<SEC-DOCUMENT>0001144204-18-058445.txt : 20181109
<SEC-HEADER>0001144204-18-058445.hdr.sgml : 20181109
<ACCEPTANCE-DATETIME>20181108175032
ACCESSION NUMBER:		0001144204-18-058445
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20181108
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181109
DATE AS OF CHANGE:		20181108

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:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25248
		FILM NUMBER:		181170864

	BUSINESS ADDRESS:	
		STREET 1:		REGATTA OFFICE PARK, WINDWARD THREE,
		STREET 2:		4TH FLOOR, WEST BAY ROAD, P.O. BOX 1114
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1102
		BUSINESS PHONE:		345-945-4277

	MAIL ADDRESS:	
		STREET 1:		REGATTA OFFICE PARK, WINDWARD THREE,
		STREET 2:		4TH FLOOR, WEST BAY ROAD, P.O. BOX 1114
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONSOLIDATED WATER CO LTD
		DATE OF NAME CHANGE:	19990330

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CAYMAN WATER CO LTD
		DATE OF NAME CHANGE:	19941212
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tv506761_8k.htm
<DESCRIPTION>FORM 8-K
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">November 8, 2018</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt"><B>CONSOLIDATED
WATER CO. LTD.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact Name of Registrant as Specified in
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 33%; text-align: center">Cayman Islands, B.W.I.</TD>
    <TD STYLE="width: 34%; text-align: center">0-25248</TD>
    <TD STYLE="width: 33%; text-align: center">98-0619652</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or Other Jurisdiction of</TD>
    <TD STYLE="text-align: center">(Commission File No.)</TD>
    <TD STYLE="text-align: center">(IRS Employer Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Incorporation)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&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-top: 0pt; margin-bottom: 0pt; text-align: center">Regatta Office Park</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Not Applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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; text-indent: 52.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 62.7pt; color: #333333">&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%"><FONT STYLE="font-family: Wingdings; color: black">&uml;</FONT></TD>
    <TD STYLE="width: 97%; text-align: justify"><FONT STYLE="color: black">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings; color: black">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: black">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings; color: black">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: black">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings; color: black">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: black">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</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">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging growth company&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</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">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp; <FONT STYLE="font-family: Wingdings">&uml;</FONT></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;&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: 1in"><B>Item 2.02.</B></TD>
    <TD STYLE="text-align: justify"><B>Results of Operations and Financial Condition.</B></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">On November 8, 2018, Consolidated Water
Co. Ltd. (the &ldquo;Company&rdquo;) issued a press release announcing its results of operations for the third quarter ended September
30, 2018. A copy of the press release is attached as Exhibit 99.1 to this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 48.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information in this report, including
the exhibit hereto, is being &ldquo;furnished&rdquo; in accordance with General Instruction B.2 of Form 8-K. As such, this information
is not deemed to be &ldquo;filed&rdquo; for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and
is not incorporated by reference into any filings with the Securities and Exchange Commission unless it is explicitly so incorporated
in such filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 62.7pt">&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: 1in"><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; text-indent: 62.7pt">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">(d)</TD>
    <TD STYLE="text-align: justify">Exhibits.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 62.7pt">&nbsp;&nbsp;</P>

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    <TD STYLE="width: 9%; border-bottom: black 1pt solid">Exhibit&nbsp;No.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 89%; border-bottom: black 1pt solid">Title</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tv506761_ex99-1.htm">99.1</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv506761_ex99-1.htm">Press release issued by the Company on November 8, 2018.</A></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;&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; text-align: center; text-indent: 48.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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; text-indent: 62.7pt">&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>&nbsp;</TD>
    <TD COLSPAN="2">CONSOLIDATED WATER CO. LTD.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: black 1pt solid">/s/ David W. Sasnett</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;</TD>
    <TD>David W. Sasnett</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD COLSPAN="2">Executive Vice President &amp; Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date: November 8, 2018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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: center">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 62.7pt">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; border-bottom: black 1pt solid">Exhibit</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 89%; border-bottom: black 1pt solid">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tv506761_ex99-1.htm">99.1</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv506761_ex99-1.htm">Press release issued by the Company on November 8, 2018.</A></TD></TR>
</TABLE>
<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: right"></P>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tv506761_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<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: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -10pt"><B>CONSOLIDATED WATER
CO. LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -10pt"><B>REPORTS THIRD QUARTER
2018 RESULTS</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 0pt 0.5in; text-align: center"><B>Strong Gross Profit Performance
Driven by Growth in All Business Segments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Third Quarter 2018 Total Revenues Increased
13.6% to $18.8 million; Gross Profit Was $7.5 Million, Up 19.3% Year-Over-Year</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net Income Attributable to Consolidated
Water Stockholders Increased to $4.6 Million, or $0.30 per Fully Diluted Share from $1.2 million, or $0.08 per Fully Diluted Share</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">GEORGE TOWN, Cayman Islands, November 8,
2018 &mdash; Consolidated Water Co. Ltd. (NASDAQ: CWCO), a leading developer and operator of seawater desalination plants, reported
financial and operating results for its third quarter ended September 30, 2018.</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>Management Commentary</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">President and CEO Rick McTaggart commented:
&ldquo;We are pleased to report double-digit increases in gross profit across each of our business segments in the third quarter.
