<SEC-DOCUMENT>0001144204-12-022974.txt : 20120420
<SEC-HEADER>0001144204-12-022974.hdr.sgml : 20120420
<ACCEPTANCE-DATETIME>20120420165045
ACCESSION NUMBER:		0001144204-12-022974
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120418
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120420
DATE AS OF CHANGE:		20120420

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25248
		FILM NUMBER:		12771329

	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>8-K
<SEQUENCE>1
<FILENAME>v310135_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt 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>&nbsp;</B></P>

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

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

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<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">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</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">PURSUANT TO SECTION 13 OR 15(d) OF THE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES EXCHANGE ACT OF 1934</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">April 18, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Date of earliest event reported)</P>

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

<P STYLE="font: 18pt 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
Charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 33%; padding: 0; text-align: center; text-indent: 0">Cayman Islands, B.W.I.</TD>
    <TD STYLE="width: 34%; padding: 0; text-align: center; text-indent: 0">0-25248</TD>
    <TD STYLE="width: 33%; padding: 0; text-align: center; text-indent: 0">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">(State or Other Jurisdiction of</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">(Commission File No.)</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">(IRS Employer Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">Incorporation)</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&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: center">Regatta Office Park</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Windward Three, 4<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">West Bay Road, P.O. Box 1114</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Grand Cayman, KY1-1102</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)</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">(345) 945-4277</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</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">Not Applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if Changed
Since Last Report)</P>

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

<P STYLE="color: #333333; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instructions A.2. below):</P>

<P STYLE="color: #333333; 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">
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    <TD NOWRAP STYLE="width: 4%; padding: 0 0 6pt; font-family: Wingdings; text-indent: 0">o</TD>
    <TD STYLE="width: 96%; padding: 0 0 6pt; text-indent: 0">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0 0 6pt; font-family: Wingdings; text-indent: 0">o</TD>
    <TD STYLE="padding: 0 0 6pt; text-indent: 0">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0 0 6pt; font-family: Wingdings; text-indent: 0">o</TD>
    <TD STYLE="padding: 0 0 6pt; text-indent: 0">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0 0 6pt; font-family: Wingdings; text-indent: 0">o</TD>
    <TD STYLE="padding: 0 0 6pt; text-indent: 0">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</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"></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 8.01.</B></TD><TD STYLE="text-align: justify"><B>Other Events.</B></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">Ocean Conversion (BVI) Ltd. (&ldquo;OC-BVI&rdquo;),
an affiliate of Consolidated Water Co. Ltd. (the &ldquo;Company&rdquo;), has been involved in litigation with the Government of
the British Virgin Islands (the &ldquo;BVI Government&rdquo;) regarding OC-BVI&rsquo;s right to monetary damages and ownership
and possession of a desalination plant (the &ldquo;Baughers Bay plant&rdquo;) located at Baughers Bay, Tortola.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 April 18, 2012, the Eastern Caribbean
Supreme Court of Appeals (the &ldquo;Appellate Court&rdquo;) issued the latest ruling with respect to this litigation.</P>

<P STYLE="font: 10pt Times 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 2006, the BVI Government notified OC-BVI
that it was asserting a purported right of ownership over the Baughers Bay plant. Shortly thereafter the BVI Government ceased
paying OC-BVI the price for the water supplied from the Baughers Bay plant that was in effect between the parties prior to the
time this ownership dispute arose. In litigation that subsequently ensued in the Eastern Caribbean Supreme Court (the &ldquo;Supreme
Court&rdquo;), the BVI Government sought ownership of the plant without compensation to OC-BVI and took the position that after
the date the ownership dispute arose, OC-BVI was entitled to be paid only for its costs to produce the water it supplied from Baughers
Bay. OC-BVI counterclaimed that it was entitled to full payment for all water supplied at the prices in effect before the BVI Government
asserted its purported right, and that it should be paid by the BVI Government for approximately $4.7 million in improvements it
made to the Baughers Bay plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 October 28, 2009, the Supreme Court
granted ownership of the Baughers Bay plant to the BVI Government, ordered the BVI Government to pay OC-BVI an additional $10.4
million for the water supplied, and denied OC-BVI&rsquo;s claim for compensation for the plant improvements.&nbsp;&nbsp;OC-BVI
and the BVI Government filed appeals of the judgment of the Supreme Court with the Appellate Court in October 2009. In the intervening
period, the BVI Government has paid to OC-BVI $5.0 million of the $10.4 million awarded by the Supreme 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">In its April 18, 2012 ruling the Appellate
Court dismissed the BVI Government&rsquo;s appeal against the judgment of the Supreme Court awarding US$10.4 million for the water
supplied. Furthermore the Appellate Court awarded OC-BVI compensation for improvements made to the plant in the amount equal to
the difference between (i) the value of the Baughers Bay plant at the date OC-BVI transferred possession of the plant to the BVI
Government and (ii) $1.42 million (which represents the purchase price for the Baughers Bay plant under the water supply agreement
previously in effect). OC-BVI was also awarded all of its court costs at the trial level and two-thirds of such costs incurred
on appeal.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 BVI Government has the option to further
appeal this ruling by the Appellate Court to the Privy Council in England within 42 days of the Appellate Court ruling. Accordingly,
the amounts awarded by the Appellate Court will not be reflected in the Company&rsquo;s earnings from its investment in OC-BVI
until such time as the BVI Government pays OC-BVI such amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 9.01.</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits.</B></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">(d) Exhibits.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><U>Exhibit No.</U></TD><TD STYLE="text-align: justify"><U>Title</U></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 1in; padding: 0; text-indent: 0">99.1</TD><TD STYLE="padding: 0; text-indent: 0">Press release issued by <FONT STYLE="color: black">Consolidated Water Co. Ltd. </FONT>on April 20, 2012.</TD></TR></TABLE>

