Cwco corporate presentation march 2020

1. Corporate Presentation March 2020
NASDAQ:CWCO

2. NASDAQ:CWCO
Important Cautions Regarding Forward-Looking Statements
This presentation includes statements that may constitute "forward-looking" statements, usually
containing the words "believe", "estimate", "project", "intend", "expect", "should", "will" 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 (i) continued acceptance of the company's products and services in the marketplace;(ii) changes
in its relationships with the governments of the jurisdictions in which it operates; (iii) the outcome
of its negotiations with the Cayman government regarding a new retail license agreement; (iv) its
ability to complete the project under development in Baja California, Mexico; (v) the future
financial performance of its subsidiary that manufactures water treatment-related systems and
products and provides design, engineering, management, operating and other services applicable
to commercial, municipal and industrial water production; (vi) the collection of its delinquent
accounts receivable in the Bahamas; (vii) its ability to integrate and profitably operate recently
acquired subsidiary PERC Water Corporation; and (viii) various other risks, as detailed in the
company's periodic report filings with the Securities and Exchange Commission (“SEC”).
For more information about risks and uncertainties associated with the company’s business, please
refer to the “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” and “Risk Factors” sections of the company’s SEC filings, including, but not limited to,
its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be
obtained by contacting the company’s Secretary at the company’s executive offices or at the
“Investors – SEC Filings” page of the company’s website at http://ir.cwco.com/docs/. Except as
otherwise required by law, the company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information, future events or otherwise.
© Consolidated Water Co. Ltd. 2020 All Rights Reserved. Product of CMA. 03112020
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3. NASDAQ:CWCO
Key Stats (NASDAQ: CWCO)
3
Revenue GrowthStock Price (3/24/20) $14.39
52 Week Low-High $12.00- $18.83
Avg. Vol. (3-mo.) 67,263
Shares Outstanding 15.1M
Public Free Float (est.) 95%
Insider Holdings (est.) 5%
Institutional Holdings 58%
Market Cap $217M
Enterprise Value $174M
Total Annual Revenue 2019 $68.8M
Gross Profit $28.3M
Net Income $12.2M
Net Income Margin 18%
Cash @ 12/31/19 $42.9M
Total Assets $192.3M
Total Debt $0.08M
Total Liabilities $14.3M
Dividend Yield @ 1/31/20 2.0%
Book Value per Common Share $10.58
Founded 1973
U.S. IPO 1995
Full-time Employees 105
3
Sources: Nasdaq.com, Yahoo! Finance, www.bigcharts.com and
company estimates
($millions)
$55.3M
$59.4M
$65.7M
$68.8M
2016 2017 2018 2019
Services
Manufacturing
Bulk
Retail
Revenue excludes CW-Belize which was sold in February 2019.

4. NASDAQ:CWCO
Who We Are
• Develop & operate advanced water treatment plants and water
distribution systems in U.S. and Caribbean/Bahamas
• Focused on areas of the world where naturally-occurring
freshwater supplies are limited or non-existent
• 25.6 million gallons per day produced by 12 seawater desalination
plants in three countries in the Caribbean/Bahamas 1
• 31 advanced water treatment facilities built and operated in
Southwest U.S.
• Equipment manufacturer & service provider for municipal water
treatment and industrial water/wastewater treatment in the U.S.
• Long-term contracts protect margins, generate recurring revenue
• Pursuing both organic and acquisitive growth strategies, while
providing shareholders solid dividend yield
41) Production capacity of retail, bulk and affiliate operations as of December 31, 2019, excluding Belize which was sold in February 2019 and CW-Bali which was sold in June 2019.

