<SEC-DOCUMENT>0001174947-18-001490.txt : 20181213
<SEC-HEADER>0001174947-18-001490.hdr.sgml : 20181213
<ACCEPTANCE-DATETIME>20181213162236
ACCESSION NUMBER:		0001174947-18-001490
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20181213
DATE AS OF CHANGE:		20181213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MIDDLESEX WATER CO
		CENTRAL INDEX KEY:			0000066004
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				221114430
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-205698
		FILM NUMBER:		181233458

	BUSINESS ADDRESS:	
		STREET 1:		1500 RONSON RD
		STREET 2:		P O BOX 1500
		CITY:			ISELIN
		STATE:			NJ
		ZIP:			08830
		BUSINESS PHONE:		7326341500

	MAIL ADDRESS:	
		STREET 1:		1500 RONON ROAD
		CITY:			ISELIN
		STATE:			NJ
		ZIP:			08830
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>form424b3-21174_msx.htm
<DESCRIPTION>424B3
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #1F497D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(3)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No. 333-205698</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Middlesex Water Company Investment Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>A Direct Share Purchase and Sale and Dividend
Reinvestment Plan for </B><BR>
<B>Middlesex Water Company Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Middlesex Water
Company (&ldquo;Middlesex&rdquo; or the &ldquo;Company&rdquo;) is pleased to offer the Middlesex Water Company Investment Plan
(the &ldquo;Plan&rdquo;), a direct share purchase, sale and dividend reinvestment plan that is designed to provide investors with
a convenient method to purchase shares of Middlesex Common Stock and to reinvest cash dividends in the purchase of additional shares.
First time investors and existing registered shareholders who hold freely tradable shares of Middlesex Common Stock can submit
requests to buy new shares without opening up a brokerage account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>Key features of the Plan are summarized
below:</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If you do not currently own any shares of Middlesex Common Stock at all, you may join the Plan
by completing an enrollment form and either making an initial investment of at least $500.00, up to a maximum of $10,000.00, or
authorizing monthly deductions of at least $25.00 from a qualified bank account for the purchase of Middlesex common stock.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If you currently own <U>at least</U> one share of Middlesex Common Stock registered in your name,
you may participate in the Plan by simply completing and returning an enrollment form.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Once you have enrolled, you may purchase additional shares of Middlesex Common Stock through additional
optional cash payments of $25.00 or more (maximum $25,000.00 per calendar quarter).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Purchase in dollar amounts, rather than a certain number of shares, so you can own fractional shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Save money. Through the Plan, you can purchase and sell shares of Company Common Stock directly,
rather than dealing with a stockbroker. Fees charged by our Plan Agent, Broadridge Corporate Issuer Solutions, Inc., are generally
lower than commissions and fees charged by a stockbroker.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Choose to buy additional Middlesex Common Stock with automatic monthly deductions from your bank
account or by check. Eligible employees of the Company (and its subsidiary companies and affiliated companies) have the additional
option of utilizing automatic payroll deductions to purchase shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">As a participant, you may (but are not required to) deposit your Company Common Stock certificates
with the Plan Agent for safekeeping.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Benefit from opportunities when the Company may make shares available to Plan participants at a
discount from prevailing market prices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Middlesex Common
Stock is listed on the NASDAQ Global Select Market under the symbol &ldquo;MSEX.&rdquo; On December 11, 2018, the closing price
of Middlesex Common Stock on the NASDAQ Global Select Market was $54.73 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company has
reserved a total of 732,569 shares of Common Stock to be used in connection with the Plan, and as of the date of this Prospectus,
603,744 of such shares remain available for issuance under the Plan. &nbsp;Although the Plan contemplates the continued payment
of quarterly dividends, the Company can make no assurances in that regard.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B>THESE SECURITIES HAVE NOT BEEN
APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSIONS NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION, NOR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The date of this Prospectus is December 13,
2018</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>NO PERSON HAS
BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS OTHER THAN THOSE CONTAINED IN THIS PROSPECTUS. IF ANY OTHER
INFORMATION OR REPRESENTATIONS ARE GIVEN OR MADE, YOU MUST NOT RELY ON THEM AS HAVING BEEN AUTHORIZED.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This prospectus
is part of a Registration Statement which we have filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;). We
have omitted certain parts of the Registration Statement in accordance with the rules and regulations of the SEC; therefore, this
prospectus does not contain all of the information included in the Registration Statement. For further information, we refer you
to the Registration Statement filed on Form S-3, including exhibits and the documents incorporated by reference therein. This Prospectus
does not constitute an offer to sell or a solicitation of an offer to buy shares of Middlesex Water Company Common Stock in any
state or other jurisdiction to any person to whom it is unlawful to make such an offer or solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Neither the delivery
of this Prospectus nor any sale made hereunder should be deemed to imply that there has been no change in the affairs of the Middlesex
Water Company since the date of this Prospectus or that the information herein is correct as of any time subsequent to its date.
This Prospectus relates only to the Common Stock offered hereby and is not to be relied upon in connection with the purchase or
sale of any other securities in the Middlesex Water Company.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B><A NAME="toc"></A>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>Page</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 12pt; padding-left: 0.5in"><A HREF="#a_Toc532384244">RISK FACTORS</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 12pt"><A HREF="#a_Toc532384244">3</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 12pt; padding-left: 0.5in"><A HREF="#a_Toc532384245">MIDDLESEX WATER COMPANY</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 12pt"><A HREF="#a_Toc532384245">4</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 12pt; padding-left: 0.5in"><A HREF="#a_Toc532384246">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 12pt"><A HREF="#a_Toc532384246">5</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 12pt; padding-left: 0.5in"><A HREF="#a_Toc532384247">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 12pt"><A HREF="#a_Toc532384247">5</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 12pt; padding-left: 0.5in"><A HREF="#a_Toc532384248">THE MIDDLESEX WATER COMPANY INVESTMENT PLAN</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 12pt"><A HREF="#a_Toc532384248">6</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 1in"><A HREF="#a_Toc532384249">PURPOSE</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_Toc532384249">6</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 1in"><A HREF="#a_Toc532384250">PLAN ADVANTAGES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_Toc532384250">7</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 1in"><A HREF="#a_Toc532384251">ADMINISTRATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_Toc532384251">8</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 1in"><A HREF="#a_Toc532384252">ELIGIBILITY AND ENROLLMENT</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_Toc532384252">9</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 1in"><A HREF="#a_Toc532384253">OPTIONAL CASH INVESTMENTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_Toc532384253">11</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 1in"><A HREF="#a_Toc532384254">PURCHASE OF COMMON STOCK</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_Toc532384254">13</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 1in"><A HREF="#a_Toc532384255">DIVIDEND REINVESTMENT</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_Toc532384255">15</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 1in"><A HREF="#a_Toc532384256">GIFTS AND TRANSFERS OF SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_Toc532384256">16</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 1in"><A HREF="#a_Toc532384257">SALE OF SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_Toc532384257">17</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 1in"><A HREF="#a_Toc532384258">CUSTODIAL SERVICE</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_Toc532384258">18</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 1in"><A HREF="#a_Toc532384259">ISSUANCE OF STOCK CERTIFICATES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_Toc532384259">18</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 1in"><A HREF="#a_Toc532384260">SERVICE FEES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_Toc532384260">19</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 1in"><A HREF="#a_Toc532384261">WITHDRAWAL FROM THE PLAN</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_Toc532384261">20</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 12pt; padding-left: 1in"><A HREF="#a_Toc532384262">ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 12pt"><A HREF="#a_Toc532384262">21</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 12pt; padding-left: 0.5in"><A HREF="#a_Toc532384263">LIMITATION OF LIABILITY</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 12pt"><A HREF="#a_Toc532384263">22</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 12pt; padding-left: 0.5in"><A HREF="#a_Toc532384264">CERTAIN U.S. FEDERAL INCOME TAX CONSEQUENCES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 12pt"><A HREF="#a_Toc532384264">23</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 12pt; padding-left: 0.5in"><A HREF="#a_Toc532384265">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 12pt"><A HREF="#a_Toc532384265">26</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 12pt; padding-left: 0.5in"><A HREF="#a_Toc532384266">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 12pt"><A HREF="#a_Toc532384266">26</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 12pt; padding-left: 0.5in"><A HREF="#a_Toc532384267">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 12pt"><A HREF="#a_Toc532384267">27</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 12pt; padding-left: 0.5in"><A HREF="#a_Toc532384268">EXPERTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 12pt"><A HREF="#a_Toc532384268">27</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 12pt; padding-left: 0.5in"><A HREF="#a_Toc532384269">INDEMNIFICATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 12pt"><A HREF="#a_Toc532384269">28</A></TD></TR>
</TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: center"><A NAME="a_Toc532384244"></A>RISK
FACTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Before you decide
to participate in the Plan and invest in shares of Middlesex Common Stock, you should be aware of the following material risks
in making such an investment. You should consider carefully these risk factors together with all information included or incorporated
by reference in this prospectus before you decide to participate in the Plan and purchase shares of our Common Stock. In addition,
you should consult your own financial and legal advisors before making an investment.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">You will not know the price for the shares you are purchasing under the Plan at the time you authorize
the investment or elect to have your dividends reinvested.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The price of our shares may fluctuate between the time you decide to purchase shares under the
Plan and the time of actual purchase. In addition, during this time period, you may become aware of additional information that
might affect your investment decision.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Shares deposited in a Plan account may not be pledged until the shares are withdrawn from the Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">You will be treated as having received dividend income on the dividend payment date for Federal
income tax purposes. Such dividends will generally give rise to a tax liability even though no cash was actually paid to you. This
may create a liability for payment of income tax without providing you with immediate cash to pay this tax when it becomes due.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">No discount will be available for shares acquired in the open market or in privately negotiated
transactions. From time to time, no discount may be available for any or all of initial purchases, optional purchase or reinvestment
of dividends. For example, a discount for reinvestment of dividends will not insure the availability of a discount for optional
cash purchases or initial investments. While a discount from market prices may be established for a particular period of time for
shares purchased directly from us, a discount for any one period of time will not insure the availability of the same or any other
discount for future periods. We may, without giving you prior notice, change or eliminate the discount for any or all of the investment
features of the Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">You bear the risk of loss from market price changes for shares of our Common Stock purchased under
the Plan. Neither we nor the Plan Agent can give you any assurance that shares of our Common Stock purchased under the Plan will,
at any particular time, be worth more or less than the amount you paid for them.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Other important factors and risks are identified in our most recent Annual Report on Form 10-K,
which is incorporated by reference into this Prospectus. You are encouraged to review these risks carefully.</TD></TR></TABLE>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: center"><A NAME="a_Toc532384245"></A>MIDDLESEX
WATER COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Middlesex Water
Company&rsquo;s principal executive offices are located at 1500 Ronson Road, Iselin, New Jersey 08830. Our phone number is 732-634-1500.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Middlesex Water
Company (&ldquo;Middlesex&rdquo; or the &ldquo;Company&rdquo;) has operated as a water utility in New Jersey since 1897, and in
Delaware, through our wholly-owned subsidiary, Tidewater Utilities, Inc. (&ldquo;Tidewater&rdquo;), since 1992. We are in the business
of collecting, treating, distributing and selling water for domestic, commercial, municipal, industrial and fire protection purposes.
