<SEC-DOCUMENT>0001174947-18-001061.txt : 20180802
<SEC-HEADER>0001174947-18-001061.hdr.sgml : 20180802
<ACCEPTANCE-DATETIME>20180802144614
ACCESSION NUMBER:		0001174947-18-001061
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180802
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180802
DATE AS OF CHANGE:		20180802

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-00422
		FILM NUMBER:		18987808

	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>8-K
<SEQUENCE>1
<FILENAME>form8k-20647_msx.htm
<DESCRIPTION>8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C.20549</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>FORM 8-K</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>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15 (d) of the Securities
Exchange Act of 1934</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report: August 2<B>, </B>2018</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"><U>MIDDLESEX WATER COMPANY</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>NEW JERSEY</U></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>0-422</U></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>22-1114430</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">incorporation or organization)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>1500 RONSON ROAD, P.O. BOX 1500, ISELIN,
NEW JERSEY 08830</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices, including
zip code)</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"><U>(732)-634-1500</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">o</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">o</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">o</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">o</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c))</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act&nbsp; (17 CFR 240.12b-2).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Emerging
growth company&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">o</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Wingdings">o</FONT></P>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 2.02 Results of Operations and Financial Condition.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On August 2, 2018, Middlesex Water Company announced its financial
results for the second quarter ended June 30, 2018. A copy of the press release announcing these results is attached hereto as
Exhibit 99.1 and incorporated into this Current Report on Form 8-K by reference.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(c) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Number</U></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Description of Document</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-1.htm">Press Release issued by Middlesex Water Company, dated August 2, 2018, announcing Second Quarter 2018 Financial Results.</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf of the undersigned hereunto duly authorized.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MIDDLESEX WATER COMPANY</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>s/A. Bruce O&lsquo;Connor</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. Bruce O&rsquo;Connor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President, Treasurer and </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 195pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: August 2, 2018</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"></DIV>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></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 0 1.5pt; text-align: center"><B>MIDDLESEX WATER COMPANY REPORTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1.5pt; text-align: center"><B>SECOND QUARTER 2018 FINANCIAL RESULTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">ISELIN, N.J., (August 2, 2018) -- Middlesex
Water Company (the &ldquo;Company&rdquo; or &ldquo;Middlesex&rdquo;), (Nasdaq:MSEX), a provider of water and wastewater and related
services primarily in New Jersey and Delaware, today reported financial results for the quarter ended June 30, 2018.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Second Quarter Operating Results</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Consolidated net income for the second quarter
2018 increased $3.3 million as compared to the same period in 2017. Basic and diluted earnings per share for the quarter ended
June 30, 2018 were $0.53 and $0.52, respectively, up from $0.33 for basic and diluted earnings per share for the same period in
2017.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Operating revenues for the quarter increased
by $1.9 million to $34.9 million. $1.6 million of the increase is due to the New Jersey Board of Public Utilities (NJBPU) approved
base rate increase which took effect April 1, 2018. Customer growth in our Delaware regulated water utility, Tidewater Utilities,
Inc. (&ldquo;Tidewater&rdquo;) also contributed to our higher revenues.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Operation and maintenance expenses for the second
quarter were $16.8 million, slightly below the same period in 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Income Tax expense for the second quarter decreased
$2.2 million from the same period in 2017 due to the combined effect of NJBPU-approved accounting treatment of the Company&rsquo;s
required adoption of Internal Revenue Service (IRS) tangible property regulations, effective April 1, 2018, and a lower effective
tax rate resulting from the Tax Cuts and Jobs Act of 2017. The impact of both tax items is fully reflected in the $5.5 million
increase in annual operating revenues approved by the NJBPU effective April 1st.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Middlesex Chairman, President and Chief Executive
Officer Dennis W. Doll said, &ldquo;Meeting our customer&rsquo;s needs for a high quality, reliable, resilient and sustainable
water supply is our paramount objective. We are appreciative of the timely decision from our New Jersey regulators for rate relief
and remain focused on executing the many strategic components of our Water for Tomorrow capital program designed to fortify drinking
water infrastructure for current and future generations of water customers,&rdquo; said Doll.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Six Month Operating Results</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Consolidated operating revenues for the six
months ended June 30, 2018 were $66.1 million, an increase of $3.0 million from the same period in 2017, primarily due to the NJBPU-approved
base rate increase, higher commercial and industrial water usage in the Middlesex System and increased revenues in our Tidewater
system due to customer growth. For the six months ended June 30, 2018, basic and diluted earnings per share were each $0.80, as
compared to $0.60 and $0.59 respectively for the same period in 2017.</P>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Operation and maintenance expenses for the six
months ended June 30, 2018 were higher by $1.9 million compared to the same period in 2017 as winter weather in 2018 drove expenses
up for water main breaks, water treatment and water purchased from third parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Income Tax expense for the six months ended
June 30, 2018 decreased $3.4 million from the same period in 2017, due to the NJBPU-approved accounting treatment of the Company&rsquo;s
adoption of IRS tangible property regulations, as well as a lower effective tax rate resulting from the Tax Cuts and Jobs Act of
2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Quarterly Dividend Declared </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company&rsquo;s Board of Directors declared a quarterly cash dividend of $0.22375 per share, payable September 4, 2018 to common
shareholders as of August 15, 2018. Middlesex has paid cash dividends continually since 1912 and has increased its annual dividend
rate for 45 consecutive years. Information about Middlesex&rsquo;s</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Direct
Share Purchase and Sale and Dividend Reinvestment Plan</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">can
be found on our website.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>About Middlesex Water Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Middlesex Water Company, organized in
1897, is an investor-owned water and wastewater utility, serving customers in central and southern New Jersey, Delaware and Pennsylvania.&nbsp;
For additional information regarding Middlesex Water Company or its Direct Share Purchase and Sale and Dividend Reinvestment Plan,
visit http://investors.middlesexwater.com or call (732) 638-7549.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 5pt; margin-left: 0"><I>This release contains
forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others,&nbsp;our
long-term strategy and expectations, the status of our acquisition program, the impact of our acquisitions, the impact of current
and projected rate requests and the impact of our capital program on our environmental compliance. There are important factors
that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including:
general economic business conditions, unfavorable weather conditions, the success of certain cost containment initiatives, changes
in regulations or regulatory treatment, availability and the cost of capital, the success of growth initiatives and other factors
discussed in our filings with the Securities and Exchange Commission.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Bernadette Sohler, Vice President &ndash; Corporate Affairs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Middlesex Water Company,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1500 Ronson Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Iselin, New Jersey 08830</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(732) 638-7549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">www.middlesexwater.com</P>

