Document:

<PAGE>
                                                                  Exhibit 10.21

                             SUBSCRIPTION AGREEMENT

                              _______________, 2002

AESP, Inc.
1810 N.E. 144th Street
North Miami, Florida 33181

Gentlemen:

         1. The undersigned hereby subscribes for the number of shares of Common
Stock, $.001 par value per share (the "Shares") of AESP, Inc. (f/k/a Advanced
Electronic Support Products, Inc.), a Florida corporation (the "Company"), set
forth on the signature page hereto. The offering price for the Shares is US
$1.00 per Share and a minimum investment of Ten Thousand Dollars ($10,000) is
required, which minimum may be waived in the sole discretion of the Company. No
fractional shares will be offered and sold hereunder. The Company is offering
(the "Offering") the Shares subject to the terms and conditions described in the
Offering Documents, to which this Subscription Agreement is attached.

         The undersigned agrees that this subscription is and shall be
irrevocable (except as provided by law or the terms hereof), however the
undersigned's obligations hereunder shall terminate if this subscription is not
accepted by the Company.

         The undersigned understands that the Company will notify the
undersigned as to whether this subscription has been accepted or rejected.
Subscriptions may be accepted or rejected by the Company in its sole discretion.
The Shares are being offered by the Company on a "best efforts" basis; provided,
however, that this Offering may be terminated at any time by the Company,
irrespective of the amount of Shares subscribed for and irrespective of the
amount of gross proceeds so raised. If rejected, the checks tendered by the
undersigned or the amount of money represented thereby will be returned to the
undersigned forthwith and without interest or deduction. Any interest earned by
the Company pending either termination or consummation of the Offering, will be
used by the Company to offset the expenses of this Offering. The Shares are
being offered by the Company on a "best efforts" basis, and the Company,
provided however, that this Offering may be terminated at any time by the
Company, irrespective of the amount of Shares subscribed for and irrespective of
the amount of gross proceeds so raised. The Company may, in its sole discretion,
reject any offer to purchase Shares in the Offering from any Investor or may
limit the number of Shares to be purchased by any such Investor.

         An investment hereunder is suitable only for persons who have adequate
means of providing for their current needs and personal contingencies and have
no need for liquidity in their investment. The Shares are only being offered
hereunder to those persons who represent that they can bear the complete
economic loss of their investment in the Company. The Shares have not been
registered under the Securities Act of 1933, as amended (the "Act"), and are
being offered in reliance upon an exemption from the registration requirements
<PAGE>

thereunder, and in a manner that is intended to comply with the requirements of
Section 4(2) of the Act and Rule 506 of Regulation D, promulgated thereunder.

         Offers and sales of the Shares hereunder will be made only to persons
who satisfy the conditions set forth herein and in the Offering Documents, and
who also represent in writing to the Company that, in connection with evaluating
the merits and risks of an investment in the Company, they have such knowledge
and experience in financial and business matters generally, that they are
capable of evaluating the merits and risks of an investment in the Company.

         THE MERITS OF THESE SECURITIES HAVE NOT BEEN PASSED UPON BY ANY FEDERAL
OR STATE SECURITIES COMMISSION OR REGULATORY OR GOVERNMENTAL AUTHORITY.
FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT REVIEWED, NOR CONFIRMED THE
ACCURACY OR DETERMINED THE ADEQUACY OF THE OFFERING DOCUMENTS.

         NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY
REPRESENTATIONS OTHER THAN THOSE CONTAINED IN THE OFFERING DOCUMENTS AND, IF
GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATIONS SHOULD NOT BE RELIED UPON.
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

         THE OFFERING DOCUMENTS HAVE BEEN PREPARED IN THE ENGLISH LANGUAGE AND
NO AUTHORIZED TRANSLATION HAS BEEN MADE. ALL INVESTORS BY SUBSCRIBING FOR THE
SECURITIES MUST AGREE THAT THEY ARE FULLY CONVERSANT IN THE ENGLISH LANGUAGE TO
MAKE AN INFORMED DECISION REGARDING ANY SUCH INVESTMENT IN THE COMPANY.