We also operate New Jersey municipal water, wastewater and storm water systems under contract and provide water and wastewater
services in New Jersey and Delaware through our subsidiaries, including Tidewater (and Tidewater&rsquo;s wholly owned subsidiaries,
Southern Shores Water Company, LLC (&ldquo;Southern Shores&rdquo;), and White Marsh Environmental Systems, Inc. (&ldquo;White Marsh&rdquo;))
Tidewater Environmental Services, Inc. (&ldquo;TESI&rdquo;), Pinelands Water Company (&ldquo;Pinelands Water&rdquo;), Pinelands
Wastewater Company (&ldquo;Pinelands Wastewater&rdquo;), Utility Service Affiliates, Inc. (&ldquo;USA&rdquo;), Utility Service
Affiliates (Perth Amboy) Inc. (&ldquo;USA-PA&rdquo;), and Twin Lakes Utilities, Inc. (&ldquo;Twin Lakes&rdquo;). We are regulated
as to the rates charged to customers for water and wastewater services, as to the quality of water service we provide and as to
certain other matters. Only our USA, USA-PA and White Marsh subsidiaries are not regulated utilities as to their rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Our Middlesex System
provides water service to approximately 61,000 retail customers, primarily in central New Jersey. The Middlesex System also provides
water service under contract to municipalities in central New Jersey with a total population of approximately 219,000. Through
our subsidiary, USA-PA, we operate the water supply system and wastewater system for the City of Perth Amboy, New Jersey. Our other
New Jersey subsidiaries, Pinelands Water and Pinelands Wastewater, provide water and wastewater services to residents in Southampton
Township, New Jersey. Our USA subsidiary operates the Borough of Avalon, New Jersey&rsquo;s water utility, sewer utility and storm
water system under a ten-year operations and maintenance contract. Under a marketing agreement with HomeServe USA, USA offers residential
customers in New Jersey and Delaware a menu of water and wastewater related home maintenance programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Our Delaware subsidiaries,
Tidewater and Southern Shores, provide water services to approximately 40,000 retail customers in New Castle, Kent and Sussex Counties,
Delaware. Our TESI subsidiary provides regulated wastewater service to approximately 3,300 residential retail customers in Delaware.
Our White Marsh subsidiary serves an additional 4,000 customers under unregulated operating contracts with various owners of small
water and wastewater systems in Kent and Sussex Counties. Our Pennsylvania subsidiary, Twin Lakes, provides water services to approximately
120 customers in Shohola, Pennsylvania.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: center"><A NAME="a_Toc532384246"></A>WHERE
YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are subject
to the informational requirements of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) and, accordingly,
file reports, proxy statements and other information with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;). These
materials may be inspected and copied at the SEC&rsquo;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549.
Please contact the SEC at (800) SEC-0330 for information on the operation of the Public Reference Room. In addition, our SEC filings
are available to the public at the SEC&rsquo;s Internet site at <U>www.sec.gov</U> and on our Internet site at <U>www.middlesexwater.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Prospectus
constitutes part of a Registration Statement on Form S-3 that we filed with the SEC. This Prospectus does not contain all of the
information set forth in the Registration Statement, some parts of which are omitted in accordance with the rules and regulations
of the SEC. For further information, reference is hereby made to the Registration Statement and all amendments and exhibits thereto.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: center"><A NAME="a_Toc532384247"></A>INCORPORATION
OF CERTAIN DOCUMENTS BY REFERENCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are incorporating
certain documents into this Prospectus by reference, which means that we are disclosing important information to you by referring
you to documents that contain such information. The information incorporated by reference is an important part of this Prospectus,
and information we file later with the SEC will automatically update and supersede the information in this Prospectus and in documents
incorporated by reference. We incorporate by reference the documents listed below that we have previously filed with the SEC<B>:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2017, filed on March
9, 2018.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, filed on
May 7, 2018.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, filed on
August 2, 2018.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, filed
on November 2, 2018.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">The Company&rsquo;s Current Reports on Form 8-K filed on January 29, 2018, March 27, 2018, April
25, 2018, May 7, 2018, May 23, 2018, May 24, 2018, July 18, 2018, July 26, 2018, August 2, 2018, October 24, 2018, October 29,
2018, and November 2, 2018.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">The material under the caption &ldquo;Description of Capital Stock&rdquo; in the Company&rsquo;s
Registration Statement on Form 8-A under Section 12(g) of the Exchange Act, which incorporates by reference the information under
&ldquo;Common Stock&rdquo; in the prospectus constituting a part of the Company&rsquo;s Registration Statement on Form S-1 (File
No. 2-55058).</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">All documents filed by the Company after the date of this Registration Statement pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment which indicates that all securities
offered have been sold or which deregisters all securities then remaining unsold, hereby are incorporated herein by reference and
shall be deemed a part hereof from the date of filing of such documents. In addition, all documents filed by the Company after
the initial filing date of this Registration Statement pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act and
prior to effectiveness of this Registration Statement shall be deemed to be incorporated by reference into this prospectus. Any
statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified
or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently
filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such
statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration
Statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Middlesex will provide
you without charge, upon written or oral request, a copy of any of the documents incorporated by reference. Requests should be
directed to: Middlesex Water Company, 1500 Ronson Road, Iselin, New Jersey 08830, Attn: A. Bruce O&rsquo;Connor, Vice President,
Treasurer and Chief Financial Officer (732) 638-7502.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>_________________________________</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: center"><A NAME="a_Toc532384248"></A>THE
MIDDLESEX WATER COMPANY<BR>
INVESTMENT PLAN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><A NAME="a_Toc532384249"></A>PURPOSE</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>What is the purpose of the Plan?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The purpose of the
Middlesex Water Company Investment Plan (the &ldquo;Plan&rdquo;) is to promote long-term stock ownership among existing and new
investors in Middlesex Water Company (&ldquo;Middlesex&rdquo; or the &ldquo;Company&rdquo;) by providing a convenient and economical
method to purchase shares of the Company&rsquo;s Common Stock directly and reinvest cash dividends in shares of Common Stock without
payment of a brokerage commission. We reserve the right to modify, suspend or terminate participation in this Plan by otherwise
eligible holders of Common Stock or new investors in order to eliminate practices which we determine, in our sole discretion, to
be inconsistent with the purposes of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Plan also provides
us with a means of raising additional capital if we elect to directly sell newly issued shares of Common Stock.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><A NAME="a_Toc532384250"></A><B>PLAN
ADVANTAGES</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>What are some advantages of enrolling in the Plan?</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><U>New</U></B> investors can join the Plan by investing as little as $500.00, or up to a maximum
of $10,000.00, and completing and returning an enrollment form. New investors also have the option of initiating an initial debit
through the &ldquo;Plan Wizard&rdquo; link found online under Buy Stock Direct (<FONT STYLE="color: Black"><U>http://shareholder.broadridge.com/
middlesexwater</U></FONT>).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">You can automatically build your investment over time by electing to have cash dividends on all
or part of your shares automatically reinvested in shares of Company Common Stock at market prices.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">You may purchase additional shares of Company Common Stock through additional optional cash payments