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 5pt; margin-left: 0"><I>&nbsp;</I></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">MIDDLESEX WATER COMPANY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CONDENSED CONSOLIDATED STATEMENTS OF INCOME</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Unaudited)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(In thousands
except per share amounts)</P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; white-space: nowrap">Three Months Ended June 30,</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; white-space: nowrap">Six Months Ended June 30,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2017</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2017</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; border-bottom: Black 1pt solid; white-space: nowrap">Operating Revenues</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">34,919</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">33,014</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">66,096</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">63,145</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; white-space: nowrap">Operating Expenses:</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; white-space: nowrap">Operations and Maintenance</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">16,825</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">16,856</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">34,659</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">32,795</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; white-space: nowrap">Depreciation</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">3,736</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">3,385</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">7,345</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">6,693</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt; white-space: nowrap">Other Taxes</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">3,637</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">3,415</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">7,021</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">6,724</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 20pt; white-space: nowrap">Total Operating Expenses</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">24,198</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">23,656</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">49,025</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">46,212</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; white-space: nowrap">Operating Income</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">10,721</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">9,358</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">17,071</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">16,933</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; white-space: nowrap">Other Income (Expense):</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; white-space: nowrap">Allowance for Funds Used During Construction</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">214</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">180</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">381</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">299</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt; white-space: nowrap">Other Income (Expense), net</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">571</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">230</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">868</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">436</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; white-space: nowrap">Total Other Income, net</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">785</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">410</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">1,249</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">735</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; white-space: nowrap">Interest Charges</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">2,068</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">1,469</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">3,206</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2,472</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; white-space: nowrap">Income before Income Taxes</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">9,438</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">8,299</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">15,114</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">15,196</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; white-space: nowrap">Income Taxes</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">763</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2,918</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">1,945</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">5,374</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; white-space: nowrap">Net Income</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">8,675</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">5,381</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">13,169</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">9,822</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; white-space: nowrap">Preferred Stock Dividend Requirements</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">36</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">36</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">72</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">72</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; white-space: nowrap">Earnings Applicable to Common Stock</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">8,639</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">5,345</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">13,097</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">9,750</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; white-space: nowrap">Earnings per share of Common Stock:</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; white-space: nowrap">Basic</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">0.53</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">$</TD><TD STYLE="text-align: right; white-space: nowrap">0.33</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">0.80</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">$</TD><TD STYLE="text-align: right; white-space: nowrap">0.60</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; white-space: nowrap">Diluted</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">0.52</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">$</TD><TD STYLE="text-align: right; white-space: nowrap">0.33</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">0.80</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">$</TD><TD STYLE="text-align: right; white-space: nowrap">0.59</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; white-space: nowrap">Average Number of</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; white-space: nowrap">Common Shares Outstanding :</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; white-space: nowrap">Basic</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">16,388</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">16,332</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">16,371</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">16,316</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; white-space: nowrap">Diluted</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">16,544</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">16,488</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">16,527</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">16,472</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; white-space: nowrap">Cash Dividends Paid per Common Share</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">0.2238</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">$</TD><TD STYLE="text-align: right; white-space: nowrap">0.2113</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">0.4475</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">$</TD><TD STYLE="text-align: right; white-space: nowrap">0.4225</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 5pt; margin-left: 0"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 5pt; margin-left: 0"><I>&nbsp;</I></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"></DIV>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 5pt; margin-left: 0"><I></I></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