         THE DELIVERY OF THE OFFERING DOCUMENTS SHALL NOT UNDER ANY
CIRCUMSTANCES CREATE AN IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS
OF THE COMPANY SINCE THE DATE HEREOF.

         The Shares duly subscribed for and paid for hereunder will be issued
upon acceptance of the subscriptions by the Company.

         2. The undersigned investor ("Investor") represents, warrants and
acknowledges that:

                  (a) There are substantial risks involved in investing in the
Company, as set forth in the Offering Documents;

                  (b) No federal or state agency has passed upon the securities
offered herein or made any finding or determination as to the fairness of this
investment;

                  (c) Investor should only invest in the Company dependent upon
Investor's particular circumstances. The information contained herein is not
complete, no private placement memorandum has been prepared other than the
Offering Documents, consisting of the

                                       2
<PAGE>

description of the Company, its business and the Offering, and the subscription
documents, of which this Subscription Agreement is a part. An Investor should
confer with and rely on Investor's own investment and tax advisors as to the
substantial risks inherent in an investment herein. The Company and its
representatives make no representation or warranties with respect to the Company
except as specifically set forth herein;

                  (d) The Company will provide Investor with the opportunity to
meet and confer with the Company regarding all aspects of the Company and its
business, and will afford Investor the opportunity to obtain any additional
information, concerning the Company, to the extent that the Company possesses
such information or can acquire it without unreasonable effort or expense; and

                  (e) Investor hereby represents, warrants, and acknowledges
that the undersigned is fully aware and understands completely the business of
the Company and its financial condition, as described herein.

         3. Investor agrees that this subscription is and shall be irrevocable,
however Investor's obligations hereunder will terminate if this subscription is
not accepted by the Company, in its sole discretion. This subscription, upon
acceptance by the Company, shall be binding upon the heirs, executors,
administrators, successors and assigns of the undersigned. This Subscription
Agreement shall be construed in accordance with and governed in all respects by
the laws of the State of Florida without application of the principles of
conflicts of laws.

         4. The Company agrees that it will:

                  (a) File a registration statement (the "Registration
Statement") to register all Registered Securities (as defined herein below)
purchased by the holders thereof (the "Holders") with the Securities and
Exchange Commission (the "Commission") on an appropriate form available for the
sale of the Registered Securities by the undersigned from time to time in the
Nasdaq Small-Cap Market, in privately negotiated transactions or in a
combination of such methods, within 45 days (the "Target Filing Date") following
the date of the final closing of this Offering ("Final Closing Date"), and to
thereafter use its best efforts to cause such Registration Statement to become
effective under the Act. If the Registration Statement is not filed by the
Target Filing Date, then the Company will pay as liquidated damages to each
Investor in the Offering one Share for every 20 Shares purchased in the
Offering. Additionally, if the Registration Statement does not become effective
within 120 days following the Target Filing Date, then the Company will pay as
liquidated damages to each investor in the Offering one Share for every 20
Shares purchased in the Offering.

                  (b) Prepare and file with the Commission such amendments and
supplements to the Registration Statement and the prospectus used in connection
therewith as may be necessary to keep the Registration Statement effective until
all of the Registered Securities have been sold pursuant thereto, but not for a
period greater than one year from the Final Closing Date (the "Registration
Period"), and to comply with the provisions of the Act and the Securities
Exchange Act of 1934, as amended, and the rules and regulations thereunder
(collectively, the "Exchange Act"), with respect to the disposition of all of
the Registered Securities.

                                       3
<PAGE>

                  (c) Notify the Holders after becoming aware that (i) the
Registration Statement or the prospectus included therein or any prospectus
amendment or supplement or post-effective amendment has been filed and, with
respect to the Registration Statement or any post-effective amendment, when the
same has become effective; or (ii) the Commission has requested an amendment of
or supplement to the Registration Statement or related prospectus or additional
information.

