29 Caribbean Utilities Company, Ltd.  2011  Annual Report Auditors’ Report Auditors’ Report To the Shareholders of Caribbean Utilities Company, Ltd. Management’s responsibility for the financial statements Auditors’ responsibility Opinion March 9, 2012 Ernst & Young Ltd. Grand Cayman, Cayman Islands In our opinion, the financial statements present fairly, in all material respects, the financial position of Caribbean Utilities  Company, Ltd. as at December 31, 2011 and 2010 and the results of its operations and its cash flows for the periods then ended  in accordance with Canadian generally accepted accounting principles We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit  opinion. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial  statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material  misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider  internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit  procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of  the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial  statements. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in  accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical  requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free  from material misstatement. Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian  generally accepted accounting principles, and for such internal control as management determines is necessary to enable the  preparation of financial statements that are free from material misstatement, whether due to fraud or error. We have audited the accompanying financial statements of Caribbean Utilities Company, Ltd., which comprise the balance  sheets as at December 31, 2011 and 2010 and the statements of earnings, comprehensive income, retained earnings and cash  flows for the periods then ended, and a summary of significant accounting policies and other explanatory information.