<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"></P>

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<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">SIGNATURES</P>

<P STYLE="font: 10pt Times 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: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto 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="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">CONSOLIDATED WATER CO. LTD.</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 35%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">By:</TD>
    <TD STYLE="padding: 0; text-decoration: none; text-indent: 0; border-bottom: Black 1pt solid">/s/ Frederick W. McTaggart</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Name:</TD>
    <TD STYLE="padding: 0; text-indent: 0">Frederick W. McTaggart</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Title:</TD>
    <TD STYLE="padding: 0; text-indent: 0">President &amp; CEO</TD>
    <TD STYLE="padding: 0; text-indent: 0">&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">Date: April 20, 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">&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"><B><U>EXHIBIT INDEX</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><U>Exhibit</U></TD><TD STYLE="text-align: justify"><U>Description</U></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">99.1</TD><TD STYLE="text-align: justify">Press release issued by <FONT STYLE="color: black">Consolidated
Water Co. Ltd. </FONT>on April 20, 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"></P>

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



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v310135_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 99.1</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"><U>For Immediate Release </U></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"><B>CONSOLIDATED WATER CO. LTD. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AFFILIATE RECEIVES FAVORABLE APPELLATE
COURT RULING</B></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: justify">GEORGE TOWN, Grand Cayman, Cayman Islands
(April 20, 2012) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: &ldquo;CWCO&rdquo;), which develops and operates
seawater desalination plants and water distribution systems in areas of the world where naturally occurring supplies of potable
water are scarce or nonexistent, today reported that its affiliate, Ocean Conversion (BVI) Ltd. (&ldquo;OC-BVI&rdquo;), has received
a favorable ruling from the Eastern Caribbean Supreme Court of Appeals (the &ldquo;Appellate Court&rdquo;) with respect to litigation
relating to the ownership and the amount of cash compensation to be paid in connection with the operations of a desalination plant
located at Baughers Bay, Tortola, British Virgin Islands (the &ldquo;Baughers Bay plant&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">In 2006 the government of the British Virgin
Islands (the &ldquo;BVI Government&rdquo;) notified OC-BVI that it was asserting a purported right of ownership over the Baughers
Bay plant. Shortly thereafter the BVI Government ceased paying OC-BVI the price for the water supplied from the Baughers Bay plant
that was in effect between the parties prior to the time this ownership dispute arose. In litigation that subsequently ensued in
the Eastern Caribbean Supreme Court (the &ldquo;Supreme Court&rdquo;) the BVI Government sought ownership of the plant without
compensation to OC-BVI and took the position that after the date the ownership dispute arose, OC-BVI was entitled to be paid only
for its costs to produce the water it supplied from Baughers Bay. OC-BVI counterclaimed that it was entitled to full payment for
all water supplied at the prices in effect before the BVI Government asserted its purported right, and that it should be paid by
the BVI Government for approximately US$4.7 million in improvements it made to the Baughers Bay plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 October 28, 2009, the Supreme Court
granted ownership of the Baughers Bay plant to the BVI Government, ordered the BVI Government to pay OC-BVI an additional $10.4
million for the water supplied, and denied OC-BVI&rsquo;s claim for compensation for the plant improvements.&nbsp;&nbsp;OC-BVI
and the BVI Government filed appeals of the judgment of the Supreme Court with the Appellate Court in October 2009. In the intervening
period the BVI Government has paid to OC-BVI $5.0 million of the $10.4 million awarded by the Supreme 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">The Appellate Court, in its ruling dated
April 18, 2012, dismissed the BVI Government&rsquo;s appeal against the judgment of the Supreme Court awarding $10.4 million for
the water supplied. Furthermore the Appellate Court awarded OC-BVI compensation for improvements made to the plant in the amount
equal to the difference between (i) the value of the Baughers Bay plant at the date OC-BVI transferred possession of the plant