of $25 or more (maximum $25,000 per calendar quarter).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">You may purchase in dollar amounts, rather than a certain number of shares, so you can own fractional
shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Save money. Through the Plan, you can purchase and sell shares of Company Common Stock directly,
rather than dealing with a stockbroker. You pay no commission or service charge on <U>purchases</U> made under the Plan. Fees charged
by the Plan Agent for sales or certain other transactions are generally lower than commissions and fees charged by a stockbroker.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Purchase Common Stock by authorizing a one-time online bank debit via the online process or by
sending in a physical check and a completed Stock Purchase Form. For example, you may choose to purchase every month through automatic
monthly deductions or periodically make occasional purchases by check. The Plan is designed for long term investors who wish to
invest and build their share ownership over time.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Peace of Mind. You may deposit your existing Company Common Stock certificates with the Plan&rsquo;s
agent for safekeeping, if you so desire. Shares purchased via book entry (where no certificate is issued to you directly) are held
by the Plan&rsquo;s agent and can be viewed by accessing your account electronically.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If you are employed by the Company (or its subsidiaries and other affiliates), and are otherwise
eligible to participate, you may make purchases through a program of regular payroll deductions.</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><A NAME="a_Toc532384251"></A><B>ADMINISTRATION</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Who Administers the Plan?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Broadridge Corporate
Issuer Solutions, Inc. is the Transfer Agent, Registrar and Administrator of the Plan (the &ldquo;Plan Agent&rdquo;). The Plan
Agent keeps records, sends statements of account to Plan participants and performs other duties relating to the Plan. The Common
Stock purchased in your Plan account will be registered in the name of the Plan Agent, or its nominee, as your agent. You may,
at any time, withdraw all or any part of the shares held in your Plan account. Special arrangements may be made with the Plan Agent
if you are an institution that is required by law to maintain physical possession of share certificates.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>How do I contact the Plan Agent regarding Common Stock, Sale or Dividend Reinvestment or Other
Services?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Enrollment, purchase
or sale of share requests and other transactions or services offered under the Plan should be directed to the Plan Agent through
any of the following ways:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 2in"><B>Phone Inquiries</B>: </TD>
    <TD STYLE="text-align: justify">1-888-211-0641 or 720-358-3643</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 2in"><B>Email:</B></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">shareholder@broadridge.com</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 2in"><B>Website:</B></TD><TD STYLE="text-align: justify"><U>http://shareholder.broadridge.com/middlesexwater</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: blue">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Please note that all transactions online
shall be subject to the additional Terms of Use and Linking Policy and Privacy Statement available on the website. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 2in"><B>For All Correspondence:</B></TD>
    <TD STYLE="text-align: justify">Middlesex Water Company</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">c/o Broadridge Corporate Issuer Solutions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">P.O. Box 1342</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">Brentwood, NY 11717</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in"><B>For Purchase
&amp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -2in"><B>Sales Requests:
&#9;Standard Mail:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">Middlesex Water Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">Broadridge Corporate Issuer Solutions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">P.O. Box 1342</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">Brentwood, NY 11717</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify"><B>Overnight Mail:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">Middlesex Water Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">c/o Broadridge Corporate Issuer Solutions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">1155 Long Island Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">Edgewood, NY 11717</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">ATTN: IWS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Be sure to include your name, address,
account number, company name (both as shown on your statement) and daytime phone number on all correspondence.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I></I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>What kind of reports will be sent to participants in the Plan?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Statements will
be sent only to participants with account activity (such as purchase, sale transfer, deposit, withdrawal of shares or dividend
reinvestment). You should retain these statements in order to establish the cost basis of shares purchased under the Plan for income
tax and other purposes. In addition, you will receive copies of all communications sent to all other shareholders, such as annual
and quarterly reports, proxy statements and income tax information for reporting dividends paid. Under certain circumstances, in
lieu of copies, you may receive a Notice of Internet Availability of Proxy Materials providing access to the Company&rsquo;s Proxy
Statement and Annual Report online.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>How do I keep track of my investments?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Plan Agent
offers online access to your account holdings at <U>http://shareholder.broadridge.com/middlesexwater</U> and an opportunity to
participate in e-delivery of account activity statements, where offered. Access to account information is always available via
their Customer Service team which can be reached at <B>1-888-211-0641</B>.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><A NAME="a_Toc532384252"></A>ELIGIBILITY
AND ENROLLMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eligibility:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Plan is available
to the general public, including first time investors. Regulations in certain countries may, however, limit or prohibit participation
in this type of program. Persons residing outside the United States who wish to participate in the Plan should first contact their
financial or legal advisors to determine whether they are subject to any governmental regulations prohibiting their participation.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify"><B>How does a Company shareholder become eligible to participate in the Plan?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you are already
a registered shareholder of Common Stock (that is, your share certificates are registered directly in your name), you may enroll
in the Plan by completing and returning the Direct Share Purchase and Enrollment Form to the Plan Agent and following the instructions
set forth below. If the stock you own is registered in more than one name (i.e., joint tenants, trustees, etc.), all registered
holders must sign the Enrollment Form. In addition, if the stock you own is registered in different names (i.e., &ldquo;John Smith&rdquo;
and &ldquo;J. Smith&rdquo;), you must submit an Enrollment Form for each registration in order to participate fully in the Plan.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify"><B>I am not currently a shareholder. How can I enroll in the Plan?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">To enroll, you must
complete and submit a Direct Share Purchase and Enrollment Form and make an initial investment of at least $500.00. Your initial
investment may be greater, but the maximum is $10,000.00. You have a choice of submitting the Enrollment Form which may be obtained
from the Plan Agent Shareholder Services website at <FONT STYLE="color: Black"><U>www.shareholder.broadridge.com/middlesexwater</U></FONT>
under &ldquo;Forms&rdquo; or by calling Customer Service at 1-888-211-0641. You can also utilize the easy to access Broadridge
&ldquo;Buy Stock Direct Plan Wizard&rdquo; located on the same website by clicking on the &ldquo;Plan Wizard&rdquo; link on the
left hand side and following the step by step process. The &ldquo;Buy Stock Direct Plan Wizard&rdquo; will allow you to provide
the required banking information and authorize the Plan Agent to deduct the appropriate funds for your initial share purchase.
(Company employees should also refer to Question 12.)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Plan Agent
will hold any personal information you provide pursuant to the Privacy Statement, which can be found at <U>https://investor.broadridge.com</U>.