                  (d) Furnish promptly to the Holders such numbers of copies of
the Company's prospectus, including a preliminary prospectus, and all amendments
and supplements thereto, in conformity with the requirements of the Act, and
such other documents as the Holders may reasonably request in order to
facilitate the disposition of any of the Registered Securities.

                  (e) Use its best efforts to register and qualify the
Registered Securities under such other securities or Blue Sky laws of such
states as shall be reasonably requested by the Holders, and prepare and file in
those states such amendments (including post-effective amendments) and
supplements and to take such other actions as may be necessary to maintain such
registration and qualification in effect at all times during the Registration
Period, and to take all other actions necessary or advisable to enable the
disposition of the Registered Securities in such states, PROVIDED that the
Company shall not be required in connection therewith or as a condition thereto
to qualify to do business or to file a general consent to service of process in
any such states.

                  (f) Notify the Holders, at any time when a prospectus relating
to Registered Securities covered by the Registration Statement is required to be
delivered under the Act, of the happening of any event as a result of which the
prospectus included in the Registration Statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading. The
Company shall promptly amend or supplement the Registration Statement to correct
any such untrue statement or omission, and provide the Holders with an amended
or supplemented prospectus with respect to the Registered Securities that
corrects such untrue statement or omission.

                  (g) Notify the Holders of the issuance by the Commission of
any stop order suspending the effectiveness of the Registration Statement or any
registration statement covering securities of the Company or the initiation of
any proceedings for that purpose or of the receipt by the Company of any
notification with respect to the suspension of the qualification of the
Registered Securities for sale in any jurisdiction or the initiation of any
proceeding for such purpose. The Company will use its best efforts to prevent
the issuance of any stop order and, if a stop order is issued, to obtain the
lifting thereof at the earliest possible time,

                  (h) Take all other reasonable actions necessary to expedite
and facilitate disposition by the Holders of the Registered Securities pursuant
to the Registration Statement.

                  (i) Pay all expenses in connection with the filing of the
Registration Statement. The Company's expenses shall include, without
limitation, expenses for the registration, filing or qualification of the
Registered Securities and all registration, listing, filing

                                       4
<PAGE>

and qualification fees, printers fees, accounting fees and the fees and
disbursements of counsel for the Company. The Holders' expenses, which shall not
be the responsibility of the Company, shall include, without limitation,
underwriting discounts and commissions, Holders expenses relating to the
offering and the fees and expenses of the Holders' counsel.

                  (j) To the fullest extent permitted by law, the Company will
indemnify each Holder of Registered Securities being sold by any such Holder
pursuant to this paragraph (and any person who controls such Holder within the
meaning of Section 15 of the Act) against all claims, losses, damages,
liabilities and expenses under the Act, the Exchange Act, or other Federal or
state statutory laws or regulations, at common law or otherwise, insofar as such
losses, claims, damages, liabilities and expenses (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of material fact contained in any registration statement filed
pursuant to this paragraph, or in any amendment thereof, or in any preliminary
prospectus or prospectus relating thereto, or in any amendment thereof or
supplement thereto or any omission or alleged omission to state a material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading; provided,
however, that the Company shall not be liable to any such Holder in respect of
any claims, losses, damages, liabilities or expenses resulting from any untrue
statement or omission or alleged omission made in reliance upon and in
conformity with written information furnished to the Company by such Holder
specifically for use in connection with such registration statement and
prospectus and each such Holder will indemnify, to the fullest extent permitted
by law, the Company, each person, if any, who controls the Company within the
meaning of said Section 15 of the Act, each director of the Company and each
officer of the Company who signs the Registration Statement against claims,
losses, damages, liabilities and expenses which they may incur by reason of any
such untrue statement or alleged untrue statement or omission or alleged
omission made in reliance upon and in conformity with written information
furnished to the Company by such Holder specifically for use in connection with
such Registration Statement and prospectus.

                  (k) For purposes of this Section 4, the term "Registered
Securities" means (i) the Shares and (ii) the shares of Common Stock issuable
upon exercise of the Warrants issued to any selling agent, if any, used by the
Company in the Offering.

