
income attributable to Consolidated Water Co. Ltd.
stockholders&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; border-bottom: Black 2pt double"&gt;
$&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right; border-bottom: Black 2pt double"&gt;
6,113,218&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; font-weight: bold"&gt;As of December 31,
2011:&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Property plant and
equipment, net&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;25,456,103&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;37,824,507&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;904,500&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;64,185,110&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Construction in
progress&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;141,204&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;-&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; color: blue; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; color: blue; font-weight: bold; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; color: blue; font-weight: bold; text-align: right"&gt;
-&lt;/td&gt;
&lt;td style="font-size: 10pt; color: blue; font-weight: bold; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;141,204&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt"&gt;Goodwill&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;1,170,511&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;2,328,526&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;88,717&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;3,587,754&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Total assets&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;73,557,410&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;83,457,607&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;3,844,414&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;160,859,431&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"&gt;
&amp;#xA0;&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"&gt;
&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="14" style="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center"&gt;
&lt;font style="font-size: 10pt"&gt;As of and for the year ended December
31, 2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center"&gt;
&lt;font style="font-size: 10pt"&gt;Retail&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center"&gt;
&lt;font style="font-size: 10pt"&gt;Bulk&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center"&gt;
&lt;font style="font-size: 10pt"&gt;Services&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center"&gt;
&lt;font style="font-size: 10pt"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #C0FFC0"&gt;
&lt;td style="width: 44%; text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;Revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 2%; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;21,864,252&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 2%; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;25,302,093&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 2%; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;3,542,209&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 2%; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;50,708,554&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;Cost of revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;10,361,302&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;20,907,981&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;2,828,776&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;34,098,059&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #C0FFC0"&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;Gross profit&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;11,502,950&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,394,112&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;713,433&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;16,610,495&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;General and administrative
expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;8,105,740&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;1,247,076&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;1,976,832&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;11,329,648&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #C0FFC0"&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;Income (loss) from
operations&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;3,397,210&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;3,147,036&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;(1,263,399)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;5,280,847&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;Other income (expense),
net&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;1,162,315&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #C0FFC0"&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;Consolidated net income&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;6,443,162&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;Income attributable to
non-controlling interests&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;151,137&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #C0FFC0"&gt;
&lt;td style="padding-bottom: 3.3pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;Net income attributable to
Consolidated Water Co. Ltd. stockholders&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 3.3pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 3.3pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 3.3pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 3.3pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 3.3pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 3.3pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 3.3pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 3.3pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 3.3pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 3.3pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;6,292,025&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 3.3pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #C0FFC0"&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;As
of December 31, 2010:&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;Property, plant and equipment, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;26,426,273&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;28,350,519&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,146,939&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;55,923,731&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #C0FFC0"&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;Construction in progress&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;249,300&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; font-weight: bold; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; font-weight: bold"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; font-weight: bold; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; font-weight: bold"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;249,300&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;Goodwill&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,170,511&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2,328,526&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;88,717&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,587,754&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #C0FFC0"&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;Total assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;77,481,333&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;69,343,561&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;5,376,672&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;152,201,566&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"&gt;
&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="14" style="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center"&gt;
&lt;font style="font-size: 10pt"&gt;As of and for the&amp;#xA0;year ended
December 31, 2009&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center"&gt;
&lt;font style="font-size: 10pt"&gt;Retail&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center"&gt;
&lt;font style="font-size: 10pt"&gt;Bulk&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center"&gt;
&lt;font style="font-size: 10pt"&gt;Services&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center"&gt;
&lt;font style="font-size: 10pt"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 44%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;Revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 2%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;23,239,756&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 2%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;25,905,077&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 2%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;8,874,684&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 2%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;58,019,517&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 0; text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;Cost of revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;9,812,434&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;20,149,969&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;5,058,037&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;35,020,440&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;Gross profit&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;13,427,322&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;5,755,108&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;3,816,647&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;22,999,077&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;General and administrative
expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;8,215,142&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;1,676,327&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;209,788&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;10,101,257&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;Income from
operations&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;5,212,180&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;4,078,781&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;3,606,859&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;12,897,820&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;Other income (expense),
net&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;(6,298,138&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;Consolidated net
income&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;6,599,682&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;Income attributable to
non-controlling interests&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;501,111&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;Net income attributable to
Consolidated Water Co. Ltd. stockholders&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;6,098,571&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;b&gt;&amp;#xA0;&lt;/b&gt;As of December 31,
2009:&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;Property plant and equipment,
net&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;27,549,450&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;31,935,956&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;1,390,870&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;60,876,276&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;Construction in
progress&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;370,131&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;370,131&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;Goodwill&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;1,170,511&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;2,328,526&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;88,717&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;3,587,754&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: white; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;Total assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;78,291,323&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;68,832,934&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;7,351,524&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right"&gt;
&lt;font style="font-size: 10pt"&gt;154,475,781&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-autospace: none"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
Revenues from Cayman Island operations were $32,223,536 in 2011
(2010: $29,168,425 and 2009: $31,739,512). Revenues from all other
country operations were $22,930,956 in 2011 (2010: $21,540,129 and
2009: $26,280,005). Included in the revenues from other countries
is $19,825,070 in 2011 (2010: $16,188,416 and 2009: $15,535,411)
from the operations in the Bahamas, $2,065,606 in 2011 (2010:
$1,809,504 and 2009: $1,869,912) from our operations in Belize.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
For the year ended December 31, 2011, revenues in the amount of
$19,610,650 (2010: $15,941,021 and 2009: $15,285,508:) were earned
from the Water and Sewerage Corporation of The Bahamas
(&amp;#x201C;WSC&amp;#x201D;) and revenues in the amount of $8,867,198 (2010:
$7,304,173 and 2009: $8,499,755) were earned from the Water
Authority-Cayman.&amp;#xA0;&amp;#xA0;During 2011, revenues from the WSC
represented 36% (2010: 31% and 2009: 26%) of total revenues and
revenues from the Water Authority-Cayman represented 16% (2010: 14%
and 2009: 15%) of total revenues.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
For the year ended December 31, 2011, revenues earned by the
Services segment from its management services agreement with OC-BVI
amounted to $317,506 (2010: $656,738&amp;#xA0;and 2009: $324,148).&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
As of December 31, 2011 and 2010, property, plant and equipment
located in the Cayman Islands were $26,189,796 and $27,325,357,
respectively. Property, plant and equipment in all other country
operations were $37,995,314 and $28,598,374 as of December 31, 2011
and 2010, respectively. Included in property, plant and equipment
from other country operations is $36,437,351 in 2011 and
$26,789,013 in 2010, from the operations in the Bahamas and
$1,202,017 in 2011 and $1,336,375 in 2010 from our operations in
Belize.&lt;/p&gt;
&lt;/div&gt;</us-gaap:SegmentReportingDisclosureTextBlock>
  <us-gaap:LongTermDebtTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12.
Long term debt&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;Long
term debt consists of the following:&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="6"&gt;December 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; WIDTH: 72%; FONT-SIZE: 10pt"&gt;Fixed
rate bonds bearing interest at a rate of 5.95%; repayable in
quarterly installments of $526,010; secured through an
inter-creditor agreement with the Republic Bank &amp;amp; Trust by
substantially all of the Company&amp;#x2019;s assets. Redeemable in full
at any time after August 4, 2009 at a premium of 1.5% of the
outstanding principal and accrued interest on the bonds on the date
of redemption (1)&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
8,650,503&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
10,182,449&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; FONT-SIZE: 10pt"&gt;Series A bonds
bearing interest at the annual fixed rate of 7.5%, payable
quarterly; maturing on June 30, 2015 (2)&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;8,500,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;8,500,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
Borrowings under non-revolving credit facility (3)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
7,500,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;Total debt&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;24,650,503&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;18,682,449&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;Less discount&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;266,709&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;375,664&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
Less current portion&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
17,531,134&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
1,422,991&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;Long
term debt, excluding current portion&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
6,852,660&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
16,883,794&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 6pt" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0in"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt;&lt;font style="COLOR: #0070c0"&gt;(&lt;/font&gt;1)&lt;/td&gt;
&lt;td style="TEXT-ALIGN: justify"&gt;The Company has collateralized all
borrowings under the 5.95% fixed rate bonds by providing a first
debenture over fixed and floating assets, a first legal charge over
all land and buildings, a security interest in all insurance
policies and claims, a reimbursement agreement for standby letters
of credit, a pledge of capital stock of each subsidiary and
guarantees and negative pledges from each company where a majority
interest exists.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The trust deed for these bonds restricts our ability to enter into
new borrowing agreements or any new guarantees without prior
approval of the trustee and limits our capital expenditures, with
the exception of capital expenditures to be incurred on certain
defined projects, to $2.0 million annually without prior approval
by the trustee. The trust deed also contains financial covenants
that require us to maintain a debt service coverage ratio, a ratio
of long term debt to EBITDA (i.e. earnings before interest, taxes,
depreciation and amortization) for the 12 months preceding the
ratio calculation date and a ratio of long term debt to equity. As
of December 31, 2011, we were deemed to be in compliance with the
covenants under the trust deed.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 6pt" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0in"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt;(2)&lt;/td&gt;
&lt;td style="TEXT-ALIGN: justify"&gt;In July 2005, CW-Bahamas sold
B$10.0 million Series A bonds to Bahamian citizens and permanent
resident investors in The Bahamas to finance a portion of the
construction cost of its Blue Hills plant. These bonds mature on
June 30, 2015 and accrue interest at the annual fixed rate of 7.5%.
Interest is payable quarterly. CW-Bahamas has the option to redeem
the bonds in whole or in part without penalty commencing after June
30, 2008. The Company has guaranteed CW-Bahamas repayment
obligations upon an &amp;#x201C;event of default&amp;#x201D; as defined in
the guarantee agreement. If the Company pays any amounts pursuant
to the guarantee, it will be subrogated to all rights of the
bondholders in respect of any such payments. The guarantee is a
general unsecured obligation junior to the Company&amp;#x2019;s other
secured obligations. The Company redeemed $1.5 million of these
bonds in September 2010. The Company has elected to redeem the
balance of these bonds on March 31, 2012.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 6pt" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0in"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt;(3)&lt;/td&gt;
&lt;td style="TEXT-ALIGN: justify"&gt;In October 2011, the Company
entered into a $10.0 million Credit Agreement which includes a
non-revolving credit facility. The credit facility expires 12
months from the date of the initial advance. The initial advance of
$7.5 million was drawn on December 30, 2011 and matures December
31, 2012. Interest on this loan is based on the bank&apos;s term deposit
rate plus 1% per annum. The Company is required to maintain an
interest bearing cash deposit account as collateral for the
borrowings in an amount equal to the amount of the borrowings.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
As of December 31, 2011, the aggregate debt repayment obligations
for the next five years are as follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; WIDTH: 86%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt"&gt;
2012&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
17,531,134&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt"&gt;
2013&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;1,647,493&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt"&gt;
2014&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;1,772,690&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt"&gt;
2015&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;1,907,398&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt"&gt;
2016&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
1,525,079&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
24,383,794&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;


&lt;/div&gt;</us-gaap:LongTermDebtTextBlock>
  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">8446759</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <us-gaap:EarningsPerShareTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;b&gt;15. Earnings per share&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
Earnings per share (&amp;#x201C;EPS&amp;#x201D;) are computed on a basic and
diluted basis. Basic EPS is computed by dividing net income
available to common stockholders by the weighted average number of
common shares outstanding during the period. The computation of
diluted EPS assumes the issuance of common shares for all potential
common shares outstanding during the reporting period and, if
dilutive, the effect of stock options using the treasury stock
method.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
The following summarizes information related to the computation of
basic and diluted EPS for the respective years ended December
31:&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2011&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2010&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2009&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 58%; font-size: 10pt; text-align: left"&gt;Net
income attributable to Consolidated Water Co. Ltd. common
stockholders&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
6,113,218&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
6,292,025&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
6,098,571&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"&gt;
Less: Dividends paid and earnings attributable on preferred
stock&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
(7,040&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
)&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
(5,350&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
)&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
(5,236&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt"&gt;Net
income available to common shares in the determination of basic
earnings per common share&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
6,106,178&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
6,286,675&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
6,093,335&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Weighted average
number of common shares in the determination of basic earnings per
common share attributable to Consolidated Water Co. Ltd. common
stockholders&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;14,560,259&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;14,547,065&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;14,535,192&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt"&gt;Plus:&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Weighted average
number of preferred shares outstanding during the year&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;19,892&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;18,723&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;17,657&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"&gt;
Potential dilutive effect of unexercised options&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
15,862&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
32,106&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
35,295&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt"&gt;Weighted
average number of shares used for determining diluted earnings per
common share attributable to Consolidated Water Co. Ltd. common
stockholders&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
14,596,013&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
14,597,894&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
14,588,144&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:EarningsPerShareTextBlock>
  <us-gaap:UnrealizedGainLossOnSecurities contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">-3628</us-gaap:UnrealizedGainLossOnSecurities>
  <us-gaap:ShareBasedCompensation contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">566593</us-gaap:ShareBasedCompensation>
  <us-gaap:EarningsPerShareDiluted contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD_per_shares" decimals="2">0.42</us-gaap:EarningsPerShareDiluted>
  <us-gaap:EquityMethodInvestmentsDisclosureTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;8.
Investment in OC-BVI&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company owns 50% of the outstanding voting common shares and a
43.5% equity interest in the profits of Ocean Conversion (BVI) Ltd.
(&amp;#x201C;OC-BVI&amp;#x201D;). The Company also owns certain profit
sharing rights in OC-BVI that raise its effective interest in the
profits of OC-BVI to approximately 45%. Pursuant to a management
services agreement, OC-BVI pays the Company monthly fees for
certain engineering and administrative services. OC-BVI&amp;#x2019;s
sole customer is the Ministry of Communications and Works of the
Government of the British Virgin Islands (the
&amp;#x201C;Ministry&amp;#x201D;) to which it sells bulk water.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Substantially all of the water sold by OC-BVI to the Ministry was
initially supplied under a Water Supply Agreement dated May 1990
(the &amp;#x201C;1990 Agreement&amp;#x2019;) and was produced by one
desalination plant with a capacity of 1.7 million gallons per day
located at Baughers Bay, Tortola (the &amp;#x201C;Baughers Bay
plant&amp;#x201D;). As discussed later in this Note (see
&amp;#x201C;&lt;i&gt;Baughers Bay dispute&amp;#x201D;&lt;/i&gt;), the BVI government
assumed the operating responsibilities for the Baughers Bay plant
in March 2010. During 2007, OC-BVI completed, for a total cost of
approximately $8 million, the construction of a desalination plant
with a capacity of 720,000 gallons per day located at Bar Bay,
Tortola (the &amp;#x201C;Bar Bay plant&amp;#x201D;). OC-BVI began selling
water to the Ministry from this plant in January 2009 and on March
4, 2010, OC-BVI and the BVI government executed a definitive
seven-year contract for the Bar Bay plant (the &amp;#x201C;Bar Bay
Agreement&amp;#x201D;). Under the terms of the Bar Bay Agreement, OC-BVI
delivers up to 600,000 U.S. gallons of water per day to the BVI
government from the Bar Bay plant. The Bar Bay Agreement includes a
seven-year extension option exercisable by the BVI government and
required OC-BVI to complete a storage reservoir on the BVI
government site by no later than March 4, 2011. OC-BVI has not
commenced construction of this storage reservoir due to the BVI
government&amp;#x2019;s failure to pay (i) the invoices for the water
provided by the Bar Bay plant on a timely basis; and (ii) the full
amount ordered pursuant to a court ruling relating to the Baughers
Bay dispute (see discussion that follows).&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company provided OC-BVI with a $3 million loan to fund part of
the construction costs for the Bar Bay plant. Principal on this
loan was payable in quarterly installments of $125,000 with a final
balloon payment due on August 31, 2009 and interest on the loan was
due quarterly at the rate of LIBOR plus 3.5%. In August 2009, the
Company amended the terms of this loan with OC-BVI, increasing its
balance to $2.8 million by converting $800,000 in trade receivables
due to the Company from OC-BVI. Under the terms of this amendment,
the interest rate on the loan was increased to LIBOR plus 5.5% and
the maturity date for the amended final balloon payment of
$1,550,000 was extended to August 31, 2011. The Company and OC-BVI
further amended this loan in January 2010 to increase the interest
rate to LIBOR plus 7.5%. This loan was fully repaid in August
2011.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Summarized financial information of OC-BVI is presented as
follows:&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="6"&gt;December 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 72%; FONT-SIZE: 10pt"&gt;Current
assets&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
2,726,046&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
1,942,418&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;Non-current
assets&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
7,436,845&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
8,235,140&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;Total
assets&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
10,162,891&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
10,177,558&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="6"&gt;December 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 72%; FONT-SIZE: 10pt"&gt;Current
liabilities&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
2,109,284&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
3,378,917&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;Non-current
liabilities&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
2,218,519&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
2,387,606&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;Total
liabilities&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
4,327,803&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
5,766,523&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="6"&gt;Year Ended December 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; WIDTH: 72%; FONT-SIZE: 10pt"&gt;
Water sales&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; WIDTH: 2%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
4,925,108&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; WIDTH: 2%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
7,173,903&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;Gross
profit&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
2,453,878&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
4,309,711&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;Income
from operations&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
1,833,056&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
2,891,240&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;Net
income attributable to controlling interests&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
1,926,597&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
2,848,102&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company&amp;#x2019;s investment in OC-BVI is comprised of the
following:&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="6"&gt;December 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 72%; FONT-SIZE: 10pt"&gt;Equity
investment (including profit sharing rights)&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
6,634,598&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
6,362,523&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
Loan receivable - Bar Bay plant construction&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
1,450,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
6,634,598&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
7,812,523&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company recognized $838,652 and $1,235,146 in earnings from its
equity investment in OC-BVI for the years ended December 31, 2011
and 2010, respectively, and a loss of ($1,025,968) from its equity
investment in OC-BVI for the year ended December 31, 2009. For the
years ended December 31, 2011, 2010, and 2009, the Company
recognized approximately $317,500, $656,000, and $324,000,
respectively, in revenues from its management services agreement
with OC-BVI. In addition to the Company&amp;#x2019;s loan to, and equity
investment in, OC-BVI of approximately $6.6 million in 2011 and
$7.8 million in 2010, the Company&amp;#x2019;s recorded value of the
OC-BVI management services agreement, which is reflected as an
intangible asset on the Company&amp;#x2019;s consolidated balance sheet,
was approximately $571,000 and $714,000 as of December 31, 2011 and
2010, respectively (see Note 10).&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;i&gt;Baughers Bay dispute:&lt;/i&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In October 2006, OC-BVI notified the Company that the Ministry had
asserted a purported right of ownership of the Baughers Bay plant
pursuant to the terms of the 1990 Agreement.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Under the terms of the 1990 Agreement, upon the expiration of the
initial seven year term in May 1999, the agreement would
automatically be extended for another seven year term unless the
Ministry provided notice, at least eight months prior to such
expiration, of its decision to purchase the plant from OC-BVI for
approximately $1.42 million. In correspondence between the parties
from late 1998 through early 2000, the Ministry indicated that the
BVI government was prepared to exercise the option to purchase the
plant but would be amenable to negotiating a new water supply
agreement, and that it considered the 1990 Agreement to be in force
on a monthly basis until negotiations between the BVI government
and OC-BVI were concluded. Occasional discussions were held by the
parties since 2000 without resolution of the matter. OC-BVI
continued to supply water to the Ministry and expended
approximately $4.7 million to significantly expand the production
capacity of the plant beyond that contemplated in the 1990
Agreement.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Early in 2007, the Ministry unilaterally took the position that
until such time as a new agreement&amp;#xA0;was reached on the
ownership of the plant and the price for the water produced by the
plant, the Ministry would only pay that amount of OC-BVI&amp;#x2019;s
billings that the Ministry purported constituted OC-BVI&amp;#x2019;s
costs of producing the water. Payments made by the Ministry to
OC-BVI since the Ministry&amp;#x2019;s assumption of this reduced price
were sporadic. On November 15, 2007, OC-BVI issued a demand letter
to the BVI government for approximately $6.2 million representing
amounts that OC-BVI claimed were due by the BVI government for
water sold and delivered plus interest and legal fees. In response
to OC-BVI&amp;#x2019;s demand for payment, the BVI government issued a
letter dated November 19, 2007 that reasserted its claim that
ownership of the Baughers Bay plant had passed to the BVI
government and rejected OC-BVI&amp;#x2019;s claim for payment. On
November 22, 2007, OC-BVI&amp;#x2019;s management was informed that the
BVI government had filed a lawsuit with the Eastern Caribbean
Supreme Court (the &amp;#x201C;Court&amp;#x201D;) seeking ownership of the
Baughers Bay plant. OC-BVI counterclaimed that it was entitled to
continued possession and operation of the Baughers Bay plant until
the BVI government paid OC-BVI approximately $4.7 million, which it
believed represented the value of the Baughers Bay plant at its
expanded production capacity. OC-BVI took the legal position that
since the BVI government never paid the $1.42 million to purchase
the Baughers Bay plant, the 1990 Agreement terminated on May 31,
1999, which was eight months after the date that the Ministry
provided written notice of its intention to purchase the plant.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On July 4, 2008, OC-BVI filed a claim with the Court, and on April
22, 2009 amended and increased this claim, seeking payment for
water sold and delivered to the BVI government through May 31, 2009
at the contract prices in effect before the BVI government asserted
its purported right of ownership of the plant.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Court held a three-day trial in July 2009 to address both the
Baughers Bay ownership issue and OC-BVI&amp;#x2019;s claim for payment
of amounts owed for water sold and delivered to the BVI government
and on September 17, 2009, the Court issued a preliminary ruling
with respect to this litigation. The Court determined that the BVI
government was entitled to immediate possession of the Baughers Bay
plant and dismissed OC-BVI&amp;#x2019;s claim for compensation of
approximately $4.7 million for the expenditures made to expand the
production capacity of the plant. As a result of this determination
by the Court, OC-BVI recorded an impairment loss of approximately
$2.1 million during the three months ended September 30, 2009 for
fixed assets associated with the Baughers Bay plant. However, the
Court determined that OC-BVI was entitled to full payment of water
invoices issued up to December 20, 2007, which had been calculated
under the terms of the original 1990 Agreement, and ordered the BVI
government to make an immediate interim payment of $5.0 million to
OC-BVI for amounts owed to OC-BVI. The Court deferred deciding the
entire dispute between the parties until it could conduct a hearing
to determine the reasonable rate for water produced by OC-BVI for
the period subsequent to December 20, 2007.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On October 28, 2009, the Court ordered the BVI government to pay
OC-BVI at the rate of $13.91 per thousand imperial gallons for
water produced by OC-BVI subsequent to December 20, 2007, which
amounted to a total recovery for OC-BVI of $10.4 million. The BVI
government made a payment of $2 million to OC-BVI under the Court
order during the fourth quarter of 2009, a second payment of $2
million under the Court order during July 2010 and a third payment
under the Court order of $1 million in February 2011.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On October 28, 2009, OC-BVI filed an appeal with the Eastern
Caribbean Court of Appeals (the &amp;#x201C;Appellate Court&amp;#x201D;)
asking the Appellate Court to review the September 17, 2009 ruling
by the Eastern Caribbean Supreme Court as it relates to
OC-BVI&amp;#x2019;s claim for compensation for expenditures made to
expand the production capacity of the Baughers Bay plant. On
October 29, 2009, the BVI government filed an appeal with the
Appellate Court seeking the Appellate Court&amp;#x2019;s review of the
September 17, 2009 ruling of the Court that the BVI government pay
OC-BVI the reasonable rate for water produced by OC-BVI for the
period subsequent to December 20, 2007. The BVI government is
requesting a ruling from the Appellate Court that the BVI
government should only pay OC-BVI the actual cost of water produced
at the plant. In March 2011, the BVI government filed an
application with the Appellate Court for a stay of execution of the
judgments of the Court in order to defer any further payments of
amounts under the Court order until such time as the Appellate
Court rules on the appeal. On September 30, 2011, the Appellate
Court conducted its hearing of the arguments of both parties under
their respective appeals.&amp;#xA0; While the Company anticipated that
the Appellate Court would issue its ruling on these appeals by the
end of 2011, no ruling has been issued to date. The Company has not
been informed when to expect the Appellate Court to issue its
ruling. &amp;#xA0;&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&amp;#xA0;&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Under US GAAP revenue is generally realized or realizable and
earned when all of the following criteria are met:&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 3%; PADDING-RIGHT: 0.8pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 3%; PADDING-RIGHT: 1.6pt; FONT-WEIGHT: bold"&gt;
&lt;b&gt;&amp;#x2022;&lt;/b&gt;&lt;/td&gt;
&lt;td style="WIDTH: 94%; PADDING-RIGHT: 1.6pt"&gt;persuasive evidence of
an arrangement exists;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="PADDING-RIGHT: 0.8pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-RIGHT: 1.6pt; FONT-WEIGHT: bold"&gt;
&lt;b&gt;&amp;#x2022;&lt;/b&gt;&lt;/td&gt;
&lt;td style="PADDING-RIGHT: 1.6pt"&gt;delivery has occurred or services
have been rendered;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="PADDING-RIGHT: 0.8pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-RIGHT: 1.6pt; FONT-WEIGHT: bold"&gt;
&lt;b&gt;&amp;#x2022;&lt;/b&gt;&lt;/td&gt;
&lt;td style="PADDING-RIGHT: 1.6pt"&gt;the seller&amp;#x2019;s price to the
buyer is fixed and determinable; and&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="PADDING-RIGHT: 0.8pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-RIGHT: 1.6pt; FONT-WEIGHT: bold"&gt;
&lt;b&gt;&amp;#x2022;&lt;/b&gt;&lt;/td&gt;
&lt;td style="PADDING-RIGHT: 1.6pt"&gt;collectability is reasonably
assured.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Effective January 1, 2008, OC-BVI changed its policy for the
recording of its revenues from the Baughers Bay plant from the
accrual to the equivalent of the cash method due to an inability to
meet all of the above revenue recognition criteria. As a result of
this adjustment to OC-BVI&amp;#x2019;s revenues, the Company recorded
losses from its equity in OC-BVI&amp;#x2019;s results of operations for
all fiscal quarters of 2008 and for the first three quarters of
2009. Any cash payments made by the BVI government on Baughers Bay
related invoices were applied by OC-BVI to the remaining balance of
outstanding accounts receivable that arose from billings for
periods prior to and including December 2007 and thus were not
recognized as revenues. Sufficient payments had been received from
the BVI government as of September 30, 2009 to repay the remaining
accounts receivable balances relating to period prior to December
31, 2007. OC-BVI continues to apply the equivalent of the cash
method with respect to the recognition of revenues from Baughers
Bay. Consequently, OC-BVI does not recognize as revenues any
amounts to be paid&amp;#xA0;to OC-BVI as a result of the Court ruling
until such amounts are paid by the BVI government. To date, the BVI
government has paid OC-BVI $5 million of the $10.4 million awarded
by the Court.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In February 2010, the BVI government announced that it had signed a
16-year contract with another company for the construction and
operation of a water plant that will provide potable water to the
greater Tortola area and (the Company believes) will replace the
current production of the Baughers Bay plant. In March 2010, OC-BVI
vacated the Baughers Bay plant and the BVI government assumed
direct responsibility for the plant&amp;#x2019;s operations.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company accounts for its investment in OC-BVI in accordance
with the equity method of accounting for investments in common
stock. This method requires recognition of a loss on an equity
investment that is other than temporary, and indicates that a
current fair value of an equity investment that is less than its
carrying amount may indicate a loss in the value of the investment.
To test for possible impairment of its investment in OC-BVI, the
Company estimates its fair value as of the end of each fiscal
quarter. In making this estimate, the Company calculates the
expected cash flows from its investment in OC-BVI by (i) estimating
the expected cash flows from OC-BVI&amp;#x2019;s contract with the BVI
government to supply water from its Bar Bay plant; (ii) identifying
various possible outcomes of the Baughers Bay litigation and
estimating the expected cash flows associated with each possible
outcome; and (iii) assigning a probability to each Baughers Bay
outcome and associated expected cash flows based upon discussions
held to date by OC-BVI&amp;#x2019;s management with the BVI government
and OC-BVI&amp;#x2019;s legal counsel. The resulting
probability-weighted sum represents the expected cash flows, and
the Company&amp;#x2019;s best estimate of future cash flows, to be
derived from its investment in OC-BVI, which are present-valued to
estimate OC-BVI&amp;#x2019;s fair value. After considering the impact of
the September and October 2009 rulings of the Court and the
decision by the BVI government to enter into the agreement with
another company to build a new plant to serve Tortola, the Company
determined that the carrying value of its investment in OC-BVI
exceeded the estimated fair value for our investment in OC-BVI and
therefore recognized impairment losses aggregating approximately
$4.7 million for the year ended December 31, 2009.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Based upon the estimated fair value determined as of December 31,
2011 the Company concluded that no impairment loss was required to
be recognized on its investment in OC-BVI during the year ended
December 31, 2011. This conclusion assumes that the BVI government
will fulfill its obligations under the contract for the Bar Bay
plant and that OC-BVI will collect all of the $10.4 million awarded
by the Court (of which only $5 million has been received to date).
Should the BVI government be successful in its appeal to reduce the
$10.4 million Court award, the Company will be required to record
charges that will reduce its earnings by an amount approximately
equal to 44% of any reduction of the $10.4 million previously
awarded by the Court. If the Appellate Court ultimately overturns
the ruling of the Court or the Appellate Court reduces the amount
awarded to OC-BVI under the Court order, or the BVI government
fails to honor the terms of its agreement for water supplied by
OC-BVI&amp;#x2019;s Bar Bay plant, the actual cash flows from OC-BVI
could vary materially from the expected cash flows the Company used
in determining OC-BVI&amp;#x2019;s fair value as of December 31, 2011
and the Company would be required to record an additional
impairment loss to reduce the carrying value of its investment in
OC-BVI. Such impairment loss would reduce the Company&amp;#x2019;s
earnings and could have a material adverse impact on its results of
operations and financial condition.&lt;/p&gt;


&lt;/div&gt;</us-gaap:EquityMethodInvestmentsDisclosureTextBlock>
  <us-gaap:FinancialInstrumentsDisclosureTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;21.
Financial instruments&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Credit risk:&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company is not exposed to significant credit risk on its retail
customer accounts as its policy is to cease supply of water to
customers&amp;#x2019; accounts that are more than 45 days overdue. The
Company&amp;#x2019;s exposure to credit risk is concentrated on
receivables from its Bulk water customers. Management considers
these receivables fully collectible and therefore the Company has
not recorded an allowance for these receivables. All other accounts
receivable are current or an allowance has been made for collection
as of December 31, 2011.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Interest rate risk:&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Substantially all of the Company&amp;#x2019;s outstanding debt consists
of fixed rate obligations and therefore the Company is not subject
to interest-rate risk arising from fluctuations of LIBOR or prime
lending rates.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Foreign exchange risk:&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
All relevant foreign currencies other than the Mexican peso and the
Euro have fixed exchange rates to the United States dollar as
detailed under the foreign currency accounting policy note. If any
of these fixed exchange rates become floating exchange rates, the
Company&amp;#x2019;s consolidated results of operations could be
adversely affected.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Fair values:&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
As of December 31, 2011 and 2010, the carrying amounts of cash and
cash equivalents, accounts receivable, accounts payable and other
liabilities and dividends payable approximate their fair values due
to the short term maturities of these instruments. Management
considers that the carrying amounts for loans receivable and long
term debt as of December 31, 2011 approximate their fair value.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Fair value is defined as the exit price, or the amount that would
be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants as of the
measurement date. The guidance also establishes a hierarchy for
inputs used in measuring fair value that maximizes the use of
observable inputs and minimizes the use of unobservable inputs by
requiring that the most observable inputs be used when available.