The Plan Agent will purchase whole shares and allocate fractional shares of Middlesex Common Stock to equal the dollar amount
of your investment, less any applicable fees.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD STYLE="text-align: justify"><B>I already own shares, but they are held by my bank or broker and registered in &ldquo;street
name.&rdquo; How can I participate?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you currently
own shares of our Common Stock that are held on your behalf by a bank or broker (that is, in &ldquo;street name&rdquo;), you will
need to arrange with your bank or broker to have at least one (1) share registered directly in your name in order to be eligible
to participate. Once the share or shares are registered in your name, you may then enroll in the Plan as described in Question
7. (Company employees should also refer to Question 12.)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Are there fees associated with enrollment in the Plan?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">There are no brokerage
fees or service charges applicable to purchases of shares under the Plan. The Company pays all general costs of administration
of the Plan. However, you may incur certain charges for certain other transactions, requests or withdrawals under the Plan. These
charges include but are not limited to additional fees for returned checks, returned Automated Clearing House (ACH) transactions,
insufficient funds, overnight mailings, certificate issuance, check replacement, historical research, and duplicate confirmation
and/or account statements (See Question 40 of this document or visit <FONT STYLE="color: Black"><U>http://shareholder.broadridge.com/middlesexwater</U></FONT>
under the Buy Stock Direct Plan section for a listing of fees associated with these transactions.) If you request that the Plan
Agent arrange for the sale of any shares credited to your account under the Plan, a flat administrative fee of $15, plus any applicable
brokerage commission and transfer tax, is assessed per sale.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Are there any restrictions on participation in the Plan by shareholders residing outside the
United States?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Regulations in certain
countries may limit or prohibit participation in services provided under this type of program. Accordingly in the case of citizens
or residents of a country other than the United States, its territories, and possessions, the Company may determine, in its sole
discretion, not to allow participation because compliance with applicable regulations is not reasonably practicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Are there special eligibility or enrollment rules applicable to Company employees? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Yes, if you are
a Middlesex employee or are an employee of one of the Company&rsquo;s subsidiaries (which for purposes of the Plan, includes a
subsidiary of one of the Company&rsquo;s subsidiaries), you have the additional option of purchasing shares through automatic payroll
deductions (See Question 20 for details). Employees who participate through the automatic payroll deduction option may open a Plan
account simply by completing an Enrollment Form and returning it to the Company. Employees of municipalities and municipal utility
authorities under contract with the Company are not eligible to participate through automatic payroll deductions.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><A NAME="a_Toc532384253"></A>OPTIONAL
CASH INVESTMENTS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>13.</B></TD><TD STYLE="text-align: justify"><B>What are the minimum and maximum amounts for optional cash investments?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">To purchase shares
by making optional investments, you must invest at least $25.00 at any time but cannot invest more than $25,000.00 per calendar
quarter. Any optional investment of less than $25.00 or more than $25,000.00 per calendar quarter will be returned without interest.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>14.</B></TD><TD STYLE="text-align: justify"><B>How do I make an optional cash investment?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Payments for optional
cash investments may be made by sending a personal check, drawn from a U.S. bank in U. S. Dollars payable to Broadridge Corporate
Issuer Solutions, Inc. along with the Direct Share Purchase and Enrollment Form indicating Optional Cash Investment. Please be
sure to write the account number in the memo portion of your check and include a note identifying your account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Mail your optional
investment payment to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify"><B>Broadridge Corporate Issuer Solutions,
Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">P.O. Box 1342</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">Brentwood, NY 11717</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>15.</B></TD><TD STYLE="text-align: justify"><B>Can I have optional cash investments automatically deducted from my bank account?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Yes. You can authorize
automatic deduction from an account at a financial institution that is a member of the National Automated Clearing House Association.
You may set up where optional monthly cash purchases of a specified amount (not less than $25.00 or more than $25,000.00 per calendar
quarter) can be made automatically by electronic funds transfer from a predesignated U.S. Bank account. Automatic bank drafts will
be initiated as promptly as practicable. After the automatic bank draft is established, funds will be drawn on the 25th of each
month or if that date falls on a non-business day, the next business day. Visit the shareholder portal <FONT STYLE="color: Black"><U>http://shareholder.broadridge.com/middlesexwater</U></FONT>
and follow the onscreen instructions in order to access your account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0; text-align: justify"><B>Method of Payment:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.3pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Check</B> &ndash; You may make optional
investments during any month by delivering to the Plan Agent a completed purchase coupon (the tear-off portion located on the bottom
of your statement or transaction advice) or Stock Purchase Form, and a personal check, money order, or bank check made payable
in U.S. dollars from a U.S. bank to Broadridge Corporate Issuer Solutions, Inc.. Cash payments will not be accepted.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Automatic Bank Draft</B> &ndash;
You may pre-authorize the Plan Agent to deduct a set amount ($25.00 minimum) from a U.S. checking, savings or credit union account.
To initiate the bank draft, you must complete and sign the Authorization for Monthly Investments &ndash; Optional section of the
Enrollment Form, and return it to the Plan Agent with a voided check for the bank account from which funds are to be drafted. Automatic
bank drafts will be initiated as promptly as practicable. As an added security measure, the Plan Agent applies a five business
day hold period to the initial linkage of banking account information to your investor account as well as changes made to established
direct deposit or direct debit instructions. This hold period helps prevent unauthorized transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">After the automatic bank draft is established
for reoccurring investment, funds will be drawn on the 25<SUP>th</SUP> of each month or if that date falls on a non-business day,
the next business day. A shareholder can also establish a onetime debit instance to be drawn from their account. You should allow
up to 4 weeks for the first automatic bank draft to be initiated. In order to terminate a bank draft, you must notify the Plan
Agent in writing at least ten (10) business days prior to the next automatic bank draft date in order for the termination to be
effective by that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Dividends on Shares Purchased</B>:
If shares that you have purchased by optional investment are added to your account on or before a dividend record date, you will
receive the upcoming dividend on those newly added shares as well as any other shares already credited to your account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">You have no obligation to make any optional
investments under the Program.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>16.</B></TD><TD STYLE="text-align: justify"><B>Will I be charged fees for optional cash payments?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">No. You will not
be charged any fees in connection with your optional cash payments. However, you may incur certain charges for certain other transactions
or requests under the Plan. (See Questions 32 and 40.)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>17.</B></TD><TD STYLE="text-align: justify"><B>How are payments with &ldquo;insufficient funds&rdquo; handled?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If an optional cash
payment is made by a check drawn on insufficient funds or incorrect draft information, or the Plan Agent otherwise does not receive
the money, the requested purchase will be deemed void, and the Plan Agent will immediately remove from your account any shares
already purchased upon the prior credit of such funds. The Plan Agent may, at its discretion, through a registered broker dealer,
sell such shares to satisfy any uncollected amounts or return such shares to the Company. If the net proceeds from any sale of
such shares are insufficient to satisfy the balance due, the Plan Agent may, through a registered broker dealer, sell additional
shares from your account as necessary to satisfy the uncollected balance.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>18.</B></TD><TD STYLE="text-align: justify"><B>When will optional cash payments be invested?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Plan Agent
receives your optional cash payment at least two (2) days prior to the end of any month, it will invest your funds on the first
business day of the next month. If the Plan Agent receives your payment fewer than two (2) days prior to the end of any month,
it will hold your funds and invest them on the first business day of the month following the next month. Only shares which are
purchased prior to the applicable record date for dividends will be entitled to receive dividends. <B><I>No interest will be paid
on amounts held by the Plan Agent pending investment.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I></I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>19.</B></TD><TD STYLE="text-align: justify"><B>If I send in a Plan request and change my mind, can optional cash payments be returned to me?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Once the Plan Agent
receives your written or electronic request for optional cash payment, that assigned contribution and transaction are considered
final and will be invested as scheduled. No interest will be paid on amounts held by the Plan Agent.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>20.</B></TD><TD STYLE="text-align: justify"><B>I am an employee eligible to participate (See Question 12). Can I make optional cash payments
through automatic payroll deductions? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you are an eligible
employee and have completed six (6) months of consecutive employment and you have already enrolled in the Plan (see Questions 7,
8 and 9), you can enroll to make optional cash payments through automatic payroll deductions by completing an Employee Payroll
Deduction Authorization Form and submitting it to the Company (if you have not previously enrolled in the Plan, you may do so at
the same time you enroll to make optional payroll deductions). The Company (and the Plan Agent) must receive your forms sufficiently
in advance of your next paycheck to allow for processing. If you are paid weekly, you may authorize payroll deductions in a specified
whole-dollar amount from each regular paycheck, subject to a $5 minimum and $100 maximum per pay period. If you are paid biweekly,
the minimum deduction is $10 and the maximum deduction is $200 per pay period. Payroll deductions will be counted against the limitation
on optional cash payments discussed in Question 13. Once authorized, payroll deductions will continue until changed or terminated
by you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>Note: No interest will be paid
on payroll deductions held by the Company or the Plan Agent pending investment. </I></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><A NAME="a_Toc532384254"></A>PURCHASE
OF COMMON STOCK</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>21.</B></TD><TD STYLE="text-align: justify"><B>What is the source of Middlesex Common Stock purchased through the Plan?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Share purchases
will be made directly from the Company&rsquo;s authorized but previously unissued Common Stock, or on the open market through a
registered broker dealer.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>22.</B></TD><TD STYLE="text-align: justify"><B>How many shares of Common Stock will be purchased under the Plan and what will be the price