                  (l) It shall be a condition precedent to the obligations of
the Company under this Section 4 to take any action pursuant to this Agreement
with respect to each Holder that such Holder shall furnish to the Company such
information regarding itself, the Registered Securities held by it and the
intended method of disposition of such securities as shall be reasonably
required to effect the registration of the Registered Securities and shall
execute such documents in connection with such registration as the Company may
reasonably request.

                  (m) With a view to making available to Holders the benefits of
Rule 144 ("Rule 144") under the Act and any other rule or regulation of the
Commission that may at any time permit Holders to sell securities of the Company
to the public without registration, the Company agrees to use its best efforts
to:

                                       5
<PAGE>

                           (1) make and keep public information available, as
those terms are understood and defined in Rule 144, at all times after 90 days
after the effective date of the Registration Statement; and

                           (2) file with the Commission in a timely manner all
reports and other documents required of the Company under the Act and the
Exchange Act.

                                             Very truly yours,

Dated: ___________, 2002
                                             -----------------------------------
                                             Signature

                                             -----------------------------------
                                             Name

Number of Shares subscribed for:             --------------------------

Amount of check enclosed:                    $
                                             --------------------------

(payable to "Akerman Senterfitt f/b/o AESP, Inc.")

AGREED TO AND ACCEPTED:

AESP, INC.

By:
   -----------------------------------------
Name:
     ---------------------------------------
Title:
      --------------------------------------

                                       6
<PAGE>

              SPECIAL EXECUTION PAGE FOR SUBSCRIPTION BY AN ENTITY
                (Not applicable to subscriptions by individuals)

         IN WITNESS WHEREOF, subject to acceptance by the Company, the
undersigned has completed this Subscription Agreement to evidence its
subscription AESP, Inc., on this _____ day of __________, 2002.

Number of Shares subscribed for:
                                            ---------------------------
Amount of check enclosed:                   $
                                             --------------------------

(payable to "Akerman Senterfitt f/b/o AESP, Inc.")

_____ TRUST --            (Please include copy of trust agreement)

_____ CORPORATION  --(Attach certified corporate resolution authorizing
                     signature and a copy of the articles of incorporation)

_____ PARTNERSHIP --(Attach copy of the partnership agreement)

(Please print the following information exactly as you wish it to appear on the
Company's records.)

-------------------------------------------------------------------------------
(Name of Subscriber)

--------------------------------------------------------------------------------
(Address)

--------------------------------------------------------------------------------
(Tax Identification Number)

--------------------------------------------------------------------------------
(Telephone)

         The undersigned trustee, partner or corporate officer certifies that
the undersigned has full power and authority from the beneficiaries, partners or
directors of the entity named below to execute this Subscription Agreement on
behalf of the entity and to make the representations and warranties made herein
on its behalf and that an investment in the Company has been affirmatively
authorized by the governing board of such entity and is not prohibited by the
governing documents of the entity.

Dated:                  , 2002
      ------------------                    ----------------------------------
                                            (Print Name of Entity)

                                            By:
                                               -------------------------------
                                               (Signature of authorized trustee,
                                               partner, or corporate officer)

                                            -----------------------------------
                                            (Print Name and Capacity)

                                       7<PAGE>
                                                                    EXHIBIT 10.5

                      THE GOVERNMENT OF THE CAYMAN ISLANDS

                      THE WATER (PRODUCTION AND SUPPLY) LAW
                               (LAW NO 15 OF 1979)
                                 (1996 REVISION)

                FOURTH AMENDMENT TO A LICENCE TO PRODUCE POTABLE
              WATER FROM SEAWATER AND DISTRIBUTE BY MEANS OF PIPES

                                   PROVIDED TO
                           CONSOLIDATED WATER CO. LTD.
                    (FORMERLY CAYMAN WATER COMPANY LIMITED)