Observable inputs are inputs market participants would use in
valuing the asset or liability and are developed based on market
data obtained from sources independent of the Company. Unobservable
inputs are inputs that reflect the Company&amp;#x2019;s assumptions
about the factors market participants would use in valuing the
asset or liability. The guidance establishes three levels of inputs
that may be used to measure fair value:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px 0pt 29.7pt; FONT: 10pt Times New Roman, Times, Serif"&gt;
Level 1 &amp;#x2014; Quoted prices in active markets for identical
assets or liabilities.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 29.7pt; FONT: 10pt Times New Roman, Times, Serif"&gt;
Level 2 &amp;#x2014; Inputs other than Level&amp;#xA0;1 that are observable,
either directly or indirectly, such as quoted prices for similar
assets or liabilities; quoted prices in markets that are not
active; or other inputs that are observable or can be corroborated
by observable market data for substantially the full term of the
assets or liabilities.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px 0pt 29.7pt; FONT: 10pt Times New Roman, Times, Serif"&gt;
Level 3 &amp;#x2014; Unobservable inputs that are supported by little or
no market activity and that are significant to the fair value of
the assets or liabilities.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Assets and liabilities are classified in their entirety based on
the lowest level of input that is significant to the fair value
measurements. The Company reviews the fair value hierarchy
classification on a quarterly basis. Changes in the observability
of valuation inputs may result in a reclassification of levels for
certain securities within the fair value hierarchy.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;The
following table presents the Company&amp;#x2019;s fair value hierarchy
for assets and liabilities measured at fair value as of
December&amp;#xA0;31, 2011 and 2010:&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="14"&gt;December 31, 2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;Level 1&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;Level 2&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;Level 3&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;Total&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;Assets:&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-INDENT: 10pt; FONT-SIZE: 10pt"&gt;Recurring&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: 20pt; WIDTH: 44%; FONT-SIZE: 10pt"&gt;
Cash equivalents&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
16,177,462&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
16,177,462&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: 20pt; FONT-SIZE: 10pt"&gt;
Restricted cash&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;7,500,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;7,500,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: 20pt; FONT-SIZE: 10pt"&gt;
Marketable securities&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
8,496,372&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
8,496,372&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: 10pt; FONT-SIZE: 10pt"&gt;
Total Recurring&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;32,173,834&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;32,173,834&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-INDENT: 10pt; FONT-SIZE: 10pt"&gt;Nonrecurring&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: 20pt; FONT-SIZE: 10pt"&gt;
Investment in affiliate&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;6,634,598&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;6,634,598&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1.1pt"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1.1pt"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-RIGHT: 14.3pt; FONT-WEIGHT: bold" colspan="14"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;December 31,
2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1.1pt"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1.1pt"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1.1pt"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-RIGHT: 1.1pt; FONT-WEIGHT: bold" colspan="2"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;Level 1&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1.1pt"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1.1pt"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-RIGHT: 1.1pt; FONT-WEIGHT: bold" colspan="2"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;Level&amp;#xA0;2&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1.1pt"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1.1pt"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-RIGHT: 1.1pt; FONT-WEIGHT: bold" colspan="2"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;Level 3&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1.1pt"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1.1pt"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-RIGHT: 1.1pt; FONT-WEIGHT: bold" colspan="2"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1.1pt"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #c0ffc0; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="WIDTH: 44%"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 2%"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 2%"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 2%"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 2%"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&amp;#xA0;&amp;#xA0;Recurring&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #c0ffc0; VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;Cash
equivalents&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;27,413,838&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;27,413,838&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&amp;#xA0;&amp;#xA0;Nonrecurring&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #c0ffc0; VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;Investment in
affiliate&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;7,812,523&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;7,812,523&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;A
reconciliation of the beginning and ending balances for Level 3
investments for the year ended December 31, 2011:&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="WIDTH: 86%; FONT-SIZE: 10pt"&gt;Balance as of December 31,
2010&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
7,812,523&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;Equity in earnings of
OC-BVI&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;838,652&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;Distribution of
earnings from OC-BVI paid and accrued&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;(316,256&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
Principal and interest payments received on loan receivable from
OC-BVI&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
(1,700,321&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;Balance as of
December 31, 2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
6,634,598&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:FinancialInstrumentsDisclosureTextBlock>
  <us-gaap:GainLossOnSaleOfPropertyPlantEquipment contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">-15195</us-gaap:GainLossOnSaleOfPropertyPlantEquipment>
  <us-gaap:InterestExpense contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">1141744</us-gaap:InterestExpense>
  <us-gaap:IncreaseDecreaseInRestrictedCash contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">7500000</us-gaap:IncreaseDecreaseInRestrictedCash>
  <us-gaap:SubsequentEventsTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;b&gt;24. Subsequent events&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
The Company evaluated subsequent events through the time of the
filing of its Annual Report on Form 10-K. The Company is not aware
of any significant events that occurred subsequent to the balance
sheet date but prior to the filing of this report that would have a
material impact on its financial statements.&lt;/p&gt;
&lt;/div&gt;</us-gaap:SubsequentEventsTextBlock>
  <us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;b&gt;20. Pension benefits&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
Pursuant to Cayman Islands law, staff pension plans are offered to
all employees in the Cayman Islands. The plans are administered by
third party pension plan providers and are defined contribution
plans whereby the Company matches the contribution of the first 5%
of each participating employee&amp;#x2019;s salary up to $72,000. The
total amount recognized as an expense for this pension plan during
the year ended December 31, 2011 was $161,853 (2010: $171,949 and
2009: $181,143).&lt;/p&gt;
&lt;/div&gt;</us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock>
  <us-gaap:RepaymentsOfLongTermDebt contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">1531946</us-gaap:RepaymentsOfLongTermDebt>
  <us-gaap:AccountingChangesAndErrorCorrectionsTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;b&gt;23. Impact of recent accounting standards pronouncements&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;b&gt;Adoption of New Accounting Standards:&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
In October 2009, the FASB issued Accounting Standards Update
(&amp;#x201C;ASU&amp;#x201D;) 2009-13, &lt;i&gt;Revenue Recognition (Topic 605):
Multiple-Deliverable Revenue Arrangements &amp;#x2013; a consensus of
the FASB Emerging Issues Task Force&lt;/i&gt;, which amends the criteria
for when to evaluate individual delivered items in a multiple
deliverable arrangement and how to allocate consideration received.
This ASU is effective for fiscal years beginning on or after June
15, 2010, which was January 1, 2011 for the Company. The adoption
of ASU 2009-13 did not have an impact on the Company&amp;#x2019;s
condensed consolidated results of operations or financial
position.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
In December 2010, the FASB issued ASU 2010-28, &lt;i&gt;Intangibles
&amp;#x2013; Goodwill and Other (Topic 350): When to Perform Step 2 of
the Goodwill Impairment Test for Reporting Units with Zero or
Negative Carrying Amounts.&lt;/i&gt; The ASU does not prescribe a
specific method of calculating the carrying value of a reporting
unit in the performance of step 1 of the goodwill impairment test
(i.e. equity-value-based method or enterprise-value-based method).
However, it requires entities with a zero or negative carrying
value to assess, considering qualitative factors such as those used
to determine whether a triggering event would require an interim
goodwill impairment test (listed in ASC 350-20-35-30,
&lt;i&gt;Intangibles &amp;#x2013; Goodwill and Other &amp;#x2013; Subsequent
Measurement&lt;/i&gt;), whether it is more likely than not that a
goodwill impairment exists and perform step 2 of the goodwill
impairment test if so concluded. ASU 2010-28 became effective for
the Company beginning January 1, 2011 and its adoption did not have
an impact on the Company&amp;#x2019;s condensed consolidated results of
operations or financial position.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;b&gt;Effect of Newly Issued But Not Yet Effective Accounting
Standards:&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
In May 2011, the FASB issued ASU No.&amp;#xA0;2011-04 which represents
the converged guidance of the FASB and the IASB (the
&amp;#x201C;Boards&amp;#x201D;) on fair value measurements. The collective
efforts of the Boards and their staffs, reflected in ASU 2011-04,
have resulted in common requirements for measuring fair value and
for disclosing information about fair value measurements, including
a consistent meaning of the term &amp;#x201C;fair value.&amp;#x201D; The
Boards have concluded the common requirements will result in
greater comparability of fair value measurements presented and
disclosed in financial statements prepared in accordance with GAAP
and IFRSs. The amendments in this ASU are required to be applied
prospectively, and are effective for interim and annual periods
beginning after December&amp;#xA0;15, 2011. The Company does not expect
that the adoption of ASU 2011-04 will have a material impact on our
consolidated financial statements.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
In June 2011, the FASB issued ASU 2011-05, which amends current
comprehensive income guidance. This accounting update eliminates
the option to present the components of other comprehensive income
as part of the statement of shareholders&amp;#x2019; equity. Instead, we
must report comprehensive income in either a single continuous
statement of comprehensive income which contains two sections, net
income and other comprehensive income, or in two separate but
consecutive statements. ASU 2011-05 will be effective for public
companies during the interim and annual periods beginning after
December 15, 2011 with early adoption permitted. The adoption of
ASU 2011-05 will not have an impact on the Company&amp;#x2019;s
consolidated financial statements as it only requires a change in
the format of the current presentation.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
In September 2011, the FASB issued ASU 2011-08, which permits an
entity to make a qualitative assessment of whether it is more
likely than not that a reporting unit&amp;#x2019;s fair value is less
than its carrying value before applying the two-step goodwill
impairment model that is currently in place. If it is determined
through the qualitative assessment that a reporting unit&amp;#x2019;s
fair value is more likely than not greater than its carrying value,
the remaining impairment steps would be unnecessary. The
qualitative assessment is optional, allowing companies to go
directly to the quantitative assessment. This update is effective
for annual and interim goodwill impairment tests performed in
fiscal years beginning after December&amp;#xA0;15, 2011, which will
require us to adopt these provisions in fiscal 2012; however, early
adoption is permitted. The Company does not expect the adoption of
ASU 2011-08 to have a material impact on our consolidated financial
statements.&lt;/p&gt;
&lt;/div&gt;</us-gaap:AccountingChangesAndErrorCorrectionsTextBlock>
  <us-gaap:NetIncomeLoss contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">6113218</us-gaap:NetIncomeLoss>
  <us-gaap:NonoperatingIncomeExpense contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">1181563</us-gaap:NonoperatingIncomeExpense>
  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.
Accounting policies&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Basis of preparation:&lt;/b&gt; The consolidated financial statements
presented are prepared in accordance with the accounting principles
generally accepted in the United States of America.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Use of estimates:&lt;/b&gt; The preparation of consolidated financial
statements in conformity with the accounting principles generally
accepted in the United States of America requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent assets and
liabilities at the date of the consolidated financial statements
and the reported amounts of revenues and expenses during the
reporting period. Significant items subject to estimates and
assumptions include the carrying value of property, plant and
equipment, intangible assets, goodwill and the fair value of the
Company&amp;#x2019;s investment in affiliate.&amp;#xA0;&amp;#xA0;Actual results
could differ significantly from such estimates.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Basis of consolidation:&lt;/b&gt; The consolidated financial
statements of the Company include the accounts of (i) wholly-owned
subsidiaries, Aquilex, Inc., Cayman Water Company Limited
(&amp;#x201C;Cayman Water&amp;#x201D;), Consolidated Water (Belize) Limited
(&amp;#x201C;CW-Belize&amp;#x201D;), Ocean Conversion (Cayman) Limited
(&amp;#x201C;OC-Cayman&amp;#x201D;), DesalCo Limited (&amp;#x201C;DesalCo&amp;#x201D;),
Consolidated Water Cooperatief, U.A. (&amp;#x201C;CW-Coop&amp;#x201D;);&amp;#xA0;
(ii) majority-owned subsidiary Consolidated Water (Bahamas) Ltd.
(&amp;#x201C;CW-Bahamas&amp;#x201D;); and (iii) affiliates Consolidated Water
(Bermuda) Limited (&amp;#x201C;CW-Bermuda&amp;#x201D;) and N.S.C. Agua, S.A.
de C.V. (&amp;#x201C;NSC&amp;#x201D;), which are consolidated because the
Company has a controlling financial interest in these companies.
The Company&amp;#x2019;s investment in its other affiliate, Ocean
Conversion (BVI) Ltd. (&amp;#x201C;OC-BVI&amp;#x201D;), is accounted for
using the equity method of accounting. All significant intercompany
balances and transactions have been eliminated in
consolidation.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Foreign currency:&lt;/b&gt; The Company&amp;#x2019;s reporting currency is
the United States dollar. The functional currency of the Company
and its foreign subsidiaries is the currency for each respective
country. The exchange rates between the Cayman Islands dollar, the
Belize dollar, the Bahamian dollar, and the Bermuda dollar are
fixed to the United States dollar.&amp;#xA0;&amp;#xA0;Foreign currency
gains/losses arising from transactions conducted in Mexican pesos
and Euros are immaterial.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Cash and cash equivalents:&lt;/b&gt; Cash and cash equivalents consist
of demand deposits at banks and highly liquid deposits at banks
with an original maturity of three months or less.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
As of December 31, 2011, the Company did not have deposits in U.S.
banks in excess of federally insured limits. As of December 31,
2011, the Company held cash in foreign bank accounts of
approximately $42.2 million, which includes $7.5 million of
restricted cash.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Restricted cash:&lt;/b&gt; Restricted cash represents cash in a short
term deposit account that is pledged as collateral for $7.5 million
in borrowings under the Company&amp;#x2019;s non-revolving credit
facility.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Marketable securities:&lt;/b&gt; Marketable securities consist
primarily of marketable debt obligations with maturities of less
than one year, are accounted for as trading securities and stated
at market value. Any unrealized gains and losses on these
securities are recognized in the consolidated statement of
income.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Accounts receivable and allowance for doubtful accounts:&lt;/b&gt;
Accounts receivable are recorded at invoiced amounts based on meter
readings or minimum take-or-pay amounts per contractual agreements.
The allowance for doubtful accounts is the Company&amp;#x2019;s best
estimate of the amount of probable credit losses in the
Company&amp;#x2019;s existing accounts receivable balance. The Company
determines the allowance for doubtful accounts based on historical
write-off experience and monthly review of delinquent accounts.
Past due balances are reviewed individually for collectability and
disconnection. Account balances are charged off against the
allowance for doubtful accounts after all means of collection have
been exhausted and the potential for recovery is considered by
management to be remote.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Inventory:&lt;/b&gt; Inventory primarily includes consumables stock
and spare parts stock that are valued at the lower of cost or net
realizable value with cost determined on the first-in, first-out
basis. Inventory also includes potable water held in the
Company&amp;#x2019;s reservoirs. The carrying amount of the water
inventory is the lower of the average cost of producing water
during the year or its net realizable value.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: right; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Loans receivable:&lt;/b&gt; Loans receivable relate to notes
receivable from customers arising from the construction and sale of
water desalination plants. The allowance for loan losses, if any,
is the Company&amp;#x2019;s best estimate of the amount of probable
credit losses in the Company&amp;#x2019;s existing loans and is
determined on an individual loan basis.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Property, plant and equipment:&lt;/b&gt; Property, plant and equipment
is stated at cost less accumulated depreciation. Depreciation is
calculated using a straight line method with an allowance for
estimated residual values. Rates are determined based on the
estimated useful lives of the assets as follows:&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 40%"&gt;Buildings&lt;/td&gt;
&lt;td style="WIDTH: 60%"&gt;5 to 40 years&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td&gt;Plant and equipment&lt;/td&gt;
&lt;td&gt;4 to 40 years&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td&gt;Distribution system&lt;/td&gt;
&lt;td&gt;3 to 40 years&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="VERTICAL-ALIGN: top"&gt;Office furniture, fixtures and
equipment&lt;/td&gt;
&lt;td style="VERTICAL-ALIGN: bottom"&gt;3 to 10 years&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td&gt;Vehicles&lt;/td&gt;
&lt;td&gt;3 to 10 years&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td&gt;Leasehold improvements&lt;/td&gt;
&lt;td&gt;Shorter of 5 years or operating lease term outstanding&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td&gt;Lab equipment&lt;/td&gt;
&lt;td&gt;5 to 10 years&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Additions to property, plant and equipment are comprised of the
cost of the contracted services, direct labor and materials. Assets
under construction are recorded as additions to property, plant and
equipment upon completion of the projects. Depreciation commences
in the month the asset is placed in service.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Long-lived Assets:&lt;/b&gt;Long-lived assets are reviewed for
impairment whenever events or changes in circumstances indicate
that the carrying amount of the assets might not be recoverable.
Conditions that would necessitate an impairment assessment include
a significant decline in the observable market value of an asset, a
significant change in the extent or manner in which an asset is
used, or a significant adverse change that would indicate that the
carrying amount of an asset or group of assets is not recoverable.
For long-lived assets to be held and used, the Company recognizes
an impairment loss only if its carrying amount is not recoverable
through its undiscounted cash flows and measures the impairment
loss based on the difference between the carrying amount and fair
value.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Construction in progress&lt;/b&gt;&lt;i&gt;:&lt;/i&gt; Interest costs directly
attributable to the acquisition and construction of qualifying
assets, which are assets that necessarily take a substantial period
of time to be ready for their intended use, are added to the cost
of those assets until such time as the assets are substantially
ready for use. Interest capitalized on assets constructed during
the year ended December 31, 2011 was $246,851.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Goodwill and intangible assets:&lt;/b&gt; Goodwill represents the
excess costs over fair value of the assets of an acquired business.
Goodwill and intangible assets acquired in a business combination
and determined to have an indefinite useful life are not amortized,
but are tested for impairment at least annually. Intangible assets
with estimable useful lives are amortized over their respective
estimated useful lives to their estimated residual values and
reviewed periodically for impairment. The Company annually
evaluates the possible impairment of goodwill as part of its
financial reporting process for the fourth quarter of each fiscal
year. Management identifies its reporting units and determines the
carrying value of each reporting unit by assigning the assets and
liabilities, including the existing goodwill and intangible assets,
to those reporting units. The Company determines the fair value of
each reporting unit and compares it to the carrying amount of the
reporting unit. To the extent the carrying amount of the reporting
unit exceeds the fair value of the reporting unit, the Company is
required to perform the second step of the impairment test, as this
is an indication that the reporting unit goodwill may be impaired.
In this step, the Company compares the implied fair value of the
reporting unit goodwill with the carrying amount of the reporting
unit goodwill. The implied fair value of goodwill is determined by
allocating the fair value of the reporting unit to all the assets
(recognized and unrecognized) and liabilities of the reporting unit
in a manner similar to a purchase price allocation. The residual
fair value after this allocation is the implied fair value of the
reporting unit goodwill. If the implied fair value is less than its
carrying amount, an impairment loss is recorded.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
For each of the years in the three-year period ended December 31,
2011 the Company estimated the fair value of each of its reporting
units by applying the discounted cash flow method, the subject
company stock price method, the guideline public company method,
and the mergers and acquisitions method.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The discounted cash flow method relied upon seven-year discrete
projections of operating results, working capital and capital
expenditures, along with a terminal value subsequent to the
discrete period. These seven-year projections were based upon
historical and anticipated future results, general economic and
market conditions, and considered the impact of planned business
and operational strategies. The discount rates for the calculations
represented the estimated cost of capital for market participants
at the time of each analysis. The Company did not adjust its
projections for any possible impact of negotiations underway with
the Cayman Islands government for the renewal of its exclusive
retail license.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company also estimated the fair value of each of its reporting
units for each of the years in the three-year period ended December
31, 2011 through reference to the quoted market prices for the
Company and guideline companies and the market multiples implied by
guideline merger and acquisition transactions. The Company also
performed an analysis reconciling the conclusions of value for the
reporting units to the Company&amp;#x2019;s market capitalization at
October 1, 2011.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Based upon its discounted cash flows and market price analyses, no
impairment charges were required for the Company&amp;#x2019;s goodwill
for any of the years in the three year period ended
December&amp;#xA0;31, 2011.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Investments:&lt;/b&gt; Investments where the Company does not exercise
significant influence over the operating and financial policies of
the investee and holds less than 20% of the voting stock are
recorded at cost. The Company uses the equity method of accounting
for investments in common stock where the Company holds 20% to 50%
of the voting stock of the investee and has significant influence
over its operating and financial policies but does not meet the
criteria for consolidation. The Company recognizes impairment
losses on declines in the fair value of the stock of investees that
are other than temporary.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Other assets:&lt;/b&gt; Under the terms of the contract with the Water
and Sewerage Corporation of The Bahamas for the purchase of water
from the Company&amp;#x2019;s Blue Hills desalination plant, the Company
was required to reduce the amount of water lost by the public water
distribution system on New Providence Island, The Bahamas, over a
one year period by 438 million U.S. gallons, a requirement the
Company met during 2007. The Company was solely responsible for the
engineering, labor and materials costs incurred to effect the
reduction in lost water, which were capitalized and are being
amortized on a straight-line basis over the original remaining life
of the Blue Hills contract. Such costs are included in other assets
and aggregated approximately $3.5 million as of December 31, 2011
and 2010. Accumulated amortization for these costs was
approximately $923,000 and $743,000 as of December 31, 2011 and
2010.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Other liabilities:&lt;/b&gt; Other liabilities consist of security
deposits and advances in aid of construction. Security deposits are
received from large customers as security for trade receivables.
Advances in aid of construction are recognized as a liability when
advances are received from condominium developers in the licensed
area to help defray the capital expenditure costs of the Company.
These advances do not represent loans to the Company and are
interest free. However, the Company allows a discount of ten
percent on future supplies of water to these developments until the
aggregate discounts allowed are equivalent to advances received.
Discounts are charged against advances received.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Income taxes:&lt;/b&gt; The Company accounts for the income taxes
arising from the operations of its United States subsidiary,
Aquilex, Inc., under the asset and liability method. Deferred tax
assets and liabilities, if any, are recognized for the future tax
consequences attributable to differences between the financial
statement carrying amounts of existing assets and liabilities and
their respective tax bases and operating loss and tax credit
carryforwards. Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the
years in which those temporary differences are expected to be
recovered or settled. The effect on deferred tax assets and
liabilities of a change in tax rates is recognized in income in the
period that includes the enactment date. A valuation allowance is
provided to the extent any deferred tax asset may not be
realized.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Consolidated Water (Belize) Limited (&amp;#x201C;CW-Belize&amp;#x201D;) is
liable for business and corporate income taxes. Under the terms of
its water supply agreement with Belize Water Services Ltd.
(&amp;#x201C;BWSL&amp;#x201D;), its sole customer, CW-Belize is reimbursed by
BWSL for all taxes that it is required to pay and&amp;#xA0;records this
reimbursement as an offset to its tax expense.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company is not subject to income taxes in the other countries
in which it operates.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Plant construction revenue and cost of plant construction
revenue:&lt;/b&gt; The Company recognizes revenue and related costs as
work progresses on fixed price contracts for the construction of
desalination plants to be sold to third parties using the
percentage-of-completion method, which relies on contract revenue
and estimates of total expected costs. The Company follows this
method since it can make reasonably dependable estimates of the
revenue and costs applicable to various stages of a contract. Under
the percentage-of-completion method, the Company records revenue
and recognizes profit or loss as work on the contract progresses.
The Company estimates total project costs and profit to be earned
on each long term, fixed price contract prior to commencement of
work on the contract and updates these estimates as work on the
contract progresses. The cumulative amount of revenue recorded on a
contract at a specified point in time is that percentage of total
estimated revenue that incurred costs to date comprises of
estimated total contract costs. If, as work progresses, the actual
contract costs exceed estimates, the profit recognized on revenue
from that contract decreases. The Company recognizes the full
amount of any estimated loss on a contract at the time the
estimates indicate such a loss. Any costs and estimated earnings in
excess of billings are classified as current assets. Billings in
excess of costs and estimated earnings on uncompleted contracts, if
any, are classified as current liabilities.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company assumes the risk that the costs associated with
constructing the plant may be greater than it anticipated in
preparing its bid. However, the terms of each of the sales
contracts with its customers require the Company to guarantee the
sales price for the plant at the bid amount. Because the Company
bases its contracted sales price in part on its estimation of
future construction costs, the profitability of its plant sales is
dependent on its ability to estimate these costs accurately. The
cost estimates the Company prepares in connection with the
construction of plants to be sold to third parties are subject to
inherent uncertainties. The cost of materials and construction may
increase significantly after the Company submits its bid for a
plant due to factors beyond the Company&amp;#x2019;s control, which
could cause the gross margin for a plant to be less than the
Company anticipated when the bid was made. The profit margin the
Company initially expects to generate from a plant sale could be
further affected by other factors, such as hydro-geologic
conditions at the plant site that differ materially from those the
Company believed existed and relied upon when the Company submitted
its bid.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Revenue from water sales:&lt;/b&gt; The Company recognizes revenues
from water sales at the time water is supplied to the
customer&amp;#x2019;s facility or storage tank. The amount of water
supplied is determined based upon water meter readings performed at
the end of each month.&amp;#xA0;&amp;#xA0;Under the terms of both its
license agreement with the government of the Cayman Islands and its
bulk water supply contracts, the Company is entitled to charge its
customers the greater of a minimum monthly charge or the price for
water supplied during the month.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Comparative amounts:&lt;/b&gt; Certain amounts presented in the
financial statements issued for 2010 have been reclassified to
conform to the current year&amp;#x2019;s presentation.&lt;/p&gt;


&lt;/div&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
  <us-gaap:DividendsCash contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">4854381</us-gaap:DividendsCash>
  <us-gaap:CostOfRevenue contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">36132425</us-gaap:CostOfRevenue>
  <us-gaap:StockRedeemedOrCalledDuringPeriodValue contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">4999</us-gaap:StockRedeemedOrCalledDuringPeriodValue>
  <us-gaap:CommonStockDividendsPerShareDeclared contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD_per_shares" decimals="3">0.300</us-gaap:CommonStockDividendsPerShareDeclared>
  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">110985</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">13957876</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
  <us-gaap:EarningsPerShareBasic contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD_per_shares" decimals="2">0.42</us-gaap:EarningsPerShareBasic>
  <us-gaap:NatureOfOperations contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;b&gt;1. Principal activity&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
Consolidated Water Co. Ltd., and its subsidiaries (collectively,
the &amp;#x201C;Company&amp;#x201D;) use reverse osmosis technology to
produce fresh water from seawater. The Company processes and
supplies water to its customers in the Cayman Islands, Belize and
the Bahamas. The Company sells water to a variety of customers,
including public utilities, commercial and tourist properties,
residential properties and government facilities. The base price of
water supplied by the Company, and adjustments thereto, are
determined by the terms of a license and supply contracts, which
provide for adjustments based upon the movement in the government
price indices specified in the licenses and contracts, as well as
monthly adjustments for changes in the cost of energy. The Company
also provides engineering and design services for water plant
construction, manages and operates water plants owned by others,
and provides engineering and design services for the construction
of water plants.&lt;/p&gt;
&lt;/div&gt;</us-gaap:NatureOfOperations>
  <us-gaap:DepreciationAndAmortization contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">5998319</us-gaap:DepreciationAndAmortization>
  <us-gaap:OperatingIncomeLoss contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">5370417</us-gaap:OperatingIncomeLoss>
  <us-gaap:IncreaseDecreaseInTradingSecurities contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">8500000</us-gaap:IncreaseDecreaseInTradingSecurities>
  <us-gaap:IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="INF">420601</us-gaap:IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities>
  <us-gaap:InventoryDisclosureTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;b&gt;5. Inventory&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
December 31,&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="font-size: 10pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2011&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2010&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 72%; font-size: 10pt; text-align: left"&gt;Water
stock&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
33,436&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
31,263&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Consumables
stock&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;275,119&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;167,758&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"&gt;
Spare parts stock&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
5,004,554&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
4,774,702&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Total inventory&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;5,313,109&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;4,973,723&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"&gt;
Less current portion&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
1,451,639&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
1,434,811&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;Inventory
(non-current)&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
3,861,470&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
3,538,912&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:InventoryDisclosureTextBlock>
  <us-gaap:SalesRevenueServicesNet contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">1040280</us-gaap:SalesRevenueServicesNet>
  <us-gaap:OtherNonoperatingIncome contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">283656</us-gaap:OtherNonoperatingIncome>
  <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;b&gt;7. Property, plant and equipment and construction in
progress&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
December 31,&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="font-size: 10pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2011&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2010&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 72%; font-size: 10pt"&gt;Land&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
3,223,361&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
3,223,361&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt"&gt;Buildings&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;16,732,298&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;15,222,319&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Plant and
equipment&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;58,758,920&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;50,330,524&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Distribution
system&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;24,099,566&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;20,776,389&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Office furniture,
fixtures and equipment&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;2,492,913&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;2,174,260&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt"&gt;Vehicles&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;1,283,037&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;1,322,840&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Leasehold
improvements&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;222,829&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;232,026&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"&gt;
Lab equipment&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
34,874&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
34,874&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;106,847,798&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;93,316,593&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"&gt;
Less accumulated depreciation&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
42,662,688&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
37,392,862&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt"&gt;
Property, plant and equipment, net&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
64,185,110&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
55,923,731&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt"&gt;
Construction in progress&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
141,204&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
249,300&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
As of December 31, 2011, the Company had outstanding capital
commitments of approximately $211,000. The Company maintains
insurance for loss or damage to all fixed assets that it deems
susceptible to loss. The Company does not insure its underground
distribution system, which the Company estimates has a replacement
cost in excess of $40 million as of December 31, 2011, as the
Company considers the possibility of material loss or damage to
this system to be remote. During the years ended December 31, 2011
and 2010, $13,576,895 and $740,729, respectively, of construction
in progress was placed in service. Depreciation expense was
$5,789,401, $6,195,266, and 6,171,239 for the years ended December
31, 2011, 2010 and 2009, respectively.&lt;/p&gt;
&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">-8506058</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="shares" decimals="0">14560259</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
  <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">-609037</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
  <us-gaap:ProceedsFromCollectionOfLoansReceivable contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">1733746</us-gaap:ProceedsFromCollectionOfLoansReceivable>
  <us-gaap:IncreaseDecreaseInInventories contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">339386</us-gaap:IncreaseDecreaseInInventories>
  <us-gaap:IncomeLossFromEquityMethodInvestments contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">838652</us-gaap:IncomeLossFromEquityMethodInvestments>
  <us-gaap:CashFlowSupplementalDisclosuresTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;22.