of the shares?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Your Plan account
will be credited with the number of shares (including fractional shares, computed to four decimals) equal to the amount invested
for your Plan account divided by the applicable price per share. Shares purchased directly from the issuer under the Plan will
be purchased and credited to your account at the average of the daily averages of the high and low sales prices of Company Common
Stock as reported on the NASDAQ Global Select Market for the five (5) days on which the Common Stock was traded immediately preceding
and ending on the applicable date of purchase.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Prices of shares
purchased on the open market will be equal to the average price of all shares purchased on your behalf by the Plan Agent. In making
purchases of shares for a participant&rsquo;s Plan account on each investment date, the Plan Agent will commingle the participant&rsquo;s
funds with those of other participants under the Plan. The prices of shares purchased in the open market for participants in the
Plan with reinvested cash dividends will be equal to the average price of all shares purchased for the Plan on such reinvestment
date by the Plan Agent. The Plan Agent shall have no responsibility with respect to the market value of Common Stock acquired under
the Plan for participant accounts. Although the Company generally bears all expenses associated with the Plan, each Plan participant
will be responsible for brokerage commissions and costs associated with the sale of any shares for such participant&rsquo;s account.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>23.</B></TD><TD STYLE="text-align: justify"><B>Will the Company offer discounts on the price per share?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to certain
limitations, the Company may, from time to time, offer shares to Plan participants at a discount from the purchase price described
in Question 22. Discounts exceeding five percent (5%) may require regulatory approval to be obtained by the Company. The following
conditions will apply if and when the Company offers shares at a discount: (i) the Company may limit the number of shares offered
at the discounted price; and (ii) the Company may limit the time period during which the discounted price is in effect (but in
no event will the time period be less than ninety (90) days).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>24.</B></TD><TD STYLE="text-align: justify"><B>How do I purchase additional stock? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As a Program participant,
you may purchase additional stock for your account in three ways: by regular monthly electronic deductions, by one-time online
bank debit, and by check.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">You may authorize
automatic monthly deductions from your bank account by completing and returning an authorization form or you may submit a request
online by logging into your account at <FONT STYLE="color: Black"><U>http://shareholder.broadridge.com/middlesexwater</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">You may authorize
a one-time online bank debit from your U.S. bank account by logging into your account at <U>http://shareholder.broadridge.com/middlesexwater</U><FONT STYLE="color: blue">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">You may make optional
cash investments by sending a check (in U.S. dollars) made payable to &ldquo;Broadridge&rdquo; along with a completed Stock Purchase
Form/Coupon which is attached to each statement you receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As an added security
measure, Broadridge applies a five business day hold period to the initial association of banking account information to your investor
account as well as changes made to established direct deposit or direct debit instructions. This hold period helps prevent unauthorized
transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the event purchases
are made in the open market, Broadridge will submit your request to the registered broker-dealer utilized by the Program to purchase
whole shares and allocate any fractional shares to equal each amount you invest, less any applicable fees. Keep in mind that the
value of the stock can fluctuate.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The past performance
of Middlesex Common Stock is not necessarily an indicator of future performance. There can be no guarantee that the stock you purchase
through the Plan will increase in value or retain its current value.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><A NAME="a_Toc532384255"></A>DIVIDEND
REINVESTMENT</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>25.</B></TD><TD STYLE="text-align: justify"><B>What dividend reinvestment options are available in the Plan?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">You can choose to
reinvest all or a portion of your dividends on shares that you own. Following your instructions, the Plan Agent will apply all
or a part of the cash dividend to the purchase of additional shares. Below are the options for dividend reinvestment:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">&ldquo;Full Dividend Reinvestment&rdquo; - Under this option, you direct the Company to reinvest
the dividends on <U>all</U> of the shares of Common Stock registered in your name, as well as shares credited to your account under
the Plan. In addition, you may make additional investments by making optional cash payments; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">&ldquo;Partial Dividend Reinvestment&rdquo; - Under this option, you direct the Company to reinvest
the dividends on a <U>portion</U> of the shares of Common Stock registered in your name. Dividends on shares credited to your account
under the Plan will be reinvested fully to the extent you have elected to participate. In addition, you may make additional investments
by making optional cash payments; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">&ldquo;Optional Cash Payments Only&rdquo; - Under this option, you may participate in the Plan
by making optional cash payments only. The Plan Agent will continue to pay cash dividends on the shares you hold outside the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Plan Agent will
return your Enrollment Form to you if you fail to select one of these options or fail to sign the Enrollment Form.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>26.</B></TD><TD STYLE="text-align: justify"><B>Must my dividends be reinvested automatically to the extent I have chosen either Full Dividend
Reinvestment or Partial Dividend Reinvestment? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">To the extent you
have elected to participate in the Plan, cash dividends on those shares which are subject to reinvestment will be reinvested automatically
in additional shares of Middlesex Common Stock.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>27.</B></TD><TD STYLE="text-align: justify"><B>When will my dividends be reinvested and at what price? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you are enrolled
in the Plan as of an applicable &ldquo;record date&rdquo; for dividends, either all or part of the dividends on your shares (depending
on which option you have chosen) will be used to purchase shares of Common Stock as of the applicable dividend payment dates. Cash
dividends on the Company&rsquo;s Common Stock, when and as declared, have generally been payable on the first business day of March,
June, September and December. The price of the Common Stock to be purchased under the Plan is addressed in Questions 22 and 23.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>28.</B></TD><TD STYLE="text-align: justify"><B>Will I be charged fees for participating in the dividend reinvestment program? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">No. You will not
be charged any fees in connection with the reinvestment of your dividends under the Plan. However, you may incur certain charges
for certain other transactions or requests under the Plan. (See Questions 32 and 40.)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>29.</B></TD><TD STYLE="text-align: justify"><B>Can I contribute shares I hold in certificate form into my Plan Account? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Yes. If you hold
paper stock certificates you may send them unsigned to the address at the end of this document via overnight delivery or some other
form of traceable mail, with return receipt requested, and properly insured through the mail carrier. Please include a letter of
instruction. You may also contribute any book-entry shares. Please call the Plan Agent at 1-888-211-0641 for more information.
The Plan Agent will credit your book-entry registered shares to your account free of charge.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>30.</B></TD><TD STYLE="text-align: justify"><B>Can shares bought through the Plan be issued in certificate form? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">These shares will
be issued and held in book-entry form. However, if you so require, you may request shares be issued in certificate form in your
name. To obtain a stock certificate for any or all of the whole shares in your account, simply, call or write the Plan Agent. Please
note that a fee may be associated with this service.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>31.</B></TD><TD STYLE="text-align: justify"><B>Can I change my dividend reinvestment instructions once I have initially selected an option?
</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Yes, you may change
your reinvestment instruction through the Internet or in writing at any time by completing a new Enrollment Form. If the Plan Agent
received the notice of change near an upcoming dividend record date, the Plan Agent may defer changing your reinvestment option
until the next dividend payment date.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><A NAME="a_Toc532384256"></A>GIFTS
AND TRANSFERS OF SHARES</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>32.</B></TD><TD STYLE="text-align: justify"><B>Can I transfer shares that I hold in the Plan or give them as gifts? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Yes. Subject to
compliance with all applicable laws, you may transfer ownership of some or all of your Plan shares to new or existing shareholders
by completing a Legal Transfer Form. A Legal Transfer Form is available to download and print at <FONT STYLE="color: Black"><U>www.shareholder.broadridge.com/</U></FONT><FONT STYLE="color: Black"><U>middlesexwater</U></FONT>.
Transfers may be made in book-entry form or in certificate form. To obtain instructions for transferring your shares, please download
transfer instructions from the Plan Agent website. Alternatively, you may call the Customer Service line of the Plan Agent at 1-888-211-0641,
and request the Plan Agent to send you transfer instructions and the Legal Transfer Form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">You will be responsible
for any applicable taxes in connection with the transfer. Signatures of all registered holders must be &ldquo;Medallion Guaranteed&rdquo;
by a financial institution participating in the Medallion Guarantee program. The Medallion Guarantee program ensures that the individual
signing is in fact the owner as indicated on the participant&rsquo;s account.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you are opening
a new Plan account for the transferee, you must include a completed Enrollment Form with the gift/transfer instructions.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>33.</B></TD><TD STYLE="text-align: justify"><B>What about Gifts to Minors? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you are transferring
shares to a minor, you need to provide the name of the adult custodian who will be listed on the account. Once the minor has reached
the age of majority, the custodian&rsquo;s name can be removed.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><A NAME="a_Toc532384257"></A>SALE
OF SHARES</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>34.</B></TD><TD STYLE="text-align: justify"><B>How do I sell shares? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A registered shareholder
who holds qualified, freely tradable shares of Middlesex Common Stock in Direct Registration Form (i.e., shares held electronically
or by book entry) can submit requests to sell shares through a registered broker-dealer through the Plan Agent website, through
its toll-free telephone number or through the mail at any time. The Plan Agent will forward promptly such requests to the registered
broker-dealer utilized by the Plan. This broker-dealer will sell the shares on the open market. The payment remitted for the shares
sold will reflect any applicable administrative fees and brokerage commission and will be the average weighted price for all shares
sold on the trade date or dates. In general, sales are made at least once a week. Depending on the number of shares being sold
and current trading volume in the shares, sales may be executed in multiple transactions and may be traded on more than one day.