Our retail desalination operations benefitted from higher volumes and fuel pass-through charges, and our manufacturing operations
achieved operating improvements thanks to increased order flows and higher utilization. Income from operations for the third quarter
more than doubled year-over-year to $2.6 million, and net earnings for the period were up over 3.5 times from 2017 levels, thanks
to a one-time gain of approximately $1.9 million, reflecting the favorable resolution of outstanding litigation in the British
Virgin Islands.&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">&ldquo;As we previously disclosed, we are
in discussions to possibly sell our operations in Belize to our customer there. As part of this dialogue, we were able to repatriate
$2.75 million from our Belize operations in the third quarter, as well as an additional $1.0 million after the quarter end, following
many years of difficulties in transferring funds due to the economic conditions in the region.&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">&ldquo;Subsequent to the quarter end, we
re-commissioned our Windsor plant in the Bahamas, which is our second largest facility in our plant portfolio. This facility, which
provides 2.6 million US gallons per day to the government-owned Water and Sewerage Corporation, was refurbished with equipment
manufactured by us and designed with embedded operating efficiencies,&rdquo; Mr. McTaggart 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"><B>Financial Results for the Three Months
Ended September 30, 2018</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">Total revenues for the third quarter 2018
were $18.8 million, representing a 13.6% increase from $16.6 million in the third quarter of 2017. Gross profit amounted to $7.5
million, reflecting a 19.3% increase from $6.3 million in the year ago quarter. Inclusive of $846,000 in Rosarito-related expenses,
net income attributable to Consolidated Water stockholders was $4.6 million, or $0.30 per fully diluted share, ahead of $1.2 million,
or $0.08 per fully diluted share, reported in last year&rsquo;s comparable quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Financial Results for the Nine Months
Ended September 30, 2018</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">Total revenues for the first nine months
of 2018 were $50.0 million, up 5.3% compared to the $47.5 million reported in last year's comparable period. Gross profit was $20.7
million, up 5.8% from $19.6 million for the first nine months of 2017. Net income attributable to Consolidated Water stockholders
year-to-date was $8.8 million ($0.58 per fully diluted share), an increase of 99.9% from the $4.4 million ($0.29 per fully diluted
share) in the comparable period of 2017. Net income and diluted EPS for the first nine months of 2018 and 2017 included operating
expenses of $2.2 million and $2.5 million, respectively, related to development costs for the Rosarito desalination plant.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding: 0; text-indent: 0">Segment Results</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding: 0; text-indent: 0"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Three Months Ended September 30, 2018 (Unaudited)</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0"></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">Retail</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">Bulk</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">Services</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">Manufacturing</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">Total</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font-size: 10pt; padding: 0; text-indent: 0">Revenues</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,185,558</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">8,577,456</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">807,424</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">3,253,750</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; 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">18,824,188</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: 0; text-indent: 0">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">2,750,599</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">5,658,373</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">682,713</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">2,205,830</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">11,297,515</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">3,434,959</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,919,083</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">124,711</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,047,920</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">7,526,673</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding: 0; text-indent: 0"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD COLSPAN="17" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Three
                                         Months Ended September 30, 2017 (Unaudited)</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0"></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"><FONT STYLE="font-size: 10pt"><B>Retail</B></FONT></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"><FONT STYLE="font-size: 10pt"><B>Bulk</B></FONT></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"><FONT STYLE="font-size: 10pt"><B>Services</B></FONT></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"><FONT STYLE="font-size: 10pt"><B>Manufacturing</B></FONT></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"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></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: White">
    <TD STYLE="font-size: 10pt; padding: 0; width: 35%; text-indent: 0">Revenues</TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">$</TD><TD STYLE="font-size: 10pt; text-align: right; width: 10%">5,570,654</TD><TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">$</TD><TD STYLE="font-size: 10pt; text-align: right; width: 10%">7,881,464</TD><TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">$</TD><TD STYLE="font-size: 10pt; text-align: right; width: 10%">111,302</TD><TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">$</TD><TD STYLE="font-size: 10pt; text-align: right; width: 10%">3,008,783</TD><TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">$</TD><TD STYLE="font-size: 10pt; text-align: right; width: 10%">16,572,203</TD><TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">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">2,488,441</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">5,582,401</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">114,667</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">2,078,888</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">10,264,397</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: 0; text-indent: 0">Gross profit (loss)</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">3,082,213</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,299,063</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(3,365</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">929,895</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">6,307,806</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"></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>Summary and Outlook</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">&ldquo;Our year-to-date consolidated financial
results demonstrate the positive performance of our core desalination operations, and in the third quarter we saw a recovery in
manufacturing, reflecting our ability to take on third party orders now that our Windsor plant is completed.&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">&ldquo;We continue to execute on the next
steps with respect to the Rosarito project, which represents the most important initiative we have undertaken. Faced with water
shortages, Mexico is turning to alternative solutions, such as desalination, and the Rosarito plant will secure drinking water
supplies in the coastal region of Baja California for the next 40 years.&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">&ldquo;Our capital allocation priorities
remain the same: investing in the business and returning the capital to our shareholders in the form of dividends. Our capital
expenditures will decrease now that the Windsor plant is completed but will remain above last year&rsquo;s levels as we also continue
to work on the expansion of the Abel Castillo Water Works plant in Grand Cayman. The improvements to this plant will continue through
the first quarter of 2019,&rdquo; Mr. McTaggart concluded.</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"><B>Investor Conference Call</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"><B>The Company will host a conference call
at 8:30 a.m. Eastern Time (EST) on Friday, November 9, 2018 to review the Company's operating results for the third quarter of
2018, along with other relevant topics of interest. Shareholders and other interested parties may participate in the conference
call by dialing 844-875-6913 (international participants dial 412-317-6709) and requesting participation in the &quot;Consolidated
Water Company Call&quot; a few minutes before 8:30 a.m. EST on Friday, November 9, 2018.</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>A replay of the conference call will
be available one hour after the call through Friday, November 16, 2018 at 9:00 a.m. EST by dialing 877-344-7529 (international
participants dial 412-317-0088) and entering the conference ID # 10126036.</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>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. The Company operates water production and/or distribution facilities in the Cayman Islands, Belize, the
British Virgin Islands, The Commonwealth of The Bahamas, and Bali, Indonesia. The Company also manufactures and services a wide
range of products and provides design, engineering, management, operating and other services applicable to commercial and municipal
water production, supply and treatment, and industrial water and wastewater treatment in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 <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>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;, &ldquo;will&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
the Company&rsquo;s products and services in the marketplace, changes in its relationships with the governments of the jurisdictions
in which it operates, the outcome of its negotiations with the Cayman government regarding a new retail license agreement, its
ability to successfully secure contracts for new water projects, including the project under development in Baja California, Mexico,
