CONSOLIDATED WATER CO. LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Expressed in United States dollars) 7.  Bank balances and loans (continued) 8. Share capital and additional paid in capital 2000 1999 1998 Capital stock authorized: 9,900,000 ordinary shares of common stock CI$1.00 each 11,880,000 11,880,000 11,880,000 100,000 redeemable preferred stock of CI$1.00 each 120,000 120,000 120,000 $12,000,000 $12,000,000 $12,000,000 Ordinary shares of common stock of CI$1.00 each issued and fully paid: Balance of ordinary shares at beginning of year 3,162,467 (1999: 3,056,222; 1998: 3,056,012) 3,794,960 3,667,466 3,667,214 Ordinary shares issued under public offering 773,000 (1999: nil; 1998: nil) 927,600 - - Cancellation of treasury shares 189,852 (1999: nil; 1998: nil) ( 227,822) - - Ordinary shares issued on exercise of options (1999: 89,010; 1998: nil) - 106,812 - Ordinary shares issued on exercise of warrants 100,000 (1999: nil; 1998: nil) 120,000 - - Ordinary shares issued under Directors’ Share Plan 6,890 (1999: 2,400; 1998: nil) 8,269 2,880 - Ordinary shares issued on redemption of preferred stock 10,639 (1999: 14,835; 1998: 210) 12,767 17,802 252 Balance of ordinary shares at end of year 3,863,144 (1999: 3,162,467; 1998: 3,056,222) $ 4,635,774 $ 3,794,960 $ 3,667,466 Treasury shares: Balance of treasury shares at beginning of year 110,752 (1999: 8,000; 1998: nil) 821,303 62,375 - Shares acquired at cost 79,100 (1999:102,752; 1998: 8000) 494,375 758,928 62,375 Treasury shares cancelled during the year 189,852 (1999: nil; 1998: nil) ( 1,315,678) - - Balance of treasury shares at end of year nil (1999: 110,752; 1998: 8,000) $ - $ 821,303 $ 62,375 The aggregate capital repayment obligations for the next six years are as follows: 2001 219,580 2002 230,519 2003 242,224 2004 254,182 2005 266,905 2006 and thereafter 138,156 $ 1,351,566