The selling price will not be known until the sale is complete. A check for the proceeds of the sale of shares less applicable
taxes, transaction fees and brokerage commissions, will normally be mailed to the participating shareholder by first class mail
within two (2) business days after the final trade settlement date. A direct deposit for the proceeds of the sale of shares less
applicable taxes, transaction fees and brokerage commissions will normally be issued to the receiving bank account within two (2)
business days after the final trade settlement date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The ability to purchase
or sell shares through the Plan is intended to be a convenience. However, you may find it more convenient or economical to effect
such transactions through a broker of your choice. Participation in the Plan is strictly voluntary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you request that
the Plan Agent sell any of the shares credited to your account under the Plan, a flat fee of $15, plus any applicable brokerage
commission and transfer tax, is assessed per sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Participants should be aware that
the share price may fluctuate between the time your transaction request is received and the time the transaction is carried out
on the open market. This price risk will be borne solely by you. The Plan Agent may, but is not obligated to, accept written requests
to revoke transaction requests.</I></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><A NAME="a_Toc532384258"></A>CUSTODIAL
SERVICE</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>35.</B></TD><TD STYLE="text-align: justify"><B>How does the custodial service (book-entry shares) work? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All shares of Middlesex
Common Stock that are purchased through the Plan will be held by the Plan Agent and reflected in book-entry form in the participant&rsquo;s
account on the records of the Plan Agent. A Plan participant who holds Company Common Stock certificates may also, at any time,
deposit those certificates for safekeeping with the Plan Agent, and the shares represented by the deposited certificates will be
included in the book-entry form in the participant&rsquo;s account.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>36.</B></TD><TD STYLE="text-align: justify"><B>How do I deposit my Company Common Stock certificates with the Plan Agent? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">To deposit certificates
into the Plan and benefit from the safekeeping feature of the Plan, participants should mail their certificates, via registered
and insured mail, to Broadridge Corporate Issuer Solutions, Inc., 1155 Long Island Avenue, Edgewood, NY 11717. Certificates should
be accompanied by a completed Authorization Form, specifying that 1) the shares are furnished for safekeeping, and that 2) dividends
on all or a portion of such shares are to be either reinvested pursuant to the Plan or paid in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Note: The certificates should not be
endorsed and the assignment section should not be completed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>37.</B></TD><TD STYLE="text-align: justify"><B>Are there any charges associated with this custodial service? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">No. There is no
cost to you either for having the Plan Agent hold the shares purchased for you through the Plan or for depositing with the Plan
Agent the stock certificates you hold for the purpose of adding the shares to your book-entry share position. However, you may
incur certain charges for certain other transactions or requests under the Plan (See Questions 32 and 40).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><A NAME="a_Toc532384259"></A>ISSUANCE
OF STOCK CERTIFICATES</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>38.</B></TD><TD STYLE="text-align: justify"><B>Will stock certificates be issued for shares acquired through the Plan? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">No. Stock certificates
will not be issued for shares in a Plan account unless a specific request is made to the Plan Agent. The Plan&rsquo;s book-entry
custodial service eliminates the risk and cost of certificate loss, theft or destruction.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>39.</B></TD><TD STYLE="text-align: justify"><B>How do I request a stock certificate? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Certificates for
full shares held in the plan may be obtained by writing the Plan Agent and requesting the issuance of shares in certificate form
(see <FONT STYLE="color: Black"><U>http://shareholder.broadridge.com/</U></FONT>
<FONT STYLE="color: Black"><U>middlesexwater</U></FONT> under the Buy Stock Direct Plan section for the fee associated with such
requests). Certificates for fractional shares will not be issued under any circumstances.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><A NAME="a_Toc532384260"></A>SERVICE
FEES</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>40.</B></TD><TD STYLE="text-align: justify"><B>What are the fees associated with participation in the Plan? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">There are fees associated
with certain transactions, requests or withdrawals under the Plan and are outlined below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B><I>Purchases:</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 69%; padding-right: 0; padding-left: 0; text-align: justify">Initial Setup Fee</TD>
    <TD STYLE="width: 31%; padding-right: 0; padding-left: 0; text-align: justify">No Charge</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Check Processing Fee</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">No Charge</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Purchase Trading Fee</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">No Charge</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In addition, with
respect to each purchase effectuated in the open market, the Plan Agent will forward a brokerage commission fee of $0.10 per share
purchased to the registered broker-dealer utilized by the Plan, which is paid by the Company at this point in time. The Plan Agent
will retain no portion of any brokerage commission fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><B><I>Sales:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In connection with
each market order and batch order sale, the Plan Agent will charge a flat administrative fee of $15.00 per transaction request
and will forward a brokerage commission fee of $0.10 per share sold to the registered broker-dealer utilized by the Plan. The Plan
Agent will retain no portion of any brokerage commission fee. To effectuate sales, the executing broker-dealer will deduct these
fees from the sale proceeds, and then cause the remaining sale proceeds to be delivered to you at your mailing address or bank
account information on file with the Plan Agent.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76%; padding-bottom: 10pt; text-align: left"><B><I>Additional Fees:</I></B></TD>
    <TD STYLE="width: 24%; padding-bottom: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Returned Checks</TD>
    <TD STYLE="text-align: left">$30.00/check</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">Returned ACH</TD>
    <TD STYLE="text-align: left">$25.00/return</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Historical Research fee</TD>
    <TD STYLE="text-align: left">$25.00/request</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">Replacement check fee</TD>
    <TD STYLE="text-align: left">$3.00/request</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Insufficient Funds</TD>
    <TD STYLE="text-align: left">$30.00/instance</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">Overnight Mailings</TD>
    <TD STYLE="text-align: left">$25.00/mailing</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Certificate Issuance</TD>
    <TD STYLE="text-align: left">$50.00/certificate</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 139.5pt; text-align: left">Duplicate Confirmation Statements</TD>
    <TD STYLE="padding-right: 139.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 76.5pt; text-align: left">-Electronic</TD>
    <TD STYLE="text-align: left">No Charge</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 76.5pt; text-align: left">-Paper</TD>
    <TD STYLE="text-align: left">$10.00</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Duplicate Account Statements</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 76.5pt; text-align: left">-Electronic</TD>
    <TD STYLE="text-align: left">No Charge</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 76.5pt; text-align: left">-Paper</TD>
    <TD STYLE="text-align: left">$10.00</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 10pt; text-align: left"><B><I>Reinvestment of Dividends:</I></B></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.35in; text-align: left">&nbsp;&nbsp;Dividend Reinvestment Fee</TD>
    <TD STYLE="padding-right: 0.35in; text-align: left">No Charge</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The fees set forth in this Schedule are subject
to change.</B></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><A NAME="a_Toc532384261"></A>WITHDRAWAL
FROM THE PLAN</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>41.</B></TD><TD STYLE="text-align: justify"><B>How do I close my Plan account? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Termination requests
can be made online via <U>http://shareholder.broadridge.com/ middlesexwater</U> or mailed to the Plan Agent with the transaction
form included with your statement. Upon termination, you must elect either (a) to receive a certificate for the number of whole
shares held in your Plan account and a check for the value of any fractional share (which value will be based on the current market
price of the Company Common Stock), or (b) to have all of the shares in your Plan account sold for you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you request that
your shares be sold, the Plan Agent will arrange for the sale in the market, if practicable, within ten (10) trading days after
receipt of the request. You will receive the proceeds of sale, less any brokerage commission, sales fee(s), and transfer tax. Receipt
by the Plan Agent of due notice of a participant&rsquo;s death or incompetence shall be deemed a notice of withdrawal. Because
the Plan Agent will arrange for the sale of shares on behalf of the Plan, neither the Company nor any participant under the Plan
has the authority or power to control the timing or pricing of sales, or the selection of the broker dealer making the sales. Therefore,
you will not be able to precisely time your sales through the Plan, and will bear the market risk associated with fluctuation in
the price of the Company&rsquo;s Common Stock. The price of the Common Stock could go up or down before the broker sells your shares.
In addition, you will not earn interest on any cash proceeds generated by a sales transaction for your account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Participants should be aware that
the share price may fluctuate between the time your transaction request is received and the time the transaction is carried out
on the open market. This price risk will be borne solely by you. The Plan Agent may, but is not obligated to, accept written requests
to revoke transaction requests.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any certificates
issued upon termination will be issued in the name or names in which the account is registered, unless otherwise instructed. If
the certificate is to be issued in a name other than the name or names on your Plan account, your signature (and that of any co-owner)
on the instructions or stock power must be &ldquo;Medallion Guaranteed&rdquo; by a financial institution participating in the Medallion
Guarantee program (See Question 32). You will be responsible for any applicable taxes in connection with the transfer. No certificates
will be issued for fractional shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Plan Agent will
process notices of withdrawal and send proceeds to you as soon as practicable, without interest.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>42.</B></TD><TD STYLE="text-align: justify"><B>Do eligible employees investing through payroll deduction need to do anything else to withdraw
from the Plan? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Yes, In addition
to sending a withdrawal request to the Plan Agent, you must notify the Company in writing in order to discontinue the payroll deduction.
The Company must receive your request sufficiently in advance of your next paycheck to allow for processing. Any amounts held by
the Company of the Plan Agent which have not been invested, will be returned to you, without interest.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>43.</B></TD><TD STYLE="text-align: justify"><B>Can an eligible employee terminate automatic payroll deduction and still remain in the Plan?