its ability to develop and operate such projects profitably, its ability to renew existing bulk water supply contracts, its ability
to collect its delinquent accounts receivable in the Bahamas, and its ability to manage growth and other risks detailed in the
Company&rsquo;s periodic report filings with the Securities and Exchange Commission (&ldquo;SEC&rdquo;).</I></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: justify"><I>&nbsp;&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>For further information, please contact our investor relations
firm, AdvisIRy Partners:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lynn Morgen: (212) 223-4147 <U>lynn.morgen@advisiry.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Eric Prouty: (212) 750-5800 <U>eric.prouty@advisiry.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Viktoriia Nakhla: (646) 625-4800 <U>vicky.nakhla@advisiry.com</U></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&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; white-space: nowrap">September 30,</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; white-space: nowrap">December 31,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&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; white-space: nowrap">2018</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; white-space: nowrap">2017</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; white-space: nowrap"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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">ASSETS</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left; padding-left: 9pt">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; white-space: nowrap">34,367,483</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; white-space: nowrap">47,182,966</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 9pt">Accounts receivable, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">22,996,276</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">15,047,846</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: 9pt">Inventory</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">2,538,052</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">1,744,445</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 9pt">Prepaid expenses and other current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">1,598,061</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">1,077,257</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: 9pt">Current portion of loans receivable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">1,093,641</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">1,400,448</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Costs and estimated earnings in excess of billings</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">1,396,166</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">238,435</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 assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">63,989,679</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">66,691,397</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">47,342,177</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">50,525,064</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">Construction in progress</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">16,742,806</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">1,823,284</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Inventory, non-current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">4,825,253</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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">4,758,973</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">Loans receivable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">734,980</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Investment in OC-BVI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">2,464,537</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">2,783,882</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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">8,384,248</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">8,384,248</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Land and rights of way held for development</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">23,673,855</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">21,505,675</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 assets, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">2,710,790</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">3,765,434</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">2,369,214</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">4,507,958</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; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">172,502,559</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">165,480,895</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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: 9pt">Accounts payable and other current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">$</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">6,539,508</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">$</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">5,662,448</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 9pt">Dividends payable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">1,284,964</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">1,281,612</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: 9pt">Note payable to related party</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">1,078,000</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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">686,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Billings in excess of costs and estimated 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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">21,578</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">1,258</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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">8,924,050</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">7,631,318</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Deferred tax liability</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">757,447</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">1,024,893</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">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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">778,307</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">803,307</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">10,459,804</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">9,459,518</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">Commitments and contingencies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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">Consolidated Water Co. Ltd. stockholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 9pt">Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares; issued and outstanding 36,498 and 33,488 shares, respectively</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">21,899</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">20,093</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: 9pt">Class A common stock, $0.60 par value. Authorized 24,655,000 shares; issued and outstanding 14,964,281 and 14,918,869 shares, respectively</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">8,978,569</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">8,951,321</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 9pt">Class B common stock, $0.60 par value. Authorized 145,000 shares; none issued</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">-</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: 9pt">Additional paid-in capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">86,904,523</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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">86,405,387</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 9pt">Retained earnings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">58,113,606</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">53,105,196</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: 9pt">Cumulative translation adjustment</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">(549,555</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">(549,555</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Total Consolidated Water Co. Ltd. stockholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">153,469,042</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">147,932,442</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">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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">8,573,713</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">8,088,935</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">162,042,755</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">156,021,377</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; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">172,502,559</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; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">165,480,895</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"><B>&nbsp;</B></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; text-align: center"><B>CONDENSED CONSOLIDATED STATEMENTS OF
