CWCO Investor Presentation June 2019

1. Corporate Presentation June 2019
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” or similar expressions. These statements are made
pursuant to the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements.
Factors that would cause or contribute to such differences include, but are not
limited to, continued acceptance of our products and services in the
marketplace, changes in our relationships with the governments of the
jurisdictions in which we operate, the outcome of our negotiations with the
Cayman government regarding a new retail license agreement, our ability to
successfully secure contracts for water projects, including the project under
development in Rosarito Mexico, our ability to develop and operate such
projects profitably and other risks detailed in our periodic report filings with the
Securities and Exchange Commission.
By making these forward-looking statements, the Company undertakes no
obligation to update these statements for revisions or changes after the date of
this presentation.
© Consolidated Water Co. Ltd. 2019 All Rights Reserved. A product of CMA. 06032019
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3. NASDAQ:CWCO
Key Stats (NASDAQ: CWCO)
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Revenue GrowthStock Price (5/30/19) $13.42
52 Week Low-High $10.76 - $15.00
Avg. Vol. (3-mo.) 43,407
Shares Outstanding 15.0M
Public Free Float (est.) 95%
Insider Holdings (est.) 5%
Institutional Holdings 57%
Market Cap $201.6M
Enterprise Value $163.6M
Total Revenue (TTM) $68.2M
Gross Profit (TTM) $27.5M
Net Income (TTM) $15.4M
Net Income Margin (TTM) 23%
Cash (@ 3/31/2019) $38.0M
Total Assets $181.2M
Total Debt $0.0M
Total Liabilities $12.2M
Dividend Yield 2.5%
Book Value per Common Share $10.61
Founded 1973
U.S. IPO 1995
Full-time Employees 108
3
TTM = Trailing twelve months ended March 31, 2019
Sources: Nasdaq.com, Yahoo! Finance, and company estimates
($millions)
$55.3M
$59.4M
$65.7M
$68.2M
2016 2017 2018 TTM
Services
Manufacturing
Bulk
Retail
Revenue excludes CW-Belize which was sold in February 2019.

4. NASDAQ:CWCO
Who We Are
• Design, finance, build and operate desalination plants and water
distribution systems
• Focused on areas of the world where freshwater supplies are
limited or non-existent
• 25.9 million gallons per day produced by 13 plants in four
countries, primarily in the Caribbean/Bahamas 1
• Equipment manufacturer & service provider for municipal water
treatment and industrial water/wastewater treatment in the U.S.
• Long-term engagements protect margins, generate recurring
revenue
• Pursuing both organic and acquisitive growth strategies, while
providing shareholders high dividend yield
41) Production capacity of retail, bulk and affiliate operations as of December 31, 2018, excluding Belize which was sold in February 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 fresh water 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 part of the Caribbean Islands
• 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
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.
We produce and supply
water to residential,
commercial and government
customers.
We service two of the three
most populated and rapidly
developing areas on Grand
Cayman Island.
Retail TTM revenue: $25.9M
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 TTM revenue: $30.7M
or 45% of total revenue.
We manufacture and service
a wide range of water-
related products.
We 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 TTM revenue:
$9.8M or 14% of total
revenue.
We provide desalination
plant management and
operating services for
affiliated companies.
We design, construct, finance
and sell desalination plants
to third parties.
In 2017, services generated
~1% of consolidated
revenues.
Services TTM revenue:
$1.8M or 3% of total
revenue.
6TTM = Trailing twelve months ended March 31, 2019

7. NASDAQ:CWCO
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Global Presence
British Virgin Islands
2 Plants, 0.8M gal./day
The Bahamas
3 Plants, 14.9M gal./day
Aerex Industries Subsidiary
Ft. Pierce, FL
Cayman Islands
7 Plants, 9.9M gal./day
Bali, Indonesia
1 Plant, 0.3M gal./day
Rosarito, Mexico (In Development)
1 Plant, 50.0M + 50.0M gal./day
US Office
Coral Springs, FL
Overview
Countries of Operation: 6
Plants in Operation: 13
Gallons per Day, current: 25.9M 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 March 31, 2019, excluding Belize which was sold in February 2019.

8. 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) or distributed
through our utility
directly to end users
(retail).

9. 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
9

10. NASDAQ:CWCO
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Aerex Industries
• Acquired 51% interest in Aerex Industries in February
2016
• OEM (original equipment manufacturer) and service
provider for municipal water treatment and industrial
water/wastewater treatment
• Provides a platform to penetrate the lucrative U.S.
water and wastewater market
• Diversifies revenue sources

11. NASDAQ:CWCO
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Competitive Advantages
✓ 45 years of broad industry experience
✓ Can design, build and operate highly energy-efficient plants
✓ Deep relationships in operating countries
✓ Ability to provide “Turn-Key” water treatment and
distribution solutions
✓ Dominant presence in the Caribbean market
✓ Operating margins protected by long-term water supply
contracts with inflation and energy cost hedges
✓ High-quality, affordable fresh water
✓ Specialized manufacturing expertise (Aerex)
✓ Strong balance sheet ($38M cash, no debt)

12. NASDAQ:CWCO
Revenue Gross Profit
12
Financial Performance ($millions)
$23.0M
$24.0M
$26.7M $27.5M
2016 2017 2018 TTM
Services
Manufacturing
Bulk
Retail
Net Income
$55.3M
$59.4M
$65.7M
$68.2M
2016 2017 2018 TTM
Services
Manufacturing
Bulk
Retail
$4.0M
$6.1M
$11.3M
$15.4M
2016 2017 2018 TTM
Dividend Yield: 2.5%
TTM = Trailing twelve months ended March 31, 2019
Revenue excludes CW-Belize which was sold in February 2019. Gross profit excludes CW-Belize which was sold in February 2019.