5. NASDAQ:CWCO
$16.4B
$37.6B
17 18 19 20 21 22 23 24 25 26
5
Global Opportunity for Desalination
• Market to double by 2026, reaching $37.6 billion @
9.5% CAGR
• 1,700+ desalination plants globally, more being
commissioned
• Multiple catalysts for desalination market growth:
• Shrinking/limited freshwater resources
• Adverse environment changes
• Growing populations
• Increasing fresh water prices
• Improving regulatory and tax environments
• Market maturing in Middle East, Africa, Southern
Europe, and some parts of the Caribbean
• However, huge potential in developing and highly-
populated regions of Asia Pacific and Latin America
Source: Credence Research Sep 2018
Global Desalination Market Growth

6. NASDAQ:CWCO
Market for wastewater treatment facilities in these four
states growing at 8% CAGR to $3 billion by 2023.1
Desalination Market Opportunity
6
U.S. Wastewater Treatment & Desalination Opportunity
• U.S. increasingly providing opportunities for
desalination, particularly in the Southwest.
• California2
• Coastline provides access to extensive desalination
opportunities
• 11 desalination plants currently operating
• 10 currently proposed
• Arizona
• Perpetually short on water and facing a Colorado
River supply shortage
• Currently looking at ways to treat its ~600 million acre
feet of brackish water deposits using desalination
$2B
$3B
19 20 21 22 23
Wastewater Treatment Market Opportunity in
Currently Targeted States: CA, AZ, TX & FL
1) GWI WaterData USA State-level Utility Forecast, adjusted based on US EPA data on NPDES violations
2) Wired: Desalination Is Booming as Cities Run out of Water

7. NASDAQ:CWCO
We Address this Opportunity
through Four Operating Segments
Retail Water Bulk Water Manufacturing Services
Cayman Islands: Exclusive
government license to
operate as a water utility.
Produce and supply water to
residential, commercial and
government customers.
Serve two of the three most
populated and rapidly
developing areas on Grand
Cayman Island.
Retail 2019 revenue: $26.5M
or 38% of total revenue.
Cayman Islands & The
Bahamas: We produce and
supply water to government-
owned distributors.
British Virgin Islands: We
own 43.53% of the equity
rights of Ocean Conversion
(BVI) Ltd., which produces
and supplies bulk water to
the British Virgin Islands
Water & Sewerage
Department.
Bulk 2019 revenue: $27M or
39% of total revenue.
Manufacture and service a
wide range of water-related
products.
Design, engineer, manage,
operate, and provide other
services for commercial,
municipal and industrial
water production, supply and
treatment.
Substantially all customers
are U.S. companies.
Manufacturing 2019
revenue: $13.6M or 20% of
total revenue.
Plant construction,
management and operating
services.
United States: We acquired
51% of PERC Water
Corporation (PERC), a water
infrastructure provider, which
has expanded our product
offerings and presence in the
U.S. It generated ~$1.4M in
revenues over the two
months ended Dec. 31, 2019.
Services 2019 revenue
(including PERC): $1.8M or
3% of total revenue.
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8. NASDAQ:CWCO
8
Global Presence
British Virgin Islands
2 Plants, 0.8M gal./day
The Bahamas
3 Plants, 14.9M gal./day
Aerex Industries
Ft. Pierce, FL
Cayman Islands
7 Plants, 9.9M gal./day
Rosarito, Mexico (In Development)
1 Plant, 50.0M + 50.0M gal./day
US Office
Coral Springs, FL
Overview
Countries of Operation: 4
Plants in Operation: 12
Gallons per Day, current: 25.6M 1
Plants Under Development: 1
Additional Gallons per Day in development: 100M
We focus on Areas of the World Where Freshwater Supplies are Limited or Non-Existent
1) Production capacity of retail, bulk and affiliate operations as of December 31, 2019, excluding Belize which was sold in February 2019 and CW-Bali which was sold in June 2019.
PERC Water Corporation
31 Facilities, Southwest

9. NASDAQ:CWCO
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Desalination: How it Works
Intake
Water sourced
directly from the
ocean or from
seawater well.
Reverse Osmosis Process
Semi-permeable membrane
breaks connection between salt
and water molecules by
rejecting the salt.
Pretreatment
Filtered to remove
suspended
particles (sand,
grit, algae) and
chemicals
(hydrocarbons).
Desalination
Water pumped
through special
membrane.
Removes >99%
dissolved solids (salt,
minerals), bacteria,
and viruses.
40% conversion from
salt to fresh water.
Waste
Brine discharged
in environmentally
responsible
manner into
ocean or deep
injection well.
Post-treatment
Water chlorinated
and pH adjusted as
needed.
Minerals can be
added to match taste
of existing water
supply.
To the Public
Potable water stored
and released to
municipal customers
(bulk segment) or
distributed through our
utility directly to end
users (retail segment).