Supplemental disclosure of cash flow information&amp;#xA0;&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2009&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 58%; FONT-SIZE: 10pt"&gt;Interest
paid in cash, net of capitalized interest of $246,851 in 2011&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
962,744&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
1,381,829&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
1,127,156&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;Non-cash
transactions:&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;Note received for
plant facility sold&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;3,670,963&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;10,996,290&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -9.9pt; PADDING-LEFT: 9.9pt; FONT-SIZE: 10pt"&gt;
Conversion of accounts receivable to investment in OC-BVI (see Note
8)&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;800,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"&gt;
Issuance of 11,158, 8,565 and 6,734, respectively, of common
shares&lt;br /&gt;
&amp;#xA0;&amp;#xA0;&amp;#xA0;for services rendered&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;104,443&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;119,997&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;95,592&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"&gt;
Issuance of 7,455, 5,379 and 4,533, respectively, of
redeemable&lt;br /&gt;
&amp;#xA0;&amp;#xA0;&amp;#xA0;preferred shares for services rendered&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;65,902&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;67,130&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;78,703&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"&gt;
Conversion of 2,145, 4,950 and 5,784,&amp;#xA0;&amp;#xA0;respectively, of
redeemable&lt;br /&gt;
&amp;#xA0;&amp;#xA0;&amp;#xA0;preferred shares to common shares&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;1,287&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;2,970&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;3,470&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;Dividends declared
but not paid&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;1,094,334&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;1,092,913&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;1,091,879&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;


&lt;/div&gt;</us-gaap:CashFlowSupplementalDisclosuresTextBlock>
  <us-gaap:PaymentsForProceedsFromLoansReceivable contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">-1450000</us-gaap:PaymentsForProceedsFromLoansReceivable>
  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;19.
Stock-Based Compensation&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company has the following stock compensation plans that form
part of its employees&amp;#x2019; remuneration:&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Employee Share Incentive Plan (Preferred Shares)&lt;br /&gt;
&lt;br /&gt;&lt;/b&gt;The Company awards preferred shares for $nil
consideration under the Employee Share Incentive Plan as part of
compensation for certain eligible employees, excluding Directors
and certain Officers, that require future services as a condition
to the delivery of common shares. In addition, options are granted
to purchase preferred shares at a fixed price, determined annually,
which will typically represent a discount to the market value of
the common stock. In consideration for preferred shares, the
Company issues shares of common stock on a share for share basis.
Under the plan, the conversion is conditional on the
grantee&amp;#x2019;s satisfying requirements outlined in the award
agreements. Preferred shares are only redeemable with the
Company&amp;#x2019;s approval. Each employee&amp;#x2019;s option to purchase
preferred shares must be exercised within 30 days of the grant
date, which is the 90th day after the date of the auditor&amp;#x2019;s
opinion on the financial statements for the relevant year. Options
granted during the years ended December 31, 2011 and 2010 totaled
7,455 options and 5,379 options, respectively.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Employee Share Option Plan (Common Stock Options)&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company has an employee stock option plan for certain
long-serving employees of the Company. Under the plan, these
employees are granted in each calendar year, as long as the
employee is a participant in the Employee Share Incentive Plan,
options to purchase common shares. The price at which the option
may be exercised will be the closing market price on the grant
date, which is the 40th day after the date of the Company&amp;#x2019;s
Annual Shareholder Meeting. The number of options each employee is
granted is equal to five times the sum of (i) the number of
preferred shares which that employee receives for $nil
consideration and (ii) the number of preferred share options which
that employee exercises in that given year. Options may be
exercised during the period commencing on the fourth anniversary of
the grant date and ending on the thirtieth day after the fourth
anniversary of the grant date.&amp;#xA0;&amp;#xA0;Options granted during
the years ended December 31, 2011 and 2010 totaled 5,440 and 3,165,
respectively.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Non-Executive Directors&amp;#x2019; Share Plan&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
This stock grant plan provides part of Directors&amp;#x2019;
remuneration. Under this plan, Directors receive a combination of
cash and common stock for their participation in Board meetings.
All Directors are eligible except Executive Officers, who are
covered by individual employment contracts, and the board member
designated by Cayman Island government. The number of common stock
granted is calculated based upon the market price of the
Company&amp;#x2019;s common stock on October 1 of the year preceding the
grant. Stock granted during the years ended December 31, 2011 and
2010 totaled 7,614 shares and 3,471 shares, respectively. The
Company recognized stock-based compensation of $71,945 and $47,203
for the years ended December 31, 2011 and 2010, respectively.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2008
Equity Incentive Plan&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On May 14, 2008, the Company&amp;#x2019;s stockholders approved the 2008
Equity Incentive Plan (the &amp;#x201C;2008 Plan&amp;#x201D;) and reserved
1,500,000 shares of the Company&amp;#x2019;s Class A common shares for
issuance under this plan. All Directors, executives and key
employees of the Company or its affiliates are eligible for
participation in the 2008 Plan which provides for the issuance of
options, restricted stock and stock equivalents at the discretion
of the Board. In 2009, 101,697 options were granted under the 2008
Plan at an exercise price of $7.90. No options were granted in
2010. In February 2011, a total of 143,612 options were granted
under the 2008 Plan at an exercise price of $10.68. In July 2011, a
total of 18,000 options to purchase shares of common stock were
granted to a new member of management under the 2008 Equity
Incentive Plan at an exercise price of $9.11.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company measures and recognizes compensation expense at fair
value for all share-based payments, including stock options.
Stock-based compensation totaled $494,648 and $257,799 for the
years ended December 31, 2011 and 2010, respectively and is
included in general and administrative expenses in the consolidated
statements of income.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The fair value of each option award is estimated on the date of
grant using a Black-Scholes option-pricing model that uses the
assumptions noted in the table below. Expected volatilities are
based on historical volatilities of the Company&amp;#x2019;s common
stock. The Company uses historical data to estimate option exercise
and post-vesting termination behavior. The expected term of options
granted is based on historical data and represents the period of
time that options granted are expected to be outstanding. The
Company uses historical data to estimate stock option exercises and
forfeitures within its valuation model. The risk-free interest rate
for the expected term of the option is based on the U.S. Treasury
yield curve in effect at the time of the grant.&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The significant weighted average assumptions for the years ended
December 31, 2011, 2010 and 2009 were as follows:&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2009&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -9.9pt; PADDING-LEFT: 9.9pt; WIDTH: 58%; FONT-SIZE: 10pt"&gt;
Risk free interest rate&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
1.33&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;%&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
0.54&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;%&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
1.28&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -9.9pt; PADDING-LEFT: 9.9pt; FONT-SIZE: 10pt"&gt;
Expected option life (years)&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;3.4&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;1.6&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;3.4&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -9.9pt; PADDING-LEFT: 9.9pt; FONT-SIZE: 10pt"&gt;
Expected volatility&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;68.18&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;%&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;56.97&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;%&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;68.62&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -9.9pt; PADDING-LEFT: 9.9pt; FONT-SIZE: 10pt"&gt;
Expected dividend yield&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;2.89&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;%&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;2.49&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;%&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;3.17&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;A
summary of the Company&amp;#x2019;s stock option activity for the year
ended December 31, 2011 is as follows:&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;Options&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;Weighted Average&lt;br /&gt;
Exercise Price&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;Weighted Average Remaining Contractual Life
(Years)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;Aggregate Intrinsic&lt;br /&gt;
Value &lt;sup&gt;(1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; WIDTH: 44%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt"&gt;
Outstanding at beginning of period&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
213,067&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
18.49&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt"&gt;
Granted&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;174,507&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;10.34&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt"&gt;
Exercised&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;(890&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;)&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;7.35&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt"&gt;
Forfeited&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
(8,290&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
11.54&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt"&gt;
Outstanding as of December 31, 2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
378,394&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
14.91&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
2.75 years&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
69,154&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt"&gt;
Exercisable as of December 31, 2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
169,453&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
20.72&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
1.30 years&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
46,103&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
____________&lt;/p&gt;
&lt;table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 5%"&gt;(1)&lt;/td&gt;
&lt;td style="TEXT-ALIGN: justify; WIDTH: 95%"&gt;The intrinsic value of
a stock option represents the amount by which the fair value of the
underlying stock, measured by reference to the closing price of the
common shares of $8.58 on the Nasdaq Global Select Market on
December 31, 2011, exceeds the exercise price of the option.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
As of December 31, 2011, 208,941 non-vested options and 169,453
vested options were outstanding, with weighted average exercise
prices of $10.19 and $20.72, respectively, and average remaining
contractual lives of 3.93 years and 1.30 years,
respectively.&amp;#xA0;&amp;#xA0;The total remaining unrecognized
compensation costs related to unvested stock-based arrangements
were $421,080 as of December 31, 2011 and are expected to be
recognized over a weighted average period of 3.93 years.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
As of December 31, 2011, unrecognized compensation costs relating
to redeemable preferred stock outstanding were $101,406, and are
expected to be recognized over a weighted average period of 1.15
years.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The following table summarizes the weighted average fair value of
options at the date of grant and the intrinsic value of options
exercised during the years ended December 31, 2011, 2010 and
2009:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2009&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;Options granted with
an exercise price below market price on the date of grant:&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 58%; FONT-SIZE: 10pt"&gt;Employees
&amp;#x2014; preferred stock&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
1.47&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
0.70&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
8.31&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;Overall weighted average&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;1.47&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;0.70&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;8.31&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;Options granted with
an exercise price at market price on the date of grant:&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;Management
employees&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;4.45&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;3.28&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;Employees &amp;#x2014;
common stock&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;4.17&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;1.40&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;8.05&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;Overall weighted average&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;4.44&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;1.40&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;5.66&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;Options granted with
an exercise price above market price on the date of grant:&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;Management
employees&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;Employees &amp;#x2014; preferred stock&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;Overall weighted average&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;Total intrinsic value
of options exercised&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;1,325&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;365&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;9,313&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;


&lt;/div&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
  <us-gaap:PaymentsOfDividends contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">4850914</us-gaap:PaymentsOfDividends>
  <us-gaap:IntangibleAssetsDisclosureTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;b&gt;10. Intangible assets&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
In 2003, as part of the acquisition of a group of companies, the
Company acquired 100% of the outstanding voting common shares of
DesalCo, which had an agreement to provide management and
engineering services to OC-BVI. The Company attributed $856,356 of
the purchase price of the acquisition to the value of this
management services agreement, which has no expiration term.
Initially the Company determined that this intangible asset had an
indefinite life and therefore it was not amortized. However in
2010, as a result of the loss by OC-BVI of its Baughers Bay
contract (see Note 8) the Company assigned a useful life of seven
years to this asset and began its amortization.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
The carrying amount of the Belize Water Production and Supply
Agreement is being amortized over the 23 year term of the
agreementand has a weighted average remaining useful life of 15.4
years.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #0070C0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #0070C0"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
December 31,&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="font-size: 10pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2011&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2010&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt"&gt;Cost&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 72%; font-size: 10pt; text-align: left"&gt;
Intangible asset management service agreement&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
856,356&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
856,356&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"&gt;
Belize water production and supply agreement&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
1,522,419&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
1,522,419&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
2,378,775&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
2,378,775&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Accumulated
amortization&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Intangible asset
management service agreement&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;(285,452&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;)&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;(142,726&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"&gt;
Belize water production and supply agreement&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
(591,499&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
)&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
(525,312&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
(876,951&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
)&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
(668,038&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt"&gt;
Intangible assets, net&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
1,501,824&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
1,710,737&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
Amortization for each of the next five years and thereafter is
expected to be as follows:&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 86%; font-size: 10pt; text-align: left"&gt;2012&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
208,918&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;2013&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;208,918&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;2014&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;208,918&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;2015&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;208,918&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;2016&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;66,192&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"&gt;
Thereafter&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
599,960&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
1,501,824&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:IntangibleAssetsDisclosureTextBlock>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;b&gt;17. Related party transactions&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
In 2005, OC-BVI entered into a twenty-five year lease agreement
with Bar Bay Estate Holdings Limited (&amp;#x201C;Bar Bay
Holdings&amp;#x201D;), a private company incorporated in the Territory
of the British Virgin Islands, pursuant to which OC-BVI agreed to
lease from Bar Bay Holdings approximately 50,000 square feet of
land on Tortola, British Virgin Islands on which a seawater
desalination plant and wells were constructed. Under the terms of
the lease agreement, a lease premium payment of $750,000 was made
on June 10, 2005, annual lease and easement payments of $17,662
($15,020 through May 2010) are due annually and royalty payments of
2.87% of annual sales are payable quarterly. A Director of Sage
Water Holdings (BVI) Limited, a company which currently owns 100%
of the non-voting stock, 50% of the voting common stock and 50% of
the profit sharing rights of OC-BVI, is also a Director of OC-BVI
and holds 50% of the outstanding shares of Bar Bay Holdings.&lt;/p&gt;
&lt;/div&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <us-gaap:GeneralAndAdministrativeExpense contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">13651650</us-gaap:GeneralAndAdministrativeExpense>
  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="shares" decimals="0">14596013</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
  <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">1118682</us-gaap:NetCashProvidedByUsedInFinancingActivities>
  <us-gaap:CostOfServices contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">508339</us-gaap:CostOfServices>
  <us-gaap:ProfitLoss contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">6551980</us-gaap:ProfitLoss>
  <cwco:AdjustmentIncomeLossFromEquityMethodInvestments contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">588331</cwco:AdjustmentIncomeLossFromEquityMethodInvestments>
  <cwco:PaymentsForProceedsFromEquityAffiliates contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">202631</cwco:PaymentsForProceedsFromEquityAffiliates>
  <cwco:RetailWaterRevenue contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">23356338</cwco:RetailWaterRevenue>
  <cwco:BulkWaterRevenue contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">30757874</cwco:BulkWaterRevenue>
  <cwco:CostOfRetailWater contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">11496598</cwco:CostOfRetailWater>
  <cwco:CostOfBulkWater contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">24127488</cwco:CostOfBulkWater>
  <cwco:DividendsTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;b&gt;11. Dividends&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
Interim dividends declared on Class A common stock and redeemable
preferred stock for each quarter of the respective years ended
December 31 were as follows:&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2011&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2010&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2009&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 58%; font-size: 10pt; text-align: left"&gt;First
Quarter&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
0.075&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
0.075&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
0.065&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Second Quarter&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;0.075&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;0.075&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;0.065&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Third Quarter&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;0.075&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;0.075&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;0.075&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Fourth Quarter&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;0.075&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;0.075&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;0.075&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</cwco:DividendsTextBlock>
  <cwco:DisclosureOfOtherOperatingCostAndExpenseTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;b&gt;14. Cost of revenues and general and administrative
expenses&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 102.3pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Year Ended December 31,&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="font-size: 10pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2011&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2010&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2009&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="font-size: 10pt"&gt;Cost of revenues consist of:&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 58%; font-size: 10pt"&gt;Electricity&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
12,622,788&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
10,132,956&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
8,743,711&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt"&gt;Depreciation&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;5,537,098&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;5,854,297&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;5,882,387&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Fuel oil&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;7,195,692&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;4,928,409&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;4,953,120&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Employee costs&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;4,276,682&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;4,444,814&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;4,537,824&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Cost of plant
sales&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;61,843&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;1,833,835&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;3,850,188&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt"&gt;Maintenance&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;2,140,776&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;2,541,927&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;2,437,164&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt"&gt;Royalties&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;1,406,160&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;1,368,181&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;1,505,080&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt"&gt;Insurance&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;1,545,771&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;1,490,121&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;1,321,727&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;Other&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
1,345,615&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
1,503,519&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
1,789,239&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
36,132,425&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
34,098,059&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
35,020,440&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;
General and administrative expenses consist of:&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 58%; font-size: 10pt; text-align: left"&gt;Employee
costs&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
5,265,360&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
4,219,915&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; font-size: 10pt; text-align: right"&gt;
4,526,140&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt"&gt;Insurance&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;965,003&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;951,715&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;952,742&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Professional
fees&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;3,112,678&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;2,805,146&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;857,135&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;Directors&amp;#x2019; fees
and expenses&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;551,132&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;519,786&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;692,374&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt"&gt;Depreciation&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;252,303&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;340,969&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;310,529&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;Other&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
3,505,174&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
2,492,117&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
2,762,337&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
13,651,650&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
11,329,648&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
10,101,257&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</cwco:DisclosureOfOtherOperatingCostAndExpenseTextBlock>
  <cwco:CashCashEquivalentsShortTermAndLongTermInvestmentsAndRestrictedCashTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0">&lt;div&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3.
Cash and cash equivalents and restricted cash&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Cash and cash equivalents are not restricted as to withdrawal or
use. As of December 31, 2011 and 2010, the equivalent United States
dollars are denominated in the following currencies:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&lt;b&gt;December
31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;Bank accounts:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 0.12in; WIDTH: 72%; FONT-SIZE: 10pt"&gt;
United States dollar&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
4,719,808&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
7,494,938&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 0.12in; FONT-SIZE: 10pt"&gt;Cayman
Islands dollar&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;12,360,952&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;4,879,570&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 0.12in; FONT-SIZE: 10pt"&gt;Bahamian
dollar&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;2,250,883&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;4,022,003&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 0.12in; FONT-SIZE: 10pt"&gt;Belize
dollar&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;1,723,264&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;1,616,193&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 0.12in; FONT-SIZE: 10pt"&gt;Bermudian
dollar&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;142,363&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;694,346&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 0.12in; FONT-SIZE: 10pt"&gt;Mexican
Peso&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;10,459&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;9,349&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 0.12in; FONT-SIZE: 10pt"&gt;
Euro&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
8,453&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
21,216,182&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
18,716,399&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;Short term
deposits:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 0.12in; FONT-SIZE: 10pt"&gt;United
States dollar&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;16,622,793&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 0.12in; FONT-SIZE: 10pt"&gt;United
States dollar&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;7,809,598&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;8,774,845&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0.12in; FONT-SIZE: 10pt"&gt;
Bahamian dollar&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
8,598,399&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
2,016,200&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
16,407,997&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
27,413,838&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;Total
cash and cash equivalents&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
37,624,179&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
46,130,237&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0"&gt;
&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In addition, restricted cash as of December 31, 2011 of $7.5
million represents cash in a short term deposit account that is
pledged as collateral for $7.5 million in borrowings under the
Company&amp;#x2019;s non-revolving credit facility.&lt;/p&gt;


&lt;/div&gt;</cwco:CashCashEquivalentsShortTermAndLongTermInvestmentsAndRestrictedCashTextBlock>
  <us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0_442411x441878">&lt;div&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4.
Accounts receivable&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/p&gt;
&lt;table style="WIDTH: 100%" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="6"&gt;December 31&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 72%; FONT-SIZE: 10pt"&gt;Trade
accounts receivable&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
8,079,194&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
11,956,314&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;Receivable from
affiliate&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;144,291&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;138,445&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
Other accounts receivable&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
473,881&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
198,105&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;8,697,366&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;12,292,864&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
Allowance for doubtful accounts&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
(160,134&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
(160,134&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
8,537,232&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
12,132,730&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The activity for the allowance for doubtful accounts consisted
of:&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="6"&gt;December 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 72%; FONT-SIZE: 10pt"&gt;Opening
allowance for doubtful accounts&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
160,134&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
276,994&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
Recovery of doubtful accounts&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
(116,860&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;Ending
allowance for doubtful accounts&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
160,134&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
160,134&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Significant concentrations of credit risk are disclosed in Note
21.&lt;/p&gt;
&lt;/div&gt;</us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock>
  <us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock contextRef="eol_PE37067---1110-K0012_STD_365_20111231_0_442411x446109">&lt;div&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;6.
Loans receivable&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="6"&gt;December 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;All loans receivable are due from the
Water Authority-Cayman and consisted of:&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; WIDTH: 72%; FONT-SIZE: 10pt"&gt;Two
loans originally aggregating $10,996,290, bearing interest at 6.5%
per annum, receivable in monthly installments of $124,827 to May
2019, and secured by the machinery and equipment of the North Side
Water Works plant&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
8,798,106&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 2%; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt"&gt;
9,692,895&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; FONT-SIZE: 10pt"&gt;Two loans
originally aggregating $1,738,000, bearing interest at 5% per
annum, receivable in monthly installments of $24,565 to March 2014,
and secured by the machinery and equipment of the North Sound
plant&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;626,070&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;882,544&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; FONT-SIZE: 10pt"&gt;Two loans
originally aggregating $3,671,000, bearing interest at 6.5% per
annum, receivable in monthly installments of $54,513 to June 2017,
and secured by the machinery and equipment of the Red Gate
plant&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;3,018,190&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;3,460,369&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;Two
loans originally aggregating $897,000, bearing interest at 5% per
annum, receivable in monthly installments of $12,678 to January
2013, and secured by the machinery and equipment of the Lower
Valley plant&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
160,107&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
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&amp;#xA0;&lt;/td&gt;
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receivable&lt;/td&gt;
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&lt;td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
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&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
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&amp;#xA0;&lt;/td&gt;
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&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
1,733,799&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"&gt;
&amp;#xA0;&lt;/td&gt;
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$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
10,758,873&lt;/td&gt;
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&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"&gt;
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  <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd"/>
  <import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd"/>
  <import namespace="http://fasb.org/us-gaap/2011-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd"/>
  <import namespace="http://xbrl.sec.gov/country/2011-01-31" schemaLocation="http://xbrl.sec.gov/country/2011/country-2011-01-31.xsd"/>
  <import namespace="http://xbrl.sec.gov/dei/2011-01-31" schemaLocation="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd"/>
  <import namespace="http://xbrl.sec.gov/invest/2011-01-31" schemaLocation="http://xbrl.sec.gov/invest/2011/invest-2011-01-31.xsd"/>
  <element name="AccountsPayableAndOtherCurrent" id="cwco_AccountsPayableAndOtherCurrent" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="AdjustmentIncomeLossFromEquityMethodInvestments" id="cwco_AdjustmentIncomeLossFromEquityMethodInvestments" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="BulkWaterRevenue" id="cwco_BulkWaterRevenue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="CashCashEquivalentsShortTermAndLongTermInvestmentsAndRestrictedCashTextBlock" id="cwco_CashCashEquivalentsShortTermAndLongTermInvestmentsAndRestrictedCashTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="CostOfBulkWater" id="cwco_CostOfBulkWater" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="CostOfRetailWater" id="cwco_CostOfRetailWater" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="DisclosureOfOtherOperatingCostAndExpenseTextBlock" id="cwco_DisclosureOfOtherOperatingCostAndExpenseTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="DividendsTextBlock" id="cwco_DividendsTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="DocumentDocumentandEntityInformationAbstract" id="cwco_DocumentDocumentandEntityInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="NotesToFinancialStatementsAbstract" id="cwco_NotesToFinancialStatementsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="PaymentsForProceedsFromEquityAffiliates" id="cwco_PaymentsForProceedsFromEquityAffiliates" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="RetailWaterRevenue" id="cwco_RetailWaterRevenue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>11
<FILENAME>cwco-20111231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Calculation Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Version: 6.13.8 -->
<!-- Round: a9214234-14d3-44fb-9e3a-6251c97ef73f -->
<!-- Creation date: 2012-03-14T22:24:48Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#DocumentDocumentandEntityInformation" roleURI="http://www.cwco.com/taxonomy/role/DocumentDocumentandEntityInformation"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_StatementOfFinancialPositionClassified" roleURI="http://www.cwco.com/taxonomy/role/StatementOfFinancialPositionClassified"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_StatementOfFinancialPositionClassifiedParen" roleURI="http://www.cwco.com/taxonomy/role/StatementOfFinancialPositionClassifiedParenthetical"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_StatementOfIncome" roleURI="http://www.cwco.com/taxonomy/role/StatementOfIncome"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_ci-StatementOfShareholdersEquityAndOtherComprehensiveIncome" roleURI="http://www.cwco.com/taxonomy/role/StatementOfShareholdersEquityAndOtherComprehensiveIncome"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_StatementOfCashFlowsIndirect" roleURI="http://www.cwco.com/taxonomy/role/StatementOfCashFlowsIndirect"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsNatureOfOperations" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsNatureOfOperations"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsSignificantAccountingPoliciesTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsCashCashEquivalentsShortTermAndLongTermInvestmentsAndRestrictedCashTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsCashCashEquivalentsShortTermAndLongTermInvestmentsAndRestrictedCashTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsLoansNotesTradeAndOtherReceivablesDisclosureTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsLoansNotesTradeAndOtherReceivablesDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsInventoryDisclosureTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsInventoryDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsPropertyPlantAndEquipmentDisclosureTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsPropertyPlantAndEquipmentDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsEquityMethodInvestmentsDisclosureTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsEquityMethodInvestmentsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsIntangibleAssetsDisclosureTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsIntangibleAssetsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsDividendsTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsDividendsTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsLongTermDebtTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsLongTermDebtTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsDisclosureOfOtherOperatingCostAndExpenseTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfOtherOperatingCostAndExpenseTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsEarningsPerShareTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsSegmentReportingDisclosureTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsSegmentReportingDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsRelatedPartyTransactionsDisclosureTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsRelatedPartyTransactionsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsPensionAndOtherPostretirementBenefitsDisclosureTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsPensionAndOtherPostretirementBenefitsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsFinancialInstrumentsDisclosureTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsFinancialInstrumentsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsCashFlowSupplementalDisclosuresTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsCashFlowSupplementalDisclosuresTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsAccountingChangesAndErrorCorrectionsTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsAccountingChangesAndErrorCorrectionsTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="cwco-20111231.xsd#Role_NotesToFinancialStatementsSubsequentEventsTextBlock" roleURI="http://www.cwco.com/taxonomy/role/NotesToFinancialStatementsSubsequentEventsTextBlock"/>
  <calculationLink xlink:type="extended" xlink:role="http://www.cwco.com/taxonomy/role/DocumentDocumentandEntityInformation">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://www.cwco.com/taxonomy/role/StatementOfFinancialPositionClassified">
    <loc xlink:type="locator" xlink:href="cwco-20111231.xsd#cwco_AccountsPayableAndOtherCurrent" xlink:label="cwco_AccountsPayableAndOtherCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ConstructionInProgressGross" xlink:label="us-gaap_ConstructionInProgressGross"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DividendsPayableCurrent" xlink:label="us-gaap_DividendsPayableCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="us-gaap_EquityMethodInvestments"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Goodwill" xlink:label="us-gaap_Goodwill"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InventoryNet" xlink:label="us-gaap_InventoryNet"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InventoryNoncurrent" xlink:label="us-gaap_InventoryNoncurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LongTermDebtCurrent" xlink:label="us-gaap_LongTermDebtCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="us-gaap_LongTermDebtNoncurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MarketableSecuritiesCurrent" xlink:label="us-gaap_MarketableSecuritiesCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinorityInterest" xlink:label="us-gaap_MinorityInterest"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotesAndLoansReceivableNetCurrent" xlink:label="us-gaap_NotesAndLoansReceivableNetCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotesAndLoansReceivableNetNoncurrent" xlink:label="us-gaap_NotesAndLoansReceivableNetNoncurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="us-gaap_OtherLiabilitiesNoncurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_AssetsCurrent" order="1.0800" weight="1.00" priority="2" use="optional"/>
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    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_ConstructionInProgressGross" order="1.1000" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_InventoryNoncurrent" order="1.1100" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_NotesAndLoansReceivableNetNoncurrent" order="1.1200" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_EquityMethodInvestments" order="1.1300" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_IntangibleAssetsNetExcludingGoodwill" order="1.1400" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Goodwill" order="1.1500" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_OtherAssetsNoncurrent" order="1.1600" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue" order="1.0100" weight="1.00" priority="2" use="optional"/>
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    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_InventoryNet" order="1.0500" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_PrepaidExpenseAndOtherAssetsCurrent" order="1.0600" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_NotesAndLoansReceivableNetCurrent" order="1.0700" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_LiabilitiesCurrent" order="1.2000" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_LongTermDebtNoncurrent" order="1.2100" weight="1.00" priority="2" use="optional"/>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>12
<FILENAME>cwco-20111231_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Labels Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Version: 6.13.8 -->
<!-- Round: a9214234-14d3-44fb-9e3a-6251c97ef73f -->
<!-- Creation date: 2012-03-14T22:24:48Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Additional paid-in capital</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US">Additional Paid In Capital [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cwco_BulkWaterRevenue_lbl" xml:lang="en-US">Bulk Water Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cwco_BulkWaterRevenue_lbl" xml:lang="en-US">Bulk Water Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cwco_BulkWaterRevenue_lbl" xml:lang="en-US">Bulk water revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cwco_BulkWaterRevenue" xlink:to="cwco_BulkWaterRevenue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash And Cash Equivalents At Carrying Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents at end of year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents at beginning of year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Cash And Cash Equivalents Period Increase Decrease</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Net increase (decrease) in cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl"/>
