CONSOLIDATED WATER CO. LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Expressed in United States dollars) 16. Stock Compensation (continued) Directors and Senior Management stock compensation: Non-employee: The Chairman and Chief Executive Officer (“CEO”), the President and Chief Operating Officer (“COO”), the Vice President – Finance, the Vice President – Operations, and two senior managers are entitled to receive, as part of the compensation for their services to the Company, options to purchase common stock. Two other directors were granted options as remuneration for services rendered to the Company. Details of the options granted to and exercised by these directors and senior management are included in the table below. In addition, another member of senior manager is entitled to receive, as part of compensation for services to the Company, common stock of the Company. In March 2001 1,086 shares of common stock were issued to this employee. As part of an agreement for market representation, the Company issued options to purchase common stock to an investment company for nil consideration. These options had an original expiry date of December 1, 2000. During the year ended December 31, 2000 the Company extended this expiry date to March 31, 2002. The fair value of these options was determined by management to be $30,000, based on the fair value of the services to be received. Stock compensation expenses arising on these options are included within other indirect costs. Grant Date Options Granted Strike Price Expiry Date Options Exercised Date Exercised Chairman and CEO: December 31, 1998 16,570 US$2.50 01-Jun-99 16,570 31-Mar-99 December 31, 1999 7,786 US$2.50 20-Mar-03 - - December 31, 2000 26,924 US$7.10 15-Mar-04 - - President and COO: December 31, 2000 5,609 US$7.10 15-Mar-04 - - Other Directors: December 31, 1997 20,000 US$2.50 24-Feb-01 - - December 31, 1998 20,000 US$2.50 01-Mar-02 - - July 20, 1999 30,000 US$6.00 01-May-02 - - December 31, 1999 20,000 US$2.50 20-Mar-03 - - May 1, 2000 30,000 US$6.75 01-May-03 - - December 31, 2000 5,609 US$7.10 15-Mar-04 - - Senior Management: December 31, 2000 47,117 US$7.10 15-Mar-04 - - Non-Employee: December 15, 1998 30,000 US$7.88 31-Mar-02 - -