10. NASDAQ:CWCO
 We operate plants and
water distribution
systems for our
commercial & industrial
customers, as well as
those of other
companies.
 Our experience and
know-how ultimately
reduces the cost of
water.
 We provide financing for
our projects as requested
by our customers.
 Allows us to provide the
full-turn key solution,
even the financing.
 45 years’ experience
building plants and
distribution systems, and
delivering specialized
water equipment.
 Fast-tracked construction
schedules.
 Specialized manu-
facturing capabilities.
 Turn-key solutions for
areas with limited fresh
water supply.
 Proven, highly efficient
engineering design
derived from operating
experience.
 Extensive design
experience by top water
engineers.
Our Value Proposition
10

11. NASDAQ:CWCO
Ownership History
Feb 2016: Acquired 51% of Aerex
Jan 2020: Acquired remaining 49% interest in Aerex for $8.5M
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Aerex Industries Subsidiary
• Florida-based OEM & service provider for municipal
water treatment and industrial water/wastewater
treatment
• Provides us a platform to penetrate the lucrative U.S.
water and wastewater market
• Diversifies our revenue stream
• Strengthening performance:
• Income from operations of ~$2.6M on revenue of
~$13.6M for full year 2019
• Compares to loss from operations of $(148,000) on
revenue of ~$7.3M for full year 2018

12. NASDAQ:CWCO
• PERC Water: award-winning water infrastructure company,
headquartered in Costa Mesa, CA.
• Develops, designs, builds, operates and manages water and
wastewater infrastructure throughout Western U.S.
• Strong Southwest U.S. presence — where water shortages are
increasingly prevalent.
• Proven platform to expand our core business of designing,
constructing and operating desalination plants to water-short
regions of the U.S., particularly the Southwest.
• Complements Aerex, our water treatment equipment
manufacturing subsidiary
• Furthers overall growth strategy:
• Widens our geographical footprint
• Diversifies our revenue stream with synergistic product and
service offerings
• Expands market opportunities
PERC Water Acquisition – Oct. 24, 2019
Expands U.S. Product & Service Offerings and Presence
27 Award Winning Designs
12

13. NASDAQ:CWCO
• Project: Groundwater Reliability Improvement Program
(GRIP), Advanced Water Recycling Facility
• Client: Water Replenishment District of So. California
• Location: City of Pico Rivera, CA
• Service Area: 43 cities, 4 million people
• Capacity: 12M gal./day of fully advanced treated recycled
water for groundwater recharge & replenishment
13
PERC Design Approach
• Aesthetically-pleasing, natural architectural
designs.
• Small footprint, with underground tanks using 70%
less land.
• Easy access for maintenance.
• Automation & controls with remote monitoring.

14. NASDAQ:CWCO
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Competitive Advantages
 45 years of broad industry experience
 Can design, build and operate highly energy-efficient plants
 Ability to provide “Turn-Key” water treatment and
distribution solutions
 Operating margins protected by long-term water supply
contracts with inflation and energy cost hedges
 Specialized manufacturing expertise (Aerex)
 Strong balance sheet ($42.9M cash, <$79K in debt)

15. NASDAQ:CWCO
Net IncomeRevenue Gross Profit
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Financial Performance ($millions)
$23.0M $24.0M
$26.7M
$28.3M
2016 2017 2018 2019
Services
Manufacturing
Bulk
Retail
$55.3M
$59.4M
$65.7M
$68.8M
2016 2017 2018 2019
Services
Manufacturing
Bulk
Retail
$4.0M
$6.1M
$11.3M
$12.2M
2016 2017 2018 2019
Dividend Yield: 2.0%
Revenue excludes CW-Belize which was sold in February 2019. Gross profit excludes CW-Belize which was sold in February 2019. Dividend yield @ 1/31/20.