                              1ST OF FEBRUARY 2003

  COPY 1 OF 3 CONSOLIDATED WATER CO. LTD. (FORMERLY CAYMAN WATER COMPANY LIMITED
                                           COPY 2 OF 3 CAYMAN ISLANDS GOVERNMENT
                                            COPY 3 OF 3 WATER AUTHORITY - CAYMAN

<PAGE>

      FOURTH AMENDMENT TO A LICENCE TO PRODUCE POTABLE WATER FROM SEAWATER

                                   PROVIDED TO

                           CONSOLIDATED WATER CO. LTD.
                     (FORMERLY CAYMAN WATER COMPANY LIMITED)

                                       BY

                      THE GOVERNMENT OF THE CAYMAN ISLANDS

     THE WATER (PRODUCTION AND SUPPLY) LAW (LAW 15 OF 1979) (1996 REVISION)

THIS AMENDMENT TO A LICENCE, (this "Amendment") is made on 1st day of February,
2003 between the Governor acting under the powers conferred by Section 3 of the
Water (Production and Supply) Law (15 of 1979) (1996 Revision), and all other
powers thereunto enabling, Consolidated Water Co. Ltd. (formerly Cayman Water
Company Limited), a company incorporated in the Cayman Islands under the
Companies Law, having its registered office at Trafalgar Place, West Bay Road,
Grand Cayman ("the Company"), and the Water Authority - Cayman, established
under the Water Authority Law, Law 18 of 1982 ("the Authority").

WHEREAS:

1.   A concession ("the Licence") was granted by the Governor to the Company on
     11th July, 1990, as amended from time to time, authorising it exclusively
     within the area described in the Licence to process Seawater to Water for
     sale and to distribute and sell Water by means of pipes;

2.   By special resolution dated 3rd December, 1998, the Company changed its
     name to Consolidated Water Co. Ltd.;

3.   The Governor has consented to the transfer of the Licence from the Company
     to Cayman Water Company Limited, which was registered by the Registrar of
     Companies of the Cayman Islands on 4th December 1998 and is a wholly-owned
     subsidiary of the Company;

4.   The Company has requested the removal or amendment of Clause 7.4 of the
     Licence, which relates, inter alia, to Government's approval of
     shareholders who wish to own more than 5% of the outstanding shares in the
     Company;

5.   Government has requested that the Company improve the aesthetic quality of
     its water to that of the water produced by the Authority;

--------------------------------------------------------------------------------
                                    1 of 10
<PAGE>

NOW THEREFORE it is agreed and declared by and between the parties hereto in
consideration of the mutual agreement between the Governor, the Company and the
Authority hereinafter set forth as follows:-

1.   Clause 2 of the Licence is amended by adding at the end of the definition
     of "Company", before the semi-colon the words "or the transferee or
     assignee from time to time of this Licence with the consent of the
     Governor".

2.   (a)  Clause 7.4 of the Licence is deleted and the following substituted
          therefor:

              "7.4  CONTROL OF THE COMPANY

              The Company shall provide the Governor with such resolutions,
              deeds, undertakings, assurances and other things as he may require
              to satisfy himself throughout the term of the Licence that the
              effective control of the Company remains vested in and exercisable
              by the same directors and officers as those in whom it is vested
              and is exercisable immediately before the date of this Licence or
              such other directors and officers as the Governor may from time to
              time approve in his absolute discretion."

     (b)  The Directors and Officers listed in Schedule 6 are approved for the
          purposes of Clause 7.4 of the Licence as of the 1st day of February
          2003.

     (c)  The words "Ownership of Company" in Clause 9.13 of the Licence are
          deleted and the words "Control of the Company" substituted therefor.

     (d)  Schedule 6 hereto attached is added.

