CONSOLIDATED WATER CO. LTD. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY FOR EACH OF THE THREE YEARS IN THE PERIOD ENDED DECEMBER 31, 2000 (Expressed in United States dollars) The accompanying notes are an integral part of these financial statements. Vested Non-vested redeemable redeemable Total Common Additional Treasury preferred preferred Retained stockholders’ stock paid-in capital  shares  stock stock earnings equity Balance at December 31, 1997 3,667,214 2,914,889 - - 40,906 3,505,813 10,128,822 Issue of share capital (net of issue costs) (Note 8) 252 50,532 - 8,486 3,294 - 62,564 Purchase of treasury shares (Note 8) - - ( 62,375) - - - ( 62,375) Net i ncome f or t he y ear - - - - - 1,451,933 1,451,933 Dividends - - - - - ( 587,553) ( 587,553) Balance at December 31, 1998 3,667,466 2,965,421 ( 62,375) 8,486 44,200 4,370,193 10,993,391 Issue of share capital (net of issue costs) (Note 8) 127,494 488,387 - ( 7,365) 3,949 - 612,465 Purchase of treasury shares (Note 8) - - ( 758,928) - - - ( 758,928) Net i ncome f or t he y ear - - - - - 1,569,717 1,569,717 Dividends - - - - - ( 638,346) ( 638,346) Balance at December 31, 1999 3,794,960 3,453,808 ( 821,303) 1,121 48,149 5,301,564 11,778,299 Issue of share capital (net of issue costs) (Note 8) 1,068,636 4,360,797 10,862 ( 19,771) - 5,420,524 Purchase of treasury shares (Note 8) - - ( 494,375) - - - ( 494,375) Cancellation of treasury shares (Note 8) ( 227,822) ( 1,087,856) 1,315,678 - - - - Net i ncome f or t he y ear - - - - - 2,404,820 2,404,820 Dividends - - - - - ( 1,262,675) ( 1,262,675) Balance at December 31, 2000 $ 4,635,774 $ 6,726,749 $ - $ 11,983 $ 28,378 $ 6,443,709 $17,846,593