Our water is used not only  to supply the public’s needs  but to irrigate our landscapes  in areas deprived of adequate  fresh water supply. Dear Fellow Shareholders The Chairman’s Report Consolidated Water’s Revenue exceeded $10 million  for the first time in your Company’s history during  the year 2000. At first glance, this may seem a modest  milestone, until one considers that five short years  ago our Revenue totaled just $5.9 million. At $10 million, the year’s Revenues were 21.5% higher  than the previous year’s $8.2 million. This increase  reflects a resumption of growth in our Cayman market,  where Revenue increased by 15.9%, and the inclusion  of $464,928 in Revenue from our operations in Belize,  which were acquired in late July, 2000. Net Income for the year ended December 31, 2000  increased 53.2% to a record $2,404,820, when  compared with net income of $1,569,717 in 1999.  We achieved this increase in several ways. Firstly, the  increased volume of water sales in Cayman yielded  higher dollar profits. Secondly, the first five months  of operations in Belize contributed net income of  $181,154, despite a brief hiatus courtesy of Hurricane  Keith. Even more worthy of note, the Gross Profit  Margin on that facility was a healthy 46.2%,  compared with a very respectable Gross Profit Margin  of 43.4% in our Cayman operations. Lastly, Indirect  Expenses in 2000, including those of the Belize  operation, increased in line with Revenue growth, and  Other Income increased $134,857 from 1999 levels. Fully Diluted Earnings Per Share in 2000 rose 36.7%  to a record $0.67, compared with the previous  record of $0.49 achieved in 1999. The number of  Consolidated Water  4 Annual Report 2000 Volume of shares traded:  2,659,853 Year Number of trades:  3,129 Year Low Share Price:  $ 6.00 Year – February 28, 2000 High Share Price:  $ 9.125 Year – November 3, 2000 Low Share Price:  $ 6.313 December Quarter High Share Price:  $ 9.125 December Quarter Closing Share Price: $ 7.00 December 31, 2000 Trading in our Shares in 2000