to the BVI Government and (ii) $1.42 million (which represents the purchase price for the Baughers Bay plant under the water supply
agreement previously in effect). OC-BVI was also awarded all of its court costs at the trial level and two-thirds of such costs
incurred on appeal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;We and our partners in OC-BVI are
very pleased with the ruling of the Appellate Court and hope that this now ends a long running legal saga which started in late
2007. Prior to this legal dispute, OC-BVI pursued, for many months, an acceptable compromise with the BVI Government that would
allow continuation of a long-term, proven, mutually beneficial water supply arrangement without the need for legal action,&rdquo;
commented Chief Executive Officer Rick McTaggart. &ldquo;Unfortunately, OC-BVI was ultimately required to pursue all legal remedies,
including an appeal. We believe quite strongly in the integrity of OC-BVI&rsquo;s actions in this matter, in OC-BVI&rsquo;s legal
position, and in the fairness and quality of the water supply services OC-BVI provided from the Baughers Bay plant for two decades.&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"></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">&ldquo;The BVI Government has the option
to further appeal this ruling by the Appellate Court to the Privy Council in England within 42 days of the Appellate Court ruling.
Accordingly, the amounts awarded by the Appellate Court will not be reflected in our earnings from our investment in OC-BVI until
such time as the BVI Government pays OC-BVI such amounts,&rdquo; concluded Mr. McTaggart.</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">CWCO-G</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>About Consolidated Water Co. Ltd.</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">Consolidated Water Co. Ltd. develops and
operates seawater desalination plants and water distribution systems in areas of the world where naturally occurring supplies of
potable water are scarce or nonexistent. The Company operates water production and/or distribution facilities in the Cayman Islands,
Belize, the British Virgin Islands and The Commonwealth of The Bahamas.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consolidated Water Co. Ltd. is headquartered
in George Town, Grand Cayman, in the Cayman Islands. The Company&rsquo;s ordinary (common) stock is traded on the NASDAQ Global
Select Market under the symbol &ldquo;CWCO&rdquo;. Additional information on the Company is available on its website at http://www.cwco.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black"><I>This press
release includes statements that may constitute &ldquo;forward-looking&rdquo; statements, usually containing the words &ldquo;believe&rdquo;,
&ldquo;estimate&rdquo;, &ldquo;project&rdquo;, &ldquo;intend&rdquo;, &ldquo;expect&rdquo;, &ldquo;should&rdquo; or similar expressions.
These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking
statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of
our products and services in the marketplace, changes in our relationships with the Governments of the jurisdictions in which we
operate, the manner in which the disputed issues between OC-BVI and the BVI Government are finally resolved (including the subsequent
appeal that may be filed by the BVI Government), the outcome of our negotiations with the Cayman Government regarding a new retail
license agreement, our ability to successfully secure contracts for water projects, including the project under development in
Rosarito, Baja California, Mexico, our ability to develop and operate such projects profitably, and our ability to manage growth
and other risks detailed in our periodic report filings with the Securities and Exchange Commission (&ldquo;SEC&rdquo;).</I></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: blue">
</FONT><FONT STYLE="color: black"><I>The staff of the Division of Corporation Finance of the SEC (the &quot;Staff&quot;) has recently
inquired through the comment letter process as to what consideration we have given to recognizing an impairment of our goodwill.
We have responded to the Staff that we do not believe our goodwill has been impaired and the Staff is considering our position.&nbsp;
For additional information regarding this matter, see our Form 10-K filed with the SEC on March 15, 2012. </I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>By making these forward-looking statements,
the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.</I></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: center">For further information, please contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Frederick W. McTaggart, President and CEO,
at (345) 945-4277 or David W. Sasnett, Executive Vice President and CFO, at (954) 509-8200 or via e-mail at <I><U>info@cwco.com</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">RJ Falkner &amp; Company, Inc., Investor
Relations Counsel at (800) 377-9893 or via e-mail at <I>info@rjfalkner.com</I></P>



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