3.   After a period of eight calendar months of the date of this Amendment the
     following amendments shall become effective:

     (a)  The definition of "Water" in clause 2 of the Licence is deleted and
          the following substituted therefor:

          "Water"   means potable water processed by the Company from Seawater,
                    or purchased or otherwise acquired by the Company for the
                    purpose of distribution, in accordance with this Licence,
                    the quality of which shall be such that (a) the individual
                    constituents shall meet the values set out in Schedule 7,
                    and (b) the quality shall be as defined by regulations made
                    pursuant to the Public Health Law or, in the absence of such
                    regulations, by the most recent edition of the World Health
                    Organization Guidelines for Drinking Water Quality and its
                    addenda. The values set out in Schedule 7 to the extent

--------------------------------------------------------------------------------
                                    2 of 10
<PAGE>

                    lawful take precedence over the Public Health Regulations.
                    The Public Health Regulations always take precedence over
                    the World Health Organization Guidelines for Drinking Water
                    Quality; and"

     (b)  Clause 5.5 of the Licence is deleted and the following substituted
          therefor:

          "5.5 OPERATION OF WORKS

          The Company shall operate the Works in a proper, workmanlike and
          efficient manner so as to ensure that at all times the risk of
          contamination of the Water is kept to a minimum and the continuity of
          the Water supply, at a normal and proper pressure, is maintained.
          Except to the extent (if any) allowed by Schedule 7, Water distributed
          under this Licence shall not be contaminated by

          (i)  any noxious chemical, or

          (ii)    any other substance, which in the opinion of the CEHO or the
                  Authority would be harmful to the public health, or

          (iii)   any chemical or substance that imparts odour, taste or colour,
                  which in the opinion of the CEHO or the Authority renders it
                  unacceptable to consumers.

          The Company shall ensure that all chemicals used in the Works and all
          additives in the Water shall be approved by the American Water Works
          Association or the National Sanitation Foundation for use with potable
          water. From time to time, but no less than once per year the Company
          shall submit a detailed list of all chemicals to be used in the Works,
          accompanied by relevant material safety data sheets (MSDS), to the
          CEHO and the Authority for review and approval. The Company shall only
          distribute Water in accordance with this Licence and its operation of
          the Works shall be subject to inspection by the CEHO and Authority and
          compliance with all lawful requirements of the CEHO and Authority."

     (c)  The following is added to the Licence as Clause 5.9:

          "5.9 TESTING OF WATER QUALITY

          The Company shall carry out testing of the water quality in accordance
          with Schedule 8. The Company shall submit the results of water quality
          tests to the CEHO and the Authority on a monthly basis, within
          fourteen days of the end of every calendar month. All tests for water
          quality shall be carried out in accordance with the current edition of
          Standard Methods for the Examination of Water and Wastewater, jointly
          published by the American Public Health Association, the American

--------------------------------------------------------------------------------

                                    3 of 10
<PAGE>

          Water Works Association and the Water Environment Federation or by the
          method prescribed by the United States Environmental Protection Agency
          or by any other method approved by the Authority. All tests for water
          quality that are not carried out on-site shall be carried out by a
          laboratory that has been approved by the Authority. From time to time
          the CEHO or the Authority may require the Licensee to carry out
          testing for specific constituents that are considered of significance
          to public health, but are not listed in Schedule 8."

     (d)  Clause 9.6 of the Licence is deleted and the following substituted
          therefor:

          "9.6 FAILURE TO OPERATE WORKS TO THE SATISFACTION OF THE CEHO AND
          AUTHORITY

          If at any time in the reasonable opinion of the CEHO and the Authority
          the Company:

          (a)  fails to operate the Works in compliance with Clause 5.5 or 5.9;
               or

          (b)  distributes water that does not comply with the definition of
               Water set out in Clause 2; or

          (c)  operates the Works in a manner that increases the risk to public
               health and is contrary to good practice according to the American
               Water Works Association;

          the CEHO or the Authority shall notify the Company in writing
          specifying the matter complained of and if the Company fails to take
          reasonable action to remedy any such failure within a reasonable time,
          then on the advice of the CEHO and the Authority the Governor may in
          his absolute discretion and after giving the Company the opportunity
          to present its case in a timely manner, terminate this Licence in
          accordance with clause 9.4."

     (e)  Schedule 4 of the Licence is deleted and the Schedule 4 hereto
          attached is substituted therefor:

     (f)  Schedules 7 and 8 hereto attached are added.