    <loc xlink:type="locator" xlink:href="cwco-20111231.xsd#cwco_CashCashEquivalentsShortTermAndLongTermInvestmentsAndRestrictedCashTextBlock" xlink:label="cwco_CashCashEquivalentsShortTermAndLongTermInvestmentsAndRestrictedCashTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cwco_CashCashEquivalentsShortTermAndLongTermInvestmentsAndRestrictedCashTextBlock_lbl" xml:lang="en-US">Cash Cash Equivalents Short Term And Long Term Investments And Restricted Cash [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cwco_CashCashEquivalentsShortTermAndLongTermInvestmentsAndRestrictedCashTextBlock_lbl" xml:lang="en-US">Cash Cash Equivalents Short Term And Long Term Investments And Restricted Cash [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cwco_CashCashEquivalentsShortTermAndLongTermInvestmentsAndRestrictedCashTextBlock_lbl" xml:lang="en-US">Cash and cash equivalents and restricted cash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cwco_CashCashEquivalentsShortTermAndLongTermInvestmentsAndRestrictedCashTextBlock" xlink:to="cwco_CashCashEquivalentsShortTermAndLongTermInvestmentsAndRestrictedCashTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashFlowSupplementalDisclosuresTextBlock" xlink:label="us-gaap_CashFlowSupplementalDisclosuresTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowSupplementalDisclosuresTextBlock_lbl" xml:lang="en-US">Cash Flow Supplemental Disclosures [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashFlowSupplementalDisclosuresTextBlock_lbl" xml:lang="en-US">Supplemental disclosure of cash flow information</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowSupplementalDisclosuresTextBlock" xlink:to="us-gaap_CashFlowSupplementalDisclosuresTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="us-gaap_ClassOfStockDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfStockDomain_lbl" xml:lang="en-US">Class Of Stock [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ClassOfStockDomain_lbl" xml:lang="en-US">Class of Stock [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_ClassOfStockDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Commitments And Contingencies Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Commitments and contingencies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="us-gaap_CommonClassAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonClassAMember_lbl" xml:lang="en-US">Common Class A [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonClassAMember_lbl" xml:lang="en-US">Common Class A</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonClassAMember" xlink:to="us-gaap_CommonClassAMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="us-gaap_CommonClassBMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonClassBMember_lbl" xml:lang="en-US">Common Class B [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonClassBMember_lbl" xml:lang="en-US">Common Class B</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonClassBMember" xlink:to="us-gaap_CommonClassBMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xml:lang="en-US">Common Stock Dividends Per Share Declared</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xml:lang="en-US">Dividends declared per common share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockDividendsPerShareDeclared" xlink:to="us-gaap_CommonStockDividendsPerShareDeclared_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common Stock Par Or Stated Value Per Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common stock, par value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common Stock Shares Authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common stock, Authorized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common Stock Shares Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock, issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common Stock Shares Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock, outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common Stock Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ConstructionInProgressGross" xlink:label="us-gaap_ConstructionInProgressGross"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConstructionInProgressGross_lbl" xml:lang="en-US">Construction In Progress Gross</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConstructionInProgressGross_lbl" xml:lang="en-US">Construction in progress</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConstructionInProgressGross" xlink:to="us-gaap_ConstructionInProgressGross_lbl"/>
    <loc xlink:type="locator" xlink:href="cwco-20111231.xsd#cwco_CostOfBulkWater" xlink:label="cwco_CostOfBulkWater"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cwco_CostOfBulkWater_lbl" xml:lang="en-US">Cost of Bulk Water</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cwco_CostOfBulkWater_lbl" xml:lang="en-US">Cost Of Bulk Water</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cwco_CostOfBulkWater_lbl" xml:lang="en-US">Cost of bulk revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cwco_CostOfBulkWater" xlink:to="cwco_CostOfBulkWater_lbl"/>
    <loc xlink:type="locator" xlink:href="cwco-20111231.xsd#cwco_CostOfRetailWater" xlink:label="cwco_CostOfRetailWater"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cwco_CostOfRetailWater_lbl" xml:lang="en-US">Cost of Retail Water</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cwco_CostOfRetailWater_lbl" xml:lang="en-US">Cost Of Retail Water</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cwco_CostOfRetailWater_lbl" xml:lang="en-US">Cost of retail revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cwco_CostOfRetailWater" xlink:to="cwco_CostOfRetailWater_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostOfRevenue" xlink:label="us-gaap_CostOfRevenue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostOfRevenue_lbl" xml:lang="en-US">Cost Of Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CostOfRevenue_lbl" xml:lang="en-US">Total cost of revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfRevenue" xlink:to="us-gaap_CostOfRevenue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostOfServices" xlink:label="us-gaap_CostOfServices"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostOfServices_lbl" xml:lang="en-US">Cost Of Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CostOfServices_lbl" xml:lang="en-US">Cost of services revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfServices" xlink:to="us-gaap_CostOfServices_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="us-gaap_DepreciationAndAmortization"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation And Amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation and amortization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortization" xlink:to="us-gaap_DepreciationAndAmortization_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" xml:lang="en-US">Disclosure Of Compensation Related Costs Share Based Payments [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" xml:lang="en-US">Stock-Based Compensation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="cwco-20111231.xsd#cwco_DisclosureOfOtherOperatingCostAndExpenseTextBlock" xlink:label="cwco_DisclosureOfOtherOperatingCostAndExpenseTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cwco_DisclosureOfOtherOperatingCostAndExpenseTextBlock_lbl" xml:lang="en-US">Disclosure of Other Operating Cost and Expense [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cwco_DisclosureOfOtherOperatingCostAndExpenseTextBlock_lbl" xml:lang="en-US">Disclosure Of Other Operating Cost And Expense [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cwco_DisclosureOfOtherOperatingCostAndExpenseTextBlock_lbl" xml:lang="en-US">Cost of revenues and general and administrative expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cwco_DisclosureOfOtherOperatingCostAndExpenseTextBlock" xlink:to="cwco_DisclosureOfOtherOperatingCostAndExpenseTextBlock_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsCash_lbl" xml:lang="en-US">Dividends Cash</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentOfInvestments" xlink:to="us-gaap_ImpairmentOfInvestments_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US">Equity in earnings (loss) of OC-BVI</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromEquityMethodInvestments_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US">Income Statement [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US">Income Statement [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities_lbl" xml:lang="en-US">Increase Decrease In Accounts Payable And Other Operating Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities_lbl" xml:lang="en-US">Accounts payable and other liabilities</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Increase Decrease In Accounts Receivable</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Accounts receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="us-gaap_IncreaseDecreaseInInventories"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInInventories_lbl" xml:lang="en-US">Increase Decrease In Inventories</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_IncreaseDecreaseInInventories_lbl" xml:lang="en-US">Inventory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInventories" xlink:to="us-gaap_IncreaseDecreaseInInventories_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US">Increase Decrease In Operating Capital [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US">Change in:</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US">Increase Decrease In Prepaid Deferred Expense And Other Assets</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US">Prepaid expenses and other assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInRestrictedCash" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash_lbl" xml:lang="en-US">Increase Decrease In Restricted Cash</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash_lbl" xml:lang="en-US">Restriction of cash balances for non-revolving credit facility</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInRestrictedCash" xlink:to="us-gaap_IncreaseDecreaseInRestrictedCash_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInTradingSecurities" xlink:label="us-gaap_IncreaseDecreaseInTradingSecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInTradingSecurities_lbl" xml:lang="en-US">Increase Decrease In Trading Securities</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_IncreaseDecreaseInTradingSecurities_lbl" xml:lang="en-US">Marketable securities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInTradingSecurities" xlink:to="us-gaap_IncreaseDecreaseInTradingSecurities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:label="us-gaap_IntangibleAssetsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IntangibleAssetsDisclosureTextBlock_lbl" xml:lang="en-US">Intangible Assets Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IntangibleAssetsDisclosureTextBlock_lbl" xml:lang="en-US">Intangible assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:to="us-gaap_IntangibleAssetsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xml:lang="en-US">Intangible Assets Net Excluding Goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xml:lang="en-US">Intangible assets, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:to="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestExpense" xlink:label="us-gaap_InterestExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest Expense</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InventoryDisclosureTextBlock" xlink:label="us-gaap_InventoryDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryDisclosureTextBlock_lbl" xml:lang="en-US">Inventory Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InventoryDisclosureTextBlock_lbl" xml:lang="en-US">Inventory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryDisclosureTextBlock" xlink:to="us-gaap_InventoryDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InventoryNet" xlink:label="us-gaap_InventoryNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryNet_lbl" xml:lang="en-US">Inventory Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InventoryNet_lbl" xml:lang="en-US">Inventory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNet" xlink:to="us-gaap_InventoryNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InventoryNoncurrent" xlink:label="us-gaap_InventoryNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryNoncurrent_lbl" xml:lang="en-US">Inventory Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InventoryNoncurrent_lbl" xml:lang="en-US">Inventory, non-current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNoncurrent" xlink:to="us-gaap_InventoryNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="us-gaap_InvestmentIncomeInterest"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentIncomeInterest_lbl" xml:lang="en-US">Investment Income Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentIncomeInterest_lbl" xml:lang="en-US">Interest income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentIncomeInterest" xlink:to="us-gaap_InvestmentIncomeInterest_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock" xlink:label="us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock_lbl" xml:lang="en-US">Investments In And Advances To Affiliates Schedule Of Investments [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock_lbl" xml:lang="en-US">Other Affiliates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock" xlink:to="us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US">Legal Entity [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US">Legal Entity [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Liabilities And Stockholders Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total liabilities and equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">Liabilities And Stockholders Equity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">LIABILITIES AND EQUITY</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Liabilities Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Total current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US">Liabilities Current [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US">Current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:label="us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_lbl" xml:lang="en-US">Loans Notes Trade And Other Receivables Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_lbl" xml:lang="en-US">Receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:to="us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NatureOfOperations_lbl" xml:lang="en-US">Nature Of Operations</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided By Used In Financing Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from financing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net Cash Provided By Used In Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash provided by (used in) investing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided By Used In Investing Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from investing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net Cash Provided By Used In Operating Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash provided by operating activities</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided By Used In Operating Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from operating activities</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net Income Loss</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Net Income Loss Attributable To Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Income attributable to non-controlling interests</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="us-gaap_NoncontrollingInterestMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xml:lang="en-US">Noncontrolling Interest [Member]</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestMember" xlink:to="us-gaap_NoncontrollingInterestMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="us-gaap_NonoperatingIncomeExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xml:lang="en-US">Nonoperating Income Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xml:lang="en-US">Other income (expense), net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpense" xlink:to="us-gaap_NonoperatingIncomeExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NonoperatingIncomeExpenseAbstract" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xml:lang="en-US">Nonoperating Income Expense [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xml:lang="en-US">Other income (expense):</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpenseAbstract" xlink:to="us-gaap_NonoperatingIncomeExpenseAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotesAndLoansReceivableNetCurrent" xlink:label="us-gaap_NotesAndLoansReceivableNetCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesAndLoansReceivableNetCurrent_lbl" xml:lang="en-US">Notes And Loans Receivable Net Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NotesAndLoansReceivableNetCurrent_lbl" xml:lang="en-US">Current portion of loans receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesAndLoansReceivableNetCurrent" xlink:to="us-gaap_NotesAndLoansReceivableNetCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotesAndLoansReceivableNetNoncurrent" xlink:label="us-gaap_NotesAndLoansReceivableNetNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesAndLoansReceivableNetNoncurrent_lbl" xml:lang="en-US">Notes And Loans Receivable Net Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NotesAndLoansReceivableNetNoncurrent_lbl" xml:lang="en-US">Loans receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesAndLoansReceivableNetNoncurrent" xlink:to="us-gaap_NotesAndLoansReceivableNetNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="cwco-20111231.xsd#cwco_NotesToFinancialStatementsAbstract" xlink:label="cwco_NotesToFinancialStatementsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cwco_NotesToFinancialStatementsAbstract_lbl" xml:lang="en-US">Notes to Financial Statements [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cwco_NotesToFinancialStatementsAbstract_lbl" xml:lang="en-US">Notes To Financial Statements [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cwco_NotesToFinancialStatementsAbstract_lbl" xml:lang="en-US">Notes to Financial Statements [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cwco_NotesToFinancialStatementsAbstract" xlink:to="cwco_NotesToFinancialStatementsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Operating Income Loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Income from operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US">Other Assets Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US">Other assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="us-gaap_OtherLiabilitiesNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherLiabilitiesNoncurrent_lbl" xml:lang="en-US">Other Liabilities Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherLiabilitiesNoncurrent_lbl" xml:lang="en-US">Other liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesNoncurrent" xlink:to="us-gaap_OtherLiabilitiesNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherNonoperatingIncome" xlink:label="us-gaap_OtherNonoperatingIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNonoperatingIncome_lbl" xml:lang="en-US">Other Nonoperating Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherNonoperatingIncome_lbl" xml:lang="en-US">Other income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNonoperatingIncome" xlink:to="us-gaap_OtherNonoperatingIncome_lbl"/>
    <loc xlink:type="locator" xlink:href="cwco-20111231.xsd#cwco_PaymentsForProceedsFromEquityAffiliates" xlink:label="cwco_PaymentsForProceedsFromEquityAffiliates"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cwco_PaymentsForProceedsFromEquityAffiliates_lbl" xml:lang="en-US">The net cash inflow (outflow) associated with return (contribution) of capital from (to) equity affiliates.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cwco_PaymentsForProceedsFromEquityAffiliates_lbl" xml:lang="en-US">Distribution of earnings from OC-BVI</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cwco_PaymentsForProceedsFromEquityAffiliates" xlink:to="cwco_PaymentsForProceedsFromEquityAffiliates_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsForProceedsFromLoansReceivable" xlink:label="us-gaap_PaymentsForProceedsFromLoansReceivable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForProceedsFromLoansReceivable_lbl" xml:lang="en-US">Payments For Proceeds From Loans Receivable</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_PaymentsForProceedsFromLoansReceivable_lbl" xml:lang="en-US">Repayment of loan receivable by OC-BVI</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForProceedsFromLoansReceivable" xlink:to="us-gaap_PaymentsForProceedsFromLoansReceivable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="us-gaap_PaymentsOfDividends"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDividends_lbl" xml:lang="en-US">Payments Of Dividends</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_PaymentsOfDividends_lbl" xml:lang="en-US">Dividends paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividends" xlink:to="us-gaap_PaymentsOfDividends_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US">Payments To Acquire Property Plant And Equipment</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US">Additions to property, plant and equipment and construction in progress</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:label="us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_lbl" xml:lang="en-US">Pension And Other Postretirement Benefits Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_lbl" xml:lang="en-US">Pension benefits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:to="us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Preferred Stock Par Or Stated Value Per Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Redeemable preferred stock, par value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="us-gaap_PreferredStockSharesAuthorized"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US">Preferred Stock Shares Authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US">Redeemable preferred stock, Authorized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="us-gaap_PreferredStockSharesAuthorized_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="us-gaap_PreferredStockSharesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US">Preferred Stock Shares Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US">Redeemable preferred stock, issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="us-gaap_PreferredStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US">Preferred Stock Shares Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US">Redeemable preferred stock, outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Preferred Stock Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares; issued and outstanding 22,427 and 16,784 shares, respectively</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="us-gaap_PreferredStockValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsCurrent_lbl" xml:lang="en-US">Prepaid Expense And Other Assets Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsCurrent_lbl" xml:lang="en-US">Prepaid expenses and other current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="us-gaap_PrepaidExpenseAndOtherAssetsCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromCollectionOfLoansReceivable" xlink:label="us-gaap_ProceedsFromCollectionOfLoansReceivable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromCollectionOfLoansReceivable_lbl" xml:lang="en-US">Proceeds From Collection Of Loans Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromCollectionOfLoansReceivable_lbl" xml:lang="en-US">Collections of loans receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromCollectionOfLoansReceivable" xlink:to="us-gaap_ProceedsFromCollectionOfLoansReceivable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromLinesOfCredit" xlink:label="us-gaap_ProceedsFromLinesOfCredit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromLinesOfCredit_lbl" xml:lang="en-US">Proceeds From Lines Of Credit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromLinesOfCredit_lbl" xml:lang="en-US">Borrowing under non-revolving credit facility</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromLinesOfCredit" xlink:to="us-gaap_ProceedsFromLinesOfCredit_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:label="us-gaap_ProceedsFromRepurchaseOfRedeemablePreferredStock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromRepurchaseOfRedeemablePreferredStock_lbl" xml:lang="en-US">Proceeds From Repurchase Of Redeemable Preferred Stock</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromRepurchaseOfRedeemablePreferredStock_lbl" xml:lang="en-US">Issuance (repurchase) of redeemable preferred stock, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:to="us-gaap_ProceedsFromRepurchaseOfRedeemablePreferredStock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="us-gaap_ProceedsFromStockOptionsExercised"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromStockOptionsExercised_lbl" xml:lang="en-US">Proceeds From Stock Options Exercised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromStockOptionsExercised_lbl" xml:lang="en-US">Proceeds from exercises of stock options</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromStockOptionsExercised" xlink:to="us-gaap_ProceedsFromStockOptionsExercised_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProductsAndServicesDomain" xlink:label="us-gaap_ProductsAndServicesDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProductsAndServicesDomain_lbl" xml:lang="en-US">Products And Services [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProductsAndServicesDomain_lbl" xml:lang="en-US">Products and Services [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProductsAndServicesDomain" xlink:to="us-gaap_ProductsAndServicesDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProfitLoss" xlink:label="us-gaap_ProfitLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Profit Loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Net income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Net income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xml:lang="en-US">Property Plant And Equipment Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xml:lang="en-US">Property, plant and equipment and construction in progress</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Property Plant And Equipment Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Property, plant and equipment, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RedeemablePreferredStockMember" xlink:label="us-gaap_RedeemablePreferredStockMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RedeemablePreferredStockMember_lbl" xml:lang="en-US">Redeemable Preferred Stock [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RedeemablePreferredStockMember_lbl" xml:lang="en-US">Redeemable preferred stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RedeemablePreferredStockMember" xlink:to="us-gaap_RedeemablePreferredStockMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related Party Transactions Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related party transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="us-gaap_RepaymentsOfLongTermDebt"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US">Repayments Of Long Term Debt</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US">Principal repayments of long term debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLongTermDebt" xlink:to="us-gaap_RepaymentsOfLongTermDebt_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Restricted Cash And Cash Equivalents At Carrying Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Restricted cash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_lbl"/>
    <loc xlink:type="locator" xlink:href="cwco-20111231.xsd#cwco_RetailWaterRevenue" xlink:label="cwco_RetailWaterRevenue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cwco_RetailWaterRevenue_lbl" xml:lang="en-US">Retail Water Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cwco_RetailWaterRevenue_lbl" xml:lang="en-US">Retail Water Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cwco_RetailWaterRevenue_lbl" xml:lang="en-US">Retail water revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cwco_RetailWaterRevenue" xlink:to="cwco_RetailWaterRevenue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Retained Earnings Accumulated Deficit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Retained earnings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="us-gaap_RetainedEarningsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US">Retained Earnings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US">Retained earnings</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US">Revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US">Total revenues</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SalesRevenueServicesNet" xlink:label="us-gaap_SalesRevenueServicesNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SalesRevenueServicesNet_lbl" xml:lang="en-US">Sales Revenue Services Net</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingDisclosureTextBlock" xlink:to="us-gaap_SegmentReportingDisclosureTextBlock_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US">Share Based Compensation</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesOutstanding_lbl" xml:lang="en-US">Shares Outstanding</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Significant Accounting Policies [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Accounting policies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xml:lang="en-US">Statement Class Of Stock [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xml:lang="en-US">Class of Stock [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US">Statement, Equity Components [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement Of Cash Flows [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of Cash Flows [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement Of Financial Position [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement of Financial Position [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US">Statement Of Stockholders Equity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="us-gaap_StatementOfStockholdersEquityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Stockholders Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Total Consolidated Water Co. Ltd. stockholders' equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Stockholders Equity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Consolidated Water Co. Ltd. stockholders' equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Stockholders Equity Including Portion Attributable To Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Total equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xml:lang="en-US">Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xml:lang="en-US">Equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US">Stockholders Equity Note Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US">Share capital and additional paid-in capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_lbl" xml:lang="en-US">Stock Issued During Period Shares Conversion Of Convertible Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_lbl" xml:lang="en-US">Conversion of preferred stock (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:to="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Stock Issued During Period Shares New Issues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Issue of share capital (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_lbl" xml:lang="en-US">Stock Issued During Period Value Conversion Of Convertible Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_lbl" xml:lang="en-US">Conversion of preferred stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:to="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Stock Issued During Period Value New Issues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Issue of share capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodShares" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl" xml:lang="en-US">Stock Redeemed Or Called During Period Shares</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl" xml:lang="en-US">Buyback of preferred stock (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRedeemedOrCalledDuringPeriodShares" xlink:to="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodValue_lbl" xml:lang="en-US">Stock Redeemed Or Called During Period Value</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodValue_lbl" xml:lang="en-US">Buyback of preferred stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:to="us-gaap_StockRedeemedOrCalledDuringPeriodValue_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xml:lang="en-US">Subsequent events</label>
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</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>13
<FILENAME>cwco-20111231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Presentation Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>14
<FILENAME>cwco-20111231_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Definition Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Version: 6.13.8 -->
<!-- Round: a9214234-14d3-44fb-9e3a-6251c97ef73f -->
<!-- Creation date: 2012-03-14T22:24:48Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock', window );">Pension benefits</a></td>
        <td class="text"><div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>20. Pension benefits</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Pursuant to Cayman Islands law, staff pension plans are offered to
all employees in the Cayman Islands. The plans are administered by
third party pension plan providers and are defined contribution
plans whereby the Company matches the contribution of the first 5%
of each participating employee&#x2019;s salary up to $72,000. The
total amount recognized as an expense for this pension plan during
the year ended December 31, 2011 was $161,853 (2010: $171,949 and
2009: $181,143).</p>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for pension and other postretirement benefits.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 715<br><br> -URI http://asc.fasb.org/topic&amp;trid=2235017<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 87<br><br> -Paragraph 264<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 158<br><br> -Paragraph 7, 21, 22<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 132R<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS106-2<br><br> -Paragraph 20, 21, 22<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Implementation Guide (Q and A)<br><br> -Number FAS88<br><br> -Paragraph 63<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 132R<br><br> -Paragraph 5<br><br> -Subparagraph h<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 30<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 132R<br><br> -Paragraph 5<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 03-2<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 132R<br><br> -Paragraph 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 132R<br><br> -Paragraph 8<br><br> -Subparagraph m<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 132R<br><br> -Paragraph 5<br><br> -Subparagraph q<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 106<br><br> -Paragraph 518<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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          </td>
        </tr>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Cash and cash equivalents and restricted cash<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cwco_CashCashEquivalentsShortTermAndLongTermInvestmentsAndRestrictedCashTextBlock', window );">Cash and cash equivalents and restricted cash</a></td>
        <td class="text"><div>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>3.
Cash and cash equivalents and restricted cash</b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Cash and cash equivalents are not restricted as to withdrawal or
use. As of December 31, 2011 and 2010, the equivalent United States
dollars are denominated in the following currencies:</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<table style="WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
</td>
<td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"><b>&#xA0;</b></font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6"><font style="FONT-SIZE: 10pt"><b>December
31,</b></font></td>
<td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"><b>&#xA0;</b></font></td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td>&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2010</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Bank accounts:</td>
<td>&#xA0;</td>
<td style="TEXT-ALIGN: left">&#xA0;</td>
<td style="TEXT-ALIGN: right">&#xA0;</td>
<td style="TEXT-ALIGN: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="TEXT-ALIGN: left">&#xA0;</td>
<td style="TEXT-ALIGN: right">&#xA0;</td>
<td style="TEXT-ALIGN: left">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0.12in; WIDTH: 72%; FONT-SIZE: 10pt">
United States dollar</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
4,719,808</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
7,494,938</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0.12in; FONT-SIZE: 10pt">Cayman
Islands dollar</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">12,360,952</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">4,879,570</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0.12in; FONT-SIZE: 10pt">Bahamian
dollar</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">2,250,883</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">4,022,003</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0.12in; FONT-SIZE: 10pt">Belize
dollar</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1,723,264</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1,616,193</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0.12in; FONT-SIZE: 10pt">Bermudian
dollar</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">142,363</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">694,346</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0.12in; FONT-SIZE: 10pt">Mexican
Peso</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">10,459</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">9,349</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 0.12in; FONT-SIZE: 10pt">
Euro</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
8,453</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
-</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
21,216,182</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
18,716,399</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Short term
deposits:</td>
<td>&#xA0;</td>
<td style="TEXT-ALIGN: left">&#xA0;</td>
<td style="TEXT-ALIGN: right">&#xA0;</td>
<td style="TEXT-ALIGN: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="TEXT-ALIGN: left">&#xA0;</td>
<td style="TEXT-ALIGN: right">&#xA0;</td>
<td style="TEXT-ALIGN: left">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0.12in; FONT-SIZE: 10pt">United
States dollar</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">16,622,793</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0.12in; FONT-SIZE: 10pt">United
States dollar</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">7,809,598</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">8,774,845</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0.12in; FONT-SIZE: 10pt">
Bahamian dollar</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
8,598,399</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
2,016,200</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
16,407,997</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
27,413,838</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">Total
cash and cash equivalents</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
37,624,179</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
46,130,237</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
</table>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
In addition, restricted cash as of December 31, 2011 of $7.5
million represents cash in a short term deposit account that is
pledged as collateral for $7.5 million in borrowings under the
Company&#x2019;s non-revolving credit facility.</p>


</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cwco_CashCashEquivalentsShortTermAndLongTermInvestmentsAndRestrictedCashTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash Cash Equivalents Short Term And Long Term Investments And Restricted Cash [Text Block]</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cwco_CashCashEquivalentsShortTermAndLongTermInvestmentsAndRestrictedCashTextBlock</nobr></td>
                  </tr>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>nonnum:textBlockItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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          </td>
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</html>
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<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>18
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<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>19
<FILENAME>0001144204-12-015353-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
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    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Subsequent events<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">Subsequent events</a></td>
        <td class="text"><div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>24. Subsequent events</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company evaluated subsequent events through the time of the
filing of its Annual Report on Form 10-K. The Company is not aware
of any significant events that occurred subsequent to the balance
sheet date but prior to the filing of this report that would have a
material impact on its financial statements.</p>
</div><span></span></td>
      </tr>
    </table>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SubsequentEventsTextBlock</nobr></td>
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                    <td><strong> Balance Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>21
<FILENAME>R28.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Impact of recent accounting standards pronouncements<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingChangesAndErrorCorrectionsTextBlock', window );">Impact of recent accounting standards pronouncements</a></td>
        <td class="text"><div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>23. Impact of recent accounting standards pronouncements</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>Adoption of New Accounting Standards:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In October 2009, the FASB issued Accounting Standards Update
(&#x201C;ASU&#x201D;) 2009-13, <i>Revenue Recognition (Topic 605):
Multiple-Deliverable Revenue Arrangements &#x2013; a consensus of
the FASB Emerging Issues Task Force</i>, which amends the criteria
for when to evaluate individual delivered items in a multiple
deliverable arrangement and how to allocate consideration received.
This ASU is effective for fiscal years beginning on or after June
15, 2010, which was January 1, 2011 for the Company. The adoption
of ASU 2009-13 did not have an impact on the Company&#x2019;s
condensed consolidated results of operations or financial
position.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In December 2010, the FASB issued ASU 2010-28, <i>Intangibles
&#x2013; Goodwill and Other (Topic 350): When to Perform Step 2 of
the Goodwill Impairment Test for Reporting Units with Zero or
Negative Carrying Amounts.</i> The ASU does not prescribe a
specific method of calculating the carrying value of a reporting
unit in the performance of step 1 of the goodwill impairment test
(i.e. equity-value-based method or enterprise-value-based method).
However, it requires entities with a zero or negative carrying
value to assess, considering qualitative factors such as those used
to determine whether a triggering event would require an interim
goodwill impairment test (listed in ASC 350-20-35-30,
<i>Intangibles &#x2013; Goodwill and Other &#x2013; Subsequent
Measurement</i>), whether it is more likely than not that a
goodwill impairment exists and perform step 2 of the goodwill
impairment test if so concluded. ASU 2010-28 became effective for
the Company beginning January 1, 2011 and its adoption did not have
an impact on the Company&#x2019;s condensed consolidated results of
operations or financial position.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>Effect of Newly Issued But Not Yet Effective Accounting
Standards:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In May 2011, the FASB issued ASU No.&#xA0;2011-04 which represents
the converged guidance of the FASB and the IASB (the
&#x201C;Boards&#x201D;) on fair value measurements. The collective
efforts of the Boards and their staffs, reflected in ASU 2011-04,
have resulted in common requirements for measuring fair value and
for disclosing information about fair value measurements, including
a consistent meaning of the term &#x201C;fair value.&#x201D; The
Boards have concluded the common requirements will result in
greater comparability of fair value measurements presented and
disclosed in financial statements prepared in accordance with GAAP
and IFRSs. The amendments in this ASU are required to be applied
prospectively, and are effective for interim and annual periods
beginning after December&#xA0;15, 2011. The Company does not expect
that the adoption of ASU 2011-04 will have a material impact on our
consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In June 2011, the FASB issued ASU 2011-05, which amends current
comprehensive income guidance. This accounting update eliminates
the option to present the components of other comprehensive income
as part of the statement of shareholders&#x2019; equity. Instead, we
must report comprehensive income in either a single continuous
statement of comprehensive income which contains two sections, net
income and other comprehensive income, or in two separate but
consecutive statements. ASU 2011-05 will be effective for public
companies during the interim and annual periods beginning after
December 15, 2011 with early adoption permitted. The adoption of
ASU 2011-05 will not have an impact on the Company&#x2019;s
consolidated financial statements as it only requires a change in
the format of the current presentation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In September 2011, the FASB issued ASU 2011-08, which permits an
entity to make a qualitative assessment of whether it is more
likely than not that a reporting unit&#x2019;s fair value is less
than its carrying value before applying the two-step goodwill
impairment model that is currently in place. If it is determined
through the qualitative assessment that a reporting unit&#x2019;s
fair value is more likely than not greater than its carrying value,
the remaining impairment steps would be unnecessary. The
qualitative assessment is optional, allowing companies to go
directly to the quantitative assessment. This update is effective
for annual and interim goodwill impairment tests performed in
fiscal years beginning after December&#xA0;15, 2011, which will
require us to adopt these provisions in fiscal 2012; however, early
adoption is permitted. The Company does not expect the adoption of
ASU 2011-08 to have a material impact on our consolidated financial
statements.</p>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingChangesAndErrorCorrectionsTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 250<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 1.N.Q3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6369664&amp;loc=d3e30840-122693<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 250<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 23<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6368906&amp;loc=d3e21914-107793<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 154<br><br> -Paragraph 17, 22, 25, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 250<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6801783&amp;loc=d3e22499-107794<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 1<br><br> -Section N<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 250<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6801783&amp;loc=d3e22595-107794<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 250<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 7<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6801783&amp;loc=d3e22644-107794<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountingChangesAndErrorCorrectionsTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>22
<FILENAME>R8.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Accounting policies<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Accounting policies</a></td>
        <td class="text"><div>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>2.
Accounting policies</b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Basis of preparation:</b> The consolidated financial statements
presented are prepared in accordance with the accounting principles
generally accepted in the United States of America.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Use of estimates:</b> The preparation of consolidated financial
statements in conformity with the accounting principles generally
accepted in the United States of America requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent assets and
liabilities at the date of the consolidated financial statements
and the reported amounts of revenues and expenses during the
reporting period. Significant items subject to estimates and
assumptions include the carrying value of property, plant and
equipment, intangible assets, goodwill and the fair value of the
Company&#x2019;s investment in affiliate.&#xA0;&#xA0;Actual results
could differ significantly from such estimates.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Basis of consolidation:</b> The consolidated financial
statements of the Company include the accounts of (i) wholly-owned
subsidiaries, Aquilex, Inc., Cayman Water Company Limited
(&#x201C;Cayman Water&#x201D;), Consolidated Water (Belize) Limited
(&#x201C;CW-Belize&#x201D;), Ocean Conversion (Cayman) Limited
(&#x201C;OC-Cayman&#x201D;), DesalCo Limited (&#x201C;DesalCo&#x201D;),
Consolidated Water Cooperatief, U.A. (&#x201C;CW-Coop&#x201D;);&#xA0;
(ii) majority-owned subsidiary Consolidated Water (Bahamas) Ltd.
(&#x201C;CW-Bahamas&#x201D;); and (iii) affiliates Consolidated Water
(Bermuda) Limited (&#x201C;CW-Bermuda&#x201D;) and N.S.C. Agua, S.A.
de C.V. (&#x201C;NSC&#x201D;), which are consolidated because the
Company has a controlling financial interest in these companies.
The Company&#x2019;s investment in its other affiliate, Ocean
Conversion (BVI) Ltd. (&#x201C;OC-BVI&#x201D;), is accounted for
using the equity method of accounting. All significant intercompany
balances and transactions have been eliminated in
consolidation.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Foreign currency:</b> The Company&#x2019;s reporting currency is
the United States dollar. The functional currency of the Company
and its foreign subsidiaries is the currency for each respective
country. The exchange rates between the Cayman Islands dollar, the
Belize dollar, the Bahamian dollar, and the Bermuda dollar are
fixed to the United States dollar.&#xA0;&#xA0;Foreign currency
gains/losses arising from transactions conducted in Mexican pesos
and Euros are immaterial.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Cash and cash equivalents:</b> Cash and cash equivalents consist
of demand deposits at banks and highly liquid deposits at banks
with an original maturity of three months or less.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
As of December 31, 2011, the Company did not have deposits in U.S.
banks in excess of federally insured limits. As of December 31,
2011, the Company held cash in foreign bank accounts of
approximately $42.2 million, which includes $7.5 million of
restricted cash.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Restricted cash:</b> Restricted cash represents cash in a short
term deposit account that is pledged as collateral for $7.5 million
in borrowings under the Company&#x2019;s non-revolving credit
facility.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Marketable securities:</b> Marketable securities consist
primarily of marketable debt obligations with maturities of less
than one year, are accounted for as trading securities and stated
at market value. Any unrealized gains and losses on these
securities are recognized in the consolidated statement of
income.</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>&#xA0;</b></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Accounts receivable and allowance for doubtful accounts:</b>
Accounts receivable are recorded at invoiced amounts based on meter
readings or minimum take-or-pay amounts per contractual agreements.
