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## REPORT OF INDEPENDENT ACCOUNTANTS 

To the Board of Directors and Stockholders of Consolidated Water Co. Ltd.: 

PricewaterhouseCoopers P.O. Box 258GT British American Centre Grand Cayman B.W.I. Telephone (345) 949 7000 Facsimile (345) 949 7352 

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, stockholders’ equity and cash flows present fairly, in all material respects, the financial position of Consolidated Water Co. Ltd. and its subsidiaries (the "Group") at December 31, 2000 and 1999, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2000 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Group’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. 

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March 15, 2001 

Notes: 

(a) The maintenance and integrity of the Consolidated Water Company website is the responsibility of the Directors; the work carried out by the Independent Accountants does not involve consideration of these matters and, accordingly, the Independent Accountants accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website. 

(b) Legislation in the Cayman Islands governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

