Caribbean Utilities Company, Ltd.  2011  Annual Report Highlights 1 Highlights Financial Results in Brief Share Performance Performance Rate of Exchange Information reflected in this Highlights section should be read in conjunction with the disclosure contained in the  Management’s Discussion and Analysis and its associated cautions beginning on page eight. All dollar amounts in  this 2011 Annual Report are stated in United States dollars unless otherwise indicated. The closing rate of exchange as of  December 31, 2011 as reported by the  Bank of Canada for the conversion of  United States dollars into Canadian  dollars was Cdn$1.017 per US$1.00. The  official exchange rate for conversion of  Cayman Islands dollars into United States  dollars, as determined by the Cayman  Islands Monetary Authority, has been  fixed since April 1974 at US$1.20 per  CI$1.00. Thus, the rate of exchange as  of December 31, 2011 for the conversion  of Cayman Islands dollars into Canadian  dollars was Cdn$1.220 per CI$1.00.  Net earnings for the twelve months  ended December 31, 2011 were $20.4  million. With kilowatt-hour sales flat,  a decrease in Finance Charges and an  increase in Other Income resulted in an  overall increase to earnings year over  year from $19.9 million for the twelve  months ended December 31, 2010.  Dividends paid and declared on Class A  Ordinary Shares were $0.66 per share.  The Class A Ordinary Shares (CUP.U)  traded on the Toronto Stock Exchange at  a high of $9.80 per share in 2011. Comparison of five-year cumulative total returns between Cdn$100.00 and US$100.00  invested in CUC Class A Ordinary Shares and the S&P/TSX Composite Index - Utilities and  S&P/TSX Composite Index. (Expressed in thousands of United States dollars, unless stated otherwise) Twelve  Twelve  Change months ended months ended  % Dec. 31, 2011  Dec. 31, 2010  $ $ Electricity sales 69,630 69,517  0% Other operating expenses  44,613 43,603  2% Finance charges 8,659 9,143  (5%) Earnings for the year  20,390 19,879  3% Total assets  421,820 398,964  6% Total shareholders’ equity  176,035 173,841  1%  Earnings per Class A Ordinary Share ($ per share)  0.68 0.67  1% Dividends per Class A Ordinary Share (paid and declared) ($ per share)  0.66 0.66  0% Book value per Class A Ordinary Share ($ per share)  6.01 5.96  1% Class A Ordinary Shares ($ per share) Market price: High  9.80 9.80  0% Low  8.86 8.00  11% Year-end  9.46 8.93  6% CUC Index (Cdn$)  100.00  101.30  72.52  82.08  90.50  105.15 CUC Index (US$)  100.00  111.65  66.09  88.69  101.01  114.77 S&P/TSX Composite Index  100.00  106.58  70.27  94.90  111.60  101.88 S&P/TSX Composite Index -  100.00  109.20  89.74  106.80  126.44  134.62 Utilities (Sector)  150.00 100.00 50.00 2010 2008 TP 2009 2008 2007 Canadian dollars 2011 75.00 125.00