The allowance for doubtful accounts is the Company&#x2019;s best
estimate of the amount of probable credit losses in the
Company&#x2019;s existing accounts receivable balance. The Company
determines the allowance for doubtful accounts based on historical
write-off experience and monthly review of delinquent accounts.
Past due balances are reviewed individually for collectability and
disconnection. Account balances are charged off against the
allowance for doubtful accounts after all means of collection have
been exhausted and the potential for recovery is considered by
management to be remote.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Inventory:</b> Inventory primarily includes consumables stock
and spare parts stock that are valued at the lower of cost or net
realizable value with cost determined on the first-in, first-out
basis. Inventory also includes potable water held in the
Company&#x2019;s reservoirs. The carrying amount of the water
inventory is the lower of the average cost of producing water
during the year or its net realizable value.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="TEXT-ALIGN: right; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Loans receivable:</b> Loans receivable relate to notes
receivable from customers arising from the construction and sale of
water desalination plants. The allowance for loan losses, if any,
is the Company&#x2019;s best estimate of the amount of probable
credit losses in the Company&#x2019;s existing loans and is
determined on an individual loan basis.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Property, plant and equipment:</b> Property, plant and equipment
is stated at cost less accumulated depreciation. Depreciation is
calculated using a straight line method with an allowance for
estimated residual values. Rates are determined based on the
estimated useful lives of the assets as follows:</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 40%">Buildings</td>
<td style="WIDTH: 60%">5 to 40 years</td>
</tr>
<tr style="VERTICAL-ALIGN: top">
<td>Plant and equipment</td>
<td>4 to 40 years</td>
</tr>
<tr style="VERTICAL-ALIGN: top">
<td>Distribution system</td>
<td>3 to 40 years</td>
</tr>
<tr>
<td style="VERTICAL-ALIGN: top">Office furniture, fixtures and
equipment</td>
<td style="VERTICAL-ALIGN: bottom">3 to 10 years</td>
</tr>
<tr style="VERTICAL-ALIGN: top">
<td>Vehicles</td>
<td>3 to 10 years</td>
</tr>
<tr style="VERTICAL-ALIGN: top">
<td>Leasehold improvements</td>
<td>Shorter of 5 years or operating lease term outstanding</td>
</tr>
<tr style="VERTICAL-ALIGN: top">
<td>Lab equipment</td>
<td>5 to 10 years</td>
</tr>
</table>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Additions to property, plant and equipment are comprised of the
cost of the contracted services, direct labor and materials. Assets
under construction are recorded as additions to property, plant and
equipment upon completion of the projects. Depreciation commences
in the month the asset is placed in service.</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Long-lived Assets:</b>Long-lived assets are reviewed for
impairment whenever events or changes in circumstances indicate
that the carrying amount of the assets might not be recoverable.
Conditions that would necessitate an impairment assessment include
a significant decline in the observable market value of an asset, a
significant change in the extent or manner in which an asset is
used, or a significant adverse change that would indicate that the
carrying amount of an asset or group of assets is not recoverable.
For long-lived assets to be held and used, the Company recognizes
an impairment loss only if its carrying amount is not recoverable
through its undiscounted cash flows and measures the impairment
loss based on the difference between the carrying amount and fair
value.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Construction in progress</b><i>:</i> Interest costs directly
attributable to the acquisition and construction of qualifying
assets, which are assets that necessarily take a substantial period
of time to be ready for their intended use, are added to the cost
of those assets until such time as the assets are substantially
ready for use. Interest capitalized on assets constructed during
the year ended December 31, 2011 was $246,851.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Goodwill and intangible assets:</b> Goodwill represents the
excess costs over fair value of the assets of an acquired business.
Goodwill and intangible assets acquired in a business combination
and determined to have an indefinite useful life are not amortized,
but are tested for impairment at least annually. Intangible assets
with estimable useful lives are amortized over their respective
estimated useful lives to their estimated residual values and
reviewed periodically for impairment. The Company annually
evaluates the possible impairment of goodwill as part of its
financial reporting process for the fourth quarter of each fiscal
year. Management identifies its reporting units and determines the
carrying value of each reporting unit by assigning the assets and
liabilities, including the existing goodwill and intangible assets,
to those reporting units. The Company determines the fair value of
each reporting unit and compares it to the carrying amount of the
reporting unit. To the extent the carrying amount of the reporting
unit exceeds the fair value of the reporting unit, the Company is
required to perform the second step of the impairment test, as this
is an indication that the reporting unit goodwill may be impaired.
In this step, the Company compares the implied fair value of the
reporting unit goodwill with the carrying amount of the reporting
unit goodwill. The implied fair value of goodwill is determined by
allocating the fair value of the reporting unit to all the assets
(recognized and unrecognized) and liabilities of the reporting unit
in a manner similar to a purchase price allocation. The residual
fair value after this allocation is the implied fair value of the
reporting unit goodwill. If the implied fair value is less than its
carrying amount, an impairment loss is recorded.</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
For each of the years in the three-year period ended December 31,
2011 the Company estimated the fair value of each of its reporting
units by applying the discounted cash flow method, the subject
company stock price method, the guideline public company method,
and the mergers and acquisitions method.</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The discounted cash flow method relied upon seven-year discrete
projections of operating results, working capital and capital
expenditures, along with a terminal value subsequent to the
discrete period. These seven-year projections were based upon
historical and anticipated future results, general economic and
market conditions, and considered the impact of planned business
and operational strategies. The discount rates for the calculations
represented the estimated cost of capital for market participants
at the time of each analysis. The Company did not adjust its
projections for any possible impact of negotiations underway with
the Cayman Islands government for the renewal of its exclusive
retail license.</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The Company also estimated the fair value of each of its reporting
units for each of the years in the three-year period ended December
31, 2011 through reference to the quoted market prices for the
Company and guideline companies and the market multiples implied by
guideline merger and acquisition transactions. The Company also
performed an analysis reconciling the conclusions of value for the
reporting units to the Company&#x2019;s market capitalization at
October 1, 2011.</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Based upon its discounted cash flows and market price analyses, no
impairment charges were required for the Company&#x2019;s goodwill
for any of the years in the three year period ended
December&#xA0;31, 2011.</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Investments:</b> Investments where the Company does not exercise
significant influence over the operating and financial policies of
the investee and holds less than 20% of the voting stock are
recorded at cost. The Company uses the equity method of accounting
for investments in common stock where the Company holds 20% to 50%
of the voting stock of the investee and has significant influence
over its operating and financial policies but does not meet the
criteria for consolidation. The Company recognizes impairment
losses on declines in the fair value of the stock of investees that
are other than temporary.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Other assets:</b> Under the terms of the contract with the Water
and Sewerage Corporation of The Bahamas for the purchase of water
from the Company&#x2019;s Blue Hills desalination plant, the Company
was required to reduce the amount of water lost by the public water
distribution system on New Providence Island, The Bahamas, over a
one year period by 438 million U.S. gallons, a requirement the
Company met during 2007. The Company was solely responsible for the
engineering, labor and materials costs incurred to effect the
reduction in lost water, which were capitalized and are being
amortized on a straight-line basis over the original remaining life
of the Blue Hills contract. Such costs are included in other assets
and aggregated approximately $3.5 million as of December 31, 2011
and 2010. Accumulated amortization for these costs was
approximately $923,000 and $743,000 as of December 31, 2011 and
2010.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
&#xA0;</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Other liabilities:</b> Other liabilities consist of security
deposits and advances in aid of construction. Security deposits are
received from large customers as security for trade receivables.
Advances in aid of construction are recognized as a liability when
advances are received from condominium developers in the licensed
area to help defray the capital expenditure costs of the Company.
These advances do not represent loans to the Company and are
interest free. However, the Company allows a discount of ten
percent on future supplies of water to these developments until the
aggregate discounts allowed are equivalent to advances received.
Discounts are charged against advances received.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Income taxes:</b> The Company accounts for the income taxes
arising from the operations of its United States subsidiary,
Aquilex, Inc., under the asset and liability method. Deferred tax
assets and liabilities, if any, are recognized for the future tax
consequences attributable to differences between the financial
statement carrying amounts of existing assets and liabilities and
their respective tax bases and operating loss and tax credit
carryforwards. Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the
years in which those temporary differences are expected to be
recovered or settled. The effect on deferred tax assets and
liabilities of a change in tax rates is recognized in income in the
period that includes the enactment date. A valuation allowance is
provided to the extent any deferred tax asset may not be
realized.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Consolidated Water (Belize) Limited (&#x201C;CW-Belize&#x201D;) is
liable for business and corporate income taxes. Under the terms of
its water supply agreement with Belize Water Services Ltd.
(&#x201C;BWSL&#x201D;), its sole customer, CW-Belize is reimbursed by
BWSL for all taxes that it is required to pay and&#xA0;records this
reimbursement as an offset to its tax expense.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The Company is not subject to income taxes in the other countries
in which it operates.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Plant construction revenue and cost of plant construction
revenue:</b> The Company recognizes revenue and related costs as
work progresses on fixed price contracts for the construction of
desalination plants to be sold to third parties using the
percentage-of-completion method, which relies on contract revenue
and estimates of total expected costs. The Company follows this
method since it can make reasonably dependable estimates of the
revenue and costs applicable to various stages of a contract. Under
the percentage-of-completion method, the Company records revenue
and recognizes profit or loss as work on the contract progresses.
The Company estimates total project costs and profit to be earned
on each long term, fixed price contract prior to commencement of
work on the contract and updates these estimates as work on the
contract progresses. The cumulative amount of revenue recorded on a
contract at a specified point in time is that percentage of total
estimated revenue that incurred costs to date comprises of
estimated total contract costs. If, as work progresses, the actual
contract costs exceed estimates, the profit recognized on revenue
from that contract decreases. The Company recognizes the full
amount of any estimated loss on a contract at the time the
estimates indicate such a loss. Any costs and estimated earnings in
excess of billings are classified as current assets. Billings in
excess of costs and estimated earnings on uncompleted contracts, if
any, are classified as current liabilities.</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The Company assumes the risk that the costs associated with
constructing the plant may be greater than it anticipated in
preparing its bid. However, the terms of each of the sales
contracts with its customers require the Company to guarantee the
sales price for the plant at the bid amount. Because the Company
bases its contracted sales price in part on its estimation of
future construction costs, the profitability of its plant sales is
dependent on its ability to estimate these costs accurately. The
cost estimates the Company prepares in connection with the
construction of plants to be sold to third parties are subject to
inherent uncertainties. The cost of materials and construction may
increase significantly after the Company submits its bid for a
plant due to factors beyond the Company&#x2019;s control, which
could cause the gross margin for a plant to be less than the
Company anticipated when the bid was made. The profit margin the
Company initially expects to generate from a plant sale could be
further affected by other factors, such as hydro-geologic
conditions at the plant site that differ materially from those the
Company believed existed and relied upon when the Company submitted
its bid.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Revenue from water sales:</b> The Company recognizes revenues
from water sales at the time water is supplied to the
customer&#x2019;s facility or storage tank. The amount of water
supplied is determined based upon water meter readings performed at
the end of each month.&#xA0;&#xA0;Under the terms of both its
license agreement with the government of the Cayman Islands and its
bulk water supply contracts, the Company is entitled to charge its
customers the greater of a minimum monthly charge or the price for
water supplied during the month.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Comparative amounts:</b> Certain amounts presented in the
financial statements issued for 2010 have been reclassified to
conform to the current year&#x2019;s presentation.</p>


</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SignificantAccountingPoliciesTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for all significant accounting policies of the reporting entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18743-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18854-107790<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 22<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18861-107790<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18726-107790<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SignificantAccountingPoliciesTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAZAG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">$ 37,624,179<span></span></td>
        <td class="nump">$ 46,130,237<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue', window );">Restricted cash</a></td>
        <td class="nump">7,500,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketableSecuritiesCurrent', window );">Marketable securities</a></td>
        <td class="nump">8,496,372<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable, net</a></td>
        <td class="nump">8,537,232<span></span></td>
        <td class="nump">12,132,730<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventory</a></td>
        <td class="nump">1,451,639<span></span></td>
        <td class="nump">1,434,811<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepaid expenses and other current assets</a></td>
        <td class="nump">1,880,105<span></span></td>
        <td class="nump">2,294,747<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesAndLoansReceivableNetCurrent', window );">Current portion of loans receivable</a></td>
        <td class="nump">1,843,600<span></span></td>
        <td class="nump">1,733,799<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
        <td class="nump">67,333,127<span></span></td>
        <td class="nump">63,726,324<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property, plant and equipment, net</a></td>
        <td class="nump">64,185,110<span></span></td>
        <td class="nump">55,923,731<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConstructionInProgressGross', window );">Construction in progress</a></td>
        <td class="nump">141,204<span></span></td>
        <td class="nump">249,300<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNoncurrent', window );">Inventory, non-current</a></td>
        <td class="nump">3,861,470<span></span></td>
        <td class="nump">3,538,912<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesAndLoansReceivableNetNoncurrent', window );">Loans receivable</a></td>
        <td class="nump">10,758,873<span></span></td>
        <td class="nump">12,602,419<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Investment in OC-BVI</a></td>
        <td class="nump">6,634,598<span></span></td>
        <td class="nump">7,812,523<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Intangible assets, net</a></td>
        <td class="nump">1,501,824<span></span></td>
        <td class="nump">1,710,737<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
        <td class="nump">3,587,754<span></span></td>
        <td class="nump">3,587,754<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other assets</a></td>
        <td class="nump">2,855,471<span></span></td>
        <td class="nump">3,049,866<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
        <td class="nump">160,859,431<span></span></td>
        <td class="nump">152,201,566<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cwco_AccountsPayableAndOtherCurrent', window );">Accounts payable and other current liabilities</a></td>
        <td class="nump">4,617,770<span></span></td>
        <td class="nump">4,316,125<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrent', window );">Dividends payable</a></td>
        <td class="nump">1,156,081<span></span></td>
        <td class="nump">1,152,614<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Current portion of long term debt</a></td>
        <td class="nump">17,531,134<span></span></td>
        <td class="nump">1,422,991<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
        <td class="nump">23,304,985<span></span></td>
        <td class="nump">6,891,730<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long term debt</a></td>
        <td class="nump">6,852,660<span></span></td>
        <td class="nump">16,883,794<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other liabilities</a></td>
        <td class="nump">420,430<span></span></td>
        <td class="nump">442,919<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
        <td class="nump">30,578,075<span></span></td>
        <td class="nump">24,218,443<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Consolidated Water Co. Ltd. stockholders' equity</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares; issued and outstanding 22,427 and 16,784 shares, respectively</a></td>
        <td class="nump">13,456<span></span></td>
        <td class="nump">10,070<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
        <td class="nump">81,939,211<span></span></td>
        <td class="nump">81,349,944<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
        <td class="nump">38,030,943<span></span></td>
        <td class="nump">36,289,706<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total Consolidated Water Co. Ltd. stockholders' equity</a></td>
        <td class="nump">128,724,827<span></span></td>
        <td class="nump">126,382,956<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterest', window );">Non-controlling interests</a></td>
        <td class="nump">1,556,529<span></span></td>
        <td class="nump">1,600,167<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total equity</a></td>
        <td class="nump">130,281,356<span></span></td>
        <td class="nump">127,983,123<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and equity</a></td>
        <td class="nump">160,859,431<span></span></td>
        <td class="nump">152,201,566<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Common Class A</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Consolidated Water Co. Ltd. stockholders' equity</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock</a></td>
        <td class="nump">$ 8,741,217<span></span></td>
        <td class="nump">$ 8,733,236<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cwco_AccountsPayableAndOtherCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Accounts Payable and Other, Current</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cwco_AccountsPayableAndOtherCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cwco_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a(1)<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 4<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3-4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsReceivableNetCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdditionalPaidInCapital</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br> -Section S99<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Publisher FASB<br><br><br><br> -Paragraph 1<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br><br><br> -Number 6<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6801-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Section 45<br><br><br><br> -SubTopic 10<br><br><br><br> -Topic 210<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Paragraph 1<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7<br><br><br><br> -Footnote 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConstructionInProgressGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross amount, at the balance sheet date, of long-lived assets under construction that include construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 5<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ConstructionInProgressGross</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6935-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Chapter 3<br><br><br><br> -Section A<br><br><br><br> -Paragraph 7<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Liabilities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382870&amp;loc=d3e33749-111570<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EquityMethodInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 45<br><br><br><br> -Subparagraph e<br><br><br><br> -Clause 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 43<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 141R<br><br><br><br> -Paragraph 68<br><br><br><br> -Subparagraph l<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 45<br><br><br><br> -Subparagraph e<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 141R<br><br><br><br> -Paragraph 34<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905597&amp;loc=d3e13816-109267<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 141R<br><br><br><br> -Paragraph 72<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Goodwill</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsNetExcludingGoodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 42, 45<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph ((a)(1),(b))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905858&amp;loc=d3e16323-109275<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16212-109274<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IntangibleAssetsNetExcludingGoodwill</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.6(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 330<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 35<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386567&amp;loc=d3e3927-108312<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Inventories not expected to be converted to cash, sold or exchanged within the normal operating cycle.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Chapter 3<br><br><br><br> -Section A<br><br><br><br> -Paragraph 4, 5<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph d<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.6(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Liabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrentAbstract</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            </div>
          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of the portions of the carrying amounts as of the balance sheet date of long-term debt, which may include notes payable, bonds payable, debentures, mortgage loans, and commercial paper, which are scheduled to be repaid within one year or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19,20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year (current maturities) or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtNoncurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MarketableSecuritiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total debt and equity financial instruments including: (1) securities held-to-maturity, (2) trading securities, and (3) securities available-for-sale which are intended to be held for less than one year or the normal operating cycle, whichever is longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (f)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 2<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26626-111562<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MarketableSecuritiesCurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 27<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 38<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Publisher AICPA<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterest</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesAndLoansReceivableNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>An amount representing an agreement for an unconditional promise by the maker to pay the Company (holder) a definite sum of money within one year from the balance sheet date (or the normal operating cycle, whichever is longer), net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6375948&amp;loc=d3e4531-111522<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Section A<br><br><br><br> -Paragraph 4<br><br><br><br> -Chapter 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesAndLoansReceivableNetCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesAndLoansReceivableNetNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>An amount representing an agreement for an unconditional promise by the maker to pay the Entity (holder) a definite sum of money at a future date more than one year from the balance sheet date, net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesAndLoansReceivableNetNoncurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssetsNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 24<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.24)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherLiabilitiesNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 129<br><br><br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 5<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockValue</nobr></td>
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                    <td>us-gaap_</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer, and the aggregate carrying amount of current assets, as of the balance sheet date, not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Section A<br><br><br><br> -Paragraph 4<br><br><br><br> -Chapter 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Section 45<br><br><br><br> -SubTopic 10<br><br><br><br> -Topic 210<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Paragraph 1<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PrepaidExpenseAndOtherAssetsCurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph b, c<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Audit and Accounting Guide (AAG)<br><br><br><br> -Number AAG-BRD<br><br><br><br> -Chapter 4<br><br><br><br> -Paragraph 80<br><br><br><br> -Subparagraph Exhibit 4-8, 3<br><br><br><br> -IssueDate 2006-05-01<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RetainedEarningsAccumulatedDeficit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquity</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568740-111683<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4I<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4590271-111686<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Publisher AICPA<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568447-111683<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
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<DOCUMENT>
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<SEQUENCE>24
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EBABG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump">$ 6,551,980<span></span></td>
        <td class="nump">$ 6,443,162<span></span></td>
        <td class="nump">$ 6,599,682<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash provided by operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and amortization</a></td>
        <td class="nump">5,998,319<span></span></td>
        <td class="nump">6,279,551<span></span></td>
        <td class="nump">6,395,745<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock compensation on share and option grants</a></td>
        <td class="nump">566,593<span></span></td>
        <td class="nump">305,002<span></span></td>
        <td class="nump">497,938<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Net (profit) loss on disposal of fixed assets</a></td>
        <td class="nump">15,195<span></span></td>
        <td class="nump">126,066<span></span></td>
        <td class="nump">68,778<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cwco_AdjustmentIncomeLossFromEquityMethodInvestments', window );">Equity in (earnings) loss of OC-BVI</a></td>
        <td class="num">(588,331)<span></span></td>
        <td class="num">(1,274,527)<span></span></td>
        <td class="nump">603,317<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnSecurities', window );">Unrealized loss on marketable securities</a></td>
        <td class="nump">3,628<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfInvestments', window );">Impairment of investment in OC-BVI</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4,660,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Change in:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInTradingSecurities', window );">Marketable securities</a></td>
        <td class="num">(8,500,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts receivable</a></td>
        <td class="nump">3,709,123<span></span></td>
        <td class="num">(3,950,213)<span></span></td>
        <td class="num">(2,190,904)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInventories', window );">Inventory</a></td>
        <td class="num">(339,386)<span></span></td>
        <td class="nump">210,895<span></span></td>
        <td class="num">(595,185)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other assets</a></td>
        <td class="nump">609,037<span></span></td>
        <td class="num">(339,878)<span></span></td>
        <td class="nump">116,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities', window );">Accounts payable and other liabilities</a></td>
        <td class="nump">420,601<span></span></td>
        <td class="num">(1,699,578)<span></span></td>
        <td class="num">(1,059,279)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
        <td class="nump">8,446,759<span></span></td>
        <td class="nump">6,100,480<span></span></td>
        <td class="nump">15,096,092<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Additions to property, plant and equipment and construction in progress</a></td>
        <td class="num">(13,957,876)<span></span></td>
        <td class="num">(1,266,084)<span></span></td>
        <td class="num">(2,560,494)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cwco_PaymentsForProceedsFromEquityAffiliates', window );">Distribution of earnings from OC-BVI</a></td>
        <td class="nump">202,631<span></span></td>
        <td class="nump">1,537,725<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromCollectionOfLoansReceivable', window );">Collections of loans receivable</a></td>
        <td class="nump">1,733,746<span></span></td>
        <td class="nump">1,426,732<span></span></td>
        <td class="nump">1,608,567<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForProceedsFromLoansReceivable', window );">Repayment of loan receivable by OC-BVI</a></td>
        <td class="nump">1,450,000<span></span></td>
        <td class="nump">1,225,000<span></span></td>
        <td class="nump">375,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInRestrictedCash', window );">Restriction of cash balances for non-revolving credit facility</a></td>
        <td class="num">(7,500,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash provided by (used in) investing activities</a></td>
        <td class="num">(18,071,499)<span></span></td>
        <td class="nump">2,923,373<span></span></td>
        <td class="num">(576,927)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividends', window );">Dividends paid</a></td>
        <td class="num">(4,850,914)<span></span></td>
        <td class="num">(4,368,047)<span></span></td>
        <td class="num">(4,999,514)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRepurchaseOfRedeemablePreferredStock', window );">Issuance (repurchase) of redeemable preferred stock, net</a></td>
        <td class="nump">1,542<span></span></td>
        <td class="num">(10,674)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromStockOptionsExercised', window );">Proceeds from exercises of stock options</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">9,461<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Principal repayments of long term debt</a></td>
        <td class="num">(1,531,946)<span></span></td>
        <td class="num">(2,944,085)<span></span></td>
        <td class="num">(1,361,267)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromLinesOfCredit', window );">Borrowing under non-revolving credit facility</a></td>
        <td class="nump">7,500,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash provided by (used in) financing activities</a></td>
        <td class="nump">1,118,682<span></span></td>
        <td class="num">(7,322,806)<span></span></td>
        <td class="num">(6,351,320)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net increase (decrease) in cash and cash equivalents</a></td>
        <td class="num">(8,506,058)<span></span></td>
        <td class="nump">1,701,047<span></span></td>
        <td class="nump">8,167,845<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of year</a></td>
        <td class="nump">46,130,237<span></span></td>
        <td class="nump">44,429,190<span></span></td>
        <td class="nump">36,261,345<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of year</a></td>
        <td class="nump">$ 37,624,179<span></span></td>
        <td class="nump">$ 46,130,237<span></span></td>
        <td class="nump">$ 44,429,190<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cwco_AdjustmentIncomeLossFromEquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the entity's proportionate share for the period of the undistributed net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cwco_AdjustmentIncomeLossFromEquityMethodInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cwco_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cwco_PaymentsForProceedsFromEquityAffiliates">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow (outflow) associated with return (contribution) of capital from (to) equity affiliates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cwco_PaymentsForProceedsFromEquityAffiliates</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cwco_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainLossOnSaleOfPropertyPlantEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount by which the fair value of an investment is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 15C<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 15D<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 16B<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 34<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6956420&amp;loc=d3e25351-111560<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-2/124-2<br><br> -Paragraph 22<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ImpairmentOfInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate amount of obligations incurred but not paid and other operating obligations not separately disclosed in the statement of cash flows.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsReceivable</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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        </tr>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInInventories</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>xbrli:stringItemType</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets,or  income taxes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInRestrictedCash">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15, 16, 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3179-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInRestrictedCash</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInTradingSecurities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate market value of equity or debt securities that are purchased and held principally for the purpose of selling them in the near future and benefiting from increases in prices.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3444-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 102<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInTradingSecurities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from financing activity for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from investing activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td>duration</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForProceedsFromLoansReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net amount paid or received by the reporting entity associated with purchase (sale or collection) of loans receivable arising from the financing of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 13<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3095-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 9<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3098-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsForProceedsFromLoansReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividends">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow from the entity's earnings to the shareholders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDividends</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromCollectionOfLoansReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the collection, including prepayments, of loans receivable issued for financing of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15, 16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3179-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromCollectionOfLoansReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromLinesOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromLinesOfCredit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRepurchaseOfRedeemablePreferredStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash inflows (outflows) from issuing and redeeming redeemable preferred stock; includes convertible and nonconvertible redeemable preferred stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromRepurchaseOfRedeemablePreferredStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromStockOptionsExercised">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (j)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph i<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromStockOptionsExercised</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfLongTermDebt">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RepaymentsOfLongTermDebt</nobr></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensation</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Balance Type:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increases or decreases in the market value of unsold securities whose gains or losses were included in earnings, and which, were not separately or otherwise categorized as trading, available-for-sale, or held-to-maturity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_UnrealizedGainLossOnSecurities</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Related party transactions<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">Related party transactions</a></td>
        <td class="text"><div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>17. Related party transactions</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In 2005, OC-BVI entered into a twenty-five year lease agreement
with Bar Bay Estate Holdings Limited (&#x201C;Bar Bay
Holdings&#x201D;), a private company incorporated in the Territory
of the British Virgin Islands, pursuant to which OC-BVI agreed to
lease from Bar Bay Holdings approximately 50,000 square feet of
land on Tortola, British Virgin Islands on which a seawater
desalination plant and wells were constructed. Under the terms of
the lease agreement, a lease premium payment of $750,000 was made
on June 10, 2005, annual lease and easement payments of $17,662
($15,020 through May 2010) are due annually and royalty payments of
2.87% of annual sales are payable quarterly. A Director of Sage
Water Holdings (BVI) Limited, a company which currently owns 100%
of the non-voting stock, 50% of the voting common stock and 50% of
the profit sharing rights of OC-BVI, is also a Director of OC-BVI
and holds 50% of the outstanding shares of Bar Bay Holdings.</p>
</div><span></span></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 3A<br><br> -Section 04<br><br> -Paragraph b<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 1-4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph k<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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<TEXT>
<html>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Stock-Based Compensation<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock', window );">Stock-Based Compensation</a></td>
        <td class="text"><div>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>19.
Stock-Based Compensation</b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The Company has the following stock compensation plans that form
part of its employees&#x2019; remuneration:</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Employee Share Incentive Plan (Preferred Shares)<br />
<br /></b>The Company awards preferred shares for $nil
consideration under the Employee Share Incentive Plan as part of
compensation for certain eligible employees, excluding Directors
and certain Officers, that require future services as a condition
to the delivery of common shares. In addition, options are granted
to purchase preferred shares at a fixed price, determined annually,
which will typically represent a discount to the market value of
the common stock. In consideration for preferred shares, the
Company issues shares of common stock on a share for share basis.
Under the plan, the conversion is conditional on the
grantee&#x2019;s satisfying requirements outlined in the award
agreements. Preferred shares are only redeemable with the
Company&#x2019;s approval. Each employee&#x2019;s option to purchase
preferred shares must be exercised within 30 days of the grant
date, which is the 90th day after the date of the auditor&#x2019;s
opinion on the financial statements for the relevant year. Options
granted during the years ended December 31, 2011 and 2010 totaled
7,455 options and 5,379 options, respectively.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
&#xA0;</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Employee Share Option Plan (Common Stock Options)</b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The Company has an employee stock option plan for certain
long-serving employees of the Company. Under the plan, these
employees are granted in each calendar year, as long as the
employee is a participant in the Employee Share Incentive Plan,
options to purchase common shares. The price at which the option
may be exercised will be the closing market price on the grant
date, which is the 40th day after the date of the Company&#x2019;s
Annual Shareholder Meeting. The number of options each employee is
granted is equal to five times the sum of (i) the number of
preferred shares which that employee receives for $nil
consideration and (ii) the number of preferred share options which
that employee exercises in that given year. Options may be
exercised during the period commencing on the fourth anniversary of
the grant date and ending on the thirtieth day after the fourth
anniversary of the grant date.&#xA0;&#xA0;Options granted during
the years ended December 31, 2011 and 2010 totaled 5,440 and 3,165,
respectively.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Non-Executive Directors&#x2019; Share Plan</b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
This stock grant plan provides part of Directors&#x2019;
remuneration. Under this plan, Directors receive a combination of
cash and common stock for their participation in Board meetings.
All Directors are eligible except Executive Officers, who are
covered by individual employment contracts, and the board member
designated by Cayman Island government. The number of common stock
granted is calculated based upon the market price of the
Company&#x2019;s common stock on October 1 of the year preceding the
grant. Stock granted during the years ended December 31, 2011 and
2010 totaled 7,614 shares and 3,471 shares, respectively. The
Company recognized stock-based compensation of $71,945 and $47,203
for the years ended December 31, 2011 and 2010, respectively.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>2008
Equity Incentive Plan</b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
On May 14, 2008, the Company&#x2019;s stockholders approved the 2008
Equity Incentive Plan (the &#x201C;2008 Plan&#x201D;) and reserved
1,500,000 shares of the Company&#x2019;s Class A common shares for
issuance under this plan. All Directors, executives and key
employees of the Company or its affiliates are eligible for
participation in the 2008 Plan which provides for the issuance of
options, restricted stock and stock equivalents at the discretion
of the Board. In 2009, 101,697 options were granted under the 2008
Plan at an exercise price of $7.90. No options were granted in
2010. In February 2011, a total of 143,612 options were granted
under the 2008 Plan at an exercise price of $10.68. In July 2011, a
total of 18,000 options to purchase shares of common stock were
granted to a new member of management under the 2008 Equity
Incentive Plan at an exercise price of $9.11.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The Company measures and recognizes compensation expense at fair
value for all share-based payments, including stock options.