16. NASDAQ:CWCO
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Rosarito Project – Under Development
• New major project under development in Rosarito, Baja
California, Mexico
• 100M gal./day seawater desalination plant
• Two development phases of 50M gal./day each
• Opportunity to export water to U.S. markets
• Financing by third-party non-recourse debt and equity
• CWCO will own equity position in the plant
• Water to be sold under long-term contract (37 years)
• CWCO/Suez JV to also have 37-year O&M (operations &
maintenance) contract
Rosarito,
Baja California

17. NASDAQ:CWCO
17
Rosarito Project – Next Steps
• State water agency to establish and register
various payment trusts, guaranties and bank credit
lines
• Acquire remaining rights-of-way for the aqueduct
• Execute debt & equity agreements
• Begin construction

18. NASDAQ:CWCO
18
Acquisition Strategy
• Target existing water treatment-related businesses.
• Follow successful approach used in last several transactions.
• Primary target is complementary business to base business
model: companies that operate advanced water treatment
plants for governments or governmental agencies under
medium to long term contracts.
• Also looking at manufacturing and technology companies,
similar to Aerex Industries, that provide a competitive edge
to obtain new contracts and/or access to new markets.
• Will utilize existing cash and can leverage strong balance
sheet if debt is required.

19. NASDAQ:CWCO
Revenue Growth
($millions)
19
Key Takeaways
• Expert in all facets of desalination plants and water
distribution systems with decades of experience
• Long-term contracts provide recurring revenue stream with
margin protection
• High-growth global market opportunities
• Manufacturing operations diversifies revenue, provides
access to U.S. market
• PERC acquisition diversifies revenue sources and provides
opportunity for further expansion in the U.S.
• Favorable organic and acquisitive expansion opportunities
• Strong balance sheet supports ability to invest
• Rosarito project anticipated to be transformative
$55.3M
$59.4M
$65.7M
$68.8M
2016 2017 2018 2019
Dividend Yield: 2.0%
Revenue excludes CW-Belize which was sold in February 2019. Dividend yield @ 1/31/20.

20. NASDAQ:CWCO
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Contact Us
Investor Relations
Ron Both
CMA
Tel 949.432.7566
CWCO@cma.team
U.S. Office:
Aquilex, Inc.
5810 Coral Ridge Drive
Suite 220
Coral Springs, FL 33076
Tel 954-509-8200
Corporate HQ:
Consolidated Water Co. Ltd.
Regatta Office Park
Windward Three, 4th Floor
West Bay Road
PO Box 1114
Grand Cayman, KY1-1102
Cayman Islands
Tel 345-945-4277
info@cwco.com
www.cwco.com
NASDAQ:CWCO