</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Yes, an eligible
employee may decide to terminate their payroll deduction but choose to leave their shares in the Plan and otherwise continue to
participate. In such an instance, employees may continue to make optional cash payments directly to the Plan Agent.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>44.</B></TD><TD STYLE="text-align: justify"><B>After withdrawing from the Plan, may employees later re-enroll?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Generally yes. Eligible
employees may re-enroll by following the procedures for enrollment, however the Company reserves the right to reject enrollment
form if it believes their participation may be contrary to the general intent of the Plan (promoting long-term ownership of Company
shares) or in violation of applicable law.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>45.</B></TD><TD STYLE="text-align: justify"><B>Can the Company unilaterally terminate my participation in the Plan?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company reserves
the right to terminate you from the Plan if fewer than one (1) share of Common Stock are held in your Plan account and you no longer
remain a record holder of Company Common Stock subject to automatic dividend reinvestment under the Plan. In such a case, you will
be issued a check for the cash value of any fractional share in your Plan account. In addition, the Company reserves the right
to modify, suspend or terminate you from the Plan if it believes that your participation (i) may be contrary to the general intent
of the Plan (promoting long-term ownership of Company shares), (ii) may adversely affect the market price or trading volume of
our Common Stock, or (iii) is in violation of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a participant
engages in short-term trading activities or any other activities that could affect the normal trading volume or pricing of our
Common Stock, we may prevent that participant from continuing to participate in the Plan. In addition, we also may prevent participation
by financial intermediaries, investment clubs or other nominees who engage in positioning transaction in order to benefit from
any discount from the market price for shares acquired under the Plan.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><A NAME="a_Toc532384262"></A>ADDITIONAL
INFORMATION</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>46.</B></TD><TD STYLE="text-align: justify"><B>How would a stock split or stock dividend affect my account?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any shares resulting
from a stock split or stock dividend paid on shares held in custody for you by the Plan Agent of held by you in certificate form
will be credited to your book-entry position. Of course, you may request a certificate at any time for any or all of your shares.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>47.</B></TD><TD STYLE="text-align: justify"><B>How do I vote my Plan shares at shareholders&rsquo; meetings? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As a Plan participant,
you will be sent a Notice of Internet Availability of Proxy Materials with instructions on how to request hard copy materials,
how to view the Company&rsquo;s Proxy Statement and Annual Report online and how to vote your shares registered directly in your
name. If the proxy card is not returned or voted or it is returned unsigned, the shares will not be voted unless you or a duly
appointed representative votes in person at the Annual Meeting. As is the case with stockholders not participating in the Plan,
if no instructions are indicated on a properly signed and returned proxy card, all of the shares represented by the proxy card
will be voted in accordance with the recommendations of the Company&rsquo;s management.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>48.</B></TD><TD STYLE="text-align: justify"><B>What about taxes?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Plan Agent will
send a Form 1099-DIV to shareholders and the Internal Revenue Service after each year-end, reporting any dividend income received
during the year (which may consist of dividends and any applicable fees paid). Shareholders who sell shares through the Plan Agent
will receive a Form 1099-B and the same form sent to the Internal Revenue Service showing the total proceeds of the transactions.
For non-U.S. persons, the Plan Agent will send a Form 1042-S and the Internal Revenue Service after each year-end, reporting any
dividend income received during the year. Shareholders should maintain their account statements sent by the Plan Agent, which are
helpful for record keeping and tax purposes.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>49.</B></TD><TD STYLE="text-align: justify"><B>Can the Plan be changed or discontinued? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">While the Company
intends at the present time to continue the Plan indefinitely, the Company reserves the right to amend, suspend, modify or terminate
the Plan at any time. Notice of any such amendment, suspension, modification or termination will be sent to all Plan participants.
The Plan Agent reserves the right to resign at any time upon reasonable notice to the Company in writing. The Company reserves
the right to elect and appoint at any time a new agent including itself or its nominee to administer the Plan. Upon termination
of the Plan by the Company, the Company or the Plan Agent, as the case may be, will return any uninvested optional cash payments
and payroll deductions, issue a certificate for whole shares credited to each account under the Plan, and make a cash payment for
any fractional share credited to each account.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>50.</B></TD><TD STYLE="text-align: justify"><B>Who reserves the right to interpret the Plan? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company reserves
the right to interpret the Plan as may be necessary or desirable in connection with the operation of the Plan.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: center"><A NAME="a_Toc532384263"></A>LIMITATION
OF LIABILITY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>IF YOU CHOOSE TO PARTICIPATE IN THE PLAN,
YOU SHOULD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RECOGNIZE THAT NEITHER THE COMPANY NOR THE
PLAN AGENT CAN ASSURE YOU OF A PROFIT OR PROTECT YOU AGAINST A LOSS ON THE SHARES THAT YOU PURCHASE UNDER THE PLAN.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Neither the Company
nor the Plan Agent, in administering the Plan, will be liable for any act done in good faith or for any good faith omission to
act, including without limitation any claim of liability arising out of failure to terminate a participant&rsquo;s account upon
such participant&rsquo;s death or incompetence, the price at which shares are purchased or sold for the participant&rsquo;s account,
the times when purchases or sales are made, or fluctuations in the market value of Company Common Stock. This limitation of liability
will not constitute a waiver by any participant of his or her rights under the federal securities laws.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Although the Plan
provides for the reinvestment of dividends, the declaration and payment of dividends will continue to be determined by the Board
of Directors of the Company in its discretion, depending upon future earnings, the financial condition of the Company and other
factors. The amount and timing of dividends may be changed, or the payment of dividends terminated, at any time without notice.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: center"><A NAME="a_Toc532384264"></A>CERTAIN
U.S. FEDERAL INCOME TAX CONSEQUENCES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following summary
describes certain United States federal income tax consequences of participating in the Plan to U.S. participants (as defined below).
This summary is based on current law and regulations as of the date of this prospectus. Future legislation, Treasury regulations,
administrative interpretations and practices and/or court decisions may adversely affect the tax considerations described in this
prospectus. Any such change could apply retroactively to transactions preceding the date of the change. We have not requested and
do not intend to request a ruling from the Internal Revenue Service regarding the tax consequences associated with participating
in the Plan, and the statements in this prospectus are not binding on the Internal Revenue Service or any court. Thus, we can provide
no assurance that the tax considerations contained in this summary will not be challenged by the Internal Revenue Service or will
be sustained by a court if challenged by the Internal Revenue Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This summary does
not discuss any state, local or foreign tax consequences associated with the participation in the Plan, or the ownership, sale
or other disposition of our stock. This summary deals only with holders who hold our Common Stock as a &ldquo;capital asset&rdquo;
(generally, property held for investment within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended (the
&ldquo;Code&rdquo;)). It does not address all the tax consequences that may be relevant to you in light of your particular circumstances.