INCOME</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<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; white-space: nowrap">Three Months Ended September 30,</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="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Nine Months Ended September 30,</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; white-space: nowrap">2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2017</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; white-space: nowrap">2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2017</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left">Retail revenues</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; white-space: nowrap">6,185,558</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; white-space: nowrap">5,570,654</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; white-space: nowrap">18,884,929</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; white-space: nowrap">18,111,274</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 revenues</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">8,577,456</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">7,881,464</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">25,294,821</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">23,615,787</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Services revenues</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">807,424</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">111,302</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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">1,054,100</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">360,758</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">Manufacturing 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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">3,253,750</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">3,008,783</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">4,798,948</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">5,444,678</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 9pt">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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">18,824,188</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">16,572,203</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">50,032,798</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">47,532,497</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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">2,750,599</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">2,488,441</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">8,234,803</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">7,895,617</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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">5,658,373</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">5,582,401</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">16,848,668</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">15,750,402</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Cost of services revenues</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">682,713</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">114,667</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">921,653</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">320,586</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">Cost of manufacturing 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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">2,205,830</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">2,078,888</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">3,300,370</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">3,967,945</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 9pt">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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">11,297,515</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">10,264,397</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">29,305,494</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">27,934,550</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">Gross profit</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">7,526,673</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">6,307,806</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">20,727,304</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">19,597,947</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">General and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">4,941,564</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">4,896,323</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">14,263,762</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">14,695,184</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">Loss on asset dispositions and impairments, 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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">12,415</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">578,480</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">14,405</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">1,578,480</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">2,572,694</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">833,003</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">6,449,137</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">3,324,283</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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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: 9pt">Interest income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">172,805</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">70,741</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">504,028</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">301,813</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 9pt">Interest expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">(2,492</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">)</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">(1,016</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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">(7,122</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">)</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">(11,178</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: 9pt">Profit-sharing income from OC-BVI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">536,625</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">36,450</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">621,675</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">46,575</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 9pt">Equity in the earnings of OC-BVI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">1,472,154</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">138,913</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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">1,710,230</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">127,955</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: 9pt">Net unrealized gain (loss) on put/call options</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">75,000</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">171,000</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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">(47,000</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">)</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">323,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; padding-left: 9pt">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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">48,841</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">31,206</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">(26,670</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">83,791</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, 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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">2,302,933</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">447,294</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">2,755,141</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">871,956</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Income before income taxes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">4,875,627</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">1,280,297</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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">9,204,278</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">4,196,239</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">Provision for (benefit from) income taxes</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">12,659</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">(136,447</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">(113,607</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">(412,592</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">4,862,968</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">1,416,744</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">9,317,885</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">4,608,831</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">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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">310,579</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">255,605</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">484,778</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; white-space: nowrap">191,916</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">4,552,389</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">1,161,139</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; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">8,833,107</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">4,416,915</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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">0.30</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">0.08</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; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">0.59</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">0.30</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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">0.30</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">0.08</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; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">0.58</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">0.29</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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">0.085</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">0.075</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; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">0.255</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">0.225</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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; white-space: nowrap">&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; padding-left: 9pt">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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">14,963,195</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">14,898,246</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">14,960,602</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">14,886,738</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 9pt">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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">15,124,720</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">15,072,142</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; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">15,119,415</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right; white-space: nowrap">15,054,343</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
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