4.   As varied by this Amendment the Licence shall continue in full force and
     effect

--------------------------------------------------------------------------------

                                    4 of 10
<PAGE>

IN WITNESS WHEREOF this Amendment has been made on the date first above written.

FOR THE GOVERNMENT OF THE CAYMAN ISLANDS

THE PUBLIC SEAL OF THE GOVERNMENT
of the Cayman Islands was affixed in the presence of:-

/s/ Mr. Bruce Dinwiddy
----------------------------------------------
HIS EXCELLENCY THE GOVERNOR BRUCE DINWIDDY

FOR CONSOLIDATED WATER CO. LTD.
(formerly CAYMAN WATER COMPANY LIMITED)

/s/ Mr. Jeffrey Parker
----------------------------------------------
Mr. Jeffrey M. Parker, Chairman

/s/ Mr. Frederick McTaggart
----------------------------------------------
Mr. Frederick W. McTaggart, President and COO

FOR THE WATER AUTHORITY - CAYMAN ISLANDS

/s/ Mr. Brainard Walter
----------------------------------------------
Mr. Brainard Watler, Chairman

/s/ Mr. Otto Watler
----------------------------------------------
Mr. Otto Watler, Director

--------------------------------------------------------------------------------
                                    5 of 10
<PAGE>

                                  SCHEDULE FOUR

                            ENERGY ADJUSTMENT FACTOR

In accordance with Clause 6.2 and for the purpose of dealing with fluctuations
in the cost of electricity consumed by the Company to process and provide Water,
the Company, within fourteen days of the end of every calendar month, shall
determine the Energy Adjustment Factor for that month in accordance with the
following formula and shall give notice thereof to the Authority:

                               EAF = SEC * (ET-EB)

WHERE:

     EAF =          The calculated Energy Adjustment Factor, which is the amount
                    expressed in six decimals of Cayman Islands dollars per
                    1,000 Gallons to be added to the Base Price of Water sold by
                    the Company, and invoiced by the Company to each customer
                    during the month under review;

     SEC =          Specific Energy Consumption, which is the greater of either
                    (i) the number of kWh used to produce and provide Water, as
                    defined in Section 44(a) of the Water Authority Regulations
                    (1999 Revision), as amended from time to time, or (ii)
                    ENCON, both numbers expressed as kWh/1,000 Gallons. In any
                    event the SEC shall not be larger than 18.93 kWh/1,000
                    Gallons;

     ENCON =        The weighted average of the specific energy consumption of
                    the Company's Seawater desalination plants and distribution
                    pumping facilities in Grand Cayman, expressed as the number
                    of kWh required to produce and provide 1,000 Gallons of
                    Water. The ENCON shall be calculated in January each year
                    from audited water production records and actual electricity
                    consumption during the previous calendar year;

     ET =           The weighted average cost of electricity inclusive of
                    Caribbean Utilities Company's fuel adjustment factor of the
                    Company's Seawater desalination plants and distribution
                    pumping facilities in Grand Cayman to produce and provide
                    Water during the month in review, expressed in six decimals
                    of Cayman Islands dollars per kWh;

     EB =           The base cost of electricity which is Cayman Islands dollar
                    0.105 per kWh.

--------------------------------------------------------------------------------
                                    6 of 10
<PAGE>

An adjustment may be made to the EAF each month by adding or subtracting, as
appropriate, any amount that was over or under invoiced by the Company to its
customers, because of oversight or computational error of the EAF in the
previous twelve month period. The measurements and meter readings required for
the calculations that form part of this Schedule and for any adjustments may be
carried out by the staff of the Company, but shall be subject to verification by
the Authority, which may request any such additional information and invoices
that in its opinion is necessary to verify the accuracy of the same readings,
measurements and calculations.

The Company shall continue to use the above formula until such time as it is
revoked by a revised schedule to this franchise, and monthly invoices shall
reflect the volume supplied in the previous month.