In addition, it does not address the tax consequences relevant to persons who receive special treatment under the federal income
tax law, except where specifically noted. Holders receiving special treatment include, without limitation:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">financial institutions, banks and thrifts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">insurance companies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">tax-exempt organizations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;S&rdquo; corporations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulated investment companies and real estate investment trusts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">foreign corporations or partnerships, and persons who are not residents or citizens of the United
States;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">dealers in securities or currencies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons holding our Common Stock as a hedge against currency risks or as a position in a straddle;
or</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">United States persons whose functional currency is not the United States dollar.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a partnership
holds our Common Stock, the tax treatment of a partner in the partnership generally will depend upon the status of the partner
and the activities of the partnership. If you are a partner of a partnership holding our Common Stock, you should consult your
tax advisor regarding the tax consequences of participating in the Plan and the ownership and disposition of our Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you are considering
participating in the Plan, you are strongly urged to consult your tax advisors concerning the application of United States federal
income tax laws to your particular situation, the consequences of your participation in the Plan, the ownership and disposition
of our Common Stock arising under the laws of any state, local or foreign taxing jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>U.S. Participant</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">When we use the
term &ldquo;U.S. participant,&rdquo; we mean a participant in the Plan who, for United States federal income tax purposes is:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a citizen or resident of the United States;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a corporation, partnership, limited liability company or other entity created or organized in or
under the laws of the United States or of any State thereof or in the District of Columbia unless, in the case of a partnership
or limited liability company, Treasury regulations provide otherwise;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an estate the income of which is subject to United States federal income taxation regardless of
its source; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a trust whose administration is subject to the primary supervision of a United States court and
which has one or more United States persons who have the authority to control all substantial decisions of the trust. Notwithstanding
the preceding sentence, to the extent provided in the Treasury regulations, certain trusts in existence on August 20, 1996, and
treated as United States persons prior to this date that elect to continue to be treated as United States persons, shall also be
considered U.S. participants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>Tax Consequences of Dividend Reinvestment</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the case of Common
Stock purchased by the Plan Agent from us, U.S. participants in the Plan will be treated, for federal income tax purposes, as having
received a distribution equal to the fair market value, as of the investment date, of the Common Stock purchased with their reinvested
dividends. The discount, if any, will be treated as being part of the distribution received. Each participant will receive an annual
statement from the Plan Agent indicating the amount of reinvested dividends reported to the Internal Revenue Service as a distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the event the
Plan Agent purchases Common Stock in open market transactions or in negotiated transactions with third parties, however, we intend
to take the position that the amount of the distribution received by a U.S. participant is equal to the purchase price of such
shares plus a pro rata share of any brokerage trading fees or other related charges paid by us in connection with the Plan Agent&rsquo;s
purchase of the Common Stock on behalf of the U.S. participant. The Plan currently provides that we will pay brokerage trading
fees for the purchase of Common Stock in the open market or in negotiated transactions with third parties.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As in the case of
non-reinvested cash distributions, the distributions described above will constitute taxable dividend income to U.S. participants
to the extent of our current and accumulated earnings and profits allocable to the distributions. Any excess distributions will
constitute a return of capital which reduces the basis of the U.S. participant&rsquo;s Common Stock and will be taxed as capital
gain to the extent that such distributions exceed the U.S. participant&rsquo;s tax basis in the U.S. participant&rsquo;s Common
Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A U.S. participant&rsquo;s
tax basis in the Common Stock acquired under the Plan will generally equal the total amount of distributions the U.S. participant
is treated as receiving, as described above. A U.S. participant&rsquo;s holding period in the Common Stock generally begins on
the day following the date on which the Common Stock are credited to the U.S. participant&rsquo;s Plan account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>Tax-Consequences of Optional Cash
Payments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Internal Revenue
Service has indicated through private letter rulings that U.S. participants participating in the dividend reinvestment part of
the Plan and who elect to purchase shares by optional cash payments or as an initial investment will be treated as having received
a distribution equal to the excess, if any, of the fair market value on the investment date of the Common Stock purchased over
the amount of the cash payment made by the U.S. participant. Also, if the Plan Agent acquires Common Stock in an open market transaction,
then a U.S. participant will be treated as receiving a distribution equal to a pro rata share of any brokerage trading fees or
other related charges paid by us on behalf of the U.S. participant. The Plan currently provides that we will pay brokerage trading
fees for the purchase of Common Stock in the open market or in negotiated transactions with third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any distributions
which the U.S. participant is treated as receiving, including the discount, would be taxable dividend income, capital gain or reduce
the basis in the U.S. participant&rsquo;s Common Stock, or some combination of these treatments, under the rules described above
under &ldquo;Tax Consequences of Dividend Reinvestment.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Internal Revenue
Service has issued private letter rulings that state that a U.S. participant who participates solely in the cash purchase portion
of a plan would not be treated as having received a distribution of the discount amount and, therefore, would not realize any income
upon purchase attributable to the discount. Private letter rulings are only binding on the Internal Revenue Service with respect
to the taxpayer to which the ruling was issued. Therefore, there can be no assurance that the Internal Revenue Service would take
this position with respect to transactions occurring under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The tax basis of
the Common Stock acquired by optional cash payments or as an initial investment will generally equal the total amount of distribution
a U.S. participant is treated as receiving, as described above, plus the amount of the cash payment. A U.S. participant&rsquo;s
holding period for Common Stock purchased under the Plan generally will begin on the day following the date on which the shares
are credited to the U.S. participant&rsquo;s Plan account.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>Tax Consequences of Dispositions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A U.S. participant
may realize gain or loss when shares of Common Stock are sold or exchanged, whether the sale or exchange is made at the U.S. participant&rsquo;s
request upon withdrawal from the Plan or takes place after withdrawal from or termination of the Plan and, in the case of a fractional
share, when the U.S. participant receives a cash payment for a fraction of a share credited to his or her account. The amount of
the gain or loss will be the difference between the amount that the U.S. participant receives for the Common Stock or fraction
of a share and the tax basis the U.S. participant has for the Common Stock or fraction of a share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>Backup Withholding and Administrative
Expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In general, any
dividend reinvested under the Plan is not subject to federal income tax withholding. We or the Plan Agent may be required to deduct
as &ldquo;backup withholding&rdquo; on all distributions paid to a stockholder, regardless of whether those distributions are reinvested.
Similarly, the Plan Agent may be required to deduct backup withholding from all proceeds of sales of Common Stock held in a Plan
account. A U.S. participant is subject to backup withholding if (1) the participant has failed to properly furnish us and the Plan
Agent with the U.S. participant&rsquo;s taxpayer identification number; (2) the Internal Revenue Service notifies us or the Plan
Agent that the identification number furnished by the participant is incorrect; (3) the Internal Revenue Service notifies us or
the Plan Agent that backup withholding should be commenced because the participant failed to report properly distributions paid
to him, her or it; or (4) when required to do so, the participant fails to certify, under penalties of perjury, that the participant
is not subject to backup withholding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Backup withholding
amounts will be withheld from dividends before those dividends are reinvested under the Plan. Therefore, dividends to be reinvested
under the Plan by participants subject to backup withholding will be reduced by the backup withholding amount. The withheld amounts
constitute a credit on the participant&rsquo;s income tax return. We intend to take the position that administrative expenses of
the Plan paid by us are not constructive distributions to U.S. participants.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: center"><A NAME="a_Toc532384265"></A>USE
OF PROCEEDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Shares purchased
for Plan participants with reinvested cash dividends and optional cash investments will, at the Company&rsquo;s option, be shares
newly issued by the Company or shares held in the Company&rsquo;s treasury. The Company and the Plan Agent are unable to estimate
the number of shares, if any, that will be purchased directly from the Company under the Plan or the amount of proceeds from any
such shares. The net proceeds will be used by the Company for general corporate purposes.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: center"><A NAME="a_Toc532384266"></A>PLAN
OF DISTRIBUTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to the discussion
below, we will distribute newly issued shares of our Common Stock sold under the Plan. The Plan Agent will assist in the administration
of the Plan, but will not be acting as an underwriter with respect to shares of our Common Stock sold under the Plan. You will
pay no service fees or brokerage trading fees for acquisitions of shares under the Plan, whether the shares are newly issued or
purchased in the open market. The Common Stock is currently listed on the Nasdaq Global Select Market.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In connection with
the administration of the Plan, we may be requested to approve investments made pursuant to requests for waiver by or on behalf
of existing stockholders and new investors who may be engaged in the securities business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Persons who acquire
shares of our Common Stock through the Plan and resell them shortly after acquiring them, including coverage of short positions,
under certain circumstances, may be participating in a distribution of securities that would require compliance with Regulation
M under the Exchange Act, and may be considered to be underwriters within the meaning of the Securities Act of 1933. We will not
extend to any such person any rights or privileges other than to which he, she or it would be entitled as a participant, nor will
we enter into any agreement with any such person regarding the resale or distribution by any such person of the shares of our Common
Stock so purchased. We may, however, accept optional cash payments and initial investments made pursuant to requests for waiver
by such persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">From time to time,
financial intermediaries, including brokers and dealers, and other persons may engage in positioning transactions in order to benefit
from any discounts applicable to optional cash payments and initial investments made under the Plan. Those transactions may cause
fluctuations in the trading volume of our Common Stock. Financial intermediaries and such other persons who engage in positioning
transactions may be deemed to be underwriters. We have no arrangements or understandings, formal or informal, with any person relating
to the sale of shares of our Common Stock to be received under the Plan. We reserve the right to modify, suspend or terminate participation
in the Plan by otherwise eligible persons to eliminate practices that are inconsistent with the purposes of the Plan.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: center"><A NAME="a_Toc532384267"></A>LEGAL
MATTERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The legality of
the Common Stock covered hereby will be passed upon for the Company by Norris McLaughlin, P.A., 400 Crossing Boulevard, 8<SUP>th</SUP>
Floor, P.O. Box 5933, Bridgewater, New Jersey 08807.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: center"><A NAME="a_Toc532384268"></A>EXPERTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The consolidated
financial statements of Middlesex Water Company as of December 31, 2017 and 2016 and for each of the three years in the period
ended December 31, 2017 and management&rsquo;s assessment of the effectiveness of internal control over financial reporting as
of December 31, 2017 incorporated by reference in this Prospectus have been so incorporated in reliance on the reports of Baker
Tilly Virchow Krause, LLP, an independent registered public accounting firm, incorporated herein by reference, given on the authority
of said firm as experts in auditing and accounting.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: center"><A NAME="a_Toc532384269"></A>INDEMNIFICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company&rsquo;s
By-Laws provide for indemnification of officers, directors and employees of the Company in certain circumstances for certain liabilities
and expenses. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors,
officers or persons controlling the Company pursuant to the foregoing provisions, the Company has been informed that in the opinion
of the SEC such indemnification is against public policy as expressed in the Securities Act, and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.65pt 0 2pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0; border: Black 1pt solid"><B>THIS
PROSPECTUS SHOULD BE RETAINED BY PLAN PARTICIPANTS <BR>
FOR FUTURE REFERENCE.</B></P>



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