Report of Independent Accountants  To the Board of Directors and Stockholders of  Consolidated Water Co. Ltd. In our opinion, the accompanying consolidated balance  sheets and the related consolidated statements of  income, stockholders’ equity and cash flows present  fairly, in all material respects, the financial position  of Consolidated Water Co. Ltd. and its subsidiaries  (the “Group”) at December 31, 2000 and 1999, and  the results of their operations and their cash flows  for each of the three years in the period ended  December 31, 2000 in conformity with accounting  principles generally accepted in the United States  of America. These financial statements are the  responsibility of the Group’s management; our  responsibility is to express an opinion on these financial  statements based on our audits. We conducted our  audits of these statements in accordance with  auditing standards generally accepted in the United  States of America, which require that we plan and  perform the audit to obtain reasonable assurance  about whether the financial statements are free of  material misstatement. An audit includes examining,  on a test basis, evidence supporting the amounts and  disclosures in the financial statements, assessing the  accounting principles used and significant estimates  made by management, and evaluating the overall  financial statement presentation. We believe that our  audits provide a reasonable basis for our opinion. PricewaterhouseCoopers Grand Cayman, Cayman Islands March 15, 2001 Annual Report 2000 8 Consolidated Water 