--------------------------------------------------------------------------------
                                    7 of 10
<PAGE>

                                  SCHEDULE SIX

                         APPROVED DIRECTORS AND OFFICERS

Mr. Jeffrey M. Parker, Director, Chairman of the Board, Chief Executive Officer
Mr. Frederick W. McTaggart, Director, President and Chief Operating Officer
Mr. Peter D. Ribbins, Director, Director of Special Projects, Company Secretary
Mr. J. Bruce Bugg Jr., Director, Vice Chairman of the Board
Mr. Brian E. Butler, Director
Mr. Steven A. Carr, Director
Mr. Richard L. Finlay, Director
Mr. Clarence B. Flowers, Jr., Director
Mr. Wilmer Pergande, Director
Mr. Raymond Whittaker, Director
Mr. Carson K. Ebanks, JP, Director

Mr. Gregory S. McTaggart, Vice President of Operations
Mr. Brent J. Santha, Assistant Company Secretary

--------------------------------------------------------------------------------
                                    8 of 10
<PAGE>

                                 SCHEDULE SEVEN

                                  WATER QUALITY

--------------------------------------------------- ----------------------------

PARAMETER                                           REQUIRED QUALITY
--------------------------------------------------- ----------------------------
pH (units)                                                   6.5 - 8.0
Sulfide (mg/l)                                                < 0.01
                                                              -
Electrical Conductivity ((mu)S/cm)                            < 400
                                                              -
Total Dissolved Solids (mg/l)                                 < 200
                                                              -
Free chlorine residual (mg/l)                               0.20 - 0.50
Total chlorine residual (mg/l)                              0.20 - 0.50
Total coliform bacteria (cfu/100 ml)                             0
Faecal coliform bacteria (cfu/100 ml)                            0
--------------------------------------------------- ----------------------------

--------------------------------------------------------------------------------
                                    9 of 10
<PAGE>

                                 SCHEDULE EIGHT

                       WATER QUALITY TESTING REQUIREMENTS

<TABLE>
<CAPTION>

---------------------------------------------------------------------------------------------------------------
                                                            PLANT CAPACITY (GPD)
                               --------------------------------------------------------------------------------
PARAMETER                               <  10,000               10,000 - 100,000             > 100,000
---------------------------------------------------------------------------------------------------------------
<S>                                      <C>                        <C>                      <C>
pH                                        daily                     daily                     daily
Electrical Conductivity                   daily                     daily                     daily
Total Dissolved Solids                    daily                     daily                     daily
Free chlorine residual                    daily                     daily                     daily
Total chlorine residual                   daily                     daily                     daily
Sulfide                               every 14 days                 weekly              every working day
Total coliform bacteria               every 14 days                 weekly              every working day
Faecal coliform bacteria              every 14 days                 weekly              every working day
Bromoform                               annually                   annually                  annually
Dibromochloromethane                    annually                   annually                  annually
Bromodichloromethane                    annually                   annually                  annually
Chloroform                              annually                   annually                  annually
Boron                                   annually                   annually                  annually
Nitrate                                 annually                   annually                  annually
---------------------------------------------------------------------------------------------------------------
</TABLE>

1.   Requirements for specific testing for the presence of additives or
     chemicals will be based on the additives or chemicals used by the Company;

2.   The Company shall notify the CEHO within 24 hours of receiving a positive
     result for faecal coliform bacteria (i.e. > 0 cfu/100ml). The sample shall
     be repeated within 24 hours of receiving the positive result. The Company
     shall provide the CEHO with the result of the repeat sample within 4 hours
     of receiving the result;

3.   If the result for total coliform bacteria is > 10 cfu/100ml, the Company
     shall repeat the sample within 24 hours of receiving the result. If the
     result for the repeat sample is > 10 cfu/100ml the Company shall notify the
     CEHO within 24 hours of receiving the result;

4.   From time to time the Company may be required to carry out testing for the
     presence of any other parameters considered to be of significance for
     public health by the CEHO and the Authority.

--------------------------------------------------------------------------------
                                    10 of 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00050-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00050-of-00352.parquet"}]]