On April 28, 2023, The Board of Water Supply of the City and County of Honolulu, Hawaii posted a Notice of Award" that Kalaoloa Desalco LLC, an indirect wholly-owned subsidiary of Consolidated Water Co. Ltd. (the "Company"), has been selected to design, construct, operate and maintain the Kalaeloa Seawater Desalination Facility in Oahu, Hawaii. The Notice of Award disclosed a fixed design and construction fee of $149,648,118 and an annual operation and maintenance fee of $2,721,919.

Further on May 16, 2023, in a presentation at the American Council of Engineering Companies of Hawaii 2023 Symposium, the BWS reviewed the Notice of Award and indicated that the Project would be funded over multiple years, with $60,000,000 funded in 2024, and is estimated to be completed in 2026. On May 18, 2023, the Company learned that members of the public were aware that the Company indirectly owns Kalaoloa desalco LLC. The Company is working to satisfy the prerequisites to execution of the definitive agreements relating to the Project, including delivering bonds, certificates of insurance and other documents.

The definitive agreements will not be executed until the BWS has completed its internal processes, which include, but may not be limited to (a) review of required bonds and insurance, (b) review and approval of the agreements by the BWS legal counsel, and (c) approval and execution of the agreements by the Manager and Chief Engineer of the BWS. The Company anticipates it could take several weeks for this process to be concluded and for the definitive agreements to be executed. While the Company intends to diligently complete the prerequisites for the execution of definitive agreements, the Company cannot provide any assurances that the definitive agreements will be signed.

If and when definitive agreements are signed, the Company will disclose additional details regarding the Project and the material details of the agreements.