fully-diluted shares outstanding increased 13.5% to  3,616,271 last year, due to our secondary stock  offering in May 2000. Operations generated $4,043,155 or $1.12 per fully  diluted share in cash during 2000 compared to  $2,714,409 or $0.85 per fully diluted share in cash  generated in 1999. This increased level of cash  generation will be carefully managed going forward  to ensure a balance between borrowings, expansion  and dividends paid. Your Board firmly believes that shareholders should  receive some tangible benefit from the Company’s  improving fortunes. For the four quarters of 1999  and 2000, respectively, cash dividends totaling $0.20  and $0.34 per share were declared. The annualized  rate of dividend payments was increased by 25% in  the fourth quarter of fiscal 2000, to $0.40 per share,  and we will keep this under review as the current  year progresses. Our Balance Sheet as of December 31, 2000 is  exceptionally strong. Although Current Liabilities  exceeded Current Assets at the end of the year,  We saw a resumption of historical growth rates in  our Cayman market in 2000, reflecting increased  tourism in the islands, the addition of several small  hotels earlier in the year, and the opening of the new  Holiday Inn in November. Construction on the huge  Ritz Carlton project is proceeding slowly, but the  entire development has recently cleared all planning  approvals, and we expect the rate of construction to  accelerate. Condominium development along Seven  Mile Beach and private residential development in  investors should note that Current Liabilities include  an obligation for Stock Compensation Expense that  will be transferred to Stockholders’ Equity when the  underlying options are exercised or expire. Our banking  facility from The Royal Bank of Canada appears  adequate for the foreseeable future. The Cash in  Hand and Bank Overdraft figures result from our  dual currency operations and are balanced out at  regular intervals using the fixed US$/CI$ exchange  rate. At present, our only Long-Term Debt is owed  to European Investment Bank and reflects a loan that  is being retired in semi-annual installments through  December 2006 and carries a fixed average annual  interest rate of 3.4%. Total Income 10 9 8 7 6 5 4 3 US Dollars Millions 6.37 m 7.47 m 8.19 m 10.03 m 8.25 m 96 97 98 99 00 Diluted Earnings per Share 0.60 0.50 0.40 0.30 0.20 96 97 98 99 00 US Dollars 0.32 (2.99 m) 0.35 (3.14 m) 0.45 (3.19 m) 0.67 (3.62 m) 0.49 (3.19 m) Annual Report 2000 5 Consolidated Water 