13. NASDAQ:CWCO
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Growth Drivers
• Positive long-term trends in water
• Proven operating expertise and extensive project resume
• Long-term contracts provide consistent revenue stream
• Strong balance sheet supports acquisition investment
opportunities
• Industry consolidation & diversification opportunities via
acquisitions, i.e., Aerex Industries
• Organic expansion opportunities, i.e., Rosarito project

14. 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 40-year O&M (operations &
maintenance) contract
• Q1 2019 – Received notice of lender approval of up to $200M
of the debt financing required for the project
• April 2019 – Decreto #335 - State Congress of Baja California
renewed key authorizations required for developing the plant,
clearing the path to beginning construction
Rosarito,
Baja California

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

16. NASDAQ:CWCO
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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.
• Financing anticipated to be primarily via debt (currently no debt
outstanding).
• Utilize existing cash and leverage strong balance sheet.

17. NASDAQ:CWCO
Revenue Growth
($millions)
17
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
• 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
$68.2M
2016 2017 2018 TTM
Dividend Yield: 2.5%
Revenue excludes CW-Belize which was sold in February 2019.

18. 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

19. 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.
Robert B. Morrison
VP of Procurement and
Logistics
VP of Procurement and
Logistics since 2010.
Previously was purchasing
manager at DesalCo Ltd.
until Consolidated Water’s
acquisition of the company
in 2003, when he was
appointed VP of Purchasing
and IT.
A Certified Supply Chain
Management Professional,
with more than 30 years
experience in purchasing
and logistics.
Earlier was principal
Purchasing Officer for the
Ministry of Works &
Engineering of the Bermuda
government, and
Purchasing Manager for
American-Standard in
Toronto, Canada.
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.
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.
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.
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Executive Management Team

20. NASDAQ:CWCO
20
Condensed Consolidated Balance Sheet
March 31, December 31,
2019 2018
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 38,016,963 $ 31,337,477
Restricted cash 1,500,000 -
Accounts receivable,net 22,452,168 24,228,095
Inventory 3,974,413 2,232,721
Prepaid expenses and other current assets 995,480 1,035,796
Current portion of loans receivable 370,465 734,980
Costs and estimated earnings in excess of billings 2,826,388 835,669
Current assets of discontinued operations - 1,959,494
Total current assets 70,135,877 62,364,232
Property, plant and equipment, net 64,294,070 58,880,818
Construction in progress 406,280 6,015,043
Inventory, non-current 4,435,235 4,545,198
Investment in OC-BVI 2,604,523 2,584,987
Goodwill 8,004,597 8,004,597
Land and rights of way held for development 24,161,024 24,161,024
Intangibleassets, net 1,667,778 1,891,667
Operatinglease right-of-use assets 3,409,930 -
Other assets 2,111,412 2,123,999
Long-term assets of discontinued operations - 1,944,033
Total assets $ 181,230,726 $ 172,515,598
LIABILITIES AND EQUITY
Current liabilities
Accounts payable, accrued expenses and other current liabilities $ 5,025,051 $ 4,570,641
Accrued compensation 1,585,817 1,286,468
Dividends payable 1,288,607 1,286,493
Current maturities of operatingleases 433,560 -
Billings in excess of costs and estimated earnings - 109,940
Current liabilities of discontinued operations - 646,452
Total current liabilities 8,333,035 7,899,994
Deferred tax liability 592,468 659,874
Noncurrent operating leases 3,031,110 -
Other liabilities 199,827 199,827
Total liabilities 12,156,440 8,759,695
Commitments and contingencies
Equity
Consolidated Water Co. Ltd. stockholders’ equity
Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares; issued and outstanding 32,813 and 34,796 shares, respectively 19,688 20,878
Class A common stock, $0.60 par value. Authorized 24,655,000 shares; issued and outstanding 15,009,770 and 14,982,906 shares,
respectively 9,005,862 8,989,744
Class B common stock, $0.60 par value. Authorized 145,000 shares; none issued - -
Additionalpaid-in capital 87,335,292 87,211,953
Retained earnings 64,204,369 59,298,161
Cumulativetranslation adjustment (549,555) (549,555)
Total Consolidated Water Co. Ltd. stockholders’ equity 160,015,656 154,971,181
Non-controllinginterests 9,058,630 8,784,722
Total equity 169,074,286 163,755,903
Total liabilities and equity $ 181,230,726 $ 172,515,598