Stock-based compensation totaled $494,648 and $257,799 for the
years ended December 31, 2011 and 2010, respectively and is
included in general and administrative expenses in the consolidated
statements of income.</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The fair value of each option award is estimated on the date of
grant using a Black-Scholes option-pricing model that uses the
assumptions noted in the table below. Expected volatilities are
based on historical volatilities of the Company&#x2019;s common
stock. The Company uses historical data to estimate option exercise
and post-vesting termination behavior. The expected term of options
granted is based on historical data and represents the period of
time that options granted are expected to be outstanding. The
Company uses historical data to estimate stock option exercises and
forfeitures within its valuation model. The risk-free interest rate
for the expected term of the option is based on the U.S. Treasury
yield curve in effect at the time of the grant.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The significant weighted average assumptions for the years ended
December 31, 2011, 2010 and 2009 were as follows:</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<table style="WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2010</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2009</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: -9.9pt; PADDING-LEFT: 9.9pt; WIDTH: 58%; FONT-SIZE: 10pt">
Risk free interest rate</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
1.33</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">%</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
0.54</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">%</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
1.28</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">%</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: -9.9pt; PADDING-LEFT: 9.9pt; FONT-SIZE: 10pt">
Expected option life (years)</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">3.4</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1.6</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">3.4</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: -9.9pt; PADDING-LEFT: 9.9pt; FONT-SIZE: 10pt">
Expected volatility</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">68.18</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">%</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">56.97</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">%</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">68.62</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">%</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: -9.9pt; PADDING-LEFT: 9.9pt; FONT-SIZE: 10pt">
Expected dividend yield</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">2.89</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">%</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">2.49</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">%</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">3.17</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">%</td>
</tr>
</table>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">A
summary of the Company&#x2019;s stock option activity for the year
ended December 31, 2011 is as follows:</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<table style="WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">Options</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">Weighted Average<br />
Exercise Price</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">Weighted Average Remaining Contractual Life
(Years)</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">Aggregate Intrinsic<br />
Value <sup>(1)</sup></td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; WIDTH: 44%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt">
Outstanding at beginning of period</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
213,067</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
18.49</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt">
Granted</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">174,507</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">10.34</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt">
Exercised</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">(890</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">)</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">7.35</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt">
Forfeited</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
(8,290</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
)</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
11.54</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt">
Outstanding as of December 31, 2011</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
378,394</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
14.91</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
2.75 years</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
69,154</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt">
Exercisable as of December 31, 2011</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
169,453</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
20.72</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
1.30 years</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
46,103</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
</table>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
____________</p>
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 5%">(1)</td>
<td style="TEXT-ALIGN: justify; WIDTH: 95%">The intrinsic value of
a stock option represents the amount by which the fair value of the
underlying stock, measured by reference to the closing price of the
common shares of $8.58 on the Nasdaq Global Select Market on
December 31, 2011, exceeds the exercise price of the option.</td>
</tr>
</table>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
As of December 31, 2011, 208,941 non-vested options and 169,453
vested options were outstanding, with weighted average exercise
prices of $10.19 and $20.72, respectively, and average remaining
contractual lives of 3.93 years and 1.30 years,
respectively.&#xA0;&#xA0;The total remaining unrecognized
compensation costs related to unvested stock-based arrangements
were $421,080 as of December 31, 2011 and are expected to be
recognized over a weighted average period of 3.93 years.</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
As of December 31, 2011, unrecognized compensation costs relating
to redeemable preferred stock outstanding were $101,406, and are
expected to be recognized over a weighted average period of 1.15
years.</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The following table summarizes the weighted average fair value of
options at the date of grant and the intrinsic value of options
exercised during the years ended December 31, 2011, 2010 and
2009:</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<table style="WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2010</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2009</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Options granted with
an exercise price below market price on the date of grant:</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; WIDTH: 58%; FONT-SIZE: 10pt">Employees
&#x2014; preferred stock</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
1.47</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
0.70</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
8.31</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">Overall weighted average</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1.47</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">0.70</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">8.31</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Options granted with
an exercise price at market price on the date of grant:</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Management
employees</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">4.45</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">3.28</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Employees &#x2014;
common stock</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">4.17</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1.40</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">8.05</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">Overall weighted average</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">4.44</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1.40</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">5.66</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Options granted with
an exercise price above market price on the date of grant:</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Management
employees</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">Employees &#x2014; preferred stock</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">Overall weighted average</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Total intrinsic value
of options exercised</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1,325</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">365</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">9,313</td>
</tr>
</table>


</div><span></span></td>
      </tr>
    </table>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5444-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 93-6<br><br> -Paragraph 53<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 14<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 64, 65, A240<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 40<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6418621&amp;loc=d3e17540-113929<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 50<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6406099&amp;loc=d3e25284-112666<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Principal activity<br></strong></div>
        </th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
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&#xA0;</p>
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Consolidated Water Co. Ltd., and its subsidiaries (collectively,
the &#x201C;Company&#x201D;) use reverse osmosis technology to
produce fresh water from seawater. The Company processes and
supplies water to its customers in the Cayman Islands, Belize and
the Bahamas. The Company sells water to a variety of customers,
including public utilities, commercial and tourist properties,
residential properties and government facilities. The base price of
water supplied by the Company, and adjustments thereto, are
determined by the terms of a license and supply contracts, which
provide for adjustments based upon the movement in the government
price indices specified in the licenses and contracts, as well as
monthly adjustments for changes in the cost of energy. The Company
also provides engineering and design services for water plant
construction, manages and operates water plants owned by others,
and provides engineering and design services for the construction
of water plants.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Name Statement of Position (SOP)<br><br> -Publisher AICPA<br><br> -Number 94-6<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6003-108592<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EFSAE">
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        <td class="nump">14,568,696<span></span></td>
        <td class="nump">14,555,393<span></span></td>
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        <td class="nump">145,000<span></span></td>
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        <td class="text">&nbsp;&nbsp;<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockParOrStatedValuePerShare</nobr></td>
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                  <tr>
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                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesAuthorized</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesAuthorized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
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            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesOutstanding</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>instant</td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>Long term debt<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtTextBlock', window );">Long term debt</a></td>
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<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>12.
Long term debt</b></p>
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&#xA0;</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">Long
term debt consists of the following:&#xA0;</p>
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&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="6">December 31,</td>
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&#xA0;</td>
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<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2010</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: justify; WIDTH: 72%; FONT-SIZE: 10pt">Fixed
rate bonds bearing interest at a rate of 5.95%; repayable in
quarterly installments of $526,010; secured through an
inter-creditor agreement with the Republic Bank &amp; Trust by
substantially all of the Company&#x2019;s assets. Redeemable in full
at any time after August 4, 2009 at a premium of 1.5% of the
outstanding principal and accrued interest on the bonds on the date
of redemption (1)</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
8,650,503</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
10,182,449</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">Series A bonds
bearing interest at the annual fixed rate of 7.5%, payable
quarterly; maturing on June 30, 2015 (2)</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">8,500,000</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">8,500,000</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
Borrowings under non-revolving credit facility (3)</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
7,500,000</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
-</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Total debt</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">24,650,503</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">18,682,449</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Less discount</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">266,709</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">375,664</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
Less current portion</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
17,531,134</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
1,422,991</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">Long
term debt, excluding current portion</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
6,852,660</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
16,883,794</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
</table>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
&#xA0;</p>
<table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 6pt" cellspacing="0" cellpadding="0">
<tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top">
<td style="WIDTH: 0in"></td>
<td style="TEXT-ALIGN: left; WIDTH: 0.25in"><font style="COLOR: #0070c0">(</font>1)</td>
<td style="TEXT-ALIGN: justify">The Company has collateralized all
borrowings under the 5.95% fixed rate bonds by providing a first
debenture over fixed and floating assets, a first legal charge over
all land and buildings, a security interest in all insurance
policies and claims, a reimbursement agreement for standby letters
of credit, a pledge of capital stock of each subsidiary and
guarantees and negative pledges from each company where a majority
interest exists.</td>
</tr>
</table>
<p style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif">
The trust deed for these bonds restricts our ability to enter into
new borrowing agreements or any new guarantees without prior
approval of the trustee and limits our capital expenditures, with
the exception of capital expenditures to be incurred on certain
defined projects, to $2.0 million annually without prior approval
by the trustee. The trust deed also contains financial covenants
that require us to maintain a debt service coverage ratio, a ratio
of long term debt to EBITDA (i.e. earnings before interest, taxes,
depreciation and amortization) for the 12 months preceding the
ratio calculation date and a ratio of long term debt to equity. As
of December 31, 2011, we were deemed to be in compliance with the
covenants under the trust deed.</p>
<p style="TEXT-INDENT: -0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 6pt" cellspacing="0" cellpadding="0">
<tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top">
<td style="WIDTH: 0in"></td>
<td style="TEXT-ALIGN: left; WIDTH: 0.25in">(2)</td>
<td style="TEXT-ALIGN: justify">In July 2005, CW-Bahamas sold
B$10.0 million Series A bonds to Bahamian citizens and permanent
resident investors in The Bahamas to finance a portion of the
construction cost of its Blue Hills plant. These bonds mature on
June 30, 2015 and accrue interest at the annual fixed rate of 7.5%.
Interest is payable quarterly. CW-Bahamas has the option to redeem
the bonds in whole or in part without penalty commencing after June
30, 2008. The Company has guaranteed CW-Bahamas repayment
obligations upon an &#x201C;event of default&#x201D; as defined in
the guarantee agreement. If the Company pays any amounts pursuant
to the guarantee, it will be subrogated to all rights of the
bondholders in respect of any such payments. The guarantee is a
general unsecured obligation junior to the Company&#x2019;s other
secured obligations. The Company redeemed $1.5 million of these
bonds in September 2010. The Company has elected to redeem the
balance of these bonds on March 31, 2012.</td>
</tr>
</table>
<p style="TEXT-INDENT: -0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 6pt" cellspacing="0" cellpadding="0">
<tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top">
<td style="WIDTH: 0in"></td>
<td style="TEXT-ALIGN: left; WIDTH: 0.25in">(3)</td>
<td style="TEXT-ALIGN: justify">In October 2011, the Company
entered into a $10.0 million Credit Agreement which includes a
non-revolving credit facility. The credit facility expires 12
months from the date of the initial advance. The initial advance of
$7.5 million was drawn on December 30, 2011 and matures December
31, 2012. Interest on this loan is based on the bank's term deposit
rate plus 1% per annum. The Company is required to maintain an
interest bearing cash deposit account as collateral for the
borrowings in an amount equal to the amount of the borrowings.</td>
</tr>
</table>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
As of December 31, 2011, the aggregate debt repayment obligations
for the next five years are as follows:</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<table style="WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; WIDTH: 86%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt">
2012</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
17,531,134</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt">
2013</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1,647,493</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt">
2014</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1,772,690</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt">
2015</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1,907,398</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt">
2016</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
1,525,079</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
24,383,794</td>
</tr>
</table>


</div><span></span></td>
      </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtTextBlock">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for long-term debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EGSAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Document and Entity Information (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1"></th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
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        <th class="th">
          <div>Mar. 09, 2012</div>
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        <th class="th">
          <div>Jun. 30, 2011</div>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
        <td class="text">10-K<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
        <td class="text">false<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
        <td class="text">Dec. 31,
         2011<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
        <td class="text">2011<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
        <td class="text">FY<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
        <td class="text">CWCO<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
        <td class="text">CONSOLIDATED WATER CO LTD<span></span></td>
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        <td class="text">0000928340<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
        <td class="text">--12-31<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">No<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
        <td class="text">Yes<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
        <td class="text">No<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
        <td class="text">Accelerated Filer<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">14,568,696<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityPublicFloat', window );">Entity Public Float</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 132,171,491<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>If the value is true, then the document as an amendment to previously-filed/accepted document.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_AmendmentFlag</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:booleanItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>End date of current fiscal year in the format --MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_CurrentFiscalYearEndDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gMonthDayItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalPeriodFocus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:fiscalPeriodItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalYearFocus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gYearItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentPeriodEndDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentType</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:submissionTypeItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCentralIndexKey</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:centralIndexKeyItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCommonStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCurrentReportingStatus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityFilerCategory</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:filerCategoryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityPublicFloat">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityPublicFloat</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityRegistrantName</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:normalizedStringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityVoluntaryFilers</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityWellKnownSeasonedIssuer</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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          </td>
        </tr>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Trading symbol of an instrument as listed on an exchange.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_TradingSymbol</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>32
<FILENAME>R18.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Share capital and additional paid-in capital<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock', window );">Share capital and additional paid-in capital</a></td>
        <td class="text"><div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>13. Share capital and additional paid-in capital</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Redeemable preferred stock (&#x201C;preferred shares&#x201D;) is
issued under the Company&#x2019;s Employee Share Incentive Plan as
discussed in Note 19 and carries the same voting and dividend
rights as shares of common stock (&#x201C;common share&#x201D;).
Preferred shares vest over four years and convert to common stock
on a share for share basis on the fourth anniversary of each grant
date. Preferred shares are only redeemable with the Company&#x2019;s
agreement. Upon liquidation, preferred shares rank in preference to
the common shares to the extent of the par value of the preferred
shares and any related additional paid in capital.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company has an Option Deed in place designed to deter coercive
takeover tactics. Pursuant to this plan, holders of common shares
and preferred shares are granted options which entitle them to
purchase 1/100 of a share of Class &#x2018;B&#x2019; stock at an
exercise price of $50.00 if a person or group acquires or commences
a tender offer for 20% or more of the Company&#x2019;s common
shares. Option holders (other than the acquiring person or group)
will also be entitled to buy, for the $37.50 exercise price, common
shares with a then market value of $100.00 in the event a person or
group actually acquires 20% or more of the Company&#x2019;s common
shares. Options may be redeemed at $0.01 under certain
circumstances. A total of 145,000 of the Company&#x2019;s authorized
but unissued common shares have been reserved for issuance as Class
&#x2018;B&#x2019; stock. The Class &#x2018;B&#x2019; stock has priority
over common shares with respect to dividend and voting rights. No
Class &#x2018;B&#x2019; stock options have been exercised or redeemed
up to December 31, 2011. In March 2007, the Board of Directors
extended the expiration date of the Option Deed through July
2017.</p>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable).  Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 4.E)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21484-112644<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 4<br><br> -Subparagraph (SAB TOPIC 4.C)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187143-122770<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Preferred Stock<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6521494<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 5<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Article 4<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section C<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21488-112644<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph d<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section E<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23285-112656<br><br><br><br>Reference 17: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 18: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(d),(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 19: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Chapter 1<br><br> -Section B<br><br> -Paragraph 7, 11A<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 20: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 21: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 22: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21506-112644<br><br><br><br>Reference 23: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21564-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityNoteDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>33
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EPTAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF INCOME (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cwco_RetailWaterRevenue', window );">Retail water revenues</a></td>
        <td class="nump">$ 23,356,338<span></span></td>
        <td class="nump">$ 21,864,252<span></span></td>
        <td class="nump">$ 23,239,756<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cwco_BulkWaterRevenue', window );">Bulk water revenues</a></td>
        <td class="nump">30,757,874<span></span></td>
        <td class="nump">25,302,093<span></span></td>
        <td class="nump">25,905,077<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Services revenues</a></td>
        <td class="nump">1,040,280<span></span></td>
        <td class="nump">3,542,209<span></span></td>
        <td class="nump">8,874,684<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total revenues</a></td>
        <td class="nump">55,154,492<span></span></td>
        <td class="nump">50,708,554<span></span></td>
        <td class="nump">58,019,517<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cwco_CostOfRetailWater', window );">Cost of retail revenues</a></td>
        <td class="nump">11,496,598<span></span></td>
        <td class="nump">10,361,302<span></span></td>
        <td class="nump">9,812,434<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cwco_CostOfBulkWater', window );">Cost of bulk revenues</a></td>
        <td class="nump">24,127,488<span></span></td>
        <td class="nump">20,907,981<span></span></td>
        <td class="nump">20,149,969<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfServices', window );">Cost of services revenues</a></td>
        <td class="nump">508,339<span></span></td>
        <td class="nump">2,828,776<span></span></td>
        <td class="nump">5,058,037<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRevenue', window );">Total cost of revenues</a></td>
        <td class="nump">36,132,425<span></span></td>
        <td class="nump">34,098,059<span></span></td>
        <td class="nump">35,020,440<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross profit</a></td>
        <td class="nump">19,022,067<span></span></td>
        <td class="nump">16,610,495<span></span></td>
        <td class="nump">22,999,077<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
        <td class="nump">13,651,650<span></span></td>
        <td class="nump">11,329,648<span></span></td>
        <td class="nump">10,101,257<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Income from operations</a></td>
        <td class="nump">5,370,417<span></span></td>
        <td class="nump">5,280,847<span></span></td>
        <td class="nump">12,897,820<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpenseAbstract', window );"><strong>Other income (expense):</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeInterest', window );">Interest income</a></td>
        <td class="nump">1,200,999<span></span></td>
        <td class="nump">1,375,827<span></span></td>
        <td class="nump">917,330<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
        <td class="num">(1,141,744)<span></span></td>
        <td class="num">(1,584,771)<span></span></td>
        <td class="num">(1,698,084)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNonoperatingIncome', window );">Other income</a></td>
        <td class="nump">283,656<span></span></td>
        <td class="nump">136,113<span></span></td>
        <td class="nump">168,584<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Equity in earnings (loss) of OC-BVI</a></td>
        <td class="nump">838,652<span></span></td>
        <td class="nump">1,235,146<span></span></td>
        <td class="num">(1,025,968)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfInvestments', window );">Impairment of investment in OC-BVI</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(4,660,000)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Other income (expense), net</a></td>
        <td class="nump">1,181,563<span></span></td>
        <td class="nump">1,162,315<span></span></td>
        <td class="num">(6,298,138)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump">6,551,980<span></span></td>
        <td class="nump">6,443,162<span></span></td>
        <td class="nump">6,599,682<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Income attributable to non-controlling interests</a></td>
        <td class="nump">438,762<span></span></td>
        <td class="nump">151,137<span></span></td>
        <td class="nump">501,111<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income attributable to Consolidated Water Co. Ltd. stockholders</a></td>
        <td class="nump">$ 6,113,218<span></span></td>
        <td class="nump">$ 6,292,025<span></span></td>
        <td class="nump">$ 6,098,571<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders</a></td>
        <td class="nump">$ 0.42<span></span></td>
        <td class="nump">$ 0.43<span></span></td>
        <td class="nump">$ 0.42<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders</a></td>
        <td class="nump">$ 0.42<span></span></td>
        <td class="nump">$ 0.43<span></span></td>
        <td class="nump">$ 0.42<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareDeclared', window );">Dividends declared per common share</a></td>
        <td class="nump">$ 0.300<span></span></td>
        <td class="nump">$ 0.300<span></span></td>
        <td class="nump">$ 0.280<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract', window );"><strong>Weighted average number of common shares used in the determination of:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Basic earnings per share</a></td>
        <td class="nump">14,560,259<span></span></td>
        <td class="nump">14,547,065<span></span></td>
        <td class="nump">14,535,192<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Diluted earnings per share</a></td>
        <td class="nump">14,596,013<span></span></td>
        <td class="nump">14,597,894<span></span></td>
        <td class="nump">14,588,144<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cwco_BulkWaterRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Bulk Water Revenue</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cwco_BulkWaterRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cwco_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cwco_CostOfBulkWater">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cost of Bulk Water</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cwco_CostOfBulkWater</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cwco_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cwco_CostOfRetailWater">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cost of Retail Water</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cwco_CostOfRetailWater</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cwco_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cwco_RetailWaterRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Retail Water Revenue</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cwco_RetailWaterRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cwco_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockDividendsPerShareDeclared">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate dividends declared during the period for each share of common stock outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockDividendsPerShareDeclared</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate cost of goods produced and sold and services rendered during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 2<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfServices">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total costs related to services rendered by an entity during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 2<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfServices</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945512&amp;loc=d3e4984-109258<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 20<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 7<br><br> -Paragraph 18<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.23)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 36, 37, 38<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1252-109256<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasic</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 11, 12, 36<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 20<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1252-109256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 7<br><br> -Paragraph 18<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GeneralAndAdministrativeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GrossProfit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1,2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GrossProfit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount by which the fair value of an investment is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 15C<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 15D<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 16B<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 34<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6956420&amp;loc=d3e25351-111560<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-2/124-2<br><br> -Paragraph 22<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ImpairmentOfInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382870&amp;loc=d3e33749-111570<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 18<br><br> -Paragraph 19<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 18<br><br> -Paragraph 6<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 11<br><br> -Article 7<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 9<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromEquityMethodInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cost of borrowed funds accounted for as interest that was charged against earnings during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 9<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Chapter V<br><br> -Section 563c.102<br><br> -Paragraph 9<br><br> -Subsection II<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpense</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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        </tr>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentIncomeInterest</nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 19<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLossAttributableToNoncontrollingInterest</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NonoperatingIncomeExpenseAbstract</nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingIncomeLoss</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Audit and Accounting Guide (AAG)<br><br> -Number AAG-BRD<br><br> -Chapter 4<br><br> -Paragraph 80<br><br> -Subparagraph Exhibit 4-4<br><br> -IssueDate 2006-05-01<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
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                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 1<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue during the period from services rendered in the normal course of business, after deducting allowances and discounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 1<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SalesRevenueServicesNet</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1505-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br></p>
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                    <td><strong> Name:</strong></td>
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                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1448-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 171<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Weighted-Average Number of Common Shares Outstanding<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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<td style="font-size: 10pt; font-weight: bold">&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 72%; font-size: 10pt">Land</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
3,223,361</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
3,223,361</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt">Buildings</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">16,732,298</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">15,222,319</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left">Plant and
equipment</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">58,758,920</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">50,330,524</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">Distribution
system</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">24,099,566</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">20,776,389</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left">Office furniture,
fixtures and equipment</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">2,492,913</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">2,174,260</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt">Vehicles</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">1,283,037</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">1,322,840</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left">Leasehold
improvements</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">222,829</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">232,026</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">
Lab equipment</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
34,874</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
34,874</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">106,847,798</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">93,316,593</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">
Less accumulated depreciation</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
42,662,688</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
37,392,862</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">
Property, plant and equipment, net</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
64,185,110</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
55,923,731</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">
Construction in progress</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
141,204</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
249,300</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
As of December 31, 2011, the Company had outstanding capital
commitments of approximately $211,000. The Company maintains
insurance for loss or damage to all fixed assets that it deems
susceptible to loss. The Company does not insure its underground
distribution system, which the Company estimates has a replacement
cost in excess of $40 million as of December 31, 2011, as the
Company considers the possibility of material loss or damage to
this system to be remote. During the years ended December 31, 2011
and 2010, $13,576,895 and $740,729, respectively, of construction
in progress was placed in service. Depreciation expense was
$5,789,401, $6,195,266, and 6,171,239 for the years ended December
31, 2011, 2010 and 2009, respectively.</p>
</div><span></span></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13-14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391110&amp;loc=d3e2921-110230<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Inventory<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryDisclosureTextBlock', window );">Inventory</a></td>
        <td class="text"><div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>5. Inventory</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<table cellpadding="0" cellspacing="0" style="width: 100%">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
December 31,</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt; font-weight: bold">&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 72%; font-size: 10pt; text-align: left">Water
stock</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
33,436</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
31,263</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">Consumables
stock</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">275,119</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">167,758</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">
Spare parts stock</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
5,004,554</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
4,774,702</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">Total inventory</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">5,313,109</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">4,973,723</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">
Less current portion</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
1,451,639</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
1,434,811</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; padding-bottom: 2.5pt">Inventory
(non-current)</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
3,861,470</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
3,538,912</td>
</tr>
</table>
</div><span></span></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.6)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Chapter 3<br><br> -Section A<br><br> -Paragraph 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 6<br><br> -Subparagraph a, b, c<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Commitments and contingencies<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">Commitments and contingencies</a></td>
        <td class="text"><div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>18. Commitments and contingencies</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>Commitments</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company has entered into a lease for its corporate headquarters
for approximately 5,451 square feet of office space at the Regatta
Office Park, West Bay Road, Grand Cayman, Cayman Islands. This
lease expires April 30, 2014.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Aquilex has leased approximately 6,500 square feet of office space
in Coral Springs, Florida through April 2016, and has leased
approximately 4,100 square feet of warehouse space in Sunrise,
Florida through October 2015.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Future minimum lease payments under these non-cancelable operating
leases as of December 31, 2011 are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<table cellpadding="0" cellspacing="0" style="width: 100%">
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 86%; font-size: 10pt; text-align: left">2012</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
470,765</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">2013</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">482,704</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left">2014</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">308,945</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">2015</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">217,336</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">
2016</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
47,216</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; padding-bottom: 2.5pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
1,526,966</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">
&#xA0;&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Total rental expense for the years ended December 31, 2011, 2010
and 2009 was $464,355,&#xA0;$384,860 and $373,099,
respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company is obligated to supply water, where feasible, to
customers in the Cayman Islands within its license area in
accordance with the terms of the license. Royalties are paid to the
Government of the Cayman Islands at the rate of 7.5% of gross water
sales.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company has seven water supply agreements under which it is
required to provide minimum water quantities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company has entered into employment agreements with certain
executives, which expire through December 31, 2013 and provide for,
among other things, base annual salaries in an aggregate amount of
$2.6 million, performance bonuses and various employee
benefits.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<u>Expiration and Renewal of Retail License</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In the Cayman Islands, the Company provides water to retail
customers under a 20-year license issued to Cayman Water in July
1990 by the Cayman Islands&#xA0;government that grants the Company
the exclusive right to provide water to retail customers within our
licensed service area. The Company&#x2019;s service area is
comprised of an area on Grand Cayman that includes the Seven Mile
Beach and West Bay areas, two of the three most populated areas in
the Cayman Islands. For the year ended December 31, 2011, the
Company generated approximately 42% of its consolidated revenues
and 51% of its consolidated gross profits from the retail water
operations conducted pursuant to our exclusive license. If Cayman
Water is not in default of any terms of the license, the Company
has a right of first refusal to renew the license on terms that are
no less favorable than those that the government offers to any
third party.&#xA0;&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
This license was set to expire on July 10, 2010 however the Company
and the Cayman Islands government have agreed in correspondence to
extend the license seven times in order to provide sufficient time
to negotiate the terms of a new license agreement.&#xA0; We were
advised by letter dated February 16, 2012 from Water
Authority-Cayman that the government had approved an extension of
the License until June 30, 2012. We are currently waiting for
government to execute such license extension.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
On February 14, 2011, the Water Production and Supply Law, 2011
(which replaces the Water (Production and Supply) Law (1996
Revision) under which the Company is licensed) and the Water
Authority (Amendment) Law, 2011 (the &#x201C;New Laws&#x201D;) were
published on terms that they would come into force on such date as
may be appointed by Order made by the Governor in Cabinet. Such
Order was subsequently made by Cabinet and the New Laws are now in
full force and effect. Under the New Laws, the Water
Authority-Cayman would issue any new license which could include a
rate of return on invested capital model described below.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company has been informed during its retail license renewal
negotiations conducted with representatives of the Cayman Islands
government that the Cayman Islands government seeks to restructure
the terms of its license to employ a &#x201C;rate of return on
invested capital model&#x201D; similar to that governing the sale of
water to many U.S. municipalities. The Company has formally
objected to the implementation of a &#x201C;rate of return on
invested capital model&#x201D; on the basis that it believes that
such a model would not promote the efficient operation of its water
utility and could ultimately increase water rates to its customers.
The Company believes such a model, if ultimately implemented, could
significantly reduce the operating income and cash flows the
Company has historically generated from its retail license and
require the Company to record an impairment loss to reduce the $1.2
million carrying value of its retail segment&#x2019;s goodwill. Such
impairment loss could be material to the Company&#x2019;s results of
operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
If a new long-term license agreement is not entered into with the
government, the Company would retain a right of first refusal to
renew the license on terms that are no less favorable than those
that the government might offer in the future to a third party.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
If the Company does not enter into a new license agreement, and no
other party is awarded a license, the Company expects to be
permitted to continue to supply water to its service area. However,
the terms of such continued supply may not be as favorable to the
Company as the terms in the July 11, 1990 license agreement. It is
possible that the government could offer a third party a license to
service some or all of the Company&#x2019;s present service area. In
such event, the Company may assume the license offered to the third
party by exercising its right of first refusal. The terms of the
new license agreement may not be as favorable to the Company as the
terms under which the Company is presently operating and could
reduce the operating income and cash flows the Company has
historically generated from its retail license and require the
Company to record an impairment loss to reduce the $1.2 million
carrying value of its retail segment&#x2019;s goodwill. Such
impairment loss could be material to the Company&#x2019;s results of
operations<font style="color: #0070C0">.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company is presently unable to determine what impact the
resolution of this matter will have on its cash flows, financial
condition or results of operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<u>Other Contingencies</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
As part of the acquisition of the Company&#x2019;s interests in
Ocean Conversion (Cayman) Limited, with the approval of Scotiabank
(Cayman Islands) Ltd., the Company has guaranteed the performance
of Ocean Conversion (Cayman) Limited to the Cayman Islands
government, pursuant to the water supply contract with the Water
Authority-Cayman dated April 25, 1994, as amended.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
As a result of the Company&#x2019;s acquisition of interests in
CW-Bahamas, it guaranteed the performance of CW-Bahamas to the
Water and Sewerage Corporation of the Bahamas (&#x201C;WSC&#x201D;)
in relation to the water supply contract between CW-Bahamas and the
WSC. In the event that CW-Bahamas cannot provide the minimum water
quantity per the contract, it must reimburse the WSC for the cost
of water it would have to obtain from other sources, at the per
U.S. gallon rate charged by CW-Bahamas to the WSC.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
By Statutory Instrument No. 81 of 2009, the Minister of Public
Utilities of the government of Belize published an order, the
Public Utility Provider Class Declaration Order, 2009 (the
&#x201C;Order&#x201D;), which as of May 1, 2009 designated CW-Belize
as public utility provider under the laws of Belize. With this
designation, the Public Utilities Commission of Belize (the
&#x201C;PUC&#x201D;) has the authority to set the rates charged by
CW-Belize and to otherwise regulate its activities. On November 1,
2010, CW-Belize received a formal complaint from the PUC alleging
that CW-Belize was operating without a license under the terms of
the Water Industry Act. CW-Belize applied for this license in
December 2010. On July 29, 2011, the PUC issued the San Pedro
Public Water Supply Quality and Security Complaint Order (the
&#x201C;Second Order&#x201D;) which among other things requires that
(i) CW-Belize and its customer jointly make a submission to the
responsible Minister requesting that the area surrounding
CW-Belize&#x2019;s seawater abstraction wells be designated a forest
reserve or national park and be designated a Controlled Area under
section 58 of the Water Industry Act, (ii) CW-Belize submit an
operations manual for CW-Belize&#x2019;s desalination plant to the
PUC for approval, (iii) CW-Belize and its customer modify the water
supply agreement between the parties to (a) include new water
quality parameters included in the Order and (b) cap the current
exclusive water supply arrangement in the agreement at maximum of
450,000 gallons per day, (iv) CW-Belize keeps a minimum number of
replacement seawater RO membranes in stock at all times and (v)
CW-Belize takes possession of and reimburses the PUC for certain
equipment which the PUC purchased from a third-party in late 2010.