21. NASDAQ:CWCO
Frederick W. McTaggart
President, Chief Executive
Officer and Director
Director of the company
since 1998.
President since October
2000 and Chief Executive
Officer since January 1,
2004.
Chief Financial Officer from
February 2001 to January
2004.
From April 1994 to October
2000, was the Managing
Director of the Water
Authority-Cayman, the
government-owned water
utility serving certain areas
of the Cayman Islands.
BS in Building Construction
from the Georgia Institute
of Technology.
David W. Sasnett
EVP and Chief Financial
Officer
Executive Vice President
and Chief Financial Officer
since June 2006. Served on
Board of Directors from
December 2004 through
May 2015.
March 2014 - April 2015, a
member of the Board of
Directors of DubLi Inc.
Former CFO of VoIP Inc., a
publicly traded provider of
VoIP communication
services. Earlier was VP of
Finance and Controller for
MasTec, a specialty
contractor and
infrastructure provider
traded on the NYSE.
CFO of Catalina Lighting, a
NYSE listed manufacturer
and distributor of
residential lighting from
1996-2002.
12 years at Deloitte &
Touche. Certified Public
Accountant.
John Tonner
EVP and Chief Commercial
Officer
Joined as COO Sept. 2011.
Appointed EVP in 2013 and
CCO in 2016.
Previously president and
partner in Water
Consultants International, a
leading desalination
consulting firm.
30 years of engineering
experience with reverse
osmosis and membrane
technology. Has patented
reverse osmosis energy
recovery techniques.
Registered as a Chartered
Engineer, Chartered
Environmentalist and
European Ingenieur.
Provided due diligence
oversight for the some of
the largest desalination
projects in Asia, Australia
and Middle East.
Honors degree in
Mechanical Engineering
from University of Paisley,
Scotland.
Ramjeet Jerrybandan
EVP of Operations
Joined in 1998 as the
Operations Engineer in
Grand Cayman. Promoted
to Operations Manager
(Cayman) in 2005, became
VP of Overseas Operations
in May 2006 and promoted
to EVP of Operations
in December 2016.
Appointed as company
secretary in 2013.
Hold Bachelor of Science
degree in Industrial
Engineering and Master of
Science degree in
Engineering Management
from University of the
West Indies. Advanced
Diploma in Business
Administration from the
Association of Business
Executives of London.
Extensive training in
Information Technology,
including industrial
automation systems.
Armando Averhoff
VP of Information
Technology
Joined Consolidated Water
in November of 2010 as
Director of Information
Technology and was
promoted to VP of
Information Technology in
August 2014.
More than 25 years of
experience with various
aspects of information
technology including
infrastructure design,
networking, servers,
application development,
ERP systems and computer
operations.
Previously was IT Director
at Arrow Cargo Airlines and
Computer Operations
Manager at LNR Property
Corporation.
Brent Brodie
VP of Sales and Marketing
Appointed Director of Sales
and Marketing in
September 2010 and
promoted to VP of Sales
and Marketing in 2012.
12 years’ experience
serving in a variety of
positions with GE Water
and Process Technologies.
Most recently as Capital
Equipment Sales Manager
for the Caribbean region.
Responsible for the
management of multiple
market channels, including
Direct Sales, Indirect
Distribution, Sales
Representatives, Joint
Ventures and OEMs.
Bachelor of Science in
Chemical Engineering from
University of Minnesota.
Master of Business
Administration (Marketing
Emphasis) from the
University of Michigan.
Jamie Bryan
VP of Manufacturing
Joined in May 2019 as VP of
Manufacturing.
22 years’ experience of
operational management
experience in engineering,
manufacturing, plant
integration and
development, product
development, and
distribution.
Earlier, Bryan assumed
increasing responsibilities at
a family of manufacturing
companies, including a
global leader in water
distribution and
infrastructure products.
He also previously served as
electrical and mechanical
engineer at a national water
systems provider, as well as
a plant manager for a
custom architectural stone
manufacturer.
Master of Business
Administration, a B.S. in
Mechanical Engineering and
a B.S. in Electrical
Engineering from Kent State
University.
Todd Redding
VP of Logistics
Joined Consolidated Water
in 2008 as a Senior
Purchasing Officer and was
promoted to VP of
Purchasing and Logistics in
January of 2020.
More than 25 years of
experience in purchasing
and supply chain
management. This includes
internal controls, system
implementations, domestic
as well as foreign
purchasing, shipping,
warehousing and logistics.
Previously served as VP of
North American Operations
for Catalina Lighting, a
manufacturer and
distributor of residential
lighting. Earlier, he served
as Manager of Internal
Audit at Carnival Cruise
Lines.
Bachelor of Science in
Accounting from University
of Florida.
Douglas R. Vizzini
VP of Finance
Joined in January 2007 as
Corporate Controller and
promoted to VP of Finance
in 2012.
20 years of experience
including more than eight
years with the accounting
firm of Deloitte & Touche,
and 10 years as corporate
controller for various public
companies.
Bachelor of Accounting and
Master of Science in
Taxation from Florida
International University and
is a Certified Public
Accountant.
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Executive Management Team

22. NASDAQ:CWCO
22
Consolidated Balance Sheet