The document discusses Consolidated Water Co (CWCO), a company that designs, builds, finances and operates seawater desalination plants and water supply systems. It provides an overview of CWCO's business segments, operating regions, financial performance, growth opportunities and acquisition strategy. Specifically, it highlights a major new project under development in Rosarito, Mexico to develop a 100 million gallon per day desalination plant in two phases. It also notes CWCO's goal to continue acquiring existing water treatment businesses to diversify and expand.

1. NASDAQ:CWCO
Corporate Presentation February 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 Company Ltd. 2019 All Rights Reserved. A product of CMA. 022419
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3. NASDAQ:CWCO
Key Stats (NASDAQ: CWCO)
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Revenue GrowthStock Price (2/15/19) $13.27
52 Week Low-High $10.76 - $15.35
Avg. Vol. (3-mo) 35, 274
Shares Outstanding 15.0M
Public Free Float (est.) 97.5%
Insider Holdings (est.) 2.5%
Institutional Holdings 54.1%
Market Cap $199.1M
Enterprise Value $165.8M
Total Revenue (TTM) $64.8M
Gross Profit (TTM) $26.6M
Net Income (TTM) $10.6M
Net Income Margin (TTM) 16%
Cash $34.4M
Total Assets $172.5M
Total Debt $1.1M
Total Liabilities $10.5M
Dividend Yield 2.6%
Book Value per Common Share $10.86
Founded 1973
U.S. IPO 1995
Full-time Employees 111
3
TTM = Trailing twelve months ended September 30, 2018
MRQ = Most recent quarter ended September 30, 2018
Sources: Nasdaq.com & company estimates
($millions)
$57.1M $57.9M
$62.3M
$64.8M
2015 2016 2017 TTM @
9/30/18
Services
Manufacturing
Bulk
Retail

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
• 25.2 million gallons per day produced by 12 plants in four
countries, primarily in the Caribbean/Bahamas
• Equipment manufacturer and 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
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5. NASDAQ:CWCO
$16.4B
$37.6B
17 18 19 20 21 22 23 24 25 26
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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: $24.0M
or 37% 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 revenue TTM: $33.3M
or 51% 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:
$6.3M or 10% 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 revenue TTM:
$1.2M or 2% of total
revenue.
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7. NASDAQ:CWCO
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Global Presence
British Virgin Islands
2 Plants, 800K gal./day
The Bahamas
3 Plants, 15.2M gal./day
Aerex Industries Subsidiary
Ft. Pierce, FL
Cayman Islands
6 Plants, 8.9M gal./day
Bali, Indonesia
1 Plant, 250K 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: 12
Plants Under Development: 1
Gallons per Day, current: 25.2M
Additional Gallons per Day in development: 100M
We focus on Areas of the World Where Freshwater Supplies are Limited or Non-Existent

8. NASDAQ:CWCO
8
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 manufacturing
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.
 Guaranteed desalinated
water solutions.
Our Value Proposition
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10. NASDAQ:CWCO
10
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 ($34M cash, no debt)

12. NASDAQ:CWCO
Revenue Gross Profit
12
Financial Performance ($millions)
$23.3M
$24.3M
$25.4M
$26.6M
2015 2016 2017 TTM @
9/30/18
Services
Manufacturing
Bulk
Retail
Net Income
$57.1M $57.9M
$62.3M
$64.8M
2015 2016 2017 TTM @
9/30/18
Services
Manufacturing
Bulk
Retail
$7.5M
$4.0M
$6.1M
$10.6M
2015 2016 2017 TTM @
9/30/18
Dividend Yield: 2.6%

13. NASDAQ:CWCO
13
Growth Drivers
• Positive long-term trends in water
• Proven operating expertise
• 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
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
• Water purchase and sale agreements between the
payment trusts and the State water agencies to be
executed
• 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.
• Currently targeting manufacturing and technology
companies, similar to Aerex Industries, that provide a
competitive edge to obtain new contracts and/or access
to new markets.
• Also looking at business complementary to base
business model: companies that operate advanced water
treatment plants for governments or governmental
agencies under medium to long term contracts.
• 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
$57.1M $57.9M
$62.3M
$64.8M
2015 2016 2017 TTM @
9/30/18
Dividend Yield: 2.6%

18. NASDAQ:CWCO
18
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.
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Executive Management Team

20. NASDAQ:CWCO
20
Consolidated Balance Sheet