CW-Belize has applied for declaratory judgment and has been granted
a temporary injunction to stay the enforcement of the Second Order
by the PUC until such time as the matter can be heard by the Belize
courts. The Company is presently unable to determine what impact
the Order and the Second Order will have on its results of
operations, financial position or cash flows.</p>
</div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for commitments and contingencies.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 450<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14435-108349<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 460<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6398077&amp;loc=d3e12565-110249<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 14<br><br> -Paragraph 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 440<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6394976&amp;loc=d3e25287-109308<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 5<br><br> -Paragraph 9, 10, 11, 12<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.25)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6449706&amp;loc=d3e16207-108621<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Cost of revenues and general and administrative expenses<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cwco_DisclosureOfOtherOperatingCostAndExpenseTextBlock', window );">Cost of revenues and general and administrative expenses</a></td>
        <td class="text"><div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>14. Cost of revenues and general and administrative
expenses</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 102.3pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<table cellpadding="0" cellspacing="0" style="width: 100%">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Year Ended December 31,</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt; font-weight: bold">&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2009</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt">Cost of revenues consist of:</td>
<td style="font-size: 10pt">&#xA0;</td>
<td colspan="2" style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td colspan="2" style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td colspan="2" style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 58%; font-size: 10pt">Electricity</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
12,622,788</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
10,132,956</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
8,743,711</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt">Depreciation</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">5,537,098</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">5,854,297</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">5,882,387</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left">Fuel oil</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">7,195,692</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">4,928,409</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">4,953,120</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">Employee costs</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">4,276,682</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">4,444,814</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">4,537,824</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left">Cost of plant
sales</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">61,843</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">1,833,835</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">3,850,188</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt">Maintenance</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">2,140,776</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">2,541,927</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">2,437,164</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt">Royalties</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">1,406,160</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">1,368,181</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">1,505,080</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt">Insurance</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">1,545,771</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">1,490,121</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">1,321,727</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; padding-bottom: 1pt">Other</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
1,345,615</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
1,503,519</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
1,789,239</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
36,132,425</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
34,098,059</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
35,020,440</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">
&#xA0;</p>
<table cellpadding="0" cellspacing="0" style="width: 100%">
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">
General and administrative expenses consist of:</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 58%; font-size: 10pt; text-align: left">Employee
costs</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
5,265,360</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
4,219,915</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
4,526,140</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt">Insurance</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">965,003</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">951,715</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">952,742</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">Professional
fees</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">3,112,678</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">2,805,146</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">857,135</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left">Directors&#x2019; fees
and expenses</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">551,132</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">519,786</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">692,374</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt">Depreciation</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">252,303</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">340,969</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">310,529</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; padding-bottom: 1pt">Other</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
3,505,174</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
2,492,117</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
2,762,337</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
13,651,650</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
11,329,648</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
10,101,257</td>
</tr>
</table>
</div><span></span></td>
      </tr>
    </table>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of Other Operating Cost and Expense [Text Block]</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Intangible assets<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsDisclosureTextBlock', window );">Intangible assets</a></td>
        <td class="text"><div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>10. Intangible assets</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In 2003, as part of the acquisition of a group of companies, the
Company acquired 100% of the outstanding voting common shares of
DesalCo, which had an agreement to provide management and
engineering services to OC-BVI. The Company attributed $856,356 of
the purchase price of the acquisition to the value of this
management services agreement, which has no expiration term.
Initially the Company determined that this intangible asset had an
indefinite life and therefore it was not amortized. However in
2010, as a result of the loss by OC-BVI of its Baughers Bay
contract (see Note 8) the Company assigned a useful life of seven
years to this asset and began its amortization.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The carrying amount of the Belize Water Production and Supply
Agreement is being amortized over the 23 year term of the
agreementand has a weighted average remaining useful life of 15.4
years.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #0070C0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #0070C0">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">
&#xA0;</p>
<table cellpadding="0" cellspacing="0" style="width: 100%">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
December 31,</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt; font-weight: bold">&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt">Cost</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 72%; font-size: 10pt; text-align: left">
Intangible asset management service agreement</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
856,356</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
856,356</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">
Belize water production and supply agreement</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
1,522,419</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
1,522,419</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
2,378,775</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
2,378,775</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left">Accumulated
amortization</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">Intangible asset
management service agreement</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">(285,452</td>
<td style="font-size: 10pt; text-align: left">)</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">(142,726</td>
<td style="font-size: 10pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">
Belize water production and supply agreement</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
(591,499</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
)</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
(525,312</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
(876,951</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
)</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
(668,038</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">
Intangible assets, net</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
1,501,824</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
1,710,737</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Amortization for each of the next five years and thereafter is
expected to be as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
</p>
<table cellpadding="0" cellspacing="0" style="width: 100%">
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 86%; font-size: 10pt; text-align: left">2012</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
208,918</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">2013</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">208,918</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left">2014</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">208,918</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">2015</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">208,918</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left">2016</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">66,192</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; padding-bottom: 1pt; text-align: left">
Thereafter</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
599,960</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; padding-bottom: 2.5pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
1,501,824</td>
</tr>
</table>
</div><span></span></td>
      </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for all or part of the information related to intangible assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905858&amp;loc=d3e16373-109275<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 44, 45, 46<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905858&amp;loc=d3e16323-109275<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905858&amp;loc=d3e16265-109275<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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                    <td><nobr>us-gaap_IntangibleAssetsDisclosureTextBlock</nobr></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>39
<FILENAME>R13.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Investment in OC-BVI<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentsDisclosureTextBlock', window );">Investment in OC-BVI</a></td>
        <td class="text"><div>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>8.
Investment in OC-BVI</b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The Company owns 50% of the outstanding voting common shares and a
43.5% equity interest in the profits of Ocean Conversion (BVI) Ltd.
(&#x201C;OC-BVI&#x201D;). The Company also owns certain profit
sharing rights in OC-BVI that raise its effective interest in the
profits of OC-BVI to approximately 45%. Pursuant to a management
services agreement, OC-BVI pays the Company monthly fees for
certain engineering and administrative services. OC-BVI&#x2019;s
sole customer is the Ministry of Communications and Works of the
Government of the British Virgin Islands (the
&#x201C;Ministry&#x201D;) to which it sells bulk water.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Substantially all of the water sold by OC-BVI to the Ministry was
initially supplied under a Water Supply Agreement dated May 1990
(the &#x201C;1990 Agreement&#x2019;) and was produced by one
desalination plant with a capacity of 1.7 million gallons per day
located at Baughers Bay, Tortola (the &#x201C;Baughers Bay
plant&#x201D;). As discussed later in this Note (see
&#x201C;<i>Baughers Bay dispute&#x201D;</i>), the BVI government
assumed the operating responsibilities for the Baughers Bay plant
in March 2010. During 2007, OC-BVI completed, for a total cost of
approximately $8 million, the construction of a desalination plant
with a capacity of 720,000 gallons per day located at Bar Bay,
Tortola (the &#x201C;Bar Bay plant&#x201D;). OC-BVI began selling
water to the Ministry from this plant in January 2009 and on March
4, 2010, OC-BVI and the BVI government executed a definitive
seven-year contract for the Bar Bay plant (the &#x201C;Bar Bay
Agreement&#x201D;). Under the terms of the Bar Bay Agreement, OC-BVI
delivers up to 600,000 U.S. gallons of water per day to the BVI
government from the Bar Bay plant. The Bar Bay Agreement includes a
seven-year extension option exercisable by the BVI government and
required OC-BVI to complete a storage reservoir on the BVI
government site by no later than March 4, 2011. OC-BVI has not
commenced construction of this storage reservoir due to the BVI
government&#x2019;s failure to pay (i) the invoices for the water
provided by the Bar Bay plant on a timely basis; and (ii) the full
amount ordered pursuant to a court ruling relating to the Baughers
Bay dispute (see discussion that follows).</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The Company provided OC-BVI with a $3 million loan to fund part of
the construction costs for the Bar Bay plant. Principal on this
loan was payable in quarterly installments of $125,000 with a final
balloon payment due on August 31, 2009 and interest on the loan was
due quarterly at the rate of LIBOR plus 3.5%. In August 2009, the
Company amended the terms of this loan with OC-BVI, increasing its
balance to $2.8 million by converting $800,000 in trade receivables
due to the Company from OC-BVI. Under the terms of this amendment,
the interest rate on the loan was increased to LIBOR plus 5.5% and
the maturity date for the amended final balloon payment of
$1,550,000 was extended to August 31, 2011. The Company and OC-BVI
further amended this loan in January 2010 to increase the interest
rate to LIBOR plus 7.5%. This loan was fully repaid in August
2011.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
</p>
<p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">
&#xA0;</p>
<p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Summarized financial information of OC-BVI is presented as
follows:</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<table style="WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="6">December 31,</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2010</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; WIDTH: 72%; FONT-SIZE: 10pt">Current
assets</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
2,726,046</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
1,942,418</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">Non-current
assets</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
7,436,845</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
8,235,140</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">Total
assets</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
10,162,891</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
10,177,558</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
</table>
<p style="TEXT-ALIGN: center; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<table style="WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="6">December 31,</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2010</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; WIDTH: 72%; FONT-SIZE: 10pt">Current
liabilities</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
2,109,284</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
3,378,917</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">Non-current
liabilities</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
2,218,519</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
2,387,606</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">Total
liabilities</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
4,327,803</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
5,766,523</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
</table>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<table style="WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="6">Year Ended December 31,</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2010</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; WIDTH: 72%; FONT-SIZE: 10pt">
Water sales</td>
<td style="PADDING-BOTTOM: 2.5pt; WIDTH: 2%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
4,925,108</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; WIDTH: 2%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
7,173,903</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">Gross
profit</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
2,453,878</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
4,309,711</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">Income
from operations</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
1,833,056</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
2,891,240</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">Net
income attributable to controlling interests</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
1,926,597</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
2,848,102</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
</table>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The Company&#x2019;s investment in OC-BVI is comprised of the
following:</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<table style="WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="6">December 31,</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2010</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; WIDTH: 72%; FONT-SIZE: 10pt">Equity
investment (including profit sharing rights)</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
6,634,598</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
6,362,523</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
Loan receivable - Bar Bay plant construction</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
-</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
1,450,000</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
6,634,598</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
7,812,523</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
</table>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The Company recognized $838,652 and $1,235,146 in earnings from its
equity investment in OC-BVI for the years ended December 31, 2011
and 2010, respectively, and a loss of ($1,025,968) from its equity
investment in OC-BVI for the year ended December 31, 2009. For the
years ended December 31, 2011, 2010, and 2009, the Company
recognized approximately $317,500, $656,000, and $324,000,
respectively, in revenues from its management services agreement
with OC-BVI. In addition to the Company&#x2019;s loan to, and equity
investment in, OC-BVI of approximately $6.6 million in 2011 and
$7.8 million in 2010, the Company&#x2019;s recorded value of the
OC-BVI management services agreement, which is reflected as an
intangible asset on the Company&#x2019;s consolidated balance sheet,
was approximately $571,000 and $714,000 as of December 31, 2011 and
2010, respectively (see Note 10).</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i>Baughers Bay dispute:</i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
In October 2006, OC-BVI notified the Company that the Ministry had
asserted a purported right of ownership of the Baughers Bay plant
pursuant to the terms of the 1990 Agreement.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Under the terms of the 1990 Agreement, upon the expiration of the
initial seven year term in May 1999, the agreement would
automatically be extended for another seven year term unless the
Ministry provided notice, at least eight months prior to such
expiration, of its decision to purchase the plant from OC-BVI for
approximately $1.42 million. In correspondence between the parties
from late 1998 through early 2000, the Ministry indicated that the
BVI government was prepared to exercise the option to purchase the
plant but would be amenable to negotiating a new water supply
agreement, and that it considered the 1990 Agreement to be in force
on a monthly basis until negotiations between the BVI government
and OC-BVI were concluded. Occasional discussions were held by the
parties since 2000 without resolution of the matter. OC-BVI
continued to supply water to the Ministry and expended
approximately $4.7 million to significantly expand the production
capacity of the plant beyond that contemplated in the 1990
Agreement.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
</p>
<p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">
&#xA0;</p>
<p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Early in 2007, the Ministry unilaterally took the position that
until such time as a new agreement&#xA0;was reached on the
ownership of the plant and the price for the water produced by the
plant, the Ministry would only pay that amount of OC-BVI&#x2019;s
billings that the Ministry purported constituted OC-BVI&#x2019;s
costs of producing the water. Payments made by the Ministry to
OC-BVI since the Ministry&#x2019;s assumption of this reduced price
were sporadic. On November 15, 2007, OC-BVI issued a demand letter
to the BVI government for approximately $6.2 million representing
amounts that OC-BVI claimed were due by the BVI government for
water sold and delivered plus interest and legal fees. In response
to OC-BVI&#x2019;s demand for payment, the BVI government issued a
letter dated November 19, 2007 that reasserted its claim that
ownership of the Baughers Bay plant had passed to the BVI
government and rejected OC-BVI&#x2019;s claim for payment. On
November 22, 2007, OC-BVI&#x2019;s management was informed that the
BVI government had filed a lawsuit with the Eastern Caribbean
Supreme Court (the &#x201C;Court&#x201D;) seeking ownership of the
Baughers Bay plant. OC-BVI counterclaimed that it was entitled to
continued possession and operation of the Baughers Bay plant until
the BVI government paid OC-BVI approximately $4.7 million, which it
believed represented the value of the Baughers Bay plant at its
expanded production capacity. OC-BVI took the legal position that
since the BVI government never paid the $1.42 million to purchase
the Baughers Bay plant, the 1990 Agreement terminated on May 31,
1999, which was eight months after the date that the Ministry
provided written notice of its intention to purchase the plant.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
On July 4, 2008, OC-BVI filed a claim with the Court, and on April
22, 2009 amended and increased this claim, seeking payment for
water sold and delivered to the BVI government through May 31, 2009
at the contract prices in effect before the BVI government asserted
its purported right of ownership of the plant.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The Court held a three-day trial in July 2009 to address both the
Baughers Bay ownership issue and OC-BVI&#x2019;s claim for payment
of amounts owed for water sold and delivered to the BVI government
and on September 17, 2009, the Court issued a preliminary ruling
with respect to this litigation. The Court determined that the BVI
government was entitled to immediate possession of the Baughers Bay
plant and dismissed OC-BVI&#x2019;s claim for compensation of
approximately $4.7 million for the expenditures made to expand the
production capacity of the plant. As a result of this determination
by the Court, OC-BVI recorded an impairment loss of approximately
$2.1 million during the three months ended September 30, 2009 for
fixed assets associated with the Baughers Bay plant. However, the
Court determined that OC-BVI was entitled to full payment of water
invoices issued up to December 20, 2007, which had been calculated
under the terms of the original 1990 Agreement, and ordered the BVI
government to make an immediate interim payment of $5.0 million to
OC-BVI for amounts owed to OC-BVI. The Court deferred deciding the
entire dispute between the parties until it could conduct a hearing
to determine the reasonable rate for water produced by OC-BVI for
the period subsequent to December 20, 2007.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
On October 28, 2009, the Court ordered the BVI government to pay
OC-BVI at the rate of $13.91 per thousand imperial gallons for
water produced by OC-BVI subsequent to December 20, 2007, which
amounted to a total recovery for OC-BVI of $10.4 million. The BVI
government made a payment of $2 million to OC-BVI under the Court
order during the fourth quarter of 2009, a second payment of $2
million under the Court order during July 2010 and a third payment
under the Court order of $1 million in February 2011.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
On October 28, 2009, OC-BVI filed an appeal with the Eastern
Caribbean Court of Appeals (the &#x201C;Appellate Court&#x201D;)
asking the Appellate Court to review the September 17, 2009 ruling
by the Eastern Caribbean Supreme Court as it relates to
OC-BVI&#x2019;s claim for compensation for expenditures made to
expand the production capacity of the Baughers Bay plant. On
October 29, 2009, the BVI government filed an appeal with the
Appellate Court seeking the Appellate Court&#x2019;s review of the
September 17, 2009 ruling of the Court that the BVI government pay
OC-BVI the reasonable rate for water produced by OC-BVI for the
period subsequent to December 20, 2007. The BVI government is
requesting a ruling from the Appellate Court that the BVI
government should only pay OC-BVI the actual cost of water produced
at the plant. In March 2011, the BVI government filed an
application with the Appellate Court for a stay of execution of the
judgments of the Court in order to defer any further payments of
amounts under the Court order until such time as the Appellate
Court rules on the appeal. On September 30, 2011, the Appellate
Court conducted its hearing of the arguments of both parties under
their respective appeals.&#xA0; While the Company anticipated that
the Appellate Court would issue its ruling on these appeals by the
end of 2011, no ruling has been issued to date. The Company has not
been informed when to expect the Appellate Court to issue its
ruling. &#xA0;&#xA0;&#xA0;</p>
<p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
&#xA0;&#xA0;&#xA0;</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Under US GAAP revenue is generally realized or realizable and
earned when all of the following criteria are met:</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 3%; PADDING-RIGHT: 0.8pt">&#xA0;</td>
<td style="WIDTH: 3%; PADDING-RIGHT: 1.6pt; FONT-WEIGHT: bold">
<b>&#x2022;</b></td>
<td style="WIDTH: 94%; PADDING-RIGHT: 1.6pt">persuasive evidence of
an arrangement exists;</td>
</tr>
<tr style="VERTICAL-ALIGN: top">
<td style="PADDING-RIGHT: 0.8pt">&#xA0;</td>
<td style="PADDING-RIGHT: 1.6pt; FONT-WEIGHT: bold">
<b>&#x2022;</b></td>
<td style="PADDING-RIGHT: 1.6pt">delivery has occurred or services
have been rendered;</td>
</tr>
<tr style="VERTICAL-ALIGN: top">
<td style="PADDING-RIGHT: 0.8pt">&#xA0;</td>
<td style="PADDING-RIGHT: 1.6pt; FONT-WEIGHT: bold">
<b>&#x2022;</b></td>
<td style="PADDING-RIGHT: 1.6pt">the seller&#x2019;s price to the
buyer is fixed and determinable; and</td>
</tr>
<tr style="VERTICAL-ALIGN: top">
<td style="PADDING-RIGHT: 0.8pt">&#xA0;</td>
<td style="PADDING-RIGHT: 1.6pt; FONT-WEIGHT: bold">
<b>&#x2022;</b></td>
<td style="PADDING-RIGHT: 1.6pt">collectability is reasonably
assured.</td>
</tr>
</table>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Effective January 1, 2008, OC-BVI changed its policy for the
recording of its revenues from the Baughers Bay plant from the
accrual to the equivalent of the cash method due to an inability to
meet all of the above revenue recognition criteria. As a result of
this adjustment to OC-BVI&#x2019;s revenues, the Company recorded
losses from its equity in OC-BVI&#x2019;s results of operations for
all fiscal quarters of 2008 and for the first three quarters of
2009. Any cash payments made by the BVI government on Baughers Bay
related invoices were applied by OC-BVI to the remaining balance of
outstanding accounts receivable that arose from billings for
periods prior to and including December 2007 and thus were not
recognized as revenues. Sufficient payments had been received from
the BVI government as of September 30, 2009 to repay the remaining
accounts receivable balances relating to period prior to December
31, 2007. OC-BVI continues to apply the equivalent of the cash
method with respect to the recognition of revenues from Baughers
Bay. Consequently, OC-BVI does not recognize as revenues any
amounts to be paid&#xA0;to OC-BVI as a result of the Court ruling
until such amounts are paid by the BVI government. To date, the BVI
government has paid OC-BVI $5 million of the $10.4 million awarded
by the Court.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
In February 2010, the BVI government announced that it had signed a
16-year contract with another company for the construction and
operation of a water plant that will provide potable water to the
greater Tortola area and (the Company believes) will replace the
current production of the Baughers Bay plant. In March 2010, OC-BVI
vacated the Baughers Bay plant and the BVI government assumed
direct responsibility for the plant&#x2019;s operations.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The Company accounts for its investment in OC-BVI in accordance
with the equity method of accounting for investments in common
stock. This method requires recognition of a loss on an equity
investment that is other than temporary, and indicates that a
current fair value of an equity investment that is less than its
carrying amount may indicate a loss in the value of the investment.
To test for possible impairment of its investment in OC-BVI, the
Company estimates its fair value as of the end of each fiscal
quarter. In making this estimate, the Company calculates the
expected cash flows from its investment in OC-BVI by (i) estimating
the expected cash flows from OC-BVI&#x2019;s contract with the BVI
government to supply water from its Bar Bay plant; (ii) identifying
various possible outcomes of the Baughers Bay litigation and
estimating the expected cash flows associated with each possible
outcome; and (iii) assigning a probability to each Baughers Bay
outcome and associated expected cash flows based upon discussions
held to date by OC-BVI&#x2019;s management with the BVI government
and OC-BVI&#x2019;s legal counsel. The resulting
probability-weighted sum represents the expected cash flows, and
the Company&#x2019;s best estimate of future cash flows, to be
derived from its investment in OC-BVI, which are present-valued to
estimate OC-BVI&#x2019;s fair value. After considering the impact of
the September and October 2009 rulings of the Court and the
decision by the BVI government to enter into the agreement with
another company to build a new plant to serve Tortola, the Company
determined that the carrying value of its investment in OC-BVI
exceeded the estimated fair value for our investment in OC-BVI and
therefore recognized impairment losses aggregating approximately
$4.7 million for the year ended December 31, 2009.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Based upon the estimated fair value determined as of December 31,
2011 the Company concluded that no impairment loss was required to
be recognized on its investment in OC-BVI during the year ended
December 31, 2011. This conclusion assumes that the BVI government
will fulfill its obligations under the contract for the Bar Bay
plant and that OC-BVI will collect all of the $10.4 million awarded
by the Court (of which only $5 million has been received to date).
Should the BVI government be successful in its appeal to reduce the
$10.4 million Court award, the Company will be required to record
charges that will reduce its earnings by an amount approximately
equal to 44% of any reduction of the $10.4 million previously
awarded by the Court. If the Appellate Court ultimately overturns
the ruling of the Court or the Appellate Court reduces the amount
awarded to OC-BVI under the Court order, or the BVI government
fails to honor the terms of its agreement for water supplied by
OC-BVI&#x2019;s Bar Bay plant, the actual cash flows from OC-BVI
could vary materially from the expected cash flows the Company used
in determining OC-BVI&#x2019;s fair value as of December 31, 2011
and the Company would be required to record an additional
impairment loss to reduce the carrying value of its investment in
OC-BVI. Such impairment loss would reduce the Company&#x2019;s
earnings and could have a material adverse impact on its results of
operations and financial condition.</p>


</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 32<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6903645&amp;loc=d3e32787-111569<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 18<br><br> -Paragraph 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 35<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6903645&amp;loc=d3e32847-111569<br><br><br><br></p>
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                    <td><nobr>us-gaap_EquityMethodInvestmentsDisclosureTextBlock</nobr></td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Other Affiliates<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock', window );">Other Affiliates</a></td>
        <td class="text"><div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>9. Other Affiliates</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
CW-Bermuda</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In June 2006, the Company formed a Bermuda-based affiliate,
Consolidated Water (Bermuda) Limited (&#x201C;CW-Bermuda&#x201D;)
with two other shareholders. The Company owns 40% of the equity
interest and voting rights of CW-Bermuda. In January 2007,
CW-Bermuda entered into a design, build, sale and operating
agreement with the Government of Bermuda for a desalination plant
to be built in two phases at Tynes Bay along the northern coast of
Bermuda. Under the agreement, CW-Bermuda constructed the plant and
managed its operations from the second quarter of 2009 through the
termination of the agreement on June 30, 2011.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Because (i) the equity investment in CW-Bermuda was not sufficient
to permit it to finance its activities without the loan from the
Company; (ii) the other investors in CW-Bermuda have no obligation
to absorb any significant amount of its losses should losses arise;
and (iii) the Company expected and received economic benefits from
CW-Bermuda that are significantly greater than the Company&#x2019;s
voting rights of 40%, CW-Bermuda constitutes a variable interest
entity (&#x201C;VIE&#x201D;). The Company is the primary financial
beneficiary of CW-Bermuda and accordingly, consolidates the results
of CW-Bermuda in its financial statements. The assets and
liabilities of CW-Bermuda included in the Company&#x2019;s
consolidated balance sheet amounted to approximately $141,000 and
$1,000 respectively, as of December 31, 2011. The Company has not
provided any guarantees related to CW-Bermuda and any creditors of
the VIE do not have recourse to the general credit of the Company
as a result of including CW-Bermuda in the consolidated financial
statements. The results of CW-Bermuda are reflected in the
Company&#x2019;s services segment. The Company generated revenues
and gross profits from its Bermuda affiliate of approximately
$723,000 and $457,000, respectively, for the year ended December
31, 2011 and $1.1 million and $533,000, respectively, for the year
ended December 31, 2010. As a result of the termination of the
agreement with the Bermuda government, the Company does not expect
to receive any future fees or revenues from CW-Bermuda.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
NSC</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In May 2010, the Company acquired, through its wholly-owned
Netherlands subsidiary, Consolidated Water Cooperatief, U.A., a 50%
interest in N.S.C. Agua, S.A. de C.V., (&#x201C;NSC&#x201D;) a
Mexican company.&#xA0;&#xA0;NSC has been formed to pursue a project
encompassing the construction, ownership and operation of a 100
million gallon per day seawater reverse osmosis desalination plant
to be located in northern Baja California, Mexico and an
accompanying pipeline to deliver water to a Mexican potable water
system and the U.S. border.&#xA0;&#xA0;&#xA0;The Company believes
such a project can&#xA0;&#xA0;be successful due to what we
anticipate will be a growing need for a new potable water supply
for the areas of northern Baja California, Mexico and Southern
California, United States.&#xA0;&#xA0;To complete this project, the
Company has engaged an engineering group with extensive regional
experience and have partnered with Doosan Heavy Industries and
Construction, a global leader in the engineering, procurement and
construction of large seawater desalination plants.&#xA0;&#xA0;Once
completed, a subsidiary of the Company would operate the plant
while retaining a minority position in its
ownership.&#xA0;&#xA0;NSC is in the development stage, and is
presently involved in (i) extending contracts for the purchase of
land on which to build the plant, (ii) seeking contracts for the
electric power and feed water sources for the plant&#x2019;s
proposed operations, and (iii) implementing a water quality
monitoring and equipment testing program at the proposed feed water
source.&#xA0;&#xA0;In addition to completing these activities, NSC
will be required to complete various other steps before it can
commence construction of the plant and pipeline including, but not
limited to, obtaining approvals and permits from various
governmental agencies in Mexico and the United States, securing
contracts with its proposed customers to sell water in sufficient
quantities and at prices that make the project financially viable,
and obtaining equity and debt financing for the project.
NSC&#x2019;s potential customers will also be required to obtain
various governmental permits and approvals in order to purchase
water from NSC.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
For its 50% interest in NSC, the Company agreed to provide initial
funding of up to $4 million in the form of equity for NSC&#x2019;s
development activities. As of June 30, 2011 the Company had met
this initial funding commitment.&#xA0; Because the Company
exercises effective financial control over NSC and its partners in
NSC did not participate in funding the first $4 million in losses
that NSC incurred, the Company consolidates NSC&#x2019;s results of
operations. Included in the consolidated results of operations for
the years ended December 31, 2011 and 2010 are approximately $3.0
and $1.7 million respectively in general and administrative
expenses from NSC, consisting of organizational, legal, accounting,
engineering, consulting and other costs relating to its project
development activities. The assets and liabilities of NSC included
in the consolidated balance sheet amounted to approximately $27,000
and $336,000 respectively, as of December 31, 2011 and
approximately $731,000 and $131,000, respectively, as of December
31, 2010.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In February 2012, the Company acquired an option, exercisable
through February 7, 2014, to purchase the shares of one of the
other shareholders of NSC along with an immediate power of attorney
to vote those shares. As a result, the Company now has effective
control over NSC and is continuing its project development
activities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company has determined that completing NSC&#x2019;s development
activities will require significantly more funding than has been
expended to date. The Company may choose to fund these development
activities itself or may seek funding from additional sources. The
Company may incur significant development expenses in the future
for this project without ultimately being able to obtain the
funding necessary for NSC to build the project.&#xA0; The Company
estimates that it will take at least two years for NSC to complete
all of the development activities (which include initiating site
piloting plant activities, extending purchase agreements for the
land for the plant, securing feed water and power supplies,
completing the engineering and feasibility studies, negotiating
customer contracts, obtaining required regulatory permits and
arranging the project financing) necessary to commence construction
of the plant. However NSC may ultimately be unable to complete all
of the activities necessary to begin construction of the
project.</p>
</div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the information required in the supplementary schedule applicable to management investment companies summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates.  It reflects specified information about ownership, financial results from, and financial position in such entities as of the balance sheet date and for the period then ended.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 946<br><br> -SubTopic 320<br><br> -Section S99<br><br> -Paragraph 6<br><br> -Subparagraph (SX 210.12-14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6955306&amp;loc=d3e611322-123010<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 14<br><br> -Article 12<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Dividends<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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        <th class="th">
          <div>Dec. 31, 2011</div>
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        <td class="text"><div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>11. Dividends</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Interim dividends declared on Class A common stock and redeemable
preferred stock for each quarter of the respective years ended
December 31 were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<table cellpadding="0" cellspacing="0" style="width: 100%">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2009</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 58%; font-size: 10pt; text-align: left">First
Quarter</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
0.075</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
0.075</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
0.065</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">Second Quarter</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">0.075</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">0.075</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">0.065</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left">Third Quarter</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">0.075</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">0.075</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">0.075</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">Fourth Quarter</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">0.075</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">0.075</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">0.075</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Dividends [Text Block]</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Segment information<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
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        <td class="text"><div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>16. Segment information</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">
<b>&#xA0;</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company has three reportable segments: retail, bulk and
services. The retail segment operates the water utility for the
Seven Mile Beach and West Bay areas of Grand Cayman Island pursuant
to an exclusive license granted by the Cayman Islands government.
