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enhanced Consolidated Water’s visibility within the investment community. A new program of presentations to investors began to produce results, both in terms of share volumes traded and closing prices, toward the end of 2000. We intend to continue the program in 2001. 

Although it may appear de rigeur, it is nonetheless sincere. I cannot close without paying tribute to our small but dedicated staff, which has continued to ably grow our Cayman operations whilst coping with new duties in new countries, and to our Board of Directors who, together, have, once again, delivered a record year on all fronts for Consolidated Water. Ladies and gentlemen, thank you. I would also like to recognize a significant management change that occurred last year. Pete Ribbins, after serving 17 years as President and Chief Operating Officer of the Company, stepped aside from line management. He remains on the Board and several of its committees 

and now works on special projects. We were fortunate to recruit Frederick W. McTaggart, a Caymanian Georgia Tech engineering graduate who had occupied a similar post with the Cayman Government Water Authority, as President and Chief Operating Officer. Thank you, Pete, and welcome aboard, Rick. 

Lastly, thank you, our shareholders, for your continued support of the Company. Together, I believe that we can look forward to a very exciting future. 

Yours sincerely, 

CONSOLIDATED WATER CO. LTD. 

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