The bulk segment supplies potable water to government utilities in
Grand Cayman, the Bahamas and Belize under long-term contracts. The
services segment designs, constructs and sells desalination plants
and provides desalination plant management and operating services
to third parties.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The accounting policies of the segments are consistent with those
described in Note 1. The Company evaluates each segment&#x2019;s
performance based upon its income from operations. All intercompany
transactions are eliminated for segment presentation purposes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company&#x2019;s segments are strategic business units that are
managed separately because, while all segments derive their
revenues from desalination-related activities, each segment sells
different products and/or services, serves customers with
distinctly different needs and generates different gross profit
margins.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">
<b>&#xA0;</b></p>
<table cellpadding="0" cellspacing="0" style="width: 100%">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="14" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
As of and for the year ended December 31, 2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt; padding-bottom: 1pt; text-align: center">
&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">
Retail</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">
&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">
Bulk</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">
&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">
Services</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">
&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">
Total</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 44%; font-size: 10pt">Revenues</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
23,356,338</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
30,757,874</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
1,040,280</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
55,154,492</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; padding-bottom: 1pt">Cost of
revenues</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
11,496,598</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
24,127,488</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
508,339</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
36,132,425</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left">Gross profit</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">11,859,740</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">6,630,386</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">531,941</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">19,022,067</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">
General and administrative expenses</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
9,019,127</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
1,368,285</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
3,264,238</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
13,651,650</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">
Income (loss) from operations</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
2,840,613</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
5,262,101</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
(2,732,297</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
)</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">
5,370,417</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">
Other income (expense), net</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">
&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">
&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">
&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
1,181,563</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left">Consolidated net
income</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">6,551,980</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">
Income attributable to non-controlling interests</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">
&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">
&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">
&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">
&#xA0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">
438,762</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net
income attributable to Consolidated Water Co. Ltd.
stockholders</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">
&#xA0;</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">
&#xA0;</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">
&#xA0;</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; border-bottom: Black 2pt double">
$</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right; border-bottom: Black 2pt double">
6,113,218</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; font-weight: bold">As of December 31,
2011:</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">Property plant and
equipment, net</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">$</td>
<td style="font-size: 10pt; text-align: right">25,456,103</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">$</td>
<td style="font-size: 10pt; text-align: right">37,824,507</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">$</td>
<td style="font-size: 10pt; text-align: right">904,500</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">$</td>
<td style="font-size: 10pt; text-align: right">64,185,110</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left">Construction in
progress</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">141,204</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">-</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; color: blue; font-weight: bold">
&#xA0;</td>
<td style="font-size: 10pt; color: blue; font-weight: bold; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; color: blue; font-weight: bold; text-align: right">
-</td>
<td style="font-size: 10pt; color: blue; font-weight: bold; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">141,204</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt">Goodwill</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">1,170,511</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">2,328,526</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">88,717</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">3,587,754</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left">Total assets</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">73,557,410</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">83,457,607</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">3,844,414</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">160,859,431</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">
&#xA0;<b>&#xA0;</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">
<b>&#xA0;</b></p>
<table cellpadding="0" cellspacing="0" style="width: 100%">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
<td colspan="14" style="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">
<font style="font-size: 10pt">As of and for the year ended December
31, 2010</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">
<font style="font-size: 10pt">Retail</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">
<font style="font-size: 10pt">Bulk</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">
<font style="font-size: 10pt">Services</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">
<font style="font-size: 10pt">Total</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #C0FFC0">
<td style="width: 44%; text-autospace: none"><font style="font-size: 10pt">Revenues</font></td>
<td style="width: 2%; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="width: 1%; text-autospace: none"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-autospace: none; text-align: right">
<font style="font-size: 10pt">21,864,252</font></td>
<td style="width: 1%; text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="width: 2%; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="width: 1%; text-autospace: none"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-autospace: none; text-align: right">
<font style="font-size: 10pt">25,302,093</font></td>
<td style="width: 1%; text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="width: 2%; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="width: 1%; text-autospace: none"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-autospace: none; text-align: right">
<font style="font-size: 10pt">3,542,209</font></td>
<td style="width: 1%; text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="width: 2%; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="width: 1%; text-autospace: none"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-autospace: none; text-align: right">
<font style="font-size: 10pt">50,708,554</font></td>
<td style="width: 1%; text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">Cost of revenues</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right">
<font style="font-size: 10pt">10,361,302</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right">
<font style="font-size: 10pt">20,907,981</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right">
<font style="font-size: 10pt">2,828,776</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right">
<font style="font-size: 10pt">34,098,059</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #C0FFC0">
<td style="text-autospace: none"><font style="font-size: 10pt">Gross profit</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">11,502,950</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">4,394,112</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">713,433</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">16,610,495</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">General and administrative
expenses</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right">
<font style="font-size: 10pt">8,105,740</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right">
<font style="font-size: 10pt">1,247,076</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right">
<font style="font-size: 10pt">1,976,832</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right">
<font style="font-size: 10pt">11,329,648</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #C0FFC0">
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">Income (loss) from
operations</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right">
<font style="font-size: 10pt">3,397,210</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right">
<font style="font-size: 10pt">3,147,036</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right">
<font style="font-size: 10pt">(1,263,399)</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">5,280,847</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">Other income (expense),
net</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right">
<font style="font-size: 10pt">1,162,315</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #C0FFC0">
<td style="text-autospace: none"><font style="font-size: 10pt">Consolidated net income</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">6,443,162</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">Income attributable to
non-controlling interests</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; text-autospace: none; text-align: right">
<font style="font-size: 10pt">151,137</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #C0FFC0">
<td style="padding-bottom: 3.3pt; text-autospace: none">
<font style="font-size: 10pt">Net income attributable to
Consolidated Water Co. Ltd. stockholders</font></td>
<td style="padding-bottom: 3.3pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 3.3pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 3.3pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 3.3pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 3.3pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 3.3pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 3.3pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 3.3pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 3.3pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 3.3pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 2.25pt double; text-autospace: none">
<font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-autospace: none; text-align: right">
<font style="font-size: 10pt">6,292,025</font></td>
<td style="padding-bottom: 3.3pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #C0FFC0">
<td style="text-autospace: none"><font style="font-size: 10pt">As
of December 31, 2010:</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-autospace: none"><font style="font-size: 10pt">Property, plant and equipment, net</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">$</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">26,426,273</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">$</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">28,350,519</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">$</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">1,146,939</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">$</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">55,923,731</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #C0FFC0">
<td style="text-autospace: none"><font style="font-size: 10pt">Construction in progress</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">249,300</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; font-weight: bold; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; font-weight: bold"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; font-weight: bold; text-align: right">
<font style="font-size: 10pt">-</font></td>
<td style="text-autospace: none; font-weight: bold"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">249,300</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-autospace: none"><font style="font-size: 10pt">Goodwill</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">1,170,511</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">2,328,526</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">88,717</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">3,587,754</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #C0FFC0">
<td style="text-autospace: none"><font style="font-size: 10pt">Total assets</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">77,481,333</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">69,343,561</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">5,376,672</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none; text-align: right"><font style="font-size: 10pt">152,201,566</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">
&#xA0;&#xA0;</p>
<table cellpadding="0" cellspacing="0" style="width: 100%">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
<td colspan="14" style="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">
<font style="font-size: 10pt">As of and for the&#xA0;year ended
December 31, 2009</font></td>
<td colspan="2" style="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
<td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center">
<font style="font-size: 10pt">Retail</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
<td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center">
<font style="font-size: 10pt">Bulk</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
<td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center">
<font style="font-size: 10pt">Services</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
<td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center">
<font style="font-size: 10pt">Total</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr>
<td style="width: 44%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;Revenues</font></td>
<td style="width: 2%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">$</font></td>
<td style="width: 10%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">23,239,756</font></td>
<td style="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="width: 2%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">$</font></td>
<td style="width: 10%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">25,905,077</font></td>
<td style="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="width: 2%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">$</font></td>
<td style="width: 10%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">8,874,684</font></td>
<td style="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="width: 2%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">$</font></td>
<td style="width: 10%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">58,019,517</font></td>
<td style="width: 1%; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="width: 0; text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;Cost of revenues</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">9,812,434</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">20,149,969</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">5,058,037</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">35,020,440</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;Gross profit</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">13,427,322</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">5,755,108</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">3,816,647</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">22,999,077</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;General and administrative
expenses</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">8,215,142</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">1,676,327</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">209,788</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">10,101,257</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;Income from
operations</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">5,212,180</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">4,078,781</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">3,606,859</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">12,897,820</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;Other income (expense),
net</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">(6,298,138</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">)</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;Consolidated net
income</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">6,599,682</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;Income attributable to
non-controlling interests</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">501,111</font></td>
<td style="vertical-align: bottom; background-color: white; padding-bottom: 1.1pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;Net income attributable to
Consolidated Water Co. Ltd. stockholders</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="border-bottom: black 2.25pt double; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">6,098,571</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; padding-bottom: 3.3pt; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt"><b>&#xA0;</b>As of December 31,
2009:</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;Property plant and equipment,
net</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">$</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">27,549,450</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">$</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">31,935,956</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">$</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">1,390,870</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">$</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">60,876,276</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;Construction in
progress</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">370,131</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">-</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">-</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">370,131</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;Goodwill</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">1,170,511</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">2,328,526</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">88,717</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none; text-align: right">
<font style="font-size: 10pt">3,587,754</font></td>
<td style="vertical-align: bottom; background-color: white; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;Total assets</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">78,291,323</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">68,832,934</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">7,351,524</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none; text-align: right">
<font style="font-size: 10pt">154,475,781</font></td>
<td style="vertical-align: bottom; background-color: #C0FFC0; text-autospace: none">
<font style="font-size: 10pt">&#xA0;</font></td>
<td style="text-autospace: none"><font style="font-size: 10pt">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Revenues from Cayman Island operations were $32,223,536 in 2011
(2010: $29,168,425 and 2009: $31,739,512). Revenues from all other
country operations were $22,930,956 in 2011 (2010: $21,540,129 and
2009: $26,280,005). Included in the revenues from other countries
is $19,825,070 in 2011 (2010: $16,188,416 and 2009: $15,535,411)
from the operations in the Bahamas, $2,065,606 in 2011 (2010:
$1,809,504 and 2009: $1,869,912) from our operations in Belize.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
For the year ended December 31, 2011, revenues in the amount of
$19,610,650 (2010: $15,941,021 and 2009: $15,285,508:) were earned
from the Water and Sewerage Corporation of The Bahamas
(&#x201C;WSC&#x201D;) and revenues in the amount of $8,867,198 (2010:
$7,304,173 and 2009: $8,499,755) were earned from the Water
Authority-Cayman.&#xA0;&#xA0;During 2011, revenues from the WSC
represented 36% (2010: 31% and 2009: 26%) of total revenues and
revenues from the Water Authority-Cayman represented 16% (2010: 14%
and 2009: 15%) of total revenues.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
For the year ended December 31, 2011, revenues earned by the
Services segment from its management services agreement with OC-BVI
amounted to $317,506 (2010: $656,738&#xA0;and 2009: $324,148).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
As of December 31, 2011 and 2010, property, plant and equipment
located in the Cayman Islands were $26,189,796 and $27,325,357,
respectively. Property, plant and equipment in all other country
operations were $37,995,314 and $28,598,374 as of December 31, 2011
and 2010, respectively. Included in property, plant and equipment
from other country operations is $36,437,351 in 2011 and
$26,789,013 in 2010, from the operations in the Bahamas and
$1,202,017 in 2011 and $1,336,375 in 2010 from our operations in
Belize.</p>
</div><span></span></td>
      </tr>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8595-108599<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8538-108599<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 33<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8971-108599<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 34<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8981-108599<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 29<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8864-108599<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8380-108599<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 35<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8984-108599<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 41<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e9038-108599<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 32<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8933-108599<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 131<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 30<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8906-108599<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8844-108599<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 40<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e9031-108599<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 42<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e9054-108599<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 31<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8924-108599<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Financial instruments<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsDisclosureTextBlock', window );">Financial instruments</a></td>
        <td class="text"><div>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>21.
Financial instruments</b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Credit risk:</b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The Company is not exposed to significant credit risk on its retail
customer accounts as its policy is to cease supply of water to
customers&#x2019; accounts that are more than 45 days overdue. The
Company&#x2019;s exposure to credit risk is concentrated on
receivables from its Bulk water customers. Management considers
these receivables fully collectible and therefore the Company has
not recorded an allowance for these receivables. All other accounts
receivable are current or an allowance has been made for collection
as of December 31, 2011.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Interest rate risk:</b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Substantially all of the Company&#x2019;s outstanding debt consists
of fixed rate obligations and therefore the Company is not subject
to interest-rate risk arising from fluctuations of LIBOR or prime
lending rates.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Foreign exchange risk:</b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
All relevant foreign currencies other than the Mexican peso and the
Euro have fixed exchange rates to the United States dollar as
detailed under the foreign currency accounting policy note. If any
of these fixed exchange rates become floating exchange rates, the
Company&#x2019;s consolidated results of operations could be
adversely affected.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>Fair values:</b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
As of December 31, 2011 and 2010, the carrying amounts of cash and
cash equivalents, accounts receivable, accounts payable and other
liabilities and dividends payable approximate their fair values due
to the short term maturities of these instruments. Management
considers that the carrying amounts for loans receivable and long
term debt as of December 31, 2011 approximate their fair value.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Fair value is defined as the exit price, or the amount that would
be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants as of the
measurement date. The guidance also establishes a hierarchy for
inputs used in measuring fair value that maximizes the use of
observable inputs and minimizes the use of unobservable inputs by
requiring that the most observable inputs be used when available.
Observable inputs are inputs market participants would use in
valuing the asset or liability and are developed based on market
data obtained from sources independent of the Company. Unobservable
inputs are inputs that reflect the Company&#x2019;s assumptions
about the factors market participants would use in valuing the
asset or liability. The guidance establishes three levels of inputs
that may be used to measure fair value:</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="MARGIN: 0pt 0px 0pt 29.7pt; FONT: 10pt Times New Roman, Times, Serif">
Level 1 &#x2014; Quoted prices in active markets for identical
assets or liabilities.</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 29.7pt; FONT: 10pt Times New Roman, Times, Serif">
Level 2 &#x2014; Inputs other than Level&#xA0;1 that are observable,
either directly or indirectly, such as quoted prices for similar
assets or liabilities; quoted prices in markets that are not
active; or other inputs that are observable or can be corroborated
by observable market data for substantially the full term of the
assets or liabilities.</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="MARGIN: 0pt 0px 0pt 29.7pt; FONT: 10pt Times New Roman, Times, Serif">
Level 3 &#x2014; Unobservable inputs that are supported by little or
no market activity and that are significant to the fair value of
the assets or liabilities.</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Assets and liabilities are classified in their entirety based on
the lowest level of input that is significant to the fair value
measurements. The Company reviews the fair value hierarchy
classification on a quarterly basis. Changes in the observability
of valuation inputs may result in a reclassification of levels for
certain securities within the fair value hierarchy.</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">The
following table presents the Company&#x2019;s fair value hierarchy
for assets and liabilities measured at fair value as of
December&#xA0;31, 2011 and 2010:</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
&#xA0;</p>
<table style="WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="14">December 31, 2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
</tr>
<tr>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">Level 1</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">Level 2</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">Level 3</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">Total</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">Assets:</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-INDENT: 10pt; FONT-SIZE: 10pt">Recurring</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 20pt; WIDTH: 44%; FONT-SIZE: 10pt">
Cash equivalents</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
16,177,462</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
16,177,462</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 20pt; FONT-SIZE: 10pt">
Restricted cash</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">7,500,000</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">7,500,000</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: 20pt; FONT-SIZE: 10pt">
Marketable securities</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
8,496,372</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
-</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
-</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
8,496,372</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 10pt; FONT-SIZE: 10pt">
Total Recurring</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">32,173,834</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">32,173,834</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-INDENT: 10pt; FONT-SIZE: 10pt">Nonrecurring</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 20pt; FONT-SIZE: 10pt">
Investment in affiliate</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">6,634,598</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">6,634,598</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
</table>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; COLOR: #0070c0">
&#xA0;</p>
<table style="WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="PADDING-BOTTOM: 1.1pt"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="PADDING-BOTTOM: 1.1pt"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-RIGHT: 14.3pt; FONT-WEIGHT: bold" colspan="14"><font style="FONT-SIZE: 10pt">December 31,
2010</font></td>
<td style="PADDING-BOTTOM: 1.1pt"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="PADDING-BOTTOM: 1.1pt"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="PADDING-BOTTOM: 1.1pt"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-RIGHT: 1.1pt; FONT-WEIGHT: bold" colspan="2"><font style="FONT-SIZE: 10pt">Level 1</font></td>
<td style="PADDING-BOTTOM: 1.1pt"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="PADDING-BOTTOM: 1.1pt"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-RIGHT: 1.1pt; FONT-WEIGHT: bold" colspan="2"><font style="FONT-SIZE: 10pt">Level&#xA0;2</font></td>
<td style="PADDING-BOTTOM: 1.1pt"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="PADDING-BOTTOM: 1.1pt"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-RIGHT: 1.1pt; FONT-WEIGHT: bold" colspan="2"><font style="FONT-SIZE: 10pt">Level 3</font></td>
<td style="PADDING-BOTTOM: 1.1pt"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="PADDING-BOTTOM: 1.1pt"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-RIGHT: 1.1pt; FONT-WEIGHT: bold" colspan="2"><font style="FONT-SIZE: 10pt">Total</font></td>
<td style="PADDING-BOTTOM: 1.1pt"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
</tr>
<tr style="BACKGROUND-COLOR: #c0ffc0; VERTICAL-ALIGN: bottom">
<td style="WIDTH: 44%"><font style="FONT-SIZE: 10pt">Assets:</font></td>
<td style="WIDTH: 2%"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="WIDTH: 1%"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="TEXT-ALIGN: right; WIDTH: 10%"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="WIDTH: 1%"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="WIDTH: 2%"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="WIDTH: 1%"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="TEXT-ALIGN: right; WIDTH: 10%"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="WIDTH: 1%"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="WIDTH: 2%"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="WIDTH: 1%"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="TEXT-ALIGN: right; WIDTH: 10%"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="WIDTH: 1%"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="WIDTH: 2%"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="WIDTH: 1%"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="TEXT-ALIGN: right; WIDTH: 10%"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="WIDTH: 1%"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td><font style="FONT-SIZE: 10pt">&#xA0;&#xA0;&#xA0;Recurring</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
</tr>
<tr style="BACKGROUND-COLOR: #c0ffc0; VERTICAL-ALIGN: bottom">
<td><font style="FONT-SIZE: 10pt">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Cash
equivalents</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">$</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">27,413,838</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">$</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">-</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">$</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">-</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">$</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">27,413,838</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td><font style="FONT-SIZE: 10pt">&#xA0;&#xA0;&#xA0;Nonrecurring</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
</tr>
<tr style="BACKGROUND-COLOR: #c0ffc0; VERTICAL-ALIGN: bottom">
<td><font style="FONT-SIZE: 10pt">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Investment in
affiliate</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">$</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">-</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">$</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">-</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">$</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">7,812,523</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
<td><font style="FONT-SIZE: 10pt">$</font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">7,812,523</font></td>
<td><font style="FONT-SIZE: 10pt">&#xA0;</font></td>
</tr>
</table>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">A
reconciliation of the beginning and ending balances for Level 3
investments for the year ended December 31, 2011:</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<table style="WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="WIDTH: 86%; FONT-SIZE: 10pt">Balance as of December 31,
2010</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
7,812,523</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Equity in earnings of
OC-BVI</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">838,652</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Distribution of
earnings from OC-BVI paid and accrued</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">(316,256</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">)</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
Principal and interest payments received on loan receivable from
OC-BVI</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
(1,700,321</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
)</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">Balance as of
December 31, 2011</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
6,634,598</td>
</tr>
</table>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentsDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FinancialInstrumentsDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>44
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EXVDI">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Total</div>
        </th>
        <th class="th">
          <div>Redeemable preferred stock</div>
        </th>
        <th class="th">
          <div>Common stock</div>
        </th>
        <th class="th">
          <div>Additional paid-in capital</div>
        </th>
        <th class="th">
          <div>Retained earnings</div>
        </th>
        <th class="th">
          <div>Non-controlling interest</div>
        </th>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Beginning Balance at Dec. 31, 2008</a></td>
        <td class="nump">$ 123,550,776<span></span></td>
        <td class="nump">$ 10,420<span></span></td>
        <td class="nump">$ 8,717,616<span></span></td>
        <td class="nump">$ 80,461,942<span></span></td>
        <td class="nump">$ 32,340,077<span></span></td>
        <td class="nump">$ 2,020,721<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Beginning Balance (in shares) at Dec. 31, 2008</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">17,366<span></span></td>
        <td class="nump">14,529,360<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issue of share capital (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,651<span></span></td>
        <td class="nump">6,734<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issue of share capital</a></td>
        <td class="nump">94,135<span></span></td>
        <td class="nump">3,390<span></span></td>
        <td class="nump">4,041<span></span></td>
        <td class="nump">86,704<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities', window );">Conversion of preferred stock (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(5,784)<span></span></td>
        <td class="nump">5,784<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities', window );">Conversion of preferred stock</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(3,470)<span></span></td>
        <td class="nump">3,470<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRedeemedOrCalledDuringPeriodShares', window );">Buyback of preferred stock (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(41)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRedeemedOrCalledDuringPeriodValue', window );">Buyback of preferred stock</a></td>
        <td class="num">(888)<span></span></td>
        <td class="num">(25)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(863)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump">6,599,682<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">6,098,571<span></span></td>
        <td class="nump">501,111<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCash', window );">Dividends declared</a></td>
        <td class="num">(5,145,810)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(4,073,008)<span></span></td>
        <td class="num">(1,072,802)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue', window );">Stock-based compensation</a></td>
        <td class="nump">442,903<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">442,903<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Ending Balance at Dec. 31, 2009</a></td>
        <td class="nump">125,540,798<span></span></td>
        <td class="nump">10,315<span></span></td>
        <td class="nump">8,725,127<span></span></td>
        <td class="nump">80,990,686<span></span></td>
        <td class="nump">34,365,640<span></span></td>
        <td class="nump">1,449,030<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Ending Balance (in shares) at Dec. 31, 2009</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">17,192<span></span></td>
        <td class="nump">14,541,878<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issue of share capital (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,899<span></span></td>
        <td class="nump">8,565<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issue of share capital</a></td>
        <td class="nump">126,119<span></span></td>
        <td class="nump">3,539<span></span></td>
        <td class="nump">5,139<span></span></td>
        <td class="nump">117,441<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities', window );">Conversion of preferred stock (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(4,950)<span></span></td>
        <td class="nump">4,950<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities', window );">Conversion of preferred stock</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(2,970)<span></span></td>
        <td class="nump">2,970<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRedeemedOrCalledDuringPeriodShares', window );">Buyback of preferred stock (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(1,357)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRedeemedOrCalledDuringPeriodValue', window );">Buyback of preferred stock</a></td>
        <td class="num">(16,796)<span></span></td>
        <td class="num">(814)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(15,982)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump">6,443,162<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">6,292,025<span></span></td>
        <td class="nump">151,137<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCash', window );">Dividends declared</a></td>
        <td class="num">(4,367,959)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(4,367,959)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue', window );">Stock-based compensation</a></td>
        <td class="nump">257,799<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">257,799<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Ending Balance at Dec. 31, 2010</a></td>
        <td class="nump">127,983,123<span></span></td>
        <td class="nump">10,070<span></span></td>
        <td class="nump">8,733,236<span></span></td>
        <td class="nump">81,349,944<span></span></td>
        <td class="nump">36,289,706<span></span></td>
        <td class="nump">1,600,167<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Ending Balance (in shares) at Dec. 31, 2010</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">16,784<span></span></td>
        <td class="nump">14,555,393<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issue of share capital (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">8,345<span></span></td>
        <td class="nump">11,158<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issue of share capital</a></td>
        <td class="nump">110,985<span></span></td>
        <td class="nump">5,007<span></span></td>
        <td class="nump">6,694<span></span></td>
        <td class="nump">99,284<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities', window );">Conversion of preferred stock (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(2,145)<span></span></td>
        <td class="nump">2,145<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities', window );">Conversion of preferred stock</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(1,287)<span></span></td>
        <td class="nump">1,287<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRedeemedOrCalledDuringPeriodShares', window );">Buyback of preferred stock (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(557)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRedeemedOrCalledDuringPeriodValue', window );">Buyback of preferred stock</a></td>
        <td class="num">(4,999)<span></span></td>
        <td class="num">(334)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(4,665)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump">6,551,980<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">6,113,218<span></span></td>
        <td class="nump">438,762<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCash', window );">Dividends declared</a></td>
        <td class="num">(4,854,381)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(4,371,981)<span></span></td>
        <td class="num">(482,400)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue', window );">Stock-based compensation</a></td>
        <td class="nump">494,648<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">494,648<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Ending Balance at Dec. 31, 2011</a></td>
        <td class="nump">$ 130,281,356<span></span></td>
        <td class="nump">$ 13,456<span></span></td>
        <td class="nump">$ 8,741,217<span></span></td>
        <td class="nump">$ 81,939,211<span></span></td>
        <td class="nump">$ 38,030,943<span></span></td>
        <td class="nump">$ 1,556,529<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Ending Balance (in shares) at Dec. 31, 2011</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">22,427<span></span></td>
        <td class="nump">14,568,696<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation".</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415241&amp;loc=d3e4534-113899<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 20<br><br> -Section 55<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6576910&amp;loc=d3e11149-113907<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 64<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A91<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 20<br><br> -Section 55<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6576910&amp;loc=d3e11178-113907<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 39<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCash">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of cash dividends declared by an entity during the period for all classes of stock (common, preferred, etc.). This element includes paid and unpaid dividends declared during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 405<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 14<br><br> -Subparagraph l<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsCash</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares issued and outstanding as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568740-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4I<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4590271-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Publisher AICPA<br><br> -Number 51<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A3<br><br> -Appendix A<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 25<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568447-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares issued during the period as a result of the conversion of convertible securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4, 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-30)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of new stock issued during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The gross value of stock issued during the period upon the conversion of convertible securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4, 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of stock bought back by the entity at the exercise price or redemption price.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4, 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of the value of stock bought back by the entity at the exercise price or redemption price.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4, 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EMCAC">
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        <th class="th" colspan="1">12 Months Ended</th>
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Accounts receivable</b></p>
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<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="6">December 31</td>
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&#xA0;</td>
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<td style="FONT-SIZE: 10pt">&#xA0;</td>
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&#xA0;</td>
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&#xA0;</td>
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&#xA0;</td>
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8,079,194</td>
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11,956,314</td>
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&#xA0;</td>
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affiliate</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">144,291</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">138,445</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
Other accounts receivable</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
473,881</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
198,105</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">8,697,366</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">12,292,864</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
Allowance for doubtful accounts</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
(160,134</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
)</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
(160,134</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
)</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
8,537,232</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
12,132,730</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
</table>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b>&#xA0;</b></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The activity for the allowance for doubtful accounts consisted
of:</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<table style="WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="6">December 31,</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2010</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; WIDTH: 72%; FONT-SIZE: 10pt">Opening
allowance for doubtful accounts</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
160,134</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
276,994</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
Recovery of doubtful accounts</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
-</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
(116,860</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
)</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">Ending
allowance for doubtful accounts</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
160,134</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
160,134</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
</table>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Significant concentrations of credit risk are disclosed in Note
21.</p>
</div><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Loans Receivable</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock', window );">Receivable</a></td>
        <td class="text"><div>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>6.
Loans receivable</b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<table style="WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="6">December 31,</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2010</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">All loans receivable are due from the
Water Authority-Cayman and consisted of:</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt" colspan="2">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt" colspan="2">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt" colspan="2">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt" colspan="2">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: justify; WIDTH: 72%; FONT-SIZE: 10pt">Two
loans originally aggregating $10,996,290, bearing interest at 6.5%
per annum, receivable in monthly installments of $124,827 to May
2019, and secured by the machinery and equipment of the North Side
Water Works plant</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
8,798,106</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
9,692,895</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">Two loans
originally aggregating $1,738,000, bearing interest at 5% per
annum, receivable in monthly installments of $24,565 to March 2014,
and secured by the machinery and equipment of the North Sound
plant</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">626,070</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">882,544</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">Two loans
originally aggregating $3,671,000, bearing interest at 6.5% per
annum, receivable in monthly installments of $54,513 to June 2017,
and secured by the machinery and equipment of the Red Gate
plant</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">3,018,190</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">3,460,369</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: justify; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">Two
loans originally aggregating $897,000, bearing interest at 5% per
annum, receivable in monthly installments of $12,678 to January
2013, and secured by the machinery and equipment of the Lower
Valley plant</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
160,107</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
300,410</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Total loans
receivable</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">12,602,473</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">14,336,218</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
Less current portion</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
1,843,600</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
1,733,799</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">Loans
receivable, excluding current portion</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
10,758,873</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt">
12,602,419</td>
</tr>
</table>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6965416&amp;loc=d3e5066-111524<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 7<br><br> -Article 9<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 13<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6965416&amp;loc=d3e5162-111524<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 3, 4<br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.3,4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph k<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6965416&amp;loc=d3e5074-111524<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>Supplemental disclosure of cash flow information<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2011</div>
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<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>22.
Supplemental disclosure of cash flow information&#xA0;</b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<table style="WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt">&#xA0;</td>
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&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2011</td>
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&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2010</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">2009</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
&#xA0;</td>
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<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
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<td style="TEXT-ALIGN: left; WIDTH: 58%; FONT-SIZE: 10pt">Interest
paid in cash, net of capitalized interest of $246,851 in 2011</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
962,744</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
1,381,829</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
1,127,156</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
&#xA0;</td>
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<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
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<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-cash
transactions:</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
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<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Note received for
plant facility sold</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">3,670,963</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">10,996,290</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
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<td style="TEXT-ALIGN: left; TEXT-INDENT: -9.9pt; PADDING-LEFT: 9.9pt; FONT-SIZE: 10pt">
Conversion of accounts receivable to investment in OC-BVI (see Note
8)</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">800,000</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
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Issuance of 11,158, 8,565 and 6,734, respectively, of common
shares<br />
&#xA0;&#xA0;&#xA0;for services rendered</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">104,443</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">119,997</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">95,592</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
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<td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif">
Issuance of 7,455, 5,379 and 4,533, respectively, of
redeemable<br />
&#xA0;&#xA0;&#xA0;preferred shares for services rendered</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">65,902</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">67,130</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">78,703</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
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Conversion of 2,145, 4,950 and 5,784,&#xA0;&#xA0;respectively, of
redeemable<br />
&#xA0;&#xA0;&#xA0;preferred shares to common shares</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1,287</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">2,970</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">3,470</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
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<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Dividends declared
but not paid</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1,094,334</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1,092,913</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td>
<td style="FONT-SIZE: 10pt">&#xA0;</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1,091,879</td>
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                <p>The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
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          <div style="width: 200px;"><strong>Earnings per share<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareTextBlock', window );">Earnings per share</a></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>15. Earnings per share</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
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Earnings per share (&#x201C;EPS&#x201D;) are computed on a basic and
diluted basis. Basic EPS is computed by dividing net income
available to common stockholders by the weighted average number of
common shares outstanding during the period. The computation of
diluted EPS assumes the issuance of common shares for all potential
common shares outstanding during the reporting period and, if
dilutive, the effect of stock options using the treasury stock
method.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The following summarizes information related to the computation of
basic and diluted EPS for the respective years ended December
31:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<table cellpadding="0" cellspacing="0" style="width: 100%">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
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&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
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2010</td>
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&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
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2009</td>
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&#xA0;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 58%; font-size: 10pt; text-align: left">Net
income attributable to Consolidated Water Co. Ltd. common
stockholders</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
6,113,218</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
6,292,025</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
6,098,571</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
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Less: Dividends paid and earnings attributable on preferred
stock</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
(7,040</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
)</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
(5,350</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
)</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
(5,236</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
)</td>
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<td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net
income available to common shares in the determination of basic
earnings per common share</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
6,106,178</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
6,286,675</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
6,093,335</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
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<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
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<td style="font-size: 10pt; text-align: left">Weighted average
number of common shares in the determination of basic earnings per
common share attributable to Consolidated Water Co. Ltd. common
stockholders</td>
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<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">14,560,259</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">14,547,065</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">14,535,192</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
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<td style="font-size: 10pt">Plus:</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
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<td style="font-size: 10pt; text-align: left">Weighted average
number of preferred shares outstanding during the year</td>
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<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">19,892</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">18,723</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">17,657</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
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<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">
Potential dilutive effect of unexercised options</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
15,862</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
32,106</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
35,295</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Weighted
average number of shares used for determining diluted earnings per
common share attributable to Consolidated Water Co. Ltd. common
stockholders</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
14,596,013</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
14,597,894</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
14,588,144</td>
</tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for earnings per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1252-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945512&amp;loc=d3e4984-